The legality of the Fed and income tax

Discussion in 'Politics' started by Balbus, Mar 23, 2012.

  1. granite45

    granite45 Member

    The reason the deficit has ballooned is not because too much money has been spent on providing services to people but rather taxes have been cut way too much and the beneficiaries have been the wealthiest. Budget deficits have mushroomed under 3 republican presidents....Regan, Bush and Trump. In every cases I’ll timed tax cuts in prosperous times led to falling government revenues, more concentration of wealth and ultimately economic instability. When will they ever learn? The tax cuts never came close to paying for themselves with increased economic activity. Each time millions of people are conned into supporting such fiscal and economic nonsense with the promise “just try it again and the results will be different”. Sounds like the definition of the I word. By the way central banks are a necessary part a civilized world .... there are alternatives.
     
    Balbus, Okiefreak and Meliai like this.
  2. storch

    storch The compliant

    Yeah, because if government created their own fiat currency without interest attached, that would just be so bad. Wouldn't it?

    Central banks are not controlled by elected governments. They're controlled by "private interests" from the world of commercial banking. Banks are businesses out to make profits from the interest on the loans they make. They decide who they will lend to. They decide what is produced, where it will be produced, and who will produce it, all on the basis of profitability to them, and not on the basis of what is beneficial to the community. Entire economies are run for the profit of financial institutions. All of us, including governments, are subject to them; this is rarely recognized or acknowledged.

    Instead of being supplied interest-free as a means of exchange, our money now comes as a debt owed to bankers, providing them with vast profits, power, and control; the rest of us are saddled with debt. By supplying credit to those who they approve of, and denying it to those they don't approve of, international banksters can create booms or busts, and support or undermine governments.

    There is much less risk for them making loans than investing in a business, and interest is payable regardless of the success of the business. If the business fails or can't meet the interest payments, the bank seizes the borrower’s property.
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    What is the income tax spent on?
     
    Last edited: Mar 10, 2019

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