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GENERAL ECONOMICS

GREENSPAN, THE QUEEN, AND THE FED BLUNDERED BADLY! YET THE WATCHDOG DID NOT BARK IN THE NIGHT!

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GREENSPAN, THE QUEEN, AND THE FED BLUNDERED BADLY! YET THE WATCHDOG DID NOT BARK IN THE NIGHT!

"On September 26, 2002, U.S. Federal Reserve Chairman Alan Greenspan received an honorary knighthood from Britain's Queen Elizabeth II."

"It is an honour shared by former U.S. President Ronald Reagan, former U.S. President George Bush, former New York Mayor Rudy Giuliani, entertainer Bob Hope and U.S. Gen. Norman Schwarzkopf."

The reTorying of the United States has occured without any serious discussion by the media, with the singular serious challenge appearing in the British Broadcasting Corporation article on Tuesday, 12 March, 2002, 18:26 GMT.

There had been some chatter in the US media about the legality of knighting Rudolph Giuliani.The BBC article proved that it was a legal action, per the US Constitution.

The true value of this article was not apparent until September 26, 2002. This article clearly defined the conditions a US citizen must meet to be knighted!

The knighting of Giuliani was legitimate, but the knighting of Alan Greenspan was a different kettle of fish.

This is not mere hairsplitting, because we are discussing the Chairman of the Federal Reserve System of the USA. Then there is all that disinformation, and intrigue, that surrounds the Federal Reserve. The act of knighting Alan Greenspan forces the issue into scrutiny.

The mainstream media, and many internet journalists, continue to assert that the Federal Reserve is a government agency. Their position is untenable since the knighting of Greenspan!

The Constitution of the USA is very clear on the issue of ctizens receive foreign titles, gifts, and renumeration!

"The Articles of Confederation, Article VI states: "nor shall the united States in Congress assembled, or any of them, grant any Title of nobility."

The Constitution for the united States, in Article, I Section 9, clause 8 states: "No Title of nobility shall be granted by the united States; and no Person holding any Office or Profit or Trust under them, shall, without the Consent of the Congress, accept of any present, Emolument, Office, or Title, of any kind whatever, from any King, Prince, or foreign State." "

The reason for this absolute prohibition is expounded upon by Alexander Hamilton, Federalist, no. 84, 575--81

"Nothing need be said to illustrate the importance of the prohibition of titles of nobility. This may truly be denominated the corner stone of republican government; for so long as they are excluded, there can never be serious danger that the government will be any other than that of the people."

 

The American intolerance of foreign titles is best espressed by the THE "MISSING THIRTEENTH AMENDMENT"

 

On January 18, 1810, Republican Senator Philip Reed introduced a constitutional amendment addressing the acceptance of titles of nobility by American citizens.(31) It was referred to a select committee of three,(32) and twice afterwards to a larger committee of five,(33) which submitted several versions of the amendment to the Senate.(34) The amendment was approved by the Senate by a vote of 19 to 5 on April 27, 1810, in the following form:

If any citizen of the United States shall accept, claim, receive, or retain, any title of nobility, or honor, or shall, without the consent of Congress, accept any present, pension, office or emolument, of any kind whatever, from any Emperor, King, Prince or foreign Power, such person shall cease to be a citizen of the United States, and shall be incapable of holding any office of trust or profit under them, or either of them.

The final dispostion of this amendment is one of the real mysteries of history!

It is obvious that the receiving of a foreign title by a person holding any Office of Trust or Profit is forbidden, unless the Congress approves. This is a major issue, according to the Constitution of the USA.!

IT’S TIME FOR THE MAIN ENTREE!

We know that Alan Greenspan was appointed to the Chairman of the Federal Reserve in 1987.

We know that Alan Greenspan is just now retiring from his position as Chairman of the Federal Reserve Board.

We know that Alan Greenspan was Knighted by the Queen of England on September 26, 2002.

We have been unable to find any records indicating that the US Congress consented to Greenspan’s knighthood.

We are always told that the Federal Reserve System is a govenment agency!

 

Something is rotten in the state of Denmark! In fact, it’s so rotten that we can smell it in the US.

 

Let’s use some formal logic to solve this.

 

MAJOR PREMISE

"The Constitution for the united States, in Article, I Section 9, clause 8 states: "No Title of nobility shall be granted by the united States; and no Person holding any Office or Profit or Trust under them, shall, without the Consent of the Congress, accept of any present, Emolument, Office, or Title, of any kind whatever, from any King, Prince, or foreign State." "

MINOR PREMISE

Alan Greenspan was knighted by the Queen of England without the Consent of Congess while acting as Chairman of the Federal Reserve Board.

