Topic: lThis Day in History
started by: MADDOG
Posted by MADDOG on Jun. 05 2012,12:39 pm
QUOTE
This Week in History:
June 5 - 11, 1933
FDR Signs the Gold Standard Act
As the end of the emergency Congressional session, later to be known as the "Hundred Days," approached, President Franklin Delano Roosevelt was engaged in a virtual frenzy of activity, geared toward trying to put credit policy and economic policy on track for a sustained recovery. The Constitutional principle which the President was trying to ram through was clear: The general welfare of the U.S. population had to take priority in guiding the actions of the Federal government.
On June 5, the President took one of his most controversial actions in this direction, by signing the Gold Standard Act. This bill completed the process of freeing the U.S. government from an arbitrary, deflationary gold standard, by abrogating the "gold clause" in public and private contracts, and making legal tender acceptable in settlement of such contracts.
The significance of the series of actions which FDR had taken, which we will review in a minute, was succinctly summarized by author Arthur M. Schlesinger, Jr., in his The Coming of the New Deal. Schlesinger wrote this about the shift away from the gold standard:
"It meant that American monetary policy was no longer to be the quasi-automatic function of an international gold standard; that it was to become instead the instrument of conscious national purpose."
To put it in the language of today's analysis by Lyndon LaRouche: What Roosevelt did was to assert the sovereign right of the nation to control its own credit, rather than permit the "international marketplace" to determine what credit would be available. And he did it because the general welfare of the population depended upon it.
< Gold Standard >
June 5 - 11, 1933
FDR Signs the Gold Standard Act
As the end of the emergency Congressional session, later to be known as the "Hundred Days," approached, President Franklin Delano Roosevelt was engaged in a virtual frenzy of activity, geared toward trying to put credit policy and economic policy on track for a sustained recovery. The Constitutional principle which the President was trying to ram through was clear: The general welfare of the U.S. population had to take priority in guiding the actions of the Federal government.
On June 5, the President took one of his most controversial actions in this direction, by signing the Gold Standard Act. This bill completed the process of freeing the U.S. government from an arbitrary, deflationary gold standard, by abrogating the "gold clause" in public and private contracts, and making legal tender acceptable in settlement of such contracts.
The significance of the series of actions which FDR had taken, which we will review in a minute, was succinctly summarized by author Arthur M. Schlesinger, Jr., in his The Coming of the New Deal. Schlesinger wrote this about the shift away from the gold standard:
"It meant that American monetary policy was no longer to be the quasi-automatic function of an international gold standard; that it was to become instead the instrument of conscious national purpose."
To put it in the language of today's analysis by Lyndon LaRouche: What Roosevelt did was to assert the sovereign right of the nation to control its own credit, rather than permit the "international marketplace" to determine what credit would be available. And he did it because the general welfare of the population depended upon it.
< Gold Standard >
This essentially gave the Federal Reserve full control of our money. No longer was our paper money worth it's value in gold. No longer was the Federal Reserve there to supervise our monetary system. Now they had ultimate control of it. FDR and congress had now turned over the henhouse to the fox. By Roosevelt signing the Gold Standard Act, he cleared the way for the Federal Reserve Board to print money at will with no repercussions. That act still haunts us today. The term 'worth it's weight in gold' can no longer apply to our currency.
After the Ferderal Reserve board was created, our money simply turned to a promissory note rather than paper currency redemable in gold.
Posted by Grinning_Dragon on Jun. 05 2012,9:09 pm
FDR was a P O S and should have been assassinated.His policies prolonged the depression.
Posted by Botto 82 on Jun. 05 2012,11:52 pm
FDR was a child of the banking concerns we looked to escape via the American Revolution. This was largely ignored because he was the sitting President at the onset of our entry into World War II.Do your own research, and draw your own conclusions, and remember that the history books most of us were schooled from were written by the victors.
Posted by hymiebravo on Jun. 06 2012,7:54 am
...
Posted by Botto 82 on Jun. 06 2012,8:12 am
Really?How much is one of today's dollars worth, in 1933 dollars? Six cents, that's what.
