In the interest of full disclosure, Ronnie Lowenstein, the author of the NYC IBO hit piece against Wall Street paying its fair share of taxes, was a Federal Reserve Economist. Most economists work for the Fed or the government.

The Federal Reserve is neither Federal Government nor Reserve, since it creates dollars out of thin air to buy Treasury debt.

The Fed is a secretive Central Bank, the likes of which Franklin, Jackson, Jefferson, Kennedy, Lincoln, Madison and Washington thought were more dangerous than standing armies.

Bloomberg won a Freedom Of Information Act suit for transparency against the Fed that may be stonewalled and appealed by the Fed all the way to the Supreme Court.

With over 1000 economists on their taxpayer funded payrolls, the Fed, Government and Treasury still did not predict or prevent the 2008 Panic after generations of deficit usury public finance.

Interest on the “public” debt which goes to the Fed to pay their 6% dividends and luxuries is only partly passed on to the Treasury.

Fed usury is the third largest US budget item after Transfer Payments and Defense.

Of course bank corporations would rather their customers pay taxes. They do, foregoing higher income or even jobs for so-called employer and retirement benefits.

Wall Street Bankers balked at a simple 0.25% transfer tax on part of a quadrillion of financial transactions a year that could quickly and fairly get us out of the mess they created.

As if a quarter of one percent tax would disrupt the economy.

Banks didn’t have a problem with people paying up to 95% personal income taxes under FDR in WWII.

They did not have a problem with consumer inflation into higher taxes robbing the middle class of real living wages.

Banks and corps don’t have a problem withholding mandatory 13% FICA taxes today to keep wages down. They work with often error-riddle irresponsible database agencies and the IRS to violate Constitutional civil rights to privacy and property.

Shadow bank corporations did not have a problem shipping jobs overseas and increasing the deficit debt usury which brought America to her knees.

Banksters bribed Congress to rob taxpayers and the economy further in 2008 with TALF, TARP, PPPIP and the biggest pork barrel deficit spending ever. They claimed with a straight face and quivering voice by delaying big bank ruptures and ignoring moral hazard they prevented a total financial meltdown.

We shall see in the fullness of time. Right now, the American economy looks like a slow motion Japanese Zombie horror film.

The borrower serves the lender, as the Bible says.

Debts are repaid one way or another as we all know.
Depression, slavery and war are some of the consequences of too much debt.

Take a good look at Obama’s biggest funders who became recipients of taxpayer money: Bankcorps, Lawyers and Unions.

0 may have violated due process and property rights by sacking the head of GM and giving GM to the unions.

The money trust paid a Princeton Academic who claimed to run against them, to sign into law the Federal Reserve Act and Income Tax Acts of 1913, rammed through around Christmas Recess without proper quorums.

Woodrow Wilson went on to personally negotiate the Versaille Treaty for bankers hoping to get rich off defeated German people.

Instead they got depression, wheelbarrow money and Adolf Hitler.

There is little new under the sun.

Banks like inflation and war, but not depression and hyperinflation which follow each other like the night the day.

They got rid of the gold contract, Constitutional gold and silver currency standard, Glass Steagall Act and Net Capital Rules.

We let them by continuing to entrust our money and elections to them. Now we are reaping the whirlwind harvest.

In 1919 WW lay incapacitated in the Lincoln Bed from a stroke after turning the German people over to the bankers.

What JWerst writes is true, particularly the part about a (Transparent) Tobin Transaction Tax replacing the IRS bureaucracy.
The TTTT may be our only practical productive salvation.

Countless unproductive hours are wasted complying with arcane convoluted subsidies, tax codes and red tape longer than the Bible. The IRS does not even answer tax questions consistently, let alone CPAs, Financial Planners and Tax Attorneys.

The Income Tax is neither applied uniformly nor apportioned by census as required by the Constitution and the Consitutional Oath of Office.

The 16th Tax Amendment was a Communist Manifesto Banker fraud on the people, asking them to violate their Constitutional Rights.

