Treasury Note Quotes

Every culture has a myth of decline from some golden age, and almost all peoples throughout history have been pessimists. Even today pessimism still dominates huge parts of the world. An indefinite pessimist looks out onto a bleak future, but he has no idea what to do about it. This describes Europe since the early 1970s, when the continent succumbed to undirected bureaucratic drift. Today the whole Eurozone is in slow-motion crisis, and nobody is in charge. The European Central Bank doesn’t stand for anything but improvisation: the U.S. Treasury prints “In God We Trust” on the dollar; the ECB might as well print “Kick the Can Down the Road” on the euro. Europeans just react to events as they happen and hope things don’t get worse.

1838: On January 8th President Jackson pays off the final instalment of the national debt, which had been created by allowing the banks to issue currency for government bonds, rather than simply issuing treasury notes without such debt. He becomes the only President to ever pay off the debt.

If the Treasury were to fill old bottles with banknotes, bury them at suitable depths in disused coalmines which are then filled up to the surface with town rubbish, and leave it to private enterprise on well-tried principles of laissez-faire to dig the notes up again (the right to do so being obtained, of course, by tendering for leases of the note-bearing territory), there need be no more unemployment and, with the help of the repercussions, the real income of the community, and its capital wealth also, would probably become a good deal greater than it actually is. It would, indeed, be more sensible to build houses and the like; but if there are political and practical difficulties in the way of this, the above would be better than nothing.

Another view of the Constitution was put forward early in the twentieth century by the historian Charles Beard (arousing anger and indignation, including a denunciatory editorial in the New York Times). He wrote in his book An Economic Interpretation of the Constitution: Inasmuch as the primary object of a government, beyond the mere repression of physical violence, is the making of the rules which determine the property relations of members of society, the dominant classes whose rights are thus to be determined must perforce obtain from the government such rules as are consonant with the larger interests necessary to the continuance of their economic processes, or they must themselves control the organs of government. In short, Beard said, the rich must, in their own interest, either control the government directly or control the laws by which government operates. Beard applied this general idea to the Constitution, by studying the economic backgrounds and political ideas of the fifty-five men who gathered in Philadelphia in 1787 to draw up the Constitution. He found that a majority of them were lawyers by profession, that most of them were men of wealth, in land, slaves, manufacturing, or shipping, that half of them had money loaned out at interest, and that forty of the fifty-five held government bonds, according to the records of the Treasury Department. Thus, Beard found that most of the makers of the Constitution had some direct economic interest in establishing a strong federal government: the manufacturers needed protective tariffs; the moneylenders wanted to stop the use of paper money to pay off debts; the land speculators wanted protection as they invaded Indian lands; slaveowners needed federal security against slave revolts and runaways; bondholders wanted a government able to raise money by nationwide taxation, to pay off those bonds. Four groups, Beard noted, were not represented in the Constitutional Convention: slaves, indentured servants, women, men without property. And so the Constitution did not reflect the interests of those groups. He wanted to make it clear that he did not think the Constitution was written merely to benefit the Founding Fathers personally, although one could not ignore the $150,000 fortune of Benjamin Franklin, the connections of Alexander Hamilton to wealthy interests through his father-in-law and brother-in-law, the great slave plantations of James Madison, the enormous landholdings of George Washington. Rather, it was to benefit the groups the Founders represented, the “economic interests they understood and felt in concrete, definite form through their own personal experience.

Agents working on Roan’s murder case later showed the creditor’s note to an analyst at the Treasury Department, who was known as the “Examiner of Questioned Documents.” He detected that the date initially typed on the document had said “June,” and that someone had then carefully rubbed out the u and the e. “Photographs taken by means of slanting light show clearly the roughening and raising of the fibres of the paper about the date due to mechanical erasure,” the examiner wrote. He determined that somebody had replaced the u with an a, and the e with a y so that the date read “Jany.

Probably the first book that Hamilton absorbed was Malachy Postlethwayt’s Universal Dictionary of Trade and Commerce, a learned almanac of politics, economics, and geography that was crammed with articles about taxes, public debt, money, and banking. The dictionary took the form of two ponderous, folio-sized volumes, and it is touching to think of young Hamilton lugging them through the chaos of war. Hamilton would praise Postlethwayt as one of “the ablest masters of political arithmetic.” A proponent of manufacturing, Postlethwayt gave the aide-de-camp a glimpse of a mixed economy in which government would both steer business activity and free individual energies. In the pay book one can see the future treasury wizard mastering the rudiments of finance. “When you can get more of foreign coin, [the] coin for your native exchange is said to be high and the reverse low,” Hamilton noted. He also stocked his mind with basic information about the world: “The continent of Europe is 2600 miles long and 2800 miles broad”; “Prague is the principal city of Bohemia, the principal part of the commerce of which is carried on by the Jews.” He recorded tables from Postlethwayt showing infant-mortality rates, population growth, foreign-exchange rates, trade balances, and the total economic output of assorted nations.

Indefinite Pessimism Every culture has a myth of decline from some golden age, and almost all peoples throughout history have been pessimists. Even today pessimism still dominates huge parts of the world. An indefinite pessimist looks out onto a bleak future, but he has no idea what to do about it. This describes Europe since the early 1970s, when the continent succumbed to undirected bureaucratic drift. Today the whole Eurozone is in slow-motion crisis, and nobody is in charge. The European Central Bank doesn’t stand for anything but improvisation: the U.S. Treasury prints “In God We Trust” on the dollar; the ECB might as well print “Kick the Can Down the Road” on the euro. Europeans just react to events as they happen and hope things don’t get worse. The indefinite pessimist can’t know whether the inevitable decline will be fast or slow, catastrophic or gradual. All he can do is wait for it to happen, so he might as well eat, drink, and be merry in the meantime: hence Europe’s famous vacation mania.

