Mike Church on What the Federal Reserve Has Taught Us in Recent Months

Mike Church provided excellent Constitutional commentary once again on the Federal Reserve. As usual, if you don't have Sirius XM, get it for the sole purpose of being enlightened by Mike Church on Sirius Patriot. From the Mike Church show:

(Audio & Transcript) Mandeville, LA - In the past two months of life here in the year of our Lord, 2010, we have learned more about the Federal Reserve than people who study myrmecology have learned about the wide world of ants through their entire collegiate education. And yes, myrmecology is the study of ants. And no, it's not entomology, that's the study of insects. That's how we do things here on The Mike Church Show - deep rooted research, informational and valuable...ever heard of google?

Listen to the King of all Dudes, the KingDude himself break down the corruption and deceitfulness of the Federal Reserve System. Uncle Sam is not the daddy of first resort here in this country anymore. Who needs to go outside in the frigid cold, or horrendous heat and earn an honest buck or two to support their families when you have the State that will do it for you? While on the topic of fiscal insanity KingDude transitions himself down the road of Social Security, paying off the debt, ending these wars maybe, and living within our means....which is something most people are not willing to do.

There is NO Free Market under the FEDERAL RESERVE System

Begin Mike Church Show Transcript

Mike: We have already learned more about the Federal Reserve in the last month or the last two months than most of us knew our entire lives. You’ve been covering this stuff for 20 years, or following it for 20 or 30 years, you learned more in the last two months than you learned in the course of your entire adult life. And that hasn’t stopped Bernyankme. It hasn’t slowed him down. As a matter of fact, this is interesting to watch here because this is the linchpin. In many of our opinions, this is the linchpin here. This singlehandedly, the guy that called earlier, “Well, you know what they need, they need a new commission. They need a new set of rules to cut spending by.”

Well, what they actually need is a new way of doing business and coining the money and regulating the value thereof because Congress has abdicated its responsibility. They don’t do this anymore. Don’t want to do it anymore. I don’t know if any of them are smart enough to do it anymore. So they farmed and jobbed this out to this outfit, this criminal enterprise called the Federal Reserve. And as we find out, the Federal Reserve is printing money, even though they’re lying and saying they’re not; giving money away, even though they’re lying and saying that they’re not; and using the good faith and credit of the people, the good people of these colonies, to guarantee these loans, or this money that they supposedly have the authority to give away to these people. None of these things are possible. The wars are not possible. The deficits are not possible. None of those things are possible under a sound money system.

If you want to do one thing, the guy that called earlier, and anyone that thinks like him, and there’s nothing wrong with the way he thinks, well, what we need is a new rule. Here, well, let me give you a new rule. Congress shall have the authority or the power to coin money and regulate the value thereof. End of discussion. If you return that power and return and accept the responsibility that that power requires, you will end almost all of this because it will become impossible to do. You won’t be able to print money to cover the debt. You won’t be able to hide money. If you’re going to spend it, you’re actually going to have to have it, and you’re going to have to collect it. Which would mean a couple of things.
Number one, it would mean that instead of your tax rate being, for those that are in the lower income brackets, under $50,000 or $80,000 in earnings, whatever the number is, and you paying 5, 10 percent to the federal government at the end of the year, after you get your refunds and all that, your rate’s going to go up to about 35, 40 percent. You’re actually going to have – maybe even higher than that. You’re going to actually have to pay. The alleged rich out there, those ones that we must protect from having a 39 percent rate, that’s not even coming close. You’re going to have to pay 60 to 70 percent.

And you people that live in the states, or all of us that live in the states and live under these delusions here that this Medicaid money that they tell you you have to spend, and all these other moneys that they tell you you have to spend, you’re going to have to pay for all that directly. And as I calculated out for you two weeks ago on this show, that’s $38 billion per year per state that you’re currently not paying. So you’re basically going to fork over about two thirds to three quarters of everything you earn. That’s what it would take to actually run this monster.

