Treasury Securities Quotes

Discourse and critical thinking are essential tools when it comes to securing progress in a democratic society. But in the end, unity and engaged participation are what make it happen.

So let me get this straight – this is a long sentence. We are going to be gifted with a health care plan that we are forced to purchase, and fined if we don’t, which reportedly covers 10 million more people without adding a single new doctor, but provides for 16,000 new IRS agents, written by a committee whose chairman doesn’t understand it, passed by Congress, that didn’t read it, but exempted themselves from it, and signed by a president who smokes, with funding administered by a treasury chief who didn’t pay his taxes, for which we will be taxed for four years before any benefits take effect, by a government which has bankrupted Social Security and Medicare, all to be overseen by a surgeon general who is obese and financed by a country that is broke. So what the blank could possibly go wrong?

The United States thus achieved what no earlier imperial system had put in place: a flexible form of global exploitation that controlled debtor countries by imposing the Washington Consensus via the IMF and World Bank, while the Treasury bill standard obliged the payments-surplus nations of Europe and East Asia to extend forced loans to the U.S. Government. Against dollar-deficit regions the United States continued to apply the classical economic leverage that Europe and Japan were not able to use against it. Debtor economies were forced to impose economic austerity to block their own industrialization and agricultural modernization. Their designated role was to export raw materials and provide low-priced labor whose wages were denominated in depreciating currencies. Against dollar-surplus nations the United States was learning to apply a new, unprecedented form of coercion. It dared the rest of the world to call its bluff and plunge the international economy into monetary crisis. That is what would have happened if creditor nations had not channeled their surplus savings to the United States by buying its Government securities.

The only way that the Treasury can redeem its debt to the Social Security Administration is to borrow the money from the public, run a surplus in its other activities or have the Federal Reserve print the money—the same alternatives that would be open to it to pay Social Security benefits if there were no trust fund.

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.

Paul O’Neill, Bush’s first secretary of the treasury, revealed that at the very first National Security Council meeting the subject of attacking Iraq was on the agenda for discussion. O’Neill lasted in the administration until December of 2002 when he was fired for disagreeing with Bush on the Iraq War and for expressing the danger of the large deficits.

In real life, the monsters are the ones abducting and killing children or flying hijacked airplanes into skyscrapers or looting our treasury and sending our kids off to fight a bullshit war just so they can line their own pockets and the pockets of their corporate buddies or eradicating our Bill of Rights in the name of national security. Those are the real monsters.

From an asset-allocation perspective, when we talk about diversification, we're talking about investing in multiple asset classes. There are six that I think are really important and they are US stocks, US Treasury bonds, US Treasure inflation-protected securities [TIPS], foreign developed equities, foreign emerging-market equities and real estate investment trusts [REITS]. p473

Our leaders are cruel because only those willing to be inordinately cruel and remorseless can hold positions of leadership in the foreign policy establishment. People capable of expressing a full human measure of compassion and empathy toward faraway powerless strangers do not become president of the United States, or vice president, or secretary of state, or national security adviser or secretary of the treasury. Nor do they want to.

What was critical to my father was that we not "go into government". His father and mother had both worked in the Treasury Department; and to him, "going into government" meant getting "hooked" on the salary and job security, and spending the rest of one's life in predictable, routinized labor that stunted the mind and sapped the spirit. My father would tell us of accountant friends who had passed their C.P.A. exam, then gone to work for the generous starting salaries offered by the I.R.S. While he was struggling in his mid-twenties, they were bragging about the cash they were taking home. Now, he said, he rarely saw them. Now, they had a defeated look; now, they were taking orders from some bureaucrat, and would be taking orders for the rest of their lives. He admired the disposition to roll the dice and risk everything that his Jewish friends and clients, Benny Ouresman, the Chevrolet dealer, and Harry Viner and his son Melvin, who had made a fortune with Sunshine Laundry, had exhibited. "They didn't have a damn dime when they started," Pop would tell us, emphatically. "They went to friends, borrowed money, started a business, went broke, went back to their friends, borrowed again, went broke again. Finally, they made it. They built something of their own. Now they work for themselves, and everybody else works for them. Be your own man!" That was the attitude we should adopt.