Verse 71. To feed Jacob his people. (This is a curious specimen of medieval spiritualising, and is here inserted as such. It is amusing to note that a Tractarian expositor quotes the passage with evidently intense admiration. C. H. S.) Observe, a good shepherd must be humble and faithful, he ought to have bread in a wallet, a dog by a string, a staff with a rod, and a tuneful horn. The bread is the word of God, the wallet is the memory of the word; the dog is zeal, wherewith the shepherd glows for the house of God, casts out the wolves with pious barking, following preaching and unwearied prayer: the string by which the dog is held is the moderation of zeal, and discretion, whereby the zeal of the shepherd is tempered by the spirit of piety and knowledge. The staff is the consolation of pious exhortation by which the too timid are sustained and refreshed, lest they fail in the time of tribulation; but the rod is the authority and power by which the turbulent are restrained. The tuneful horn, which sounds so sweetly, signifies the sweetness of eternal blessedness, which the faithful shepherd gently and often instils into the ears of his flock. Johannes Paulus Palanterius. 1600.

Hymn to Mercury : Continued 71. Sudden he changed his plan, and with strange skill Subdued the strong Latonian, by the might Of winning music, to his mightier will; His left hand held the lyre, and in his right The plectrum struck the chords—unconquerable Up from beneath his hand in circling flight The gathering music rose—and sweet as Love The penetrating notes did live and move 72. Within the heart of great Apollo—he Listened with all his soul, and laughed for pleasure. Close to his side stood harping fearlessly The unabashed boy; and to the measure Of the sweet lyre, there followed loud and free His joyous voice; for he unlocked the treasure Of his deep song, illustrating the birth Of the bright Gods, and the dark desert Earth: 73. And how to the Immortals every one A portion was assigned of all that is; But chief Mnemosyne did Maia's son Clothe in the light of his loud melodies;— And, as each God was born or had begun, He in their order due and fit degrees Sung of his birth and being—and did move Apollo to unutterable love. 74. These words were winged with his swift delight: 'You heifer-stealing schemer, well do you Deserve that fifty oxen should requite Such minstrelsies as I have heard even now. Comrade of feasts, little contriving wight, One of your secrets I would gladly know, Whether the glorious power you now show forth Was folded up within you at your birth, 75. 'Or whether mortal taught or God inspired The power of unpremeditated song? Many divinest sounds have I admired, The Olympian Gods and mortal men among; But such a strain of wondrous, strange, untired, And soul-awakening music, sweet and strong, Yet did I never hear except from thee, Offspring of May, impostor Mercury! 76. 'What Muse, what skill, what unimagined use, What exercise of subtlest art, has given Thy songs such power?—for those who hear may choose From three, the choicest of the gifts of Heaven, Delight, and love, and sleep,—sweet sleep, whose dews Are sweeter than the balmy tears of even:— And I, who speak this praise, am that Apollo Whom the Olympian Muses ever follow: 77. 'And their delight is dance, and the blithe noise Of song and overflowing poesy; And sweet, even as desire, the liquid voice Of pipes, that fills the clear air thrillingly; But never did my inmost soul rejoice In this dear work of youthful revelry As now. I wonder at thee, son of Jove; Thy harpings and thy song are soft as love. 78. 'Now since thou hast, although so very small, Science of arts so glorious, thus I swear,— And let this cornel javelin, keen and tall, Witness between us what I promise here,— That I will lead thee to the Olympian Hall, Honoured and mighty, with thy mother dear, And many glorious gifts in joy will give thee, And even at the end will ne'er deceive thee.' 79. To whom thus Mercury with prudent speech:— 'Wisely hast thou inquired of my skill: I envy thee no thing I know to teach Even this day:—for both in word and will I would be gentle with thee; thou canst reach All things in thy wise spirit, and thy sill Is highest in Heaven among the sons of Jove, Who loves thee in the fulness of his love. 80. 'The Counsellor Supreme has given to thee Divinest gifts, out of the amplitude Of his profuse exhaustless treasury; By thee, 'tis said, the depths are understood Of his far voice; by thee the mystery Of all oracular fates,—and the dread mood Of the diviner is breathed up; even I— A child—perceive thy might and majesty.

However, it is important not to lose sight of exactly how the neoliberal system works. As David Harvey has demonstrated, by drawing on Karl Polanyi’s masterful work, the free market has never been incompatible with state intervention, and the management of crises is part of the neoliberal project. We therefore need to inquire into how this crisis was presented by recalling, if we take the American example, that President George W. Bush kept forcefully repeating that the foundations of the economy were solid. Then suddenly, in the fateful month of September, as if faced with the sudden surge of a more or less unexpected “economic hurricane,” he asked for $700 billion to avoid a severe economic meltdown. It was necessary to save the banks and businesses that were too big to fail. This complex crisis called for a reaction that was as fast as it was extreme, starting with $350 billion distributed by Treasury Secretary Henry Paulson, the former chairman and chief executive officer of Goldman Sachs. We should note in passing that this sort of crisis discourse recalls all of the exceptional measures put in place or intensified after September 11, 2001: the usa patriot Act, the Military Commissions Act, illegal wiretappings, extraordinary rendition, the network of secret prisons, the redefinition of torture by the Office of Legal Council, and so on. It is not by chance that this crisis was presented as a complex and uncontrollable natural phenomenon, whose severity was largely unforeseen, for it is similar to the historical logic outlined above. By naturalizing the economy and transforming it into an autonomous authority independent of the decisions made by specific agents, this historical order promotes passivity (we can only bow before forces stronger than us), the removal of responsibility (no one can be held accountable for natural phenomena), and historical nearsightedness (the situation is so critical that we must respond quickly, without wasting time by debating over distant causes: time is short!). If we were to step back and assess the overall situation, we would see numerous specters rising up in the cemetery that is neoliberalism, and we would need to begin questioning—following Polanyi—whether the very project of laissez-faire economics has ever been anything other than socialism for the rich or, more precisely, topdown class warfare enforced by state intervention

Treasury securities issued with a maturity of one year or less are called “bills”; from one to 10 years, “notes”; and over 10 years, “bonds.” Notes and bonds yield an interest coupon every six months. Bills do not—rather, they are issued at a discount and redeemed at par; the difference is their “yield.”)

