Episode Transcript
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Speaker 1 (00:07):
Welcome listeners. You were tuned into Constitution Radio Jamie t
fourteen nine to m. That says America Alan. I are
sitting in for Doug, joined with as always Dennis the
voice Jackson. Dennis, glad you're here.
Speaker 2 (00:25):
Well, very good, thank you. We'll see what happens with Doug.
Speaker 1 (00:30):
Yeah, well you know he's still looking for that golf
ball he hits. We'll see what happens.
Speaker 2 (00:35):
We short notice.
Speaker 1 (00:37):
We've we've got an hour worth of education before we do. Dennis,
you know what wack adoodle news is, don't you?
Speaker 2 (00:48):
Oh sure, I've gone through many hours of that with you. Okay.
Speaker 1 (00:54):
I thought this is an opener. A wack of doodle
news is news that I find and it's the so
wacky got to talk about it.
Speaker 2 (01:03):
And this took place.
Speaker 1 (01:04):
Recently in Louisiana. And the woman in this article, Candice
Taylor of Slidell, apparently in this arracle instead of the
Medicaid millionaire, and she in twenty twenty one through twenty
(01:26):
twenty four. Have you had you heard about this yet?
Speaker 2 (01:29):
I believe I read it.
Speaker 3 (01:30):
Yes, go ahead, okay.
Speaker 1 (01:33):
And apparently she was interested in getting Medicaid for health
insurance for the low income adults and recently she said,
you know, she had a low income, no dependence, she
was on it for a while. Finally, long story short,
it was found out this lady who's trying to get
(01:57):
medicaid for low income adults has she owned six different
businesses that generated more than nine and a half million
dollars between January twenty twenty and December twenty twenty four.
They found that she purchased things like the twenty twenty
(02:21):
two Lamborghini. She was making multiple six figure withdrawals to
get cosmetic surgery, jewelry, luxury services, and she felt she
needed and qualified for.
Speaker 4 (02:43):
Medicaid. Your thoughts, well, you know, people a lot of
people are struggling, you know, trying to get buy and stuff,
you know, for her to be in that mode and
then for them and maybe.
Speaker 2 (02:58):
She never was, but you know, to have the success
that she was having. If her nine and a half
million dollars over that three four year period of time,
that's a couple of million a year. If that was
off legitimate work, and you're buying cars that are you know,
(03:19):
two hundred grand, and going on vacations and doing cosmetic
surgery and all that, why wouldn't you just feel blessed
and go on and enjoy your life. Why screw around
with trying to steal something? You know? Now if she
made her money because she went out and made And
(03:41):
this was the story I thought you were going to read.
It was about a lady who started out doing this
stuff and then she started creating fake people and she
had eight or nine names, and she was in two
or three different states, and she made her wealth by
stealing government money. But this ladies seem to be doing
(04:03):
okay on her own. And I don't know why she
would want to quit it, but you know who knows.
I can't understand it.
Speaker 1 (04:11):
If you've got six businesses over four your time period
and you gross nine point five million, you're doing a
little better than okay, And to your point, isn't that enough?
Speaker 2 (04:26):
Apparently not.
Speaker 1 (04:28):
I'm not going to get This is the other article
I want to get into.
Speaker 4 (04:33):
Now.
Speaker 1 (04:33):
I know I'm going to be facetious. You're you're aware
of the Second Amendment? Well yeah, okay, okay. Well, apparently
there is a a group of prominent democratic leaders and
they want common sense gun reform. And part of what
(04:59):
they want is they want a national gun band, and
I'm thinking, what about the Second Amendment? Does anybody not
get it's the amendment that is absolutely crystal clear, one
(05:24):
sentence long, twenty seven words, three commas, three common downs
that begin with a capital letter to a emphasis, and
this is an absolute direct communication to what is just
recently was created the federal government. Hands off guns are
(05:45):
a state issue, not a national issue.
Speaker 4 (05:50):
Your thoughts, Well, I read the other day.
Speaker 2 (05:57):
I thought it was pretty common sense that they are
looking at approving legislation that will allow all veterans to
basically carry period, you know, concealed whatever. Obviously they've been trained,
you know, they've been in the military. Hopefully they're pro
(06:20):
the Constitution. And I thought, well, you know that they
could have done that twenty years ago. I mean, I
don't have a problem with that. You know, my dad
was a retired cop and you know he could carry
a gun, so why not and he was a World
War Two veteran, but so why not the veterans. And
I'm so fed up with the sanctuary cities and all
(06:44):
of the stuff that's going on, the the illegality you know,
of what they're trying to do that I'd like to
see and I'm a constitutionalist. I don't want to violate
constitutional rights, as they say. But to me, this group
(07:05):
and anybody else that does this, I think they they
ought to be deported. I'm just tired of listening to
it year after year after year. You know, gun control.
The tightest gun control cities in the world have the
worst crime problems. You know, look at California, I mean,
(07:28):
look at Chicago, go anywhere you want. I thought it
was great that that that the courts ruled that the AMMO,
the background check for Californians to buy AMMO, that they
threw that out this week. I thought, all good for them,
you know. But these people that publish that this is
(07:52):
their intent and what they ought to do, I think
they ought to be thrown out of the country because
they're basically anti constitution. And if they're that constitution, they
shouldn't be here. That's a supreme law of the land.