Inflation robs people of their savings, and buying power. This is intentional. And I don't think it's a good thing.
Posted by MADDOG on Jun. 06 2012,4:17 pm
(hymiebravo @ Jun. 06 2012,7:54 am)
QUOTE
You had a lot of upheaval and instability prior to that. At one point the government had to call in J.P. Morgan to save the country. You have to admit it's been a pretty good run of stability ever since.
Haven't had another "great depression" have we?
So which one of you financial wizards can we call in if we revert back to the so called gold standard and we have another crisis?
If J.P. Morgan were alive today I'm sure he would be consulting you three for economic advice.
Haven't had another "great depression" have we?
So which one of you financial wizards can we call in if we revert back to the so called gold standard and we have another crisis?
If J.P. Morgan were alive today I'm sure he would be consulting you three for economic advice.
Sure, and one way that the government paid Morgan back was the creation of the Federal Reserve System. Mostly devised by Morgan and Rothchild. Two bankers meeting on Jekyll Island trying to figure out how to fleece the United States and the people by creating a false sense of currency panic. The bankers came to the rescue with an idea. The Federal Reserve System. Rothchild already knew how to separate money from the people because his family had been doing it for years with the Central Banking System of England. Keep in mind, this is the person who is famously quotes as saying, "I care not what puppet is placed upon the throne of England to rule the Empire on which the sun never sets. The man that controls Britain's money supply controls the British Empire, and I control the British money supply."
Yep, J.P. Morgan did a lot for us.
Posted by Self-Banished on Jun. 06 2012,8:59 pm
(hymiebravo @ Jun. 06 2012,7:54 am)
QUOTE
You had a lot of upheaval and instability prior to that. At one point the government had to call in J.P. Morgan to save the country. You have to admit it's been a pretty good run of stability ever since.
Haven't had another "great depression" have we?
So which one of you financial wizards can we call in if we revert back to the so called gold standard and we have another crisis?
If J.P. Morgan were alive today I'm sure he would be consulting you three for economic advice.
Haven't had another "great depression" have we?
So which one of you financial wizards can we call in if we revert back to the so called gold standard and we have another crisis?
If J.P. Morgan were alive today I'm sure he would be consulting you three for economic advice.
Not today, probably not tomorrow but what's coming is not pretty. Inflation the likes has not been seen since pre ww2 Germany .Think Weimar republic.
Posted by alcitizens on Jun. 06 2012,11:10 pm
You can buy a house that was built in 2000 for less than you can build the same house today and get a 30 year fixed rate of 3.59%.. Inflation..
The US Dollar is the Strongest Currency in the World..
Posted by alcitizens on Jun. 07 2012,12:11 am
30 year fixed rate mortgage at 3.59%
Posted by blahblahblah on Jun. 07 2012,1:41 am
(Botto 82 @ Jun. 06 2012,8:12 am)
QUOTE
Really?
How much is one of today's dollars worth, in 1933 dollars? Six cents, that's what.
Inflation robs people of their savings, and buying power. This is intentional. And I don't think it's a good thing.
How much is one of today's dollars worth, in 1933 dollars? Six cents, that's what.
Inflation robs people of their savings, and buying power. This is intentional. And I don't think it's a good thing.
But think how inflation will help all the people with student loans.
Inflation is certainly bad for savings and lenders, but good for borrowers (like the US Gov't). I am not sold on the reduction of buying power. If you simultaneously pay me more, while prices go up, it's possible I may be able to buy exactly the same goods. So while the buying power of the individual dollar is certainly reduced, consumers may not be worse off. It's an unfortunate lever in the hands of corrupt or incompetent people though. Sounds like QE3 is on the way!
As for the gold standard, it sounds fine and all, it certainly would force a government to run a tighter ship. Keep in mind though, outside of the value of gold for manufacturing purposes most of its value is just value that we collectively have decided it has, much like fiat currency.
Posted by hymiebravo on Jun. 07 2012,8:39 am
......
Posted by MADDOG on Jun. 07 2012,11:08 am
(alcitizens @ Jun. 06 2012,11:10 pm)
QUOTE
You can buy a house that was built in 2000 for less than you can build the same house today and get a 30 year fixed rate of 3.59%..
