Do you know why?
In 1811 tensions were building between the U.S. and British. We were on the run‐up to the War of 1812.
While this was going on, the First Bank of the United States, founded by Alexander Hamilton in 1791, was liquidated because its original 20‐year charter expired.
Many of the bondholders of this bank were . . . British.
There was enormous political pressure, given the hostility and tensions with the British, to give the British bondholders the shaft and pocket that money to help finance the coming war.
The leaders of First Bank refused to go along with the desires of the politicians and repaid every penny of their debt, including their British creditors.
Why did they do this? Because it was the LAW. The Rule of Law came first to these men.
This one act of integrity had a cascading effect that essentially set the course of this nation and its economy for the next 198 years. Word quickly spread throughout the business districts of Europe that the words "Backed By The Full Faith And Credit Of The United States Government" meant something, and meant something real. European investment dollars came pouring in to the "fledgling former colony", the industrial revolution was born, and The United States of America that we all know and love was born.
We are literally the children of integrity, the children of "full faith".
That era ended the week of May 28, AD 2009, which is the date GM bondholders were "MF Globaled".
Without the rule of law, the words "full faith and credit of the government of the United States" are meaningless words.
And, just as money came flowing in 198 years ago, money will now go flowing out.
Our government is now fascist and is run by gangsters who would not know integrity if they were being beaten over the head with it.
God help us.
Adapted from an article by Ann Barnhardt.
16 comments:
Investment from Britain rolled in after the Embargo Act?
I think Barnhardt messed up again.
Ann Barnhardt? The hysteric who wrote this?:
"Obama is the enemy. Obama is a Marxist-Communist usurper and puppet front for a cabal of Marxist-Communists who are actively trying to destroy the United States of America. Everything they have done, are doing, and will do has the single goal of collapsing and destroying the U.S. economy, military, constitutional government and culture. What part of "Marxist Revolution" do you not understand?"
Ann Barnhardt also wrote:
"Our government is now fascist and is run by gangsters who would not know integrity if they were being beaten over the head with it."
So in her little padded room of a universe this country is BOTH Marxist-Communist AND Fascist?
Joe - I absolutely LOVE this post.
And let me tell ya why - Joe.
~it wasn't overly long
~not so hard that I couldn't understand it
~it was about something I need to understand better - financial stuff
~it was about History - a subject not entirely dear to my Heart - and yet it is
~it is about Staying True To Yourself
but Joe - I have to say that I don't Really think that our current Government is run by Facists and/or gangstas - well maybe a couple of them
Althoug Tim Hawkins might disagree with me - and have you seen his Really Cool Video that is a parody of CANDYMAN - Joe
it is to die for
Thanks Joe.
And have a pleasant day - Joe.
And Joe - didja see the Oscars last night - they really cleaned up their act - boring as h*ll though.
".....Honest historians regard the year 1811 as the year that the United States matured from fledgling former colony into global industrial and moral power....."
I'm not sure about the 'moral power' part. Perhaps you are conflating the views of the dishonest historians with the honest ones.
Nu?
Both Bojangles Drakelet's here and Shaw 'whatevah' Kenawe are Bean Towners?
Boston, The Hub(of the universe)and crucible of the non-rhotic speech impediment folks.
This certainly explains why Shaw Kenawe phonetically spells 'whatever' the way he/she does.
Query?
Does the Combat Zone still exist?
No, the Zone is long gone.
When they cleaned up LaGrange St. it was pretty much over.
That era ended the week of May 28, AD 2009, which is the date GM bondholders were "MF Globaled".
Even in Barnhardt's paranoid, delusional world, how is the institutional bondholders agreement to a deal that would give them 25% equity in the new GM reneging on the full faith and credit of the U.S.? It had nothing to do with govt. bonds.
There were no private takers willing to capitalize GM through chapter 11 and restructuring. The most likely outcome would have been liquidation and bondholders would have been left with nothing since that debt is unsecured. They would have been at the back of the line for repayment.
Not to mention the million or so out of work in the auto and parts manufacturing. Taxpayers would be on the hook for pension funds lost by auto workers who contributed their whole lives and would have gotten, maybe, 30 cents on the dollar from Pension Benefit Guaranty Corp. Higher unemployment, more foreclosures, you name it, this was a win/win. The workers are paying taxes, spending money and they just got $7,000 profit sharing bonus that will be put back into the economy.
