Our Big
Banks have over $200 Trillion in derivatives.
These are bets related to future asset increases or decreases. If their bets go bad, they could go bankrupt. There are currently no US laws on the books
that require these banks to limit their derivative bets.
We need
for Congress to pass a law that requires all entities to limit their derivative
bets to not exceed their net worth including all of their assets. If their bets go bad, they would go bankrupt. We do not want any bank or other entity “bailed
out” by our government or Federal Reserve.
We expect those banks who do go bankrupt to administer the transfer of
our money and loans to another bank. We
expect them to get their own loans to allow them time to sell their assets to
pay for their losses from these derivative bets. We don’t want the Federal Reserve to print
any money.
US
consumers rely on being able to access cash through their bank ATM machines and
we don’t want any interruption to prevent us from getting our own money. We are used to using our credit cards and
want to choose our credit card processing companies based on their ability to
continue this service without interruption.
We need regulations to require banks to keep sufficient reserves to
ensure our ability to function.
We don’t
want US law to allow the federal government any right to redirect our private
investments to purchase Treasury Bills.
We want Congress to cut federal functions based on the “enumerated
powers” stated in the US Constitution (as written). We expect the federal government to balance
their budget and pay off the National Debt.
We expect
the federal government to keep Social Security Retirement benefits at current
levels for all who are current Social Security recipients. We expect the federal government to deposit
all social security payments into individually owned accounts for all US
citizens who are not yet Social Security recipients. We encourage these
citizens to continue to have 15% of their earnings to their individually owned
retirement accounts.
From 1945
to 2008, we invested equally in stocks and debt. We allowed the federal government to print
money and cause inflation. The buying power of the 1913 US dollar dropped to 3
cents. Our instinct was to buy what we needed quickly before prices rose again.
The dollar value of what investments we did have tripled because they were
based on collecting high interest rates and climbing stock prices.
In 2008
interest rates were “managed” down to 3%, the Treasury Bill went to 1% and
interest income dropped to zero. If governments now balance their budgets, pay
off their debts, stop printing money and allow the market to set the prices, we
will again be able to accumulate wealth. We need to stop over-leveraging, avoid
debt, stop excessive immigration, return manufacturing to the US and allow US
citizens to earn their own living again.
Norb
Leahy, Dunwoody GA Tea Party Leader
No comments:
Post a Comment