And yeah, you got your freedom of speech, but if
you're going to only use your freedom of speech to
overthrow the government, then get out of here. I don't
(08:14):
think we ought to have to allow people to come
in and trojan horses to stay here.
Speaker 4 (08:22):
Thank you for that.
Speaker 1 (08:24):
A couple of comments. I did see that the Supreme
Court did rule on California's laws, and again I to
him about the Constitution, and I like to read it
and understand it the way what it meant when they
wrote it, because to me, it's a contract that means.
(08:45):
That's what it means today. And since the last part
of the Second Amendment is shall not it shall not
be infringed, which is a directive to the federal government,
why is the Supreme Court ruling on anything California or
any other states doing within their state.
Speaker 2 (09:07):
Well, you know, that's a great question. And you know,
we all disagree with certain things the courts do and
think that they are stepping beyond their mark. However, when
they do something beyond their mark that corrects something, you know,
we kind of go, well, Okay, I don't agree with
(09:30):
their ability to do it, but I'm glad it got done,
you know, and until you can And I was thinking
this thought this morning, you know, the old what would
Jesus do? You know, there's been the other one about
what would the Founders do? Right, But you could have
six people in the room and they can all be Republicans,
and even they would argue as to what the Founders
(09:53):
would do, so trying to come up with the correct interpretation,
the direct application, the correct understanding. Even the Founders, you know, disagreed.
They weren't unanimous on everything. I mean, there was a
lot of negotiation and compromise going on in writing the Constitution.
(10:16):
Big states, little states, you know, manufacturing states, agrarian states.
I mean, they were all not totally comfortable, but they
compromised and they came up with something. So even the
Founders weren't purest. So when I said that these people
ought to be thrown out, I'm now contrary to the Founders,
(10:37):
you know. But well, specifically to your point, you're correct,
the Second Amendment is written to the federal government, and
the spirit of the Second Amendment on the live in
the states, because the federal government wasn't going to sit back.
(10:57):
If the states were confiscating all the gun right after
the Civil War, they probably would have gone after it.
But nobody thought they were stupid enough to do that.
So they you know, they were fearful of the new government,
not the sovereign state governments. Little did they know how
bad they were going to be two hundred and fifty
(11:18):
years later.
Speaker 1 (11:20):
Right, well, for me again, it's the Constitution is going
to be in effect. It's a contract. You read, you understand,
you follow the contract, you don't broadly interpret it. And
to have the highest court in this country absolutely totally
from my perspective, ignore the last part of the Second
(11:43):
Amendment when it is crystal clear.
Speaker 4 (11:48):
What it says, which is, well, well you've got you've
got another.
Speaker 1 (11:54):
Issue, and let me think the finished Supreme Court.
Speaker 4 (12:00):
Excuse me.
Speaker 2 (12:03):
The Supreme The Supreme Court is the court of original
jurisdiction over what types of cases, not the appellate court.
It's the court of original jurisdiction to hear the case
between one between states. So if you've got Texas and
(12:27):
there is no problem at all, you can go in
there and buy any amo you want. You can be
out of state and bamo if you want. Possibly, I
don't know, Okay, But if Texas allows American citizens of
diamo without any reason, any background check, and California requires it,
(12:49):
you now have conflicting state law that needs to be resolved,
and the only person that can resolve it's a Supreme Court.
So shall not be in friend. And I'm just saying
keep your hands off the gun. But the Court of
original jurisdiction between legal opinions that are one hundred and
(13:10):
eighty degrees apart in differing states need to be addressed.
So now if it addresses gun control, well now they
are empowered to make a decision.
Speaker 1 (13:23):
Well, well we need Doug to wrap this one up.
But I'm going to take the other side, and that
is the states were meant to be sovereign independent instead
of my business. The only time the federal government was
to do anything, you know, because you know, as I
learned from Doug that originally the federal government dealt with
(13:46):
the rest of the world for the thirteen States, looking outward,
war treaties, everything. The only time it looked that it
was given the power to look inward was when two
or more states were squabbling and the federal government was
to be an essence and mediator. Well, if Texas has
(14:10):
got one kind of gun law and California's got another,
those two states are not squabbling. They're not arguing. They're
you know, they're not arguing over a border or a
water rights or whatever. So to me, this is an
intra state within the state issue, and the Supreme Court
(14:36):
the federal government has no business doing this. It's just
that we've gotten so used to the federal government being
involved in things that are not constitutional. I think we
need to bring this one up to the Doug and
maybe he'll he'll make it back before the end of
the show.
Speaker 3 (14:52):
But thank you for that.
Speaker 1 (14:53):
I appreciate it.
Speaker 2 (14:55):
Well, I understand your point. And if they were to
actually do that, it would force a lot of issues. Okay,
because a lot of things that get kicked down the road.
But the problem is, you've got people on the left hand,
on the right that not that we need to go here,
(15:19):
but you've got two guys that are probably running for
president in twenty eight one Hills from Florida, one Hills
from Texas. And who do you think they might be?
Tell me, tell men, Well, one's a senator from Texas
(15:43):
and one is currently the Secretary of State, and neither
one of them are natural born citizens.
Speaker 1 (15:54):
Well, that's the topic that I definitely want to address
again because the imagine one of them is Cruise.
Speaker 2 (16:04):
One is Cruise, and of course the other one is
Marco Rubio.