 

CONCLUSION

Alan Greenspan is a private citizen! And if Alan Greenspan is a private citizen, then the Federal Reserve System must be private.

We know that the major premise is unassailable!

We have been unable to find any record of the US Congress consenting to Greenspan’s title. However, the Congress would not have to give it’s consent if the Federal Reserve System is private!

If Alan Greenspan is a public officer, then the Congress of the US, and Alan Greenspan, have participated in a high crime against the USA.

Alan Greenspan is extremely intelligent, and would probably decline to commit a high crime!

Unfortunately, no serious person would assume the presence of intelligence in the Congress.

The amazing part of all this is the absolute silence of the normally howling media. "The dog did nothing in the night-time!"

"Is there any point to which you would wish to draw my attention?" "To the curious incident of the dog in the night-time." "The dog did nothing in the night-time." "That was the curious incident," remarked Sherlock Holmes. (It's from the short story "Silver Blaze".) "

Apparently the media won’t bite the hand that FEDS them.

The fog may have finally lifted from the Federal Reserve, and it is now revealed as the private bank it really is!

One last bit of evidence that should tip the scales of the undecided!

 

SECTION 5—Stock Issues; Increase and Decrease of Capital

1. Amount of Shares; Increase and Decrease of Capital; Surrender and Cancellation of Stock

The capital stock of each Federal reserve bank shall be divided into shares of $100 each. The outstanding capital stock shall be increased from time to time as member banks increase their capital stock and surplus or as additional banks become members, and may be decreased as member banks reduce their capital stock or surplus or cease to be members. Shares of the capital stock of Federal reserve banks owned by member banks shall not be transferred or hypothecated. When a member bank increases its capital stock or surplus, it shall thereupon subscribe for an additional amount of capital stock of the Federal reserve bank of its district equal to 6 per centum of the said increase, one-half of said subscription to be paid in the manner hereinbefore provided for original subscription, and one-half subject to call of the Board of Governors of the Federal Reserve System. A bank applying for stock in a Federal reserve bank at any time after the organization thereof must subscribe for an amount of the capital stock of the Federal reserve bank equal to 6 per centum of the paid-up capital stock and surplus of said applicant bank, paying therefor its par value plus one-half of 1 per centum a month from the period of the last dividend. When a member bank reduces its capital stock or surplus it shall surrender a proportionate amount of its holdings in the capital stock of said Federal Reserve bank. Any member bank which holds capital stock of a Federal Reserve bank in excess of the amount required on the basis of 6 per centum of its paid-up capital stock and surplus shall surrender such excess stock. When a member bank voluntarily liquidates it shall surrender all of its holdings of the capital stock of said Federal Reserve bank and be released from its stock subscription not previously called. In any such case the shares surrendered shall be canceled and the member bank shall receive in payment therefor, under regulations to be prescribed by the Board of Governors of the Federal Reserve System, a sum equal to its cash-paid subscriptions on the shares surrendered and one-half of 1 per centum a month from the period of the last dividend, not to exceed the book value thereof, less any liability of such member bank to the Federal Reserve bank.

[12 USC 287. As amended by act of Aug. 23, 1935 (49 Stat. 713

 

Sure, this is exactly how government agencies operate. What would shares in the IRS would be worth.?

Forget the Dow, and buy the Tax Farmers.

The commercial banks own the shares of the Federal Reserve Bank. Sorry, you can’t buy of these shares! These bankers are such selfish curs.

For a quick review of the history of the Federal Reserve System, go to: http://news.goldseek.com/GoldSeek/1095269452.php

I hope the reader has learned as much as I did while researching the Federal Reserve System!

The next time a Tory uses the argumentum ad hominem device (calling the Fed challengers "conspiracy nuts"), show them this article. Then ask them to explain the events logically!

Remember, it’s not polite to laugh when they become flummoxed!

 

If any reader can prove to me that there was any Congressman, or libertarian, free market (AKA Capitalist) writer who challenged the knighthood of Alan Greenspan on the grounds of the US Constitution, let them send me the proof. They will win a three month subscription to the THE TRENDTRACKER (copyright 2006).

 

 

Wayne N. Krautkramer onlypill@cox.net http://onlypill.tripod.com/generaleconomics

Successful investing is anticipating the anticipations of others.
JOHN MAYNARD KEYNES