Inflation..
The US Dollar is the Strongest Currency in the World..
Inflation..
The US Dollar is the Strongest Currency in the World..
So what you're saying is home values are falling and you call that good news?
Posted by alcitizens on Jun. 07 2012,11:53 am
What I'm saying is that we are experiencing deflation in the housing market, just like during the Great Depression under the Gold Standard yet now we have the ability to stop the deflation by inflating..
Posted by Glad I Left on Jun. 07 2012,2:19 pm
So are you suggesting we create another housing bubble?I would submit that the housing market was out of control, much like the tech market of the late 90s. Bubbles are not good things, eventually they burst.
Posted by alcitizens on Jun. 07 2012,6:42 pm
I'm suggesting that if we were under the Gold Standard today, we wouldn't be dealing with the Great Recession, we would be dealing with the Great Depression II..Government allowing inappropriate lending standards by the banks caused the housing bubble..
Posted by Glad I Left on Jun. 07 2012,9:46 pm
(alcitizens @ Jun. 07 2012,6:42 pm)
QUOTE
I'm suggesting that if we were under the Gold Standard today, we wouldn't be dealing with the Great Recession, we would be dealing with the Great Depression II..
Government allowing inappropriate lending standards by the banks caused the housing bubble..
Government allowing inappropriate lending standards by the banks caused the housing bubble..
I hear what you are saying now. I won't pretend to be smart enough to know if being back on the gold standard would or would not be good. I do know that printing more money, no matter what backs it, is a bad thing.
As for the 2nd comment, Not only did the gov't allow it, they encouraged/forced it.
Posted by alcitizens on Jun. 08 2012,9:12 pm
Austerity Measures(Cuts) tend to depress economic growth, which ultimately causes governments to lose more money in tax revenues. In countries with already anemic economic growth(United States), austerity can cause deflation which inflates existing debt. This can also cause the country's unemployment to increase. < http://en.wikipedia.org/wiki/Austerity >
The Republican Party is pushing for Austerity Measures(Cuts) during anemic economic growth..
Posted by busybee on Jun. 09 2012,6:36 am
Just a question...Why is it that those who are elected by U.S. Citizen's to have power and control over ALL U.S. Citizen's money, never seem to have any form of worry about how they are going pay for anything
Posted by irisheyes on Jun. 09 2012,2:27 pm
(Grinning_Dragon @ Jun. 05 2012,9:09 pm)
QUOTE
FDR was a P O S and should have been assassinated.
In all fairness, is there anyone you haven't advocated assassinating yet?
QUOTE
His policies prolonged the depression.
If we follow much of the conservative rhetoric that places nearly all blame on the President for the economy, you'll notice the blame often goes to those that supposedly "prolong" instead of "cause". That's because modern U.S. history shows that the one who causes the bank, savings & loan, stock crisis is almost always a republican. The one who
Same thing happens today, we go from years of economic losses to years of economic gains. Not good enough, better get those repubs back in there. That's what spurred the
Posted by Common Citizen on Jun. 10 2012,12:23 pm
^
Posted by alcitizens on Jun. 11 2012,12:06 pm
Europe austerity measures cause high unemployment and bailoutsUnemployment by country
France 10%
Italy 10%
Ireland 14.8%
Portugal 15%
Greece 22%
Spain 25%
Posted by MADDOG on Jun. 11 2012,12:22 pm
June 11, 1962 FDR accepts honorary degree from yale
June 11, 1963
Kennedy says segregation is morally wrong and that it is "timne to act."
June 11, 1971
Nixon ends ban on trade with China
June 11, 2012
Obama blames U.S. economy on Europe - and Bush
Posted by alcitizens on Jun. 11 2012,12:58 pm
Europe - Bush - and a "Do Nothing, Austerity Only Republican Congress"
Posted by MADDOG on Jun. 11 2012,2:14 pm
(alcitizens @ Jun. 11 2012,12:58 pm)
QUOTE
Europe - Bush - and a "Do Nothing, Austerity Only Republican Congress"
QUOTE
"We do not need to bring a budget to the floor this year."
