micahnelson
10-26-2007, 08:34 AM
The Ballad of Fiat Currency (http://www.micahnelson.com/?p=127)
October 24th, 2007 . by Micah
(to the tune of, Do Your Ears Hang Low)
When Congress is in a Bind,
with a Bill they want to sign
But haven’t got the cash so they can’t sign the dotted line.
There’s no need to give up yet,
They just Monetize the debt
A fancy IOU will keep the books all set.
The Treasury issues a Bond
And it doesn’t take too long
For the Federal Reserve to find its way into our song
They put the Bonds into their stash,
turn the value into cash,
Thats how debt turns into dollars for the Congress in a flash.
But in case you weren’t aware,
The Fed doesn’t stop there.
For each dollar they give congress they pull 9 out of the air.
This gives banks the green light
to make loans out day and night
Collecting interest fees for nothing with no end in sight.
Though the Fed, you See
Is a private entity
They control all of the banks that are used by you and me.
For every dollar you put in,
The bank can loan out ten,
And they’ll never have a bank run, they can print it on a whim.
So it should come as no surprise
when you see the prices rise
The Market is reacting to the currency supplies.
Wages don’t keep up the pace-
So we work harder to replace,
The spending power taken by this financial disgrace.
October 24th, 2007 . by Micah
(to the tune of, Do Your Ears Hang Low)
When Congress is in a Bind,
with a Bill they want to sign
But haven’t got the cash so they can’t sign the dotted line.
There’s no need to give up yet,
They just Monetize the debt
A fancy IOU will keep the books all set.
The Treasury issues a Bond
And it doesn’t take too long
For the Federal Reserve to find its way into our song
They put the Bonds into their stash,
turn the value into cash,
Thats how debt turns into dollars for the Congress in a flash.
But in case you weren’t aware,
The Fed doesn’t stop there.
For each dollar they give congress they pull 9 out of the air.
This gives banks the green light
to make loans out day and night
Collecting interest fees for nothing with no end in sight.
Though the Fed, you See
Is a private entity
They control all of the banks that are used by you and me.
For every dollar you put in,
The bank can loan out ten,
And they’ll never have a bank run, they can print it on a whim.
So it should come as no surprise
when you see the prices rise
The Market is reacting to the currency supplies.
Wages don’t keep up the pace-
So we work harder to replace,
The spending power taken by this financial disgrace.