The broad U.S. market returned 10.9 percent annually from 1950 to 2009. That handily beat the 6.1 percent return on five-year Treasury notes and the 3.8 percent level of inflation. Table 6-1 shows the inflation-adjusted returns over different periods of time. Inflation-adjusted returns are also known as real returns because that is the amount of purchasing power investors gained or lost. The real return does not include taxes. Real returns reinforce the fact that inflation is an invisible tax on all investments. The portion of return that is related to inflation cannot be counted as investment gain. When creating an asset allocation for your portfolio, you should always consider the expected real return of the investments you are considering. TABLE

30 percent—Domestic equities: US stock funds, including small-, mid-, and large-cap stocks 15 percent—Developed-world international equities: funds from developed foreign countries, including the United Kingdom, Germany, and France 5 percent—Emerging-market equities: funds from developing foreign countries, such as China, India, and Brazil. These are riskier than developed-world equities, so don’t go off buying these to fill 95 percent of your portfolio. 20 percent—Real estate investment trusts: also known as REITs. REITs invest in mortgages and residential and commercial real estate, both domestically and internationally. 15 percent—Government bonds: fixed-interest US securities, which provide predictable income and balance risk in your portfolio. As an asset class, bonds generally return less than stocks. 15 percent—Treasury inflation-protected securities: also known as TIPS, these treasury notes protect against inflation. Eventually you’ll want to own these, but they’d be the last ones I’d get after investing in all the better-returning options first.

When someone refers to the 2 Year Note, it means something. It’s the current U.S. Treasury 2 Year Note, the 2 Year Note that was most recently auctioned. There’s a big difference between a 2 Year Treasury and the 2 Year Note. It’s also referred to as the on-the-run 2 Year Note.

It’s importance, however, is bigger than that. Treasury securities are the risk-free yield curve for all of the financial markets. That’s right, the yields of Treasury Bills, Notes, and Bonds from overnight to 30 years make up a yield curve that is used to price all other fixed-income securities. The Treasury market is the reference rate for interest rates. Treasurys are a tool for pricing corporate bonds, municipal bonds, emerging market bonds, federal agencies, mortgage-backed securities, and other dollar assets. On top of that, they’re also a tool for speculation and hedging risk.

Treasury Bills are the shortest securities, and they’re discount securities[8]. The Treasury regularly issues 1 Month, 2 Month, 3 Month, 6 Month, and Year Bills. Treasury Notes are securities that were originally issued with maturities between 2 years and 10 years. Currently, the Treasury issues 2 Year Notes, 3 Year Notes, 5 Year Notes, 7 Year Notes, and 10 Year Notes. In the past, there was a 4 Year Note, but it was discontinued. Treasury Bonds[9] are securities originally issued with maturities of either 20 or 30 years. Treasury securities are issued on a very regular schedule. Auction schedules are announced by the Treasury and don’t change very often. Keeping Treasury securities regular and predictable helps keeps the market liquid, and therefore reduces funding costs, in theory, for the government. On top of that, large liquid Treasury issues are good for the financial markets. Just remember, large and liquid is certainly better than small and illiquid! Small issues can experience price distortions, so the Treasury will make adjustments in their debt sales to keep the market liquid, running smoothly and predictably.

In theory, the liquidity premium is reflected in the Repo rate. If the current 2 Year Note has a yield of 1.00% and the off-the-run (older) issues of the same maturity have a yield of 1.02%, it means the current issue has a two basis point premium. That’s a 0.02% lower yield than other equivalent maturity Treasurys. Of course, now you’re asking, “Why not just short sell the current 2 Year Note, buy an older issue with the same maturity, and pocket the liquidity premium when the next current issue is announced?” Yes, that’s possible, but that liquidity premium is also reflected in the Repo rate. The Repo rate to borrow the current issue will be lower than the Repo rate to loan the other, older issues. Basically, the difference between the Repo rates for the current 2 Year Note and the off-the-run issues will generally equal the liquidity premium. That’s part of the math in the Treasury market. It usually works that way, but not always.

Treasury issues can be reopened. Most reopenings are a part of the regular auction cycle, but there are times when issues are reopened due to market stress. Regular reopenings occur in the Bill market, the 10 Year Note and 30 Year Bond. There are also occasional reopenings when a new issue ends up with the same coupon and maturity date as an existing, older Treasury issue.

Justice Roberts ultimately posed a hypothetical question to Stewart: If a 500-page book was ostensibly about some issue, but contained a single sentence of express advocacy—that is, the last sentence said to vote for a candidate—could that book be banned? Stewart responded that the publication of such a book could indeed be prohibited if its production was paid for via a corporation’s general funds, and not from a PAC. In so doing, Stewart noted that the challenged material in the MCFL case had been a newsletter, which established a constitutional basis for prohibiting express advocacy—regardless of medium—funded by corporate treasuries. Justices Alito, Kennedy, and Chief Justice Roberts had effectively backed Stewart into a corner. In admitting that the BCRA could potentially enable the government to ban the publication of a corporate-funded book for a single line of express advocacy out of 500 pages, the justices had greatly expanded the scope of the case.