The George W. Bush administration trotted out all manner of excuses for its invasion of Iraq, but it was clearly mindful of the fact that Saddam Hussein's decision in 2000 to denominate the country's oil sales in euros rather than dollars could hardly set a good precedent. Former treasury secretary Paul O'Neill revealed in his 'as told to' memoir that finding a way to forcibly get rid of Saddam was topic A at the Bush administration's very first National Security Council meeting, a mere ten days after Bush's inauguration.

He would expose, remorselessly, those hypocrites and cynics who publicly denied the catastrophe of climate change while secretly short-selling that very same position and hedging all their bets; the millionaires and billionaires who preached self-reliance while accepting vast handouts in the form of subsidies and easy credit, and who bemoaned red tape while building contractual fortresses to shield their capital from their ex-wives; the tax-dodging economic parasites who treated state treasuries like casinos and dismantled welfare programmes out of spite, who secured immensely lucrative state contracts through illegitimate back channels and grubby, endlessly revolving doors, who eroded civil standards, who demolished social norms, and whose obscene fortunes had been made, in every case, on the back of institutions built with public funding, enriched by public patronage, and rightfully belonging to the public, most notably, the fucking Internet; the confirmed sociopaths who were literally vampiric with their regular transfusions of younger, healthier blood; the cancerous polluters who consumed more, and burned more, and wasted more than half the world’s population put together; the crypto-fascist dirty tricksters who pretended to be populists while defrauding and despising the people, who lied with impunity, who stole with impunity, who murdered with impunity, who invented scapegoats, who incited suicides, who encouraged violence and provoked unrest, and who then retreated into a private sphere of luxury so well insulated from the lives of ordinary people, and so well defended against them, that it basically amounted to a form of secession.

The US Empire received a big boost from the 9/11 attack. Paul O’Neill, George W. Bush’s first secretary of the treasury, reported he was shocked that in the very first National Security Council meeting—ten days after Bush’s January of 2001 inauguration—the discussion was about when, not if, the US should invade Iraq. We also know that the PATRIOT Act was written a long time before 9/11, when the conditions were not ripe for its passage. Nine-eleven took care of that. The bill quickly passed in the US House and Senate with minimal debate and understanding. Bush signed the bill into law on October 26, 2001, a mere 45 days after the attack. Making use of a crisis is established policy.

Obama’s mother was a CIA operative in Indonesia.  She was trained at the East –West Center in Hawaii in both Russian and Indonesian . She volunteered to go into a dangerous zone where military coups occurred on a daily basis.                Obama’s grandmother worked in a bank in Hawaii that was a front for the CIA where she was in effect a ‘paymaster’ for CIA assets. This fact was also true of his maternal grandfather.                 So Obama who was sold as 'community organizer’ and Lecturer in Government had given of himself by also working as an asset for the CIA.  His mentor was none other than Peter Geitner,  the father of Tim Geitner, our present Secretary of the Treasury. Obama’s history was correctly blacked out for ‘national security reasons' which I don’t happen to agree. 

The difference gave China a $420 billion trade surplus (the US carried the opposite, a $420 billion trade deficit with China). Americans paid for those goods with US dollars, and those payments were credited to China’s bank account at the Federal Reserve. Like any other holder of US dollars, China has the option to sit on those dollars or use them to buy something else. Uncle Sam doesn’t pay interest on the dollars China keeps in its checking account at the Fed, so China usually prefers to move them into what is effectively a savings account at the Fed. It does this by purchasing US Treasuries. “Borrowing from China” involves nothing more than an accounting adjustment, whereby the Federal Reserve subtracts numbers from China’s reserve account (checking) and adds numbers to its securities account (savings). It’s still just sitting on its US dollars, but now China is holding yellow dollars instead of green dollars. To pay back China, the Fed simply reverses the accounting entries, marking down the number in its securities account and marking up the number in its reserve account. It’s all accomplished using nothing more than a keyboard at the New York Federal Reserve Bank.