Speaker 1 (16:08):
Okay, and and I you know, on another day when
we're all here, I would really like to revisit this topic.
Speaker 2 (16:19):
Well, My point in bringing it up is that's a
subject matter that should be resolved, you know, by the
Supreme Court. We as you know, have had a case
that was put there, that sat there for years in
the legal system, and we're standing in other issues never
got addressed. And now you're having court cases now where
(16:41):
judges are coming in that are saying that they want
to fight the birthright citizen right, which is not a
right at all. You know, it's just been it doesn't
even exist. And now that's been going on. You know,
So what happens if you've got a birthright citizen who's illegal,
(17:03):
marry another birthright citizen who's illegal, and they're both given
birthright citizens, but they're both illegal, and they both have
a baby who's now a citizen baby of two illegally
birthright parents. Is that a natural born citizen? I mean,
you know, somewhere you have to draw the line. Well,
(17:24):
I ever had the national spotlight, I would let mister
Trump know. And I haven't studied his other children because
I don't know the history of the citizenship of when
they were born and when he was married. But his younger,
his youngest son, is ineligible to ever run for president.
(17:48):
Of the United States.
Speaker 1 (17:50):
Is that Baron, Yes, okay, Baron was born.
Speaker 2 (17:57):
Seven months before Milania got our citizenship. Well there you go.
You know she should have done it before it was born.
But he's by definition. And I'm not trying to pick on,
you know, just with the Obamas, but I mean, you
(18:20):
understand it as clear as they Well, but right, the
stuff never gets resolved.
Speaker 1 (18:28):
Well that's something I think we need to work on
getting resolved. And not that I get again, you know,
I get picky with words. The what's interesting is I
would like, I think we need a new amendment to
(18:49):
the Constitution that absolutely clearly spells out what natural one
system means. We need that because that those three words
are only one place in the entire Constitution together Racle two,
Section one, Clause five, and that's the eligibility part of
(19:11):
the Constitution for the president and it also becomes the
eligibility part for the vice president because of the Twelfth Amendment.
And the founders got that term natural born citizen from
the book The Law of Nations, written by Emeric or
Emmer Davittel, a Swiss diplomat, published in French and seventeen
(19:37):
fifty eight published in English. In seventeen sixty that's where
that term is defined. And if you go to is
It Chapter nineteen, section two twelve, that's where they begin
with natives or natural born citizens. And he goes on
to describe he taught and he uses plurals in the
(19:57):
description citizens' parents child them. But it's not until the
end of that sentence where he'd and remember when this
is written. This is written in seventeen fifty eight, and
this was putting in the Constitution in seventeen eighty seven.
For the way he ended that sentence was that and
(20:21):
children naturally follow their fathers, which I understand to mean
that when he Davitel is talking about parents, he's talking
about fathers, not mothers and fathers because at in the
day the women had no political rights, which meant he's
(20:43):
talking so and since that definition has not changed currently,
it would mean your father would have to be a
citizen in the US at the time of birth to
be a natural worn citizen, because is that definition has
not been updated, it needs.
Speaker 2 (21:03):
To be updated. Well, and I could go along with
you being a purist and looking at the words, but
with the amendment where women were given the right to
vote and other things. You could say, well, in today's society,
that would never fly. You know, That's why, you know sexist,
and so I understand that you just can't apply culture
(21:26):
to law. You need to change the law. And by
that definition, you know, then Baron's okay because his dad was,
you know, a citizen.
Speaker 4 (21:35):
And is and is yeah.
Speaker 2 (21:38):
Yeah. But you've got the six of the nine on
the Supreme Court that supposedly are originalists. All they got
to do is decide correctly whatever that is. Men only
are the men and women for natural born citizen and
(21:58):
you don't need an amendment. All they got to do
is say, here is our opinion. You know, this is
what it means. And if both parents or if the
father were however, they define it well, and I'll leave
it to them to define it, to update it and
include the wife or not. You know, that's fine. I'm
not trying to argue your point other than the common
(22:21):
side of it. But if the Supreme Court would do
its trigging job, we wouldn't be here. And this has
been going on for the last four elections. For sixteen years,
we've had people running for office, especially back when Trump
ran the first time, because he ran against Cruise, and
(22:43):
he ran against Rubio, you know, and you know sixteen
people are on the stage and they aren't even legitimate eligible,
they're not you know, and you had Obama under the same.
Speaker 1 (23:02):
Well, there is an interesting book. I don't have it
in front of me. Well known educator wrote it and
he wanted to write a book about Obama. But before
he would do that, he would research a person's mentor
or mentors. So he searched and he found Frank Marshall Davis.
Speaker 4 (23:28):
Do you know the name?
Speaker 2 (23:30):
Oh Frank, he was the mentor of Obama in Hawaii.
Speaker 1 (23:37):
Well, he might have been more than that. Well, the
f shot of this is that he came out of
I think Chicago, went to Hawaii union organizer, someone of
a communist with friends with friends with Obama's mother's family.
(23:59):
And you know, there's a lot of personal data in there.
If you look at a picture of Frank Marshall Davis
and a frick picture of the canyon and you put
Obama in between, who does he look like?
Speaker 2 (24:17):
No? I understand that, so that I would love.
Speaker 1 (24:24):
If that really is the case, then he is a
natural born citizen. So but yeah, I would like to
come back to this topic.