That fourth evening, the dragonet felt especially restless. He flew aloft with Gracewing, carving out a path of their own through the everlasting, smouldering leagues. At last, he turned to his companion and said simply, I fear for her. I know, Flicker, she said, indicating encouragement with a rapid blinking of her secondary eye membranes. The issue is not that we’ve heard nothing from Hualiama. It’s … time. Time to what? Flicker twirled a wingtip flirtatiously. Time. Time for me to demonstrate how insatiable – No … time. Time, my fire-heart. It is … I can’t … it’s time, don’t you see? He took pause at the note in Gracewing’s voice and the truths conveyed by the urgent whirling of her apricot and blue eye-fires. Time, time, there is – Time! yelled Flicker. She’s been pulled out of time – why? The Balance she spoke of must be reaching fruition and the timing is the crucial element! She’s frozen? Paralysed? No, think, Flicker. She’s an incredibly smart – well, almost as smart as me – girl. It takes a great deal to take her out of action. Gracewing, you’re the best! Aye, and he was babbling now, but Flicker knew she had touched upon a truth no other had apprehended. This is the reason for the delay. The magic is being prepared by Dramagon’s wicked brood down there and we must interrupt their plans, strike a blow – bring out the First Egg! Aye! Gracewing yelped in surprise as he danced around her, vibrating wingtips with ultra-rapid taps before tweaking her tail. Flicker! I know. I’m a mad genius. Let’s go convince the Tourmaline. The pretty dragonet paused dramatically. Convince them? They all agree you’re mad already.

Pontius Pilate in Jesus’s death, instead placing blame on the Jews. The fairness of Pilate and his Roman administration that is displayed in the Christian Bible is not supported by the nonbiblical historical accounts. As Elaine Pagels has noted in The Origin of Satan: “Even Josephus, despite his Roman sympathies, says that the governor displayed contempt for his Jewish subjects, illegally appropriated funds from the Temple treasury, and brutally suppressed unruly crowds. The Jewish Greek historian Philo describes Pilate as a man of ‘ruthless, stubborn and cruel disposition,’ famous for, among other things, ordering ‘frequent executions without trial.

So I lean over carefully, and there, piled a foot high against the sides of the metal bin, are beat-up U.S. quarters, dimes, nickels, and pennies. Next to the filling bin is another bin, a full bin of coins that fell from the pockets of Americans who had more pressing matters than loose change. According to Jack, an average junked U.S. automobile contains $1.65 in loose change when it’s shredded. If that’s right—and from what I see, I believe that it must be—then the 14 million cars scrapped in good years (good for automobile recyclers, at least) in the United States contain within them more than $20 million in cash just waiting to be recovered. Understandably, Huron Valley isn’t interested in revealing just how much money they recover from U.S. automobiles (they have a deal whereby they return the currency to the U.S. Treasury for a percentage of the original value), but David is willing to note that the coin recovery system has “paid for itself.” It occurs to me that Huron Valley has happened upon the most brilliant of businesses: one whose product is money itself! That is, rather than make something that needs to be marketed for money, Huron Valley just makes money.

The department started a process in which older officials discussed previous episodes with younger ones. Different economic scenarios were war-gamed. This was important, for even by the middle of the first decade of the century, few people were left in Treasury who had experienced the 1990s recession. What’s more, as one official notes, a “belief in government intervention had been largely put beyond the memory of the current generation of politicians.

An indefinite pessimist looks out onto a bleak future, but he has no idea what to do about it. This describes Europe since the early 1970s, when the continent succumbed to undirected bureaucratic drift. Today the whole Eurozone is in slow-motion crisis, and nobody is in charge. The European Central Bank doesn’t stand for anything but improvisation: the U.S. Treasury prints “In God We Trust” on the dollar; the ECB might as well print “Kick the Can Down the Road” on the euro. Europeans just react to events as they happen and hope things don’t get worse. The indefinite pessimist can’t know whether the inevitable decline will be fast or slow, catastrophic or gradual. All he can do is wait for it to happen, so he might as well eat, drink, and be merry in the meantime: hence Europe’s famous vacation mania.

Henry VII was “full of notes,” and with infinite care he initialed each page of the exchequer accounts and amassed a comfortable surplus in the treasury.

If we had a truth-in-Government act comparable to the truth-in-advertising law, every note issued by the Treasury would be obliged to include a sentence stating: "This note will be redeemed with the proceeds from an identical note which will be sold to the public when this one comes due.