With regard to the price then of the men themselves, it is obvious that the public treasury is in a better position to provide funds than any private individuals. What can be easier than for the Council to invite by public proclamation all whom it may concern to bring their slaves, and to buy up those produced? Assuming the purchase to be effected, is it credible that people will hesitate to hire from the state rather than from the private owner, and actually on the same terms? People have at all events no hesitation at present in hiring consecrated grounds, sacred victims, houses, etc., or in purchasing the right of farming taxes from the state. To ensure the preservation of the purchased property, the treasury can take the same securities precisely from the lessee as it does from those who purchase the right of farming its taxes. Indeed, fraudulent dealing is easier on the part of the man who has purchased such a right than of the man who hires slaves. Since it is not easy to see how the exportation of public money is to be detected, when it differs in no way from private money. Whereas it will take a clever thief to make off with these slaves, marked as they will be with the public stamp, and in face of a heavy penalty attached at once to the sale and exportation of them. Up to this point then it would appear feasible enough for the state to acquire property in men and to keep a safe watch over them.

If you want to know the real reasons why certain politicians vote the way they do - follow the money. Arch Brexiteer Jacob Rees-Mogg (a.k.a. JackOff Grease-Smug) stands to make billions via his investment firm - Somerset Capital Management - if the UK crashes unceremoniously out of the European Union without a secure future trade deal. Why ? Because proposed EU regulations will give enforcement agencies greater powers to curb the activities adopted by the sort of off-shore tax havens his company employs. Consequently the British electorate get swindled not once, but twice. Firstly because any sort of Brexit - whether hard, soft, or half-baked - will make every man, woman and child in the UK that much poorer than under the status quo currently enjoyed as a fully paid up member of the EU. Secondly because Rees-Mogg's company, if not brought to heel by appropriate EU wide legislation, will deprive Her Majesty's Treasury of millions in taxes, thus leading to more onerous taxes for the rest of us. It begs the question, who else in the obscure but influential European Research Group (ERG) that he chairs and the Institute for Economic Affairs (IEA) that he subscribes to, have similar vested interests in a no-deal Brexit ? It is high time for infinitely greater parliamentary and public scrutiny into the UK Register of Members' Financial Interests in order to put an end to these nefarious dealings and appalling double standards in public life which only serve to further corrode public trust in an already fragile democracy.

Hamilton argued that the security of liberty and property were inseparable and that governments should honor their debts because contracts formed the basis of public and private morality: “States, like individuals, who observe their engagements are respected and trusted, while the reverse is the fate of those who pursue an opposite conduct.”The proper handling of government debt would permit America to borrow at affordable interest rates and would also act as a tonic to the economy. Used as loan collateral, government bonds could function as money—and it was the scarcity of money, Hamilton observed, that had crippled the economy and resulted in severe deflation in the value of land. America was a young country rich in opportunity. It lacked only liquid capital, and government debt could supply that gaping deficiency. The secret of managing government debt was to fund it properly by setting aside revenues at regular intervals to service interest and pay off principal. Hamilton refuted charges that his funding scheme would feed speculation. Quite the contrary: if investors knew for sure that government bonds would be paid off, the prices would not fluctuate wildly, depriving speculators of opportunities to exploit. What mattered was that people trusted the government to make good on repayment: “In nothing are appearances of greater moment than in whatever regards credit. Opinion is the soul of it and this is affected by appearances as well as realities.” Hamilton intuited that public relations and confidence building were to be the special burdens of every future treasury secretary.

