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Saturday, February 28, 2009

Ron Paul Questions Paul Volcker During Joint Economic Committee 02/26/2009

From Jeff Wright:

Listen carefully to Volker's responses to Congressman Paul.

If we believe Volker that there are no official (and few unofficial) discussions occurring on SupraNational currency replacements, in conjunction with his agreement with Dr. Paul about the current state of fiat currency and the world financial system, it is extremely important to note. Pay very close attention between the 5 minute point and the end. Note Volker's "constricted by gold and other arrangements" at 6:17.

Before that statement he clearly says at 5:40 (in a hugely evasive answer) they don't know where to go from here. It has been my contention for some time the reason that there is no replacement of the existing fiat currency system with another after having the current one completely implode. Simply because where would credit be obtained for the new system when virtually all previous "capital" and credit have been destroyed? That is only beginning to dawn on them.

I have believed for several years now that the way this is unwinding is not in any way the way it was anticipated by the Powers That Be (PTB). Primarily because they never accounted for the speed with which technology enabled the global growth of all forms of dollar-denominated derivative creation or their collapse. They did not even begin to realize the true scope and depth of the house of cards until it started coming apart.

That's why I have heavily discounted all discussion of the creation of the Amero and all future SupraNational currency replacements. They are now left without a portfolio to proceed under and have no idea what to do about it. Hence, every policy erupting out of the Fed, the Treasury, the WB, IMF, G-7 and global central banks are only that of delay at this point and improvised on the fly.

They care not about the long term consequence as they desperately search for an idea (of which there is none) to avoid a return to asset-based currency which, no matter how they attempt it, will devolve power not aggregate it further. And it may very well devolve completely. Good for us at the bottom, but it will be ugly.

This is why the tone and the urgency of discussions with the local and state population and political infrastructure has to change quickly towards one of more immediate urgency and local focus. The acceleration and ability to forestall the general implosion of the world economic system is becoming dimmer everyday due to the PTBs taking precisely the wrong steps at each turn. They are completely outside their box of understanding. Rome is just about to have the flames visibly erupt in the next few months to a year as the spinning plates start crashing.

The other important thing is he says that the questions Dr. Paul raises are very relevant, but admits they will not or cannot be addressed.

The states and localities must begin to take steps to protect themselves. Economic ignorance is about to visit on the population with a vengeance.

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