[Cid_Yama]

Hey, it's time for a pure financial thread. I'm tired of being told that's what Depletion Economics is for, only to be booted to the trash-bin of Open Discussion every time is offends the political sensibilities of the Moderator. With regard to Fed foisting the losses in the Financial Sector onto the US taxpayer. I'm mad as hell, and you should be too.

[Iaato]

I'm with you there, Cid. Titling the Forum "Depletion Economics" was a mistake. That invites in neo-classical economic theory, which is the antithesis of energetic-based theories of money. The two mix like oil and water.

From Wiki:

"Ecological economics is a transdisciplinary field of academic research that addresses the dynamic and spatial interdependence between human economies and natural ecosystems. Its main focus is the "scale" conundrum: how to operate an economy within the ecological constraints of the biosphere. Ecological economics brings together and connects different disciplines, within the natural and social sciences but especially between these broad areas."

You might appreciate some of these quotes that I just stumbled across, that are very fitting for our situation here, and give a sense of how many times this has occurred in recent history alone.

John Kenneth Galbraith “The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it.” Money: Whence it came, where it went - 1975, p15

Daniel Webster, speech in the Senate, 1833 “We are in danger of being overwhelmed with irredeemable paper, mere paper, representing not gold nor silver; no sir, representing nothing but broken promises, bad faith, bankrupt corporations, cheated creditors and a ruined people.”

St. Louis Federal Reserve Bank, Review, Nov. 1975, p.22 "The decrease in purchasing power incurred by holders of money due to inflation imparts gains to the issuers of money--."++
Federal Reserve Bank, New York
The Story of Banks, p.5. "Because of 'fractional' reserve system, banks, as a whole, can expand our money supply several times, by making loans and investments."++

John Maynard Keynes, The Economic Consequences of the Peace, 1920, page 235ff "Lenin is said to have declared that the best way to destroy the Capitalistic System was to debauch the currency. . . Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million can diagnose."

Senator Carter Glass,
Author of the Banking Act of 1933 "Is there any reason why the American people should be taxed to guarantee the debts of banks, any more than they should be taxed to guarantee the debts of other institutions, including merchants, the industries, and the mills of the country?"

and this one for Eli, whose sense of outrage is palpable:
Andrew Jackson: To delegation of bankers discussing the Bank Renewal Bill, 1832 "You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out."

http://www.fame.org/NotableQuotes.asp

[jlw61]

Time to move to a lower tax bracket.

Sorry for quoting you, but i couldn't stop laughing after reading this.

I'm not American, but i have heard your Income Tax which you file yourself every year is illegal? In that there is no law for it, could anyone explain this further?

Sure, it is possible that the law was past improperly, but that is only one side of the story. In the US as in other countries there is also "case law". That's where the judge interprets the law and tells us what it actually means.

In other words, if the law says "Can not abridge free speech" and the judge says "You can't yell fire (as a prank) in a public place" then the case law trumps written law. The Supreme court has the last word in case law in the US.

Now, while the IRS and other parts of the tax system may have been illegally set up, the courts have said, in eloquent legalize "Tough shit. Pay your damned taxes." and thus we have our system as it is.

[Cid_Yama]

jlw61,

What is your position on the issue? Do you feel the lower courts have the authority through case law to back unconstitutional acts.

The Supeme Court has ruled that the 16th amendment to the Constitution did NOT authorize the institution of an Income Tax.

[jlw61]

jlw61,

What is your position on the issue? Do you feel the lower courts have the authority through case law to back unconstitutional acts.

The Supeme Court has ruled that the 16th amendment to the Constitution did NOT authorize the institution of an Income Tax.

I believe in the Constitution and rule of law. The lower courts have the right but the Supreme court can overturn it all. That said, the right argument has not yet been brought to the Supreme Court to strike down the tax system.

You have a few choices: 1) obey the law, 2) ignore the law, or 3) stand up and fight (with book or with gun). Since there are "lots of them" and I don't see "lots of us" standing up, I'll not worry about #3 right now.

[Cashmere]

Is 65 greater than i?

[deMolay]

Last G7 Meeting To Be Held In Iqualiut NWT
This is a perfect end to the G7. Canada will host the leaders of the G7 in Iqualiut, one of the most Northern towns in Canada's high Arctic, right on the shores of the Arctic Ocean. A perfect place to end the G7 group. A perfect place for our Windbags. Hopefully our Gov.Gen will instruct the leaders of these countries in the common practice of eating Raw Blubber and smiling for the camera. To be followed by much lip smacking and hours of Throat Singing by toothless Inuit crones. Obama will finally learn what the term "Chewing the Fat" is really all about. http://www.financialpost.com/story.html ... ments_list followed by Champion Throatsingers. http://www.youtube.com/watch?v=qnGM0BlA95I followed by Traditional blubber eating. http://www.youtube.com/watch?v=8d8EymQPiqk

[eXpat]

Why the last? are they all heading to their bunkers?

[deMolay]

The G7 group has been folded into the G20 as a result of the Financial Crisis. This is their last meeting as a group.

[eXpat]

The G7 group has been folded into the G20 as a result of the Financial Crisis. This is their last meeting as a group.

Ah, thanks!

[POAlex]

And after the G20?