You see, when people say things like the guy said earlier, “Well, we need a mechanism, we need a rule,” well, here’s the rule. Why don’t you just pay for what you’re using? Instead of whining about the deficit, if we really want to be conservatives, then what we ought to do is tell the Democrats and tell the Republicans, tax us, please. Let’s balance the damn budget. Let’s be responsible and be adults about this, and go ahead and take the money from me so that you can continue the big spending party. Now, if that were to actually occur, then maybe some things would change. But since that’s not going to occur, well, then if Congress actually can only spend the money that it had, that it takes in, only what it takes in, then you’d have to end the war in Afghanistan. You’d have to end the occupation of Iraq. You’d have to pull the troops out from all these other places where they are spread throughout the globe and what have you. And you’d have to live within your means.

Here’s the dirty little secret, folks. Most people really don’t want that. Most people don’t have problems with Uncle Sam being the daddy of first resort. How many of you people out there know somebody, some young female who is using Uncle Sam as the daddy of first resort? I do. I know several of them. Uncle Sam is the daddy, the father of first resort. The kid’s father isn’t. Certainly, “I don’t want to marry him. Why, marriage is miserable. I got Uncle Sam. I don’t need him. I got the state.” Who wants to end that? Think grandparents and grandma and grandpa are suddenly going to become all austere and stuff? “We need to have little Susie’s subsidies and care.” Especially the child. Man, the medical expenses that are covered by Uncle Sam as the daddy of first resort. Just that, and that alone. Serious money there, folks. You think people are really ready to give that up? Do you, really? Hmm?

How many of you just received your annual Social Security progress report in the mail? I got mine in the other day. I was excited about it. They send you this thing every year, about this time of year. Did you get yours, AG? Did you get one?

AG: Couple weeks back, yeah.

Mike: You did. Did it tell you that you’re eligible? You see, I’m geezered enough to where I’m eligible, I could quit today, for Social Security. Are you eligible yet?

AG: I don’t believe so, but...

Mike: Mine says you are now eligible for retirement benefits. I wouldn’t even have what my nest egg was. Showed how much I put into that. They send these out, number one, because they have to by law; and number two, so that you can see how well your retirement planning is going there. Now, if you look at the wording, if you actually read the entire little document that they send you there, and they say, okay, you’re eligible for disability, you’re eligible for retirement, and they have a bunch of columns there where they explain to you what you’re eligible for. Read what’s connected to the asterisks, where it says that these figures are subject to change, that this is not a guarantee, that these figures are subject to change. It may be what you get; it may not be what you get. I don’t know.

Most people are looking at that and thinking that that’s, yeah, that’s why I support Social Security. That’s why I support it, and that’s why we’ve got to stop these madmen from taking it away from us. Where is all this money at? I mean, I looked at my weekly, my statement. And if I were to retire, I would cost the federal treasury somewhere on the order of about 25 grand per year. I’m not paying that. I’m not paying that much into it. Where is that 25 grand a year going to come from? Tell you where it’s going to come from. It’s going to come from the Ponzi scheme kids, going to come from my daughters. My daughters are going to pay in. And as long as there’s more payers than there are cashers-in – because there is no trust fund. There used to be. It doesn’t exist anymore.

You know this idea here that there is this money buried in this vault in West Virginia that has Social Security Trust Fund on it is absolutely ridiculous. And even if there was, even if there were, the fact that they have taken 1975, 1985 dollars and put them in a vault there, what are those 1985 or 1995 or, hell, 2005 dollars worth the date of your retirement? They’re worth less than when they were put in there. So back to the point. To the guy that called earlier, “Well, we’ve got to stop the spending. We need a new rule, we need a new commitment.” Here’s a new commitment. Stop printing money. Use only the money that you have that you take in so the Federal Reserve cannot intervene any longer. And that is the solution right there. Right there. If you do that, then all of this other stuff becomes impossible. Cannot be done without direct borrowing.

End Mike Church Show Transcript