Speaker 2 (24:35):
Well, then what don't we do with DNA analysis and
find out who his father actually is? Yeah, and we
can do another d analysis on his wife and find
out what sex she is. You know, there's so much
fraud crazy going on in this country that common sense
(24:58):
would just say one way to find out, but nobody
ever finds out. Well, you know, I am in sense,
even though I knew this was going on, but to
see it now with Chelsea Gabbard and everything that's happening,
you know, on the Durham Report. For the Durham Report
(25:20):
to have in it what it has in it that
was sealed. The whole time, we were being told that
he was doing the investigation, spent years doing it, and
that when it came forth, people would be held accountable
for it to come forth and be sealed and the
public not ever find out what was in there and
(25:41):
nobody was held accountable. What was the point of Durham
doing the report if it was just going to be classified?
Why bother it?
Speaker 1 (25:51):
It looked good at the moment.
Speaker 2 (25:53):
Well, you know, I'm sorry so set up with all
these people. I mean, it's.
Speaker 1 (26:01):
Alrighty, we got one minute to go and then we're
going to take our break. This has been Alan Myers
and Dennis Jackson. You're listening to Constitution Radio. Came me
to fourteen ninety am. Well, that took longer than I thought.
But when we come back from break, we'll keep talking
(26:24):
a little bit about what we've been talking about. And
then I want.
Speaker 2 (26:26):
To talk about the.
Speaker 1 (26:28):
FED for a little bit because of a episode of
Planet Money I saw.
Speaker 2 (26:34):
Stay with us.
Speaker 1 (26:35):
Came me to fourteen ninety am, Constitution Radio. We'll be
right back after these important messages.
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Speaker 1 (29:36):
Resistance is futile. Yes, this is Constitutional Radio and we
are back with a bang. I really like that intro
(29:59):
because you know the voice the saying resistance is futile,
and to me, it's obvious resistance is essential. Alan Myers
here back with Dennis Jackson. Dennis, it's like we still
got the show, just you and me.
Speaker 2 (30:19):
Oh, I think it will remain that way.
Speaker 1 (30:22):
Well, you know he can't, you know, he can't lose
that golf ball. He's got to find it.
Speaker 3 (30:27):
All right.
Speaker 2 (30:28):
I'd buy him a new golf ball.
Speaker 3 (30:31):
Yes, so would I.
Speaker 1 (30:33):
I'd bought you know, i'd buy three. There's a friend
of mine, hold on, did we basically finish everything we
wanted to do on that last subject? I think we did?
Speaker 2 (30:45):
Oh, I think.
Speaker 4 (30:46):
So let's turn the page.
Speaker 2 (30:49):
Turn the page.
Speaker 1 (30:52):
There's a I think it's uh MPR, it's uh program
called Planet Money. And I listened to a short segment
and they were talking about the FED and what it
was doing, what it wasn't doing, and the commentators made
(31:13):
a few statements, and as I said before, I get
picky with words, and I wanted to go through some
of the things that they said. I'll tell you what
I think. And then Dennis, I want to hear your thoughts.
I was out, Okay, here we go.
Speaker 2 (31:31):
One. That's what we do.
Speaker 1 (31:32):
Here, that's what we do. A question was asked, and
the question was essentially, where does the FED get the
money to buy treasuries? And it's kind of interesting. Number One,
money is a specific thing. It's and money for me
(31:56):
is something that facilitates an indirect, non bart transaction. You
have money, I have money. Our businesses have money all
the way up to state government has money, and it's
in a specific.
Speaker 2 (32:12):
Supply.
Speaker 1 (32:13):
Originally it was called M one, which is the simplest
of supplies, which would be all the cash and coin
in circulation with people and businesses and their checking accounts. Well,
the FED has no money and the set has no reserves.
(32:33):
In fact, if you go to and I have there's
a document called the Financial Accounting Manual for the Federal Reservices,
and in it is.
Speaker 2 (32:42):
The chart of accounts.
Speaker 1 (32:44):
This is all the different accounts that are in its
general ledger. Nowhere in the chart of accounts is there
an account cash on hand, cash in bank. The FED
has no money. It actually has no reserves because it
creates the reserves. And to answer this.
Speaker 2 (33:04):
Question, how many accounts did they have?
Speaker 1 (33:07):
Hundred salves, hundreds, hundreds, It was incredibly cretensive charter. But
the first typically for let's say a person or a
business on the asset side, it's the most liquid accounts first,
which would be cash on hand, cash and bank. That
(33:31):
those accounts are not even in the chart of accounts.
The first account listed on a FEDS. When I say FED,
I mean Federal Reserve bank. The first account is goal certificates,
which is actually receivable. But to answer the question, where
(33:51):
does the FED get the money to buy the treasuries?
Ben Bernanke back in twenty twelve gave a four part
lecture at the George Washington University School of Business. Friend
told me about it. I was able to find the
(34:12):
four one hour videos, and in searching I also found
transcripts of what was said, which was great because I
could watch, listen, and then highlight it to take notes.
In the fourth of the four hours, he's talking about
what the FED did post two thousand and eight to
help the economy. And what the FED did was it
(34:34):
acquired two trillion dollars two trillion.
Speaker 2 (34:40):
Of US treasuries.
