Rescission – (LAW) The act of rescinding; the cancellation of a contract and the return of the parties to the positions they would have had if the contract had not been made; “recission may be brought about by decree or by mutual consent”
The abrogation of a contract, effective from its inception, thereby restoring the parties to the positions they would have occupied if no contract had ever been formed.
The True Democracy Party doesn’t just want to “End The Fed”, we want to “Rescind” them.
An Act Of Rescission:
The TDP has our eyes on the $16 Trillion Dollars the Fed has given away over the past 8 to 10 years.
We want that money back. Every cent.
And any additional billions or trillions they give away to foreign banks or to “Too Big To Fail” US banks.
THIS IS OUR GREATEST TOOL, THEIR WORST NIGHTMARE!
What would we do with money? SHELVE IT!
We would cancel it out and Print New Debt Free US Treasury Notes, as needed.
The banks will cry foul, but you must understand one thing. For every dollar we have given them, they have created nine dollars out of thin air. If we gave them $10 trillion dollars, they turned around and made up $90 trillion out of nothing.
Yes, believe it or not, this is how the Fed works.
So whatever money we take back from them, they have already made up nine times that amount, out of thin air.
We will take this money out of circulation, and thereby strengthen the remaining money in circulation.
Since the Federal Reserve was created, the US Dollar has lost 96% of it’s value. The very thing that the Fed was supposedly created to prevent. They have been a complete and utter failure at the job they said they would do, and we want our money back, period.
Of course the Fed will say: “There are no US Laws that we have to follow. We can’t be charged with breaking any US Laws.
We can’t be Charged with breaking our own laws and rules. We have total immunity from ALL LAWS.”
This is actually correct. They paid off Congress to make them immune from all US Laws. But laws can be changed.
A True Democracy Controlled Congress would Repeal or Rescind any Federal Reserve Immunity Laws within 30 days. And the following day, we would start Rescission Proceedings.
We would also Repeal or Rescind the Patriot Act, which by default, would automatically cancel out The Dept. of Homeland Security, and a multitude of other heinous, expensive anti-liberty, anti-freedom laws, regulations and security departments, that are based upon it. But that’s another story.
Whatever we need, to do whatever we want, this is the immediate seed money to get started. Converted into debt-free treasury notes first though.
This is a law and practice that is constantly being used against citizen’s. Especially in the Healthcare insurance industry.
If they fail to weed you out in the screening process and fail to find any thing to stop you from having much needed medical care, they have one more trick.
-Rescission: Rescission Department’s, re examine all your records. And if they find anything, no matter how small, that “they” think is a little fraud, they pull all the money paid to hospitals and doctors, and force the new patients and doctors to fight each other in court for payment.
“What’s good for the Goose, is good for the Gander.”
We can also recover up to $4 trillion per year if corporations pay; They’re fair share of Taxes, and for minerals taken off Public lands and not paid for. Gold and platinum come to mind.
And we have a couple other Ideas that will bring in $100 Billion or more.
Ron Paul: Rescind America’s Fictitious $1.6 Trillion Debt to the Federal Reserve
Lori Rothman (Fox News): And hello everybody. Welcome. I’m Lori Rothman, sitting in tonight for David Asman. Stocks are tumbling today. Wall Street may be waking up to the idea that a deal to raise the debt ceiling (especially one with tax hikes) is exactly the last thing a huge majority of Americans want right now. The fact that Americans don’t want a deal is hanging over the White House talks like a giant elephant. A recent CBS News poll finds that just 24% of Americans support lifting the debt limit, but 69% say the debt ceiling should not be raised. Americans are aware of the consequences, too. Fully, 72% believe it is at least somewhat likely the economy will take a severe downturn if the debt ceiling is not raised. Americans clearly do not want more spending, no matter what. The President is not listening.
[Video clip: President Barack Obama: I’d rather be talking about stuff that everybody welcomes, like new programs, or the NFL season getting resolved. Unfortunately, this is what’s on our plate.]
Lori Rothman: Republican Congressman Ron Paul (R-TX) says, “Everybody does not welcome new programs.” He is running for President and he has his own solution to the debt problem. Welcome, Congressman.
Ron Paul: Thank you. Good to be with you.
