Hi, Lee.

Lee Lofaso - Wayne Harris  writes:

> Hello Wayne,
>
>  >> There are different schools of thought on this subject. And each
>  >> school is quite serious, in its own way.
>
>  WH> This page ridicules the book without precisely pointing anything wrong
>  WH> with it.  That's not a serious observation about the subject.
>
> It presents an angle not all will agree with.

It what, who?  The page, or Griffin?

>  WH> [...]
>
>  >> Fortunately, the American people have a solution ...
>
>  WH> Edwin Vieira lays out a very reasonable plan.  I suppose you have read
>
>  WH>   The Monetary Powers and Disabilities of the U.S. Constitution
>
>  WH> That's not the multi-volume Pieces of Eight; that's just the report
>  WH> written to the Gold Commission in 1982, which is not a long read.
>
> Far shorter is Anthony Sutton's "The Federal Reserve Conspiracy".

Interesting.  I'll check it out, though in terms of identifying
precisely who did what, where and when is less important to me.  But if
he exposes the history in more technical details than Griffin, then that
should be well appreciated by me.

>  WH>>> I'm perplexed you'd say this page answer the question.
>  WH>>> We must be having a serious miscommunication here.
>
>  >> How can an economy continue to grow when there is no increase
>  >> in production? Griffin argues that interest rates are an increase
>  >> in production. But there is no increase in interest rates. People
>  >> are losing jobs. Businesses are closing.
>
>  WH> Where does he say that interest rates are an increase in production?
>
> That is the "magic money" created by the Fed due to the "mandrake
> mechanism" written about by Griffin. This is what the Fed creates out
> of thin air, how we can spend our way out of debt. Just think about
> the benefits. When that 61% of bonds that comes due within four years
> needs to be paid, all the Fed needs to do is raise interest rates.
> Then, we refinance those bonds so there is no default.
>
> All the faith and credit backed up by the US government. Guess which
> country do you think will benefit the most? If you guessed China, you
> would be right.

I thought you were going to point out somewhere where Griffin says
something that's incorrect.

>  WH> Thanks!
>
> China owns us. Only we do not realize it yet.

The situation is interesting.  Once the US doesn't pay any more
interests or perhaps China begins to refuse any more payment with a
medium of exchange it doesn't care to get more any longer, we could
perhaps say that this would be a hard fall of the dollar --- but in a
certain sense that is also China's loss.  The US will lose the currency
it worked hard to build, but if the US thinks it's already a losing
battle, might as well enjoy the fact that it won't pay anything back.
Maybe China is perhaps buying the fall of the dollar.  I don't know.
Maybe Russian, Brazil, India, China would enjoy such fall.  They have
slowly looking for alternatives to the dollar.  Have they not?

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