Speaker 1 (34:43):
From banks and broker dealers. The FED actually cannot directly
deal with the US Treasury has to go through banks
or broker dealers. And he says this to the students,
and then he said, basically, so how did the FED
pay for it?
Speaker 5 (35:02):
Now?
Speaker 1 (35:02):
Putting getting those treasuries onto the balance sheet that they're
an asset. So the way you increase an asset is
a debit. The offsetting credit is every journal entry, all
the debts have to equal to credits. That's the basics
of bookkeeping. What the FED did was simply increase the
(35:27):
reserve balance of the bank they got the treasuries from.
They acquired two trillion dollars worth the treasuries by posting
journal entries into their accounting system.
Speaker 3 (35:41):
Your thoughts, well, the.
Speaker 2 (35:55):
When they put the two trillion into their reserves, right,
that's what you're saying.
Speaker 1 (36:03):
Well, they put a credit entry to what, let's say
it was only one bank. It'd be multiple, but let's
say it was one bank, and we'll call it the
Bank of Dennis. And your reserve balance is a liability
at the FED. It's an asset on your books. And
to increase that reserve account, since it's the liability, you
(36:24):
need a credit entry. And you're the one and I'll
be the FED, and you're the one that sold me
the treasuries. So the way I booked the entry in
my accounting is I debit this asset US treasuries, and
on the liability side of the balance sheet, I credit
your reserve account, your bank's reserve account, the Bank of Dennis,
(36:46):
for the same amount. And they did this over and
over again for the two trillion. Get inner, So I
the FED acquired two trillion dollars with US treasuries, interestparing
debt obligations simply by posting a journal entry. How sweet
is that?
Speaker 2 (37:04):
Okay, So if if my bank now has a troph
reserve increase, I never got any cash, right, Nope, you never.
Speaker 1 (37:25):
Well, you sold an asset. You had acquired the treasuries,
and then you sold them to me. So what happened
is on you.
Speaker 2 (37:34):
How did I acquire How did I acquire the treasuries?
If I didn't have cash to buy the treasuries? How
do I get the treasury so that I can now
transact them to you? Again, this.
Speaker 1 (37:50):
This is not happening like with you and I going
to the grocery store.
Speaker 2 (37:54):
This is all in.
Speaker 1 (37:57):
So you're the Bank of Dennis and I'm working for
the US Treasury and you want to buy something. You
want to buy some of my treasuries. So what you
will do is you will get the treasuries, and one
(38:20):
way or another, my account at your bank or some
other bank is going to be increased. Again, this is
all bookkeeping. There's no there's no there's no cash coming
over the counter. This is all bookkeeping.
Speaker 2 (38:35):
Well I understand that. So before the transaction takes Say,
what if I look at my books before the transaction
takes place, and then I look at my books after
the transaction has taken place. Right, I've got a huge
(38:56):
liability now that's been placed on my books by the Fed.
All right, and so.
Speaker 1 (39:04):
Now you know, not by the Fed, by you acquiring
the treasuries. First, you, the Bank of Dentis, acquire the treasuries,
and you do it by increasing the reserve account of
the US government. And your offsetting entry, of course, is.
Speaker 2 (39:23):
The asset.
Speaker 1 (39:24):
Then when you sell the asset to the FED, your
reserve account on your books, which is and maybe this
is too technical for radio, uh, which is an asset
that gets the debit. The treasuries get the credit, so
they go away. But the point of all of this
(39:46):
is all of this big, massive transactions are taking place
one place in one place.
Speaker 4 (39:52):
Only, Okay.
Speaker 2 (39:54):
But then afterwards, yeah, my statement, after everything's done, you know,
I get the treasuries, I get the liabilities offset and
then the treasuries go to you. My liability then disappears.
So when the whole thing's over, my bank, the Bank
of Dennis. Five minutes after the transaction is done, basically,
(40:16):
financially is unchanged from what it was ten minutes before
the transaction was done.
Speaker 1 (40:22):
Is that correct, Well, your reserve account at the FED
just went up, because again it's you created money and
or reserves to get the treasuries and then you sold
them to the FED and you've got more reserves. So
banks have no money in their own name. They create it.
(40:46):
And this is the art of the book of banking, bookkeeping,
the bookkeeping of banking. This is all artwork. It's not
regular business. And this is why people need to understand it,
and this is why people why we need to change
this system. So but the point, I guess back to
(41:09):
the point of this one was that the people on
the show did not understand that the Fed has no money.
And the FED doesn't buy anything by spending money or
spending reserves. It acquires assets and satisfies expenses simply by
creating reserves. Nice business. Another thing on this topic is
(41:36):
they use the term and Doug likes to use this
omni created out of thin air. Bookkeeping is not thin air.
It's not the art of a magician.
Speaker 3 (41:48):
It is bookkeeping.
Speaker 1 (41:50):
Now, Venice, you know what a balance sheet is. You
know what financials. Are you know what general ledgers are correct?
Speaker 2 (41:57):
Yeah?
Speaker 4 (41:58):
Okay?
Speaker 1 (41:59):
Are they produced seventh thin air or they produced out
of an accounting system?