Labor and employment firm Fisher & Phillips LLP opened a Seattle office by poaching partner Davis Bae from labor and employment competitor Jackson Lewis PC. Mr. Bea, an immigration specialist, will lead the office, which also includes new partners Nick Beermann and Catharine Morisset and one other lawyer. Fisher & Phillips has 31 offices around the country. Sara Randazzo LAW Cadwalader Hires New Partner as It Looks to Represent Activist Investors By Liz Hoffman and David Benoit | 698 words One of America’s oldest corporate law firms is diving into the business of representing activist investors, betting that these agitators are going mainstream—and offer a lucrative business opportunity for advisers. Cadwalader, Wickersham & Taft LLP has hired a new partner, Richard Brand, whose biggest clients include William Ackman’s Pershing Square Capital Management LP, among other activist investors. Mr. Brand, 35 years old, advised Pershing Square on its campaign at Allergan Inc. last year and a board coup at Canadian Pacific Railway Ltd. in 2012. He has also defended companies against activists and has worked on mergers-and-acquisitions deals. His hiring, from Kirkland & Ellis LLP, is a notable step by a major law firm to commit to representing activists, and to do so while still aiming to retain corporate clients. Founded in 1792, Cadwalader for decades has catered to big companies and banks, but going forward will also seek out work from hedge funds including Pershing Square and Sachem Head Capital Management LP, a Pershing Square spinout and another client of Mr. Brand’s. To date, few major law firms or Wall Street banks have tried to represent both corporations and activist investors, who generally take positions in companies and push for changes to drive up share prices. Most big law firms instead cater exclusively to companies, worried that lining up with activists will offend or scare off executives or create conflicts that could jeopardize future assignments. Some are dabbling in both camps. Paul, Weiss, Rifkind, Wharton & Garrison LLP, for example, represented Trian Fund Management LP in its recent proxy fight at DuPont Co. and also is steering Time Warner Cable Inc.’s pending sale to Charter Communications Inc. Willkie Farr & Gallagher LLP and Gibson, Dunn & Crutcher LLP have done work for activist firm Third Point LLC. But most firms are more monogamous. Those on one end, most vocally Wachtell, Lipton, Rosen & Katz, defend management, while a small band including Schulte Roth & Zabel LLP and Olshan Frome Wolosky LLP primarily represent activists. In embracing activist work, Cadwalader thinks it can serve both groups better, said Christopher Cox, chairman of the firm’s corporate group. “Traditional M&A and activism are becoming increasingly intertwined,” Mr. Cox said in an interview. “To be able to bring that perspective to the boardroom is a huge advantage. And when a threat does emerge, who’s better to defend a company than someone who’s seen it from the other side?” Mr. Cox said Cadwalader has been thinking about branching out into activism since late last year. The firm is also working with an activist fund launched earlier this year by Cadwalader’s former head of M&A, Jim Woolery, that hopes to take a friendlier stance toward companies. Mr. Cox also said he believes activism can be lucrative, pooh-poohing another reason some big law firms eschew such assignments—namely, that they don’t pay as well as, say, a large merger deal. “There is real money in activism today,” said Robert Jackson, a former lawyer at Wachtell and the U.S. Treasury Department who now teaches at Columbia University and who also notes that advising activists can generate regulatory work. “Law firms are businesses, and taking the stance that you’ll never, ever, ever represent an activist is a financial luxury that only a few firms have.” To be sure, the handful of law firms that work for both sides say they do so

Kennedy’s order gave the Treasury the power “to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury”. This meant that for every ounce of silver in the U.S. Treasury’s vault, the government could introduce new money into circulation. In all, Kennedy brought nearly 4.3 billion dollars in U.S. notes with the inscription of “United States Note” instead of the usual “Federal Reserve Note” into circulation.[83] With the stroke of a pen, Kennedy was on his way to putting the Federal Reserve Bank out of business. If enough of these silver certificates were to come into circulation they would have eliminated the demand for Federal Reserve notes. This is because the silver certificates are backed by silver and the Federal Reserve notes are not backed by anything. Executive Order 11110 could have prevented the national debt from reaching its current level, because it would have given the government the ability to repay its debt without going to the Federal Reserve and being charged interest in order to create the new money. Executive Order 11110 gave the U.S. the ability to create its own money backed by silver.[84] With this decision the printing of the bank notes fell into the hands of the state again. Kennedy Five Dollar Notes

President John F. Kennedy, like Lincoln, attempted to curtail the bankers by diminishing the power of the Federal Reserve. In June 1963, he issued $4.2 billion in United States Notes through the U.S. Treasury rather than the Federal Reserve System and also took steps to shift power away from the wealthy corporate elite. According

If you happen to have a U.S. $100 bill in your wallet right now, take it out and look at it. You are holding what has become the international currency for illegal behavior. Today, nearly three-quarters of all $100 bills circulate outside of the United States. Criminals like to hold their wealth in hundreds. Actually, this works to the benefit of the United States in a rather odd way. When the U.S. Treasury issues new banknotes, including $100 bills, it purchases an equal value of interest-bearing securities to cover the notes. When those banknotes are taken out of circulation, the government must pay off those securities, together with earned interest. So when three-quarters of all $100 bills are being secreted outside the United States, the Treasury Department saves money. How? As long as those bills remain in circulation, the government doesn’t have to pay off the securities issued to cover them. How much does that save us? Try about $32.7 billion in interest in the year 2000 alone.2

The notion of mental accounts is absent in traditional economic theory, which holds that wealth in general, and money in particular, should be fungible: That is, $100 in roulette winnings, $100 in salary, and a $100 tax refund should have the same significance and value to you, since each C-note could buy the same number of downloads from iTunes or the same number of burgers at McDonald’s. Likewise, $100 kept under the mattress should invoke the same feelings or sense of wealth as $100 in a bank account or $100 in U.S. Treasury securities (ignoring the fact that money in the bank, or in T-bills, is safer than cash under the bed). If money and wealth are fungible, there should be no difference in the way we spend gambling winnings or salary.