Lori Rothman: Great to have you. You famously said that we should not raise the debt ceiling, and you have an idea to save 1.6 trillion with one swipe at the Fed’s balance sheet. Explain the idea.
Ron Paul: Right. We’re over the debt limit and they’re worrying about it. And I said, one solution — if we wanted to get serious and get down to business in the next year, do all the work we should do — we could get a reprieve, because we owe $1.6 trillion to the Federal Reserve. But where did they get the money to buy our debt? Well, they created it out of thin air. So taxpayers keep working hard to pay the interest to the Federal Reserve, as well as to finance these bonds if the Fed wants to take the monies. So I would say that is not a real debt. It’s a fictitious debt. It’s a dishonest debt, and that we’re not obligated. So if you don’t want pay interest for a while to the Fed, or just quit paying, then we can meet all our other obligations, and people shouldn’t be panicking that we’re going to default on our debt.
Lori Rothman: But it isn’t fictitious debt, Congressman, if you consider that that liquidity is in the financial markets. And so, if you wipe off the bonds and other assets off the Fed’s balance sheet, you still have all that money — right — that’s being hoarded by the banks, and at some point it’s going to be lended [sic: loaned] out. And then you have a big problem with inflation, don’t you?
Ron Paul: Well, this doesn’t change it. It stays the same. The Fed is not about to call that money back in. They’ve said, “Oh, when are we going to end QE2 and when are we going to downsize our balance sheet?” They’re not going to do that! The market—
Lori Rothman: But the Fed needs to have those to maintain those bonds, so that if it does call that liquidity out, in inflationary times, it can do that, to sell those bonds back into the financial marketplace.
Ron Paul: Well, all they have to do is raise Reserve requirements, and they would accomplish the same thing. So no, you don’t have to do that. But what I’m exposing is the fiction of the Federal Reserve on how they buy bonds, and what do they do with the interest, and why we owe them money, and why they contribute to the total debt of the country. And it’s not real debt in the sense that, if you owned a Treasury Bill, that’s a lot different. Or if we owe — if a Chinese owns a Treasure Bill, yes, if we default on that, that’s going to raise some eyebrows, but the Federal Reserve is quite different. I mean, this is debt that they were able to buy out of thin air. But they’ve already monetized that debt; that money is in the economy. Now, if you expect next month the Fed is also about ready to shrink the money supply, well, that would provide a problem. But that isn’t likely. That isn’t going to happen. They’re not in any mood to do that. And they’re going to continue buying debt, as they always have, so they can — they have plenty of room for manipulation, believe me! They manipulated trillions of dollars during the bailout and took care of their friends. They’re not handicapped. The only thing that’s handicapping the Fed now is people want transparency. Before, they did it in the dark of night and nobody knew what was going on. Now that we’ve exposed them, we have to see the Federal Reserve Board Chairman having press conferences, and—
Lori Rothman: I know that you are notable for — you’ve written a book about wanting to get rid of the Fed. Would you at the very least, though, be satisfied, Congressman, if the Fed just ditched its dual mandate – right — just got rid of the jobs mandate and just focused on price control? Because really the Fed, Bernanke was right when he said fuel prices, energy prices and food prices were transitory. We’ve gotten a bit of a lift off the gas price.
Ron Paul: Well, I think that’s a good suggestion, because they’ve had a dual mandate — one, stable prices and one for employment. We have no stable prices and no full employment. So I would take both mandates away from them and let them have a check-clearing outfit there, or something like that. But no.
Lori Rothman: So you must love this idea for an infrastructure bank. The jobs report — the June jobs report — was horrible. And now there’s a talk — they’re not calling it “stimulus,” but by any other name it would amount to that. What does this country need for job creation?
Ron Paul: Yeah. Well, what you need to do is change everything that we’ve been doing. We have too much spending and too much taxes, too much regulation, too weak of a currency, and we’re doing all the things wrong. But the most important thing that we’re doing wrong – and devastating thing – is we don’t allow the correction to occur. We don’t allow the liquidation of debt. We prop up all the mistakes. We buy the bad debt, where the banks that held this bad debt and these derivatives, they should have all gone bankrupt. Instead, the taxpayers got stuck with them. So we bailed out the financial institutions — the banks and the corporations and Wall Street — and they’re doing quite well. And yet, they said there would be a depression, of course, if we didn’t bail them out. We still had the depression! We still—
Lori Rothman: So do you think Americans don’t want a deal on the debt ceiling? Sorry to interrupt you.