Yep, the republican congress said that.
Posted by Self-Banished on Jun. 11 2012,2:50 pm
(alcitizens @ Jun. 11 2012,12:06 pm)
QUOTE
Europe austerity measures cause high unemployment and bailouts
Unemployment by country
France 10%
Italy 10%
Ireland 14.8%
Portugal 15%
Greece 22%
Spain 25%
Unemployment by country
France 10%
Italy 10%
Ireland 14.8%
Portugal 15%
Greece 22%
Spain 25%
So are these real numbers or are they "cooked" numbers like our government uses???
Posted by alcitizens on Jun. 11 2012,4:03 pm
Tears and fears as EU austerity takes Spanish unemployment to 25%< http://www.thestar.com/opinion...t-to-25 >
There were 24.7 million unemployed in the EU in April, of whom 17.4 million were in the eurozone. Both figures are far above the 12.7 million unemployed in the United States, which has a population about 6% less than the eurozone.
< http://money.cnn.com/2012...dex.htm >
EU austerity drive country by country
< http://www.bbc.co.uk/news/10162176 >
Posted by Self-Banished on Jun. 12 2012,6:06 am
That's quite the list Al, how long before the US is on it? Wait a minute, that's right, our economy is doing fine. 
Posted by alcitizens on Jun. 12 2012,4:31 pm
Private Sector job growth is doing fine compared to Public Sector(Government) job growth..Who said our economy is doing fine?
< http://thinkprogress.org/economy...bile=nc >
Posted by blahblahblah on Jun. 12 2012,4:39 pm
(alcitizens @ Jun. 12 2012,4:31 pm)
QUOTE
Private Sector job growth is doing fine compared to Public Sector(Government) job growth..
Who said our economy is doing fine?
< http://thinkprogress.org/economy...bile=nc >
Who said our economy is doing fine?
< http://thinkprogress.org/economy...bile=nc >
I have a clarifying question, just so I understand what you are saying. It sounds like you are saying the economy is doing poorly because of a lack of public sector job growth, which would mean that you want more government jobs created. Is that correct?
Posted by blahblahblah on Jun. 12 2012,4:42 pm
(Self-Banished @ Jun. 11 2012,2:50 pm)
QUOTE
So are these real numbers or are they "cooked" numbers like our government uses???
Do you just disagree with the methodology or are you saying there is actual fraud in the unemployment numbers?
Posted by alcitizens on Jun. 12 2012,4:47 pm
The reason for an 8.2 unemployment rate is because of shrinking public sector(Government) jobs..
Posted by Self-Banished on Jun. 12 2012,6:32 pm
^ oh my God, what a crock of sh!t. It's sad sad day when Gov. Employment has that much sway. Wis. is a start, let's continue from there.
Posted by Rosalind_Swenson on Jun. 12 2012,7:11 pm
(MADDOG @ Jun. 05 2012,12:39 pm)
QUOTE
This essentially gave the Federal Reserve full control of our money. No longer was our paper money worth it's value in gold. No longer was the Federal Reserve there to supervise our monetary system. Now they had ultimate control of it.
During the financial crisis, at least 18 former and current directors from
Federal Reserve Banks worked in banks and corporations that collectively
received over $4 trillion in low-interest loans from the Federal Reserve.
1.
Jamie Dimon, the Chairman and CEO of JP Morgan Chase, has served on the
Board of Directors at the Federal Reserve Bank of New York since 2007. During
the financial crisis, the Fed provided JP Morgan Chase with $391 billion in total
financial assistance. JP Morgan Chase was also used by the Fed as a
clearinghouse for the Fed's emergency lending programs.
2.
Jeffrey Immelt, the CEO of General Electric, served on the New York Fed's
Board of Directors from 2006-2011. General Electric received $16 billion in low-
interest financing from the Federal Reserve's Commercial Paper Funding Facility
during this time period.
3.