At first, the American war effort faced financial difficulties. In 1842, the government, in an effort to protect growing American industries and, as Southerners would say, to force them to buy eastern goods, set a high tariff on imports. While the tariff was successful in stifling foreign competition, it also drastically reduced government revenues and put severe limitations on the extension of international credit to American entrepreneurs. Coupled with currency inflation and a slowing of the business cycle, the United States Treasury was hard put to finance a war. At the beginning of hostilities, the treasury held only a small surplus of $7 million. When Polk recommended that the Congress place additional taxes on coffee and tea, the House of Representatives indignantly refused. Polk, however, was able to have passed a new bill lowering tariffs, and by the beginning of 1847 revenues began to increase. The Congress also voted to issue $10 million in new Treasury notes and bonds. Technical

It is worth noting here that to be “sectarian” in the sense of exclusively dedicating yourself to the study and practice of one particular school is not necessarily a negative thing. Most Tibetan lamas train in this way. This is positive sectarianism. Negative sectarianism is to follow one tradition exclusively, while looking down on other traditions.

If the Treasury were to fill old bottles with banknotes, bury them at suitable depths in disused coalmines which are then filled up to the surface with town rubbish, and leave it to private enterprise on well-tried principles of laissez-faire to dig the notes up again (the right to do so being obtained, of course, by tendering for leases of the note-bearing territory), there need be no more unemployment and, with the help of the repercussions, the real income of the community, and its capital wealth also, would probably become a good deal greater than it actually is. It would, indeed, be more sensible to build houses and the like; but if there are political and practical difficulties in the way of this, the above would be better than nothing.”43

New global financial system Precisely for that same reason in August of 2011, Neil Keenan set up a meeting attended by a group of finance representatives from 57 different nations that came together off the coast of Monaco to discuss the foundation of a new global financial system, as a way of bringing down these Khazarians with their Central Banking and NWO-plans. Countries attending included Russia, China, Switzerland, The Netherlands, Brazil, Venezuela and many others, including various large power players; such as the ‘white hat’ faction (non-NWO) from The Pentagon and CIA. The East has most of the world’s gold and the documentation to legally bring down the corrupt institutions that have been illegally using the global collateral accounts. This ‘alliance’ decided to begin creating the new gold and asset-backed financial system. With this meeting heralded as the “shot heard around the world” for those “in the know”, several other nations joined later and have signed the Memorandum of Acknowledgment of this Agreement, which brought the alliance to a total of 182 participating countries. The Alliance Now, it should be clear that indeed there is a growing ‘alliance’ that is taking down the fraudulent banking cabal. Neil Keenan is about to open the global collateral accounts, which indeed is what all of the financial and political happenings on this planet have been about along– that is, ensuring complete control and the attempt to maintain secrecy over the global collateral accounts. Neil Keenan is about to do what JFK and Sukarno were close to accomplishing in 1963: the release of the global collateral accounts to completely transform the world for the better. The collateral gold assets lent to Kennedy, would have allowed him to use these assets /accounts to issue America’s own gold-backed currency ‘Treasury Notes,” that would have allowed America to break away from the false US Corporation and Federal Reserve - crime cartel - and further dismantle the rogue FBI, CIA agencies. If Kennedy and Sukarno had been successful, America would have been freed from the debt-based bondage system and the secret, Deep State government in 1963. This would also have freed the G20 nations that were being controlled by their respective central banking systems. And it also would have cancelled the unfair Bretton Woods Agreement.

Morgan Stanley offered two key concessions that persuaded S&P to give the new bonds a AA-rating. First, the company would issue two classes of bonds, and S&P would rate only the much safer of the two. Banamex would keep the riskier unrated class of bonds, to serve as a cushion to protect the safer bonds, providing greater assurance that the rated bonds would be repaid in full. The company would also purchase some U.S. Treasury bonds, as additional protection. The safer, rated bonds were the bonds actually called PLUS Notes. Second, Morgan Stanley also agreed that the company would commit in advance to execute a foreign currency transaction in which Morgan Stanley would convert the peso payments on the Ajustabonos into U.S. dollars. S&P must have been suspicious that Morgan Stanley would try to market these new bonds as denominated in U.S. dollars, not pesos. As a compromise, S&P required that Morgan Stanley advertise the new bonds with a caveat. The Offering Memorandum for the bonds had to include a disclaimer: “This rating does not reflect the risk associated with fluctuations in the currency exchange rate between Dollars and New Pesos.” With this warning, and a huge fee, S&P finally was satisfied and agreed to rate the new bonds AA-.

When cash moves in and out of money market funds (MMF), it affects Repo rates. Yes, these funds invest a majority of their funds in bank CDs, commercial paper, U.S. Treasurys, corporate bonds, and discount notes, but their uninvested cash goes directly into the Repo market. Large funds like Fidelity, Vanguard, Federated, PIMCO, and Blackrock invest hundreds of billions of dollars in the Repo market each day. When individual inventors put money in these funds, a percentage of that cash filters into the Repo market.

Working together, Salomon submitted bids for their own account, Tiger Investments, and the Quantum Fund. The 2 Year Note auction was held on April 24, 1991. Salomon bid for $4.2 billion in its own name, $4.287 billion on behalf of the Quantum Fund, $2 billion on behalf of Tiger Investments, and $130 million for some smaller clients. Keep in mind, U.S. Treasury issues were much smaller back then. The total issue size was only $11.3 billion. All total, Salomon and the hedge funds bought $10.6 billion of the 2 Year Note at the auction – 94% of the entire issue.

