By BestEvidence,
A new take on the closing of the gold window (at least new to video), and just in time for the 50th anniversary of that fated day…
This episode of Mafiacracy Now shows that the Federal Reserve opened itself up to a massive blast of transparency the very minute it started selling cash and reserves not backed by gold (or anything else of value that the Fed can’t freely generate) back in 1971.
The video leverages a recent law review article from an international team of prestigious legal scholars (and a lone economist), which makes the highly compelling case that once the gold window closed, cash and reserves alike ceased to qualify as liabilities—undercutting every central bank balance sheet in the west.
And since those balance sheets have been absolutely larded with sovereign debt for the last year—actually, let’s make that “alleged debt” since it has no legal validity in the first place, not when the underlying liabilities fail to qualify legally as liabilities—the public and private debt burdens are being overstated to the tune of roughly $25 trillion across the western world.
Whoops.
And while that’s certainly a problem shared by all western central banks generally, the Federal Reserve in particular faces problems that are far worse than that, as this episode—applying the teachings set forth by the stunning law review article—explains.
Indeed if the Fed’s only problem were that its balance sheet overstates liabilities by, oh, $7.3 trillion give or take, it would be easy for the Fed to acknowledge the error of its ways for the last 50 years and reduce U.S. debt figures accordingly.
But alas, that long overdue financial reckoning pales in comparison with the legal nightmare that the Fed now potentially faces, as explained here. Damn. And just as the Fed was planning to launch a central bank digital currency, too…
This is the first of two episodes on this subject. Stay tuned…
References:
Law Review Article: “Central Bank Money: Liability, Asset, or Equity of the Nation?”, by Michael Kumhof et al.
“The Merchants of Wall Street: Banking, Commerce and Commodities”, by Saule T. Omarova”
Legal Concept of Money, by Simon Gleeson
International Financial and Monetary Law, by Rosa Lastra
“The Chicago Plan Revisited”, by Jaromir Benes and Michael Kumhof
Legal Aspect of Money (4th ed.) , by F.A. Mann
Debt by Design , by Josh Maree
ASTOUNDING!!!!
Colonel House is rolling in his grave! But be careful if don’t already know look up Producer /Director Aron Russo. He tried exposing the Fed and didn’t realize it is a vicious MONSTER.
But perhaps you’ve caught it in its coffin at Sunrise and used your Mental Mallet to strike the first blow of the Stake into its cold and icy heart.
Watch Your Back Dear Sir!- Praying For You!!!
Brilliant!!!!! I cannot wait to see how this turns out!! Lo and behold, the technocrats seem to be making enough mistakes to dig their own grave- hopefully. Dont even want to call them technocrats, as they are petty criminals in my opinion. Super work btw
This is all so awful! John’s work is fabulous, but the empire is very evil. Carstens reminds me of one of those muppets that is enslaved by the empire that sits around saying too much giggling nervously, or a bad guy from a gangster movie from the 1930’s. Carstens just says, “yes Boss, No Boss, Good Idea Boss”. I see Powell as the intelligent attorney that could have used his brains for good (like Catherine chose to do) instead he stays up nights trying to figure out how to do what Mr Global wants without giving away what he has been told to do. Sadly, I don’t sense any guilt, just an air of severe professionalism. This is gonna be a fight. I am so glad my husband and I never got into digital currency (we are too busy working on our vaccine injured son’s health). We ARE working very hard to move our bank etc… I do not want to help build our prison. Thanks to Solari, I am very busy building my lightsaber and focusing on mastering the force so we can not only survive, but win this war. Mr Globalony, we are coming for you! xo
We are so looking forward to listening to this! Is it possible to download it as an mp3 so it can be listened to offline? Thank you!
When large sums of money are involved, laws become speed-bumps, rather than roadblocks. (I hope I’m wrong.) Great video!
When large sums of money are involved, laws become speed-bumps, rather than roadblocks. (I hope I’m wrong.)
John Titus sir, you are really cool sir, I did not realize you made awesome YouTube videos like I do sir.
Would love to know where were you riding your bike that there were no cars around? I mean I often take trips to rural parts of Texas (its only 10 minutes of driving for me to be out of the city) and still can’t get away from cars. I need to move where you are.
So, anybody up for implementing an alternative currency yet?
Catherine is right, you are a genius. We owe you for your outstanding work to free our country with truth. Please be careful on your bike..that was an amazing video.
John, Thank you. Well done. Stay safe. I hope you have a network of like-minded teammates who can carry the ball down field in the event that you are ‘sacked’. Kathleen
Wow!
This is extraordinary!
Thank you John fro your relentless curiosity.
This is masterful work.
Caroline
Wow. The Cornell paper that John Titus’ video is based upon is a fascinating read, and should be read in its entirety.
I wonder if anyone has thoughts on the following:
1) Powell is a lawyer by profession and recognizes this problem. However, if Congress’ support is required for The Fed to issue its CBDC as a liability, what’s to stop them bribing/blackmailing members of Congress into voting for it? I doubt (m)any of them understand central banking, anyway. And they passed the Federal Reserve Act (1913) in the first place.
2) Are any other central banks restricted in the same way? The Bahamas have already issued their Sand Dollar, China’s progressing their digital payment system. From what I’ve seen of Carstens speaking on the subject, he appears to be very impatient. The syndicate he represents clearly wants progress.
Yes, all of this is possible, but you are forgetting one person…you.