Speaker 2 (42:04):
No, they're produced out of an accounting system. I mean,
everything's like you say, you got your tea accounts. Everything
has the balance. You know, you got your income statement,
you got your financial statement, you got your return retained
earning statement. You know, everything, all the accounts all flow
in and then when the day's over, you've got your
(42:25):
books and you can see every single penny where it went,
what why it went supposedly, and everything balances well. And
that's what what they're doing, as you're saying, is the bank,
(42:45):
my reserve account with the FED just keeps going and
going and going and going. And if I'm an employee
and I'm drawing a paycheck because I work for the FED,
and and you know I'm making you know, ten thousand
dollars a month, whatever I make, the FED never has
to worry about having quote the cash to pay their
(43:08):
employees because they don't have cash, so they don't. Every
Friday when it's payday, they just simply write me a
check or somehow pay me. I guess they don't do
automatic deposits. They don't have cash, but they give me
(43:31):
a check and I can because because my bank account
isn't with the FED, my bank account might be with
you know, well Fargo. I got to get my paycheck
and I give it to Wells Fargo. A well Fargo
then puts ten thousand dollars into my account. That's cash money.
I can now take out cash, right, But the FED
(43:51):
never had the cash to give me that payroll check.
But that transaction gets done and somebody somewhere winds up
with the cash, but it didn't come from the set.
And the whole thing is a house of cards.
Speaker 1 (44:09):
Well, the way it would work if if you were
an employee of the bank, and so you're working for
the Bank of Allen and it's payday, the only thing
you care about at the end of the day is
that your checking account at the Bank of Allen, and
(44:30):
you you bank at the bank valance because I give
you a free checking account. All you care about is
that entry is I mean, the balance at the end
is for your net your net wage, because that's what
you're going to get, not the withholding. And well as
you see that, so to get your balance, your checking
(44:51):
account balance up, I have to put a credit entry
into the journal entry. The offsetting debit goes to waste expense.
I'm a bank. I create money, and that's how I
satisfy all expenses, and that's how I acquire all assets.
(45:11):
I simply create money by booking a journal entry done.
That's our monitor. It's just a shot. Well, I keep
going on this. Thank you for that. Then I appreciate it.
They also talked about you know that, well someone will
(45:35):
just print. Well, someone will just print more money. And yes,
our currency, the Federal Reserve note is printed, but the
moment it's printed, it's not money.
Speaker 2 (45:50):
It's not part of the supply. It has to be part.
Speaker 1 (45:52):
Of the money supply to be money. What it is
is a print job. And the Bureau of Engraved and Printing,
which is for the Treasury, prints the Federal Reserve notes.
They get orders. The orders are placed from the Cash
Product's Office, which is out of the FED itself. Sitting
(46:13):
on the loading docks of the Bureau of Engraving and
Printing could be millions of street value dollars just sitting there. However,
to the bureau, it's not money.
Speaker 2 (46:28):
It's a print job. There were three cents aage or
whatever they're worth.
Speaker 1 (46:32):
Yeah, well, the cost, the cost now ranges, because several
years ago it was just six point four cents note
regardless of the nomination. Now, depending on the denomination, the
cost is different anywhere from three point two to nine
point four cents. Note. If you had some flyers produced,
(46:53):
and you went down to your printer, and there your
flyers are sitting on the counter to the printer, that's
just a print job. That's what all that currency is.
To the bureau and graving and printing. The FED takes
it in armor trucks, takes it back to their facilities.
Their vaults are massive in size and strength, in electronic
(47:17):
and physical protection, and in those vaults might be billions
and billions of street value dollars. But to the FED,
that all that what we would consider money is nothing
but a print job, which means it's a printing expense.
At three point two to nine point four cents a note,
(47:40):
it's just an operating expense.
Speaker 2 (47:43):
Any thoughts, Well, I guess that when the paletts of
money you were sent to Iran by Obama, billions of dollars,
that that so so many were all one hundred dollars bills,
because why send them many twenties takes five times as
many prints.
Speaker 1 (48:03):
Don't send one, that's for sure.
Speaker 2 (48:05):
At nine cents. And you do the math. You know,
how many hundred dollars bills are there in three billion dollars?
I guess that's thirty million of them at nine cents each.
You know, so maybe the cost of that three billion dollars,
if they were a dime each, you know, it wasn't
(48:28):
that much. But by the time they landed in Iran,
they were now part of the money supply. I assume
who knows. Maybe they just took him direct from the
vault and gave it to him and said, hey, it's
really only cost him this nine point two cents each
for these dollars. But well, the rest of the world
(48:49):
took him at that face value.
Speaker 1 (48:53):
It depends on whether it's well the federal government and
the set not being the same thing, as the federal
government is public and the Fed is private. How they
got those pallets of dollars, I don't know. But the
for us, our money supply is what's in country, not
(49:14):
what's out. But outside of country, those dollar bills are
going to be treated as money and they could be
brought into country. So it's this is why we the
people need to control their monetary system and not private corporations.
So the next step, it's it's at the FED those
(49:39):
currency federal reserve notes still not in the money supply.
When a bank, I'm the FED, you're the Bank of Dennis,
and you want.
Speaker 3 (49:49):
Your regular.
Speaker 1 (49:52):
Delivery of federal reserve notes, the final send them. I
get them pulled out of the vault, sent to your bank.