Stephen Friedman. In 2008, the New York Fed approved an application from
Goldman Sachs to become a bank holding company giving it access to cheap Fed
loans. During the same period, Friedman, who was chairman of the New York
Fed at the time, sat on the Goldman Sachs board of directors and owned
Goldman stock, something the Fed's rules prohibited. He received a waiver in
late 2008 that was not made public. After Friedman received the waiver, he
continued to purchase stock in Goldman from November 2008 through January of
2009 unbeknownst to the Fed, according to the GAO.
During the financial crisis, Goldman Sachs received $814 billion in total financial
assistance from the Fed.
4.
Sanford Weill, the former CEO of Citigroup, served on the Fed's Board of
Directors in New York in 2006. During the financial crisis, Citigroup received
over $2.5 TRILLION in total financial assistance from the Fed.
5.
Richard Fuld, Jr, the former CEO of Lehman Brothers, served on the Fed's
Board of Directors in New York from 2006 to 2008. During the financial crisis,
the Fed provided $183 billion in total financial assistance to Lehman before it
collapsed.
6.
James M. Wells, the Chairman and CEO of SunTrust Banks, has served on the
Board of Directors at the Federal Reserve Bank in Atlanta since 2008. During the
financial crisis, SunTrust received $7.5 billion in total financial assistance from
the Fed.
Etc., etc:
< http://www.pdfdownload.org/pdf2htm...one.pdf >
Posted by alcitizens on Jun. 12 2012,8:56 pm
(Self-Banished @ Jun. 12 2012,6:32 pm)
QUOTE
^ oh my God, what a crock of sh!t. It's sad sad day when Gov. Employment has that much sway.
You talk big so prove it..
I love it when teabaggers say statistics are full of crap without any facts..
You really think people are going to read your moronic post and think that information from the U.S. Bureau of Labor Statistics is false..
< http://www.bls.gov/home.htm >
580,000 public-sector(government) jobs were LOST from the time Obama took office until now.
4,300,000 private-sector jobs were GAINED OR CREATED from the "trough" of the recession until now.
Posted by Self-Banished on Jun. 13 2012,5:10 am
(alcitizens @ Jun. 12 2012,8:56 pm)
QUOTE
(Self-Banished @ Jun. 12 2012,6:32 pm)
QUOTE
^ oh my God, what a crock of sh!t. It's sad sad day when Gov. Employment has that much sway.
You talk big so prove it..
I love it when teabaggers say statistics are full of crap without any facts..
You really think people are going to read your moronic post and think that information from the U.S. Bureau of Labor Statistics is false..
< http://www.bls.gov/home.htm >
580,000 public-sector(government) jobs were LOST from the time Obama took office until now.
4,300,000 private-sector jobs were GAINED OR CREATED from the "trough" of the recession until now.
Gov. Holidays like MLK day or Columbus days are work days I look forward to. In my estimation traffic reduces 25-30%. This is from experience.
I'm always curious about the city of Mpls. They seem to own every piece of construction equipment on the face of the planet including a lot of highly specialized stuff. They don't contract out much, most of their work is all in house. Takes a lot of tax dollars to buy and maintain that equipment, even if it only gets used once or twice a year. It also takes highly trained personal to run this equipment and insurance and pensions and so forth.
This work can and should be contracted out, less gov. Employees and more private enterprise.
My research is what I observe out in the real world, you ought to try it sometime Al.
Posted by hymiebravo on Jun. 13 2012,8:25 am
...
Posted by Self-Banished on Jun. 13 2012,9:08 am
^ I guess you don't like the real world either. When you pull your head out is there corn on your glasses?
Posted by Rosalind_Swenson on Jun. 13 2012,9:24 am
Boys, boys. Don't make me have to pull this car over.
Posted by Glad I Left on Jun. 13 2012,9:40 am
I must say, that they need to get their own thread and work it out. Is getting pretty old. I thought Cybil was bad 
Posted by Self-Banished on Jun. 13 2012,12:05 pm
(Rosalind_Swenson @ Jun. 13 2012,9:24 am)
QUOTE
Boys, boys. Don't make me have to pull this car over.