once the issue settled, Tiger and Quantum agreed to have Salomon manage their positions. Salomon had complete control of the entire 2 Year Note. By the middle of May, it was clear there was something wrong. The 2 Year Note’s price was completely distorted; it was trading extremely rich and the yield was extremely low. There was no squeeze in the Repo market, however, because Salomon loaned the securities into the market each day. This created one of the strangest squeezes ever. There was no shortage in the Repo market, but there was a huge premium in the cash market. As the squeeze in the April 2 Year Note continued, Salomon submitted large bids again for the next 2 Year Note settling at the end of May. They were able to accumulate an abnormally large position once again. Prices across the entire 2 year sector were now distorted. Prices were abnormally high and yields were abnormally low. Everyone knew that Salomon had the issue and Salomon was not selling. At this point, all of the trading in the market was from one short seller to another. There were no real owners selling. All of the buyers were existing short-sellers who had ridden their losses as far as they could go and got stopped out. All of the sellers were new short-sellers willing to take short positions and higher and higher prices. There was no way for the squeeze to end without Salomon selling. What was Salomon’s goal? They had already achieved a very successful squeeze. Prices moved in their favor and they had a huge win under their belt. The biggest short-squeeze of all time! However, in July things started to unravel. Market participants started complaining to the Fed. Everyone knew that Salomon owned the entire issue. The Fed passed the information to the Treasury Department. Treasury then passed it to the SEC, who immediately launched an investigation. By the end of July, it was all over.

The Purānas, which are encyclopedic repositories of traditional wisdom, including everything from cosmology to philosophy to stories about kings and holy men. They contain many yogic legends and teachings. The following are especially important: the Bhāgavata-Purāna (also known as Shrīmad-Bhāgavata), Shiva-Purāna, and Devī-Bhāgavata-Purāna (a Tantric work). The so-called Yoga-Upanishads (some twenty texts), most of which were composed after 1000 C.E. and include three extensive works: the Darshana-Upanishad, Yoga-Shikhā-Upanishad and Tejo-Bindu-Upanishad. The texts of Hatha-Yoga, such as the Goraksha-Samhitā, Hatha-Yoga-Pradīpikā, Hatha-Ratna-Avalī, Gheranda-Samhitā, Shiva-Samhitā, Yoga-Yājnavalkya, Yoga-Bīja, Yoga-Shāstra of Dattātreya, Sat-Karma-Samgraha, and the Shiva-Svarodaya, which are all available in English. Vedāntic scriptures like the voluminous Yoga-Vāsishtha, which teaches Jnāna-Yoga, and its traditional abridgment, the Laghu-Yoga-Vāsishtha, both available in English renderings. The literature of the bhakti-mārga or devotional path, which is especially prominent among the Vaishnavas (worshipers of Vishnu) and Shaivas (worshipers of Shiva). There is a considerable literature on bhakti in both Sanskrit and Tamil, as well as various vernacular languages. In particular, I can recommend Nārada’s Bhakti-Sūtra, Shāndilya’s Bhakti-Sūtra, and the extensive Bhāgavata-Purāna, which is a detailed (mythological) account of the birth, life, and death of the God-man Krishna, with many wonderful and inspiring stories of yogins and ascetics. This beautiful work contains the Uddhāva-Gītā, Krishna’s final esoteric instruction to sage Uddhāva. Goddess worship from a Tantric viewpoint is the core of the Devī-Bhāgavata-Purāna, which should also be studied. In addition, sincere Yoga students should also read and ponder the great yogic texts associated with the different schools of Buddhism and Jainism. To encounter the world of Yoga through its literature will challenge the practitioner in many ways: The texts, even in translation and with notes, are often difficult to comprehend and demand serious concentration and perseverance. Yet we do not have to become scholars, but our study (svādhyāya) will show us what it takes to be a real yogin and what magnificent tools Yoga puts at our disposal. It will also further our self-understanding and strengthen our commitment to practice. In his Treasury of Good Advice (1.6), Sakya Pāndita, who was one of the great scholar-adepts of Vajrayāna Buddhism, wrote: Even if one were to die first thing tomorrow, today one must study. Although one may not become a sage in this life, knowledge is firmly accumulated for future lives, just as secured assets can be used later.

vice president, and secretary of the treasury beam down from the walls. Visitors pass a sequence of photographs and paintings detailing the history of paper money in the United States and culminating with a life-size re-creation of President Lincoln signing the legislation authorizing the federal government to print money. At the end of the long corridor, visitors watch a short video on the history of paper money, after which guides divide them into small groups before they enter the work area. These small groups wend their way through the carefully marked visitors’ corridors past glass-enclosed galleries from which they can watch the sheets of dollars being printed, examined, cut, and stacked as the guides dispense a constant flow of facts about America’s money: The dollar is printed on textile paper made by the Crane Company using a mixture of 75 percent cotton and 25 percent linen with a polyester security thread. The printing machines are made by Germans and Italians. Nearly half of the bills printed in a day are one-dollar notes, and 95 percent of the bills are used to replace worn-out bills. The average life span of a bill varies from eighteen months for the one-dollar note to an ancient nine years for a one-hundred-dollar note. A bill can be folded four thousand times before it tears.

Finally, Mnuchin said he would accept the State Department’s guidance if I would send him a note saying it was acceptable to me. This was nothing but “cover your ass” behavior, but I was happy to send a brief memo to Pompeo, Mnuchin, and Barr laying out my view that Treasury was not entitled to its own foreign policy.

Abraham Lincoln did so during the Civil War when he issued “greenbacks.” John F. Kennedy on June 4, 1963 signed Executive Order 11110, giving the US Treasury power to issue silver certificates against the silver in its possession, which brought $4.3 billion worth of new notes into circulation without paying interest. Both of these presidents were murdered publicly during their terms.