What I do on my books is I reduce your
reserve account because when you get them, your reserve account
(50:13):
at the FED is hit with a credit, your cash
on hand is hit with a debt. So this is
all in your balance sheet. But that those those dollar
bills in your vault and your teller drawers still not
part of the money supply, those dollars because this is
the fourth step process. And the fourth step is the
only way this these this currency federal reserve notes. The
(50:39):
only way they get into the money supply is either
a person goes to the ATM, gets it out of
the AKM, or goes into the bank and one where
another gets it out of you know, gets their checking
account or shaving ascounts reduced and they get the physical money.
Once in our hands, that is when it becomes money.
(51:01):
And that's what these people did not understand on that show.
Speaker 3 (51:07):
Any thoughts, Well, I just think of your favorite friend, Hamilton.
Speaker 1 (51:20):
And wait, wait a minute, wait minute, whose favorite friend?
Speaker 2 (51:27):
Uh? You know the man you love to hate? Okay,
you know this game has been getting played this way
for a long time. The Federal Reserve was the way
of the world elites to undo what the Constitution tried
to do, where Congress was given the authority to coin
(51:51):
money and not all got ripped out in nineteen thirteen.
Speaker 1 (52:00):
Well, well, I just to make sure everybody knows, I'm
not a big fan of Hamilton. He apparently was one
heck of a patriot during the war and served Washington well,
but somewhere after that he went rogue. The part of
the Constitution you're talking about is Article one. Article one
(52:23):
is the legislative branch. Article two is executive, and article
three is legislative. Excuse me, it is judicial. And they
were written in that order because that was the order
of importance, the ability to make laws, that was what
was given two Congress, and in section eight, the enumerated
(52:52):
powers Article one six and eight, Clause five, which is
the one.
Speaker 3 (52:57):
You just referred to.
Speaker 1 (52:59):
To coin money regulate the value thereof Well, back then
it was going to be coined and it would be
the mint. And they're saying that you, the federal government, Congress,
you have the power to coin money, to create money
(53:23):
that is in the constitution.
Speaker 2 (53:28):
All let me answer your question here, Okay, the spirit
in the spirit of what Congress was allowed to do
with the mint as compared to what's happening with the
paper products that are worth three cents each after they
get done. So if gold right now, which is over
three thousand dollars per ounce, okay, and back where the
(53:52):
FDR was thirty two dollars an ounce. But if I'm
the mint and I got pure gold, and I make
that coin and one ounce, I would assume that it's
worth three thousand dollars as soon as it's made, and
then it would simply wind up going wherever it winds
up going. It goes from the mint to the bank,
(54:13):
from the bank to me, But it doesn't gain value
as it goes because the gold is what's valuable and
it's in the coin. The silver is in the coin.
You know, so I will say there's true value in
coin as compared to deferred value in notes, but the
(54:36):
intent was to make the coins out of something that
had value that would withstand a lot of abuse rather
than just be odd money.
Speaker 1 (54:53):
Right one minute, Okay, so I'm done. We're gonna have
to hold this. We're gonna have to hold us in
next time. Do you have any self promote?
Speaker 2 (55:02):
Nope?
Speaker 1 (55:04):
Okay at ed F E D E D dot us
for Basic Montory System Education on Sundays five to seven
pm West Coast time, Patriot Soapbox. You can find it
on the web on d Live. For my show for
the Republic, Dennis, thank you so much for being here.
I thought I actually thought Doug would be here, but
(55:24):
he didn't and we've left a lot of things to
be talked about next time. For all you people out there,
thank you for listening, Thank you for supporting the show.
Check out Doug at Douglas V. Gibbs dot com for
everything constitutional. Until next time, you all be in, Say
(55:44):
safe and well, take care.
Welcome listeners. You were tuned into Constitution Radio Jamie t
fourteen nine to m. That says America Alan. I are
sitting in for Doug, joined with as always Dennis the
voice Jackson. Dennis, glad you're here.
Speaker 2 (00:25):
Well, very good, thank you. We'll see what happens with Doug.
Speaker 1 (00:30):
Yeah, well you know he's still looking for that golf
ball he hits. We'll see what happens.
Speaker 2 (00:35):
We short notice.
Speaker 1 (00:37):
We've we've got an hour worth of education before we do. Dennis,
you know what wack adoodle news is, don't you?
Speaker 2 (00:48):
Oh sure, I've gone through many hours of that with you. Okay.
Speaker 1 (00:54):
I thought this is an opener. A wack of doodle
news is news that I find and it's the so
wacky got to talk about it.
Speaker 2 (01:03):
And this took place.
Speaker 1 (01:04):
Recently in Louisiana. And the woman in this article, Candice
Taylor of Slidell, apparently in this arracle instead of the
Medicaid millionaire, and she in twenty twenty one through twenty
(01:26):
twenty four. Have you had you heard about this yet?
Speaker 2 (01:29):
I believe I read it.
Speaker 3 (01:30):
Yes, go ahead, okay.
Speaker 1 (01:33):
And apparently she was interested in getting Medicaid for health
insurance for the low income adults and recently she said,
you know, she had a low income, no dependence, she
was on it for a while. Finally, long story short,
it was found out this lady who's trying to get
(01:57):
medicaid for low income adults has she owned six different
businesses that generated more than nine and a half million
dollars between January twenty twenty and December twenty twenty four.
They found that she purchased things like the twenty twenty
(02:21):
two Lamborghini. She was making multiple six figure withdrawals to
get cosmetic surgery, jewelry, luxury services, and she felt she
needed and qualified for.