A few private bondholders got hurt because they had their entire investment portfolio tied up in one co. A company that had been losing market share for the previous decade and failed to restructure despite numerous promises to do so. These wizards ever hear of diversifying?
How this idiot can take a success story of public/ private partnership and the sacrifice of American workers (the UAW gave major concessions) to save a vital industry, and turn it into a fascist failure is lunacy.
It's not exceptional, Joe.
The real threat to the full faith and credit of the U.S. govt. came from the morons in Congress who voted against raising the debt ceiling. They voted against paying our bills.
Dearest Bojangles Drakelet's here,
My English tutor will be sad to hear that.
He oft' recounts a tryst he once almost had in your fair city back in the fall of '73. He was invited up to the flat of a Young American(Aaaalllllll right! He wants the Young American!) only to find 'Fear of Flying' by Jong and "Our Bodies Ourselves" by The Boston Women's Health Book Collective on her nightstand. It didn't end well.
Relief, at 10 dollars, was subsequently found behind a Buick in the Combat Zone.
Craig: "How this idiot can take a success story of public/ private partnership and the sacrifice of American workers (the UAW gave major concessions)..."
He's not the idiot.
The unions brought them to where they were and caused them to be on the brink of collapse.
A proper bankruptcy reorganization was in order, but the union and powers that were wouldn't hear of it.
Coruscating Craig said,
".....Taxpayers would be on the hook for pension funds lost by auto workers who contributed their whole lives and would have gotten, maybe, 30 cents on the dollar from Pension Benefit Guaranty Corp....."
Appropriate Legislation would absolve the taxpayers of this culpability. And as far as labourers who 'contribute their whole lives' to a Going Concern - are they not more than adequately compensated while doing so?
Labour Unions grossly distort the concept of meritocracy.
The only good unionist is a dead unionist.
By the way......
"Are you now or have you ever been a member of the Mensa Party?"
Good one!
Why would honoring full faith and credit be a reason to live in infamy, Joe?
Joe?
Your thoughts?
When one tries to pixellate the name 'Charlton Heston' in a document in the Microsoft Word Programme, that tell-tale red serpentine under-score denoting a spelling mistake appears under the 'Heston' lexeme. Upon a cursor directed mouse 'right-click' the following suggestions are proffered.
'Hesston'
'Huston'
'Heaton'
'Helton'
Why no 'Heston'!?!?
I think something is a tad rotten in the state of Denmark here.
I mean those foetid Libruls have no doubt prised the gun from his cold, dead hand by now.
He's safe!
Can we not regale him as he was when he was the oh so Librul Col. George Taylor?
"You maniacs!... You blew it up!... Ah, (expletive deleted) you!...God (malediction deleted) you all to (cacophemism deleted)."
At least John Huston gets included.
Far8 greater artist than the limitd Heston
The unions brought them to where they were and caused them to be on the brink of collapse.
The union didn't decide Saturn, Aztec, Vega, Hummers and other gas guzzlers were winners. The unions didn't drag Ford down. Explain to me how every German auto worker is in a union, they earn twice what a U.S. auto worker makes and the German Big Three (BMW, Daimler & VW) produce twice as many cars as the U.S. Big Three?
A proper bankruptcy reorganization was in order, but the union and powers that were wouldn't hear of it.
Ah, Joe, they did go through bankruptcy as a condition of the loan. It was Rick Wagoner who didn't want Chapter 11. Rick was politely asked to leave and he did. I'd also remind you, it was Bush who gave GM and Chrysler $17B. It was Obama that put strict conditions on the loan. It's what should have been done with the bank bailout. Even Scott Walker wannabe, Rick Snyder, thinks it was the right thing to do.
All that aside, the premise of your post, that rescuing 2/3 of the auto industry somehow damaged the full faith and credit of the U.S., is total nonsense.
To all: Have you noticed how Blogger has uglyated the comments section? (Maybe that should be ugliated, but hey, it's my made up word, I guess I can spell it as I like!)
Tnd those undecypherable verification words are both ugly and pointless.
To all: Have you noticed how Blogger has uglyated the comments section?
Yeah. Joe. I've had to boost the power of my cheaters from 125 to 175. I'm getting a headache.
Why did they do it - Craig.
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