Ron Paul: Let me still fin — let me—
Lori Rothman: Go on.
Ron Paul: Let me finish. We still ended up with the depression, because the People lost their jobs and lost their houses. Go ahead.
Lori Rothman: No, I just wanted to put to you — I mean, fine. Leave the debt ceiling; deal with the economic consequences; we hear you. So, I mean, do people just not want a deal in the end? I mean, how are we going to sort out and deal with the ramifications here?
Ron Paul: The ramifications of what is going on now and how we get back to full employment? Is that the kind of thing you’re talking about?
Lori Rothman: Absolutely.
Ron Paul: Yeah. Well, you have to do what I said. You have to change policies. We do have to cut, but we have to cut a lot! But we have to change the philosophy of government. We can’t maintain an empire. As long as we think we can do that, we’re on the way — I mean, we are literally and technically bankrupt; we can’t pay our bills, and we don’t have enough income. The only thing that keeps us going is counterfeiting our money. And the people — even today — people were buying dollars, because there’s nothing else out there other than gold. So yes, the dollar is still providing funds, but we’re counterfeiting the money. But we’re defaulting because the dollar’s going down in value when you look at your prices. The government — our government — defaults all the time. And we’re going to continue to default. But the way we’re going now, though, it’s going to be much much worse than — if we raise the debt limit, it’s going to be much worse than us biting the bullet and saying, “We need to change our attitude. We have to look at this. We have to change our way.”
Lori Rothman: We’ll have to leave it there. Thanks for engaging us, Congressman Ron Paul. Appreciate your time.
Ron Paul: Thank you.
BIG BANKS SHRINK LENDING
Credit card lending and home equity lines of credit cut by big banks in the first quarter.
FORTUNE — Here’s another sign that the economic recovery may be fizzling: Big bank lending, which had risen for most of last year, dropped in the first three months of 2012.
The loan drop comes as big banks face new scrutiny from regulators and bond rating firms, and when there are growing signs that the economy is weakening, again. Last week, the government said that GDP grew just 2.2% in the first quarter, which was less than analysts had predicted. On Monday, Goldman Sachs’ top U.S. economist Jan Hatzius predicted that the economy only added 125,000 jobs in April. That would be down from 240,000 jobs just two months ago.
A drop in lending is another worrying sign for the economy. When banks cut their lending, it makes it harder for small businesses to get money to expand. But a drop in lending could also signal a drop in demand for loans, meaning businesses and individual don’t want to borrow because they are worried about the economy.
JPMorgan Chase (JPM), Wells Fargo (WFC), Bank of America (BAC) and Citigroup (C) cut their lending by a collective $24 billion in the first three months of the year. That was a change from last year when lending rose $34 billion at the nation’s four biggest banks in all of 2012. The biggest drops were in consumer lending, where credit card loans fell nearly 6% and home equity lines of credit dropped just over 2%. Mortgage lending was up slightly, but much of those home loans were the result of people refinancing to lower rates, and not actual new loans.
What’s more, the drop at the big banks comes at a time when lending at banks in general appears to be growing. That’s an other sign that the nation’s biggest banks still haven’t fully healed from the financial crisis. On Monday, the Federal Reserve said that banks in general had eased their lending standards in the first quarter. According to Fed data, the overall volume of bank loans in the U.S. rose by about $95 billion in the first quarter.
The biggest drop in loans came at Bank of America. Loans outstanding at B of A have dropped $78 billion in the past two years. Last year, the bank got out of the business of the business of funding loans sold by outside mortgage brokers. The firm now only makes home loans that are sold by a bank employee. That has cut the bank’s home lending activities dramatically.
“Bank of America got hurt pretty badly by its mortgage business,” says analyst Dick Bove, who follows bank stocks for Rochdale Securities. “Banks are still in protection mode.”
Reducing the Money Supply will lead directly to a Double Dip Recession, and the Federal Reserve knows it!
Time to Rescind The Fed! The Big Banks are acting on their orders!