Speaker 4 (02:43):
Medicaid. Your thoughts, well, you know, people a lot of
people are struggling, you know, trying to get buy and stuff,
you know, for her to be in that mode and
then for them and maybe.
Speaker 2 (02:58):
She never was, but you know, to have the success
that she was having. If her nine and a half
million dollars over that three four year period of time,
that's a couple of million a year. If that was
off legitimate work, and you're buying cars that are you know,
(03:19):
two hundred grand, and going on vacations and doing cosmetic
surgery and all that, why wouldn't you just feel blessed
and go on and enjoy your life. Why screw around
with trying to steal something? You know? Now if she
made her money because she went out and made And
(03:41):
this was the story I thought you were going to read.
It was about a lady who started out doing this
stuff and then she started creating fake people and she
had eight or nine names, and she was in two
or three different states, and she made her wealth by
stealing government money. But this ladies seem to be doing
(04:03):
okay on her own. And I don't know why she
would want to quit it, but you know who knows.
I can't understand it.
Speaker 1 (04:11):
If you've got six businesses over four your time period
and you gross nine point five million, you're doing a
little better than okay, And to your point, isn't that enough?
Speaker 2 (04:26):
Apparently not.
Speaker 1 (04:28):
I'm not going to get This is the other article
I want to get into.
Speaker 4 (04:33):
Now.
Speaker 1 (04:33):
I know I'm going to be facetious. You're you're aware
of the Second Amendment? Well yeah, okay, okay. Well, apparently
there is a a group of prominent democratic leaders and
they want common sense gun reform. And part of what
(04:59):
they want is they want a national gun band, and
I'm thinking, what about the Second Amendment? Does anybody not
get it's the amendment that is absolutely crystal clear, one
(05:24):
sentence long, twenty seven words, three commas, three common downs
that begin with a capital letter to a emphasis, and
this is an absolute direct communication to what is just
recently was created the federal government. Hands off guns are
(05:45):
a state issue, not a national issue.
Speaker 4 (05:50):
Your thoughts, Well, I read the other day.
Speaker 2 (05:57):
I thought it was pretty common sense that they are
looking at approving legislation that will allow all veterans to
basically carry period, you know, concealed whatever. Obviously they've been trained,
you know, they've been in the military. Hopefully they're pro
(06:20):
the Constitution. And I thought, well, you know that they
could have done that twenty years ago. I mean, I
don't have a problem with that. You know, my dad
was a retired cop and you know he could carry
a gun, so why not and he was a World
War Two veteran, but so why not the veterans. And
I'm so fed up with the sanctuary cities and all
(06:44):
of the stuff that's going on, the the illegality you know,
of what they're trying to do that I'd like to
see and I'm a constitutionalist. I don't want to violate
constitutional rights, as they say. But to me, this group
(07:05):
and anybody else that does this, I think they they
ought to be deported. I'm just tired of listening to
it year after year after year. You know, gun control.
The tightest gun control cities in the world have the
worst crime problems. You know, look at California, I mean,
(07:28):
look at Chicago, go anywhere you want. I thought it
was great that that that the courts ruled that the AMMO,
the background check for Californians to buy AMMO, that they
threw that out this week. I thought, all good for them,
you know. But these people that publish that this is
(07:52):
their intent and what they ought to do, I think
they ought to be thrown out of the country because
they're basically anti constitution. And if they're that constitution, they
shouldn't be here. That's a supreme law of the land.
And yeah, you got your freedom of speech, but if
you're going to only use your freedom of speech to
overthrow the government, then get out of here. I don't
(08:14):
think we ought to have to allow people to come
in and trojan horses to stay here.
Speaker 4 (08:22):
Thank you for that.
Speaker 1 (08:24):
A couple of comments. I did see that the Supreme
Court did rule on California's laws, and again I to
him about the Constitution, and I like to read it
and understand it the way what it meant when they
wrote it, because to me, it's a contract that means.
(08:45):
That's what it means today. And since the last part
of the Second Amendment is shall not it shall not
be infringed, which is a directive to the federal government,
why is the Supreme Court ruling on anything California or
any other states doing within their state.
Speaker 2 (09:07):
Well, you know, that's a great question. And you know,
we all disagree with certain things the courts do and
think that they are stepping beyond their mark. However, when
they do something beyond their mark that corrects something, you know,
we kind of go, well, Okay, I don't agree with
(09:30):
their ability to do it, but I'm glad it got done,
you know, and until you can And I was thinking
this thought this morning, you know, the old what would
Jesus do? You know, there's been the other one about
what would the Founders do? Right, But you could have
six people in the room and they can all be Republicans,
and even they would argue as to what the Founders
(09:53):
would do, so trying to come up with the correct interpretation,
the direct application, the correct understanding. Even the Founders, you know, disagreed.
They weren't unanimous on everything. I mean, there was a
lot of negotiation and compromise going on in writing the Constitution.
(10:16):
Big states, little states, you know, manufacturing states, agrarian states.
I mean, they were all not totally comfortable, but they
compromised and they came up with something. So even the
Founders weren't purest. So when I said that these people
ought to be thrown out, I'm now contrary to the Founders,
(10:37):
you know. But well, specifically to your point, you're correct,
the Second Amendment is written to the federal government, and
the spirit of the Second Amendment on the live in
the states, because the federal government wasn't going to sit back.
(10:57