Remember Rose, you're not his Mommy
Posted by Rosalind_Swenson on Jun. 13 2012,1:40 pm
(Self-Banished @ Jun. 13 2012,12:05 pm)
QUOTE
(Rosalind_Swenson @ Jun. 13 2012,9:24 am)
QUOTE
Boys, boys. Don't make me have to pull this car over.
Remember Rose, you're not his Mommy
Oops, dangit.
Posted by Moparman on Jun. 13 2012,4:04 pm
(Self-Banished @ Jun. 13 2012,5:10 am)
QUOTE
I'm always curious about the city of Mpls. They seem to own every piece of construction equipment on the face of the planet including a lot of highly specialized stuff. They don't contract out much, most of their work is all in house. Takes a lot of tax dollars to buy and maintain that equipment, even if it only gets used once or twice a year. It also takes highly trained personal to run this equipment and insurance and pensions and so forth.
This work can and should be contracted out, less gov. Employees and more private enterprise.
My research is what I observe out in the real world, you ought to try it sometime Al.
This work can and should be contracted out, less gov. Employees and more private enterprise.
My research is what I observe out in the real world, you ought to try it sometime Al.
Great, more bloated government contractors. You do realize that taxes pay for these guys also? Unless its only a one time deal its better to do as many things in house as possible. It gives you more control over timeframes, scheduling, logistics, and quality. Just to name a few.
Here is what Minneapolis is doing this year:
< http://www.minneapolismn.gov/cip/2012/index.htm >
Looks like a lot of specialized jobs in there.
And as for your complaining about holidays, i would hope you realize how many weekends these people work to get projects done when the traffic really light.
You need to a little more "research" than just what is visible from a truck window.
Posted by Self-Banished on Jun. 13 2012,5:02 pm
City of Mpls employees work construction on the weekend!? Highly doubtful, you will see independents working but not them.I never said I was complaining about holidays, I said I looked forward to them.
By the way, good to have you back, imwas worried about you, I haven't heard from you since last Tuesday, expat either. Are you guys over your depression???
Posted by Moparman on Jun. 13 2012,6:04 pm
Oh I'm fine. Been laid up from a small surgery is all. I'm not depressed at all from last Tuesday. My only problem with the whole deal is that police, emt's, and firefighters were excluded. Gov. Koch( oops, I mean Walker) knew he would have never had a chance of passing this if he included all public employees. So first you say that Minneapolis does everything in house, then you claim that only the "independents" are working on the weekends. Which is it?
I hope you will enjoy all your window " research" watching all those union folks build the new stadium.
Posted by Self-Banished on Jun. 13 2012,6:37 pm
I love window research, every day I look forward tomgoing to work. I get a perspective that's absolutely real. Glad you pulled through your little surgery, I would sincerely miss you if you weren't here.
Posted by hymiebravo on Jun. 14 2012,8:07 am
.....
Posted by Self-Banished on Jun. 14 2012,8:42 am
So I guess that with me slinging sh!t tour way I should have a holiday name for me? 
Posted by alcitizens on Jun. 17 2012,10:49 pm
Franklin D. Roosevelt was Reagan’s political hero and he voted for him for president 4 times. As president, he said, “F. D. R. was an American giant, a leader who shaped, inspired, and led our people through perilous times.”< http://www.thedailybeast.com/articles/2012/06/15/st-reagan.html >
Posted by alcitizens on Jun. 19 2012,7:05 pm
The national median home price rose for the third straight month in April, according to the RE/MAX National Housing Report. In the 53 metropolitan areas surveyed, home prices inched up 3.2% from last month, and rose 5.9% from April 2011.Inventory also fell considerably over year-ago figures, indicating a potentially stronger market for home prices going forward.
< http://housingwire.com/news/home-prices-april >
Deflation has officially been stopped and reversed course..
Now is the time to buy a house.. Low Prices and Low Interest Rates..
Posted by MADDOG on Jun. 21 2012,10:18 am
Today in history, the U.S. Constitution was ratified with New Hampshire becoming the ninth state signing with a message of several changes including "Congress shall never disarm any citizen, unless such as are or have been in actual rebellion."