set aside more preserves, extinguished fewer species, saved the ozone layer, and peaked in their consumption of oil, farmland, timber, paper, cars, coal, and perhaps even carbon. For all their differences, the world’s nations came to a historic agreement on climate change, as they did in previous years on nuclear testing, proliferation, security, and disarmament. Nuclear weapons, since the extraordinary circumstances of the closing days of World War II, have not been used in the seventy-two years they have existed. Nuclear terrorism, in defiance of forty years of expert predictions, has never happened. The world’s nuclear stockpiles have been reduced by 85 percent, with more reductions to come, and testing has ceased (except by the tiny rogue regime in Pyongyang) and proliferation has frozen. The world’s two most pressing problems, then, though not yet solved, are solvable: practicable long-term agendas have been laid out for eliminating nuclear weapons and for mitigating climate change. For all the bleeding headlines, for all the crises, collapses, scandals, plagues, epidemics, and existential threats, these are accomplishments to savor. The Enlightenment is working: for two and a half centuries, people have used knowledge to enhance human flourishing. Scientists have exposed the workings of matter, life, and mind. Inventors have harnessed the laws of nature to defy entropy, and entrepreneurs have made their innovations affordable. Lawmakers have made people better off by discouraging acts that are individually beneficial but collectively harmful. Diplomats have done the same with nations. Scholars have perpetuated the treasury of knowledge and augmented the power of reason. Artists have expanded the circle of sympathy. Activists have pressured the powerful to overturn repressive measures, and their fellow citizens to change repressive norms. All these efforts have been channeled into institutions that have allowed us to circumvent the flaws of human nature and empower our better angels. At the same time . . . Seven hundred million people in the world today live in extreme poverty. In the regions where they are concentrated, life expectancy is less than 60, and almost a quarter of the people are undernourished.

extent, Polly Lear took Fanny Washington’s place: she was a pretty, sociable young woman who became Martha’s closest female companion during the first term, at home or out and about, helping plan her official functions. The Washingtons were delighted with the arrival of Thomas Jefferson, a southern planter of similar background to themselves, albeit a decade younger; if not a close friend, he was someone George had felt an affinity for during the years since the Revolution, writing to him frequently for advice. The tall, lanky redhead rented lodgings on Maiden Lane, close to the other members of the government, and called on the president on Sunday afternoon, March 21. One of Jefferson’s like-minded friends in New York was the Virginian James Madison, so wizened that he looked elderly at forty. Madison was a brilliant parliamentary and political strategist who had been Washington’s closest adviser and confidant in the early days of the presidency, helping design the machinery of government and guiding measures through the House, where he served as a representative. Another of Madison’s friends had been Alexander Hamilton, with whom he had worked so valiantly on The Federalist Papers. But the two had become estranged over the question of the national debt. As secretary of the Treasury, Hamilton was charged with devising a plan to place the nation’s credit on a solid basis at home and abroad. When Hamilton presented his Report on the Public Credit to Congress in January, there was an instant split, roughly geographic, north vs. south. His report called for the assumption of state debts by the nation, the sale of government securities to fund this debt, and the creation of a national bank. Washington had become convinced that Hamilton’s plan would provide a strong economic foundation for the nation, particularly when he thought of the weak, impoverished Congress during the war, many times unable to pay or supply its troops. Madison led the opposition, incensed because he believed that dishonest financiers and city slickers would be the only ones to benefit from the proposal, while poor veterans and farmers would lose out. Throughout the spring, the debate continued. Virtually no other government business got done as Hamilton and his supporters lobbied fiercely for the plan’s passage and Madison and his followers outfoxed them time and again in Congress. Although pretending to be neutral, Jefferson was philosophically and personally in sympathy with Madison. By April, Hamilton’s plan was voted down and seemed to be dead, just as a new debate broke out over the placement of the national capital. Power, prestige, and a huge economic boost would come to the city named as capital. Hamilton and the bulk of New Yorkers and New Englanders