The party for those addicted to markets has been the “make it rain” free-money printing game run since 1971. They may call it “Quantitavive Easing”, (QE) or “monetary policy” or “Asset purchases by the Fed”, or any number of terms which cause 99% of humans to stop listening. I urge everyone to demand better from governments, professionals and public servants. To demand real “service” from those who claim to be in this role. Right now we are letting those addicted to money, play with “self” accountability, which is creating addicts and poverty at a faster rate than our western economies can create prosperity. “Asset purchases” means the Fed printing money, to give this money to banks in exchange for some of the banks bad assets that need to be purged. How wealthy would your family be if each losing investment could simply be taken off your hands…using borrowed money that the taxpayer must then repay? How poor would your neighbors be if they did not have this money pipeline working for them? The newly printed money for asset purchases, is backed by US Treasury IOU’s, or similar notes and borrowings, for which the public must now repay through income taxes…forever. Banks thus get billions in freshly created cash, while the US public gets the bad assets, or gets stuck with the bill to pay back the money created to purchase the bad assets. I could probably refine that description a bit, but for now I am going to let it lay here. Any corrections are welcomed with gratitude. Dousing the flames of the 2008 mortgage bubble disaster, using government money issued in this manner, was said to be needed to prevent complete financial system meltdown. A better choice would have been to let those with a gambling addiction, suffer the consequences of their addiction, like we demand of every addict in Downtown LA. But the Fed is the perfect tool for dumping bank gambling losses and bad assets upon the taxpayer, and to make taxpayers pay to give the banks a clean-money start each time. The only thing left to do for the recipients of some of those newly printed billions, is to “launder it”, to get

An early reviewer of Cantos XXXI–XLI in the New York Nation amused himself with the conceit of Mr Pound taking correspondence courses in such subjects as ‘History of the U.S. Treasury from the Revolution to the Civil War (from the Original Documents)’ and making notes diligently on small pieces of paper which a gust of wind scattered over the hills about Rapallo, and which he then picked up and sent to the printer as he found them.

Large-cap U.S. Stock S&P 500 Index Midcap U.S. Stock S&P Midcap 400 Index Small-cap U.S. Value stock Russell 2000 Value Index Non-U.S. Developed stock MSCI EAFE Index Non-U.S. Emerging stock MSCI Emerging Markets Index Real Estate Dow Jones U.S. Select REIT Index Natural Resources Goldman Sachs Natural Resources Index Commodities Deutsche Bank Liquid Commodity Index U.S. Bonds Barclays Capital Aggregate Bond Index Inflation Protected Bonds Barclays Capital U.S. Treasury Inflation Note Index Non-U.S. Bonds Citibank WGBI Non-U.S. Dollar Index Cash 3-Month Treasury Bill

Put simply, if both a U.S. Treasury note and small company stock appeared likely to return 7 percent per year, everyone would rush to buy the former (driving up its price and reducing its prospective return) and dump the latter (driving down its price and thus increasing its return). This process of adjusting relative prices, which economists call equilibration, is supposed to render prospective returns proportional to risk.

The annual Tax Statistics Bulletin, jointly released by the Treasury and SARS, revealed in November 2016 exactly how narrow that tax base is, noting that 60 per cent of South Africa’s corporate tax comes from just 325 large companies. The contribution of corporate tax has, in turn, steadily declined to 18,1 per cent of total tax revenue, down from a peak of 26,7 per cent before the financial crisis in 2008/09.184 The tax base associated with the private sector is shrinking. The same sorry state is evident in personal tax. In the 2017 budget, the finance minister announced a 45 per cent marginal tax rate for individuals earning above R1,5 million per annum, a rate that would apply to a mere 105 668 people out of a total population of some 55 million.

Paul O’Neill, the former secretary of the Treasury and CEO of the aluminum giant Alcoa, agreed to take over as head of a regional health care initiative in Pittsburgh, Pennsylvania. And he made solving the problem of hospital infections one of his top priorities.

Recalling his research, Helicopter Ben was focused on a system-wide credit crunch, not the failure of individual firms. That frame gave him an idea. He would buy the toxic-sludge assets from the banks, taking them off their balance sheet. Then, the banks could use those fresh, clean dollars to lend—pumping capital into the system. Between 2008 and 2015, the Fed’s balance sheet soared from $900 billion of mostly high-quality Treasury notes to $4.5 trillion of largely risky assets. And it worked. The financial crisis was painful, but the system did not collapse. Bernanke’s framing, imbued with causal understanding, allowed him to see the economy in a way that others did not. Even amid market uncertainty, the system can be understood by human reason, predicted with human foresight, and controlled by human hand.

the crisis prompted the issue of emergency paper money: in Britain, £1 and 10s Treasury notes; in the United States, the emergency currency that banks were authorized to issue under the Aldrich-Vreeland Act of 1908.46 Then, as now, the authorities reacted to a liquidity crisis by printing money.

The two-year note has become the Treasury market’s gauge of expectations regarding when and how quickly the Fed will raise rates.

growth, while slashing the national debt by more than 30 percent. Throughout most of his tenure, the nation enjoyed unparalleled prosperity, and his public service and numerous philanthropic endeavors made him a beloved national figure. As Time magazine later noted, he was widely considered the “greatest secretary of the treasury since Alexander Hamilton.” And then the stock market crashed in 1929. Mellon resigned from office in 1931, and Hoover lost reelection two years later. After taking office, Franklin Delano Roosevelt drew up a list of enemies and scapegoats. Mellon topped the list. FDR demanded that the IRS audit Mellon’s tax returns.

the U.S. Treasury prints “In God We Trust” on the dollar; the ECB might as well print “Kick the Can Down the Road” on the euro.

A chief attraction of the real bills theory was that it took decisions regarding the money supply out of human hands. John Carlisle, Treasury secretary under Cleveland, maintained that issuing notes “is not a proper function of the Treasury Department, or of any other department of the Government.” The task was just too difficult. Rather, Carlisle said, currency should be “regulated entirely by the business interests of the people and by the laws of trade.