Speakers of the House, Ways and Means Committees and Lobbyists juryrigged income taxes to the point personal buildings, corporate, farm and personal income paid no tax.

The Treasury Secretary of the US who overseas the IRS dodged his taxes and got away with it.

Meanwhile, working poor are forced to pay mandatory withholding regressive, triple taxed actuarially unsound FICA taxes.

The Social Security Trust was raided and spent on the budget, replaced by unmarketable IOUs called Intragovernmental debt counted, like toxic bank collateral, as assets when there is no actual market value.

The government house of cards may continue to fall down, with the 2008 panic only a foretaste.

The immediate result may not be inflationary, as bonds and credit default and implode, but deflationary. The 15.3% Depression in GDP, 33% contraction in durable good imports and production and even greater losses in pensions, real estate and stocks are not inflation.

It may not be gold and silver coins, but dollars that are more scarce for unemployed Americans without savings.

Even a small number of 5 billion immigrants coming to America to get on the free family benefit bandwagon threatens Social Security.

Many welfare agencies refused to implement fingerprinting or citizenship tests. They kept paying out free rides for dead people, hospitals, schools, welfare, even jails and prisons, where up to one third the inmates are illegals.

The result was the President of the Dallas Fed, in his Storms on the Horizon speech at the San Francisco Commonweath Club a few years ago, identified $99T in unfunded government agency mandates.

The number is higher today after the Obama regime promised to cut budget deficits and increased them fourfold.

$100 T is more than 7 years of 100% taxes on GDP growth, which contracted at a -15.3% rate the past year.

Wall Street Bank taxpayer bailout liquidity-driven securities markets with insider selling up to 52:1 are no sign of a recovery or turnaround.

$200 Trillion in US derivatives is more than 15 years of 100% taxes on GDP.

$600 trillion of global derivatives dwarf the global economy ten times.

As a former Fed Chair noted, derivatives were great on the way up. As a large investor noted, derivatives can be weapons of mass financial destruction.

Bank corporations gambled with derivatives, lost the rent money, got government to cover them with taxpayer money and more debt. Now the people are suffering.

All the 1515.2 form SSA-521 Social Security gimmicks and mathematical spreadsheet tax calculations in the world do not obscure the fact that Medicare and Social Security are upside down like American people with payments and mortgages more than the cars, clothes, electronics, furniture and houses they cannot afford.

All the schemes of all the kings horses and men cannot put Humpty Dumpty together again.

Therefore, the advice to get Social Security as soon as you can may be the common sense elephant in the room that most people here missed.

Medicare and the Social Security Trust were bankrupted by adding but not adequately funding benefits like AFDC, Dependents, Disability, Drugs, Hospitalization, Medicare, Medicaid, SCHIP, SSI, Survivor Benefits, Temporary Aid, and even unemployment under FDR, which led to the “Roosevelt Recession.”

Ida May Fuller of Vermont was the first to receive a monthly social security check. She had paid in a total of $24.75. She received a total of $22,889.92.

No wonder those who believe in free lunch lotteries refuse to fix Social Security. The spouse of at least one senator made a living with Social Security Disability claims paying a lump sum.

Social Security benefits are available to families who did not pay into the Plan.

Many foreign countries have handbooks on how to get American citizenship and game social security without paying in what they get out.

In a nutshell, this is what’s wrong with cooercive government programs that do not protect liberty and property.

American citizens pay more than four times the taxes of corporations. Bank corporations which pay a fraction of what real people pay, complain about taxes, expecting their customers to pay much more.

Eliminating all failed taxes with a mandatory DC spending freeze plus an emergency 1% transaction tax on a quadrillion transactions a year, could generate $10 T a year to begin paying down debts and deficits accumulated over two generations.

The technology exists for full transparency. Eliminating unproductive bureaucracies, keeping 99% of our transactions, encouraging savings and the subsequent productivity multiplier could allow the TTTT to be reduced from 1% to to one mil in less than a decade.

Do we the people have the political will to vote for what’s right for America?

Stay tuned.

JubileeProsperity.com