The Incestuous Treasury Department

American Monetary AssociationIf the character of a governmental agency can be judged by its highest officer, let’s take a look at the Treasury Department’s, Timothy Geithner, a man who didn’t pay Social Security or Medicare taxes for several years while he worked for the International Monetary Fund and who also hired an illegal immigrant for a housekeeper. But at the confirmation hearings all we heard from his Senatorial allies was that the guy really has it going on and was the man for the job of righting our economic ship. Any day now things are destined to get better due to Geithner’s brilliant insights. Waiting, waiting, waiting. Ho hum…

Sorry, Senator Good Old Boy but sometimes a tax cheat is a tax cheat. Though we shouldn’t come down too harshly on the G Man, since avoiding taxes and putting one over on the Man is something of a national pastime. The problem is how anyone could ever take their civic “duty” of paying taxes seriously when the Man himself doesn’t pay taxes.

But that’s not really what we’re here about today. Never let it be said that the American Monetary Association spends all its time bashing its head against the senseless, un-American institution that is the Federal Reserve. Sometimes we beat up on the government too, in this case the Treasury Department, which just so happens to be the conduit by which the bankers behind the Fed control the United States government.

Did you know that the Federal Reserve is a private, non-profit group? True story. After paying operating expenses, they are required to turn over their profits to the Treasury Department to allegedly be put to use taking care of the nation’s business. To get a sense of the numbers, in 2006, the Fed gave the Treasury Department $29 billion. The funny thing to us is that if they turn over that much to the Treasury in payoff money, imagine how much goes flying electronically around the world to land in the “non-profiteers” banking accounts. What’s the going rate for a good agent these days? Ten percent? So figure at least $300 billion is being taken out of the American economy by the Federal Reserve and banked elsewhere, and probably that number is higher. It’s little wonder that they have to keep printing money to keep America afloat, even though Mr. Bernanke says they’re not printing money, except when they are.

He’s good. Answer the question both ways at different times and you’re always right from someone’s point of view. So is the Treasury Department in bed with the Federal Reserve? Count on it.

The American Monetary Association Team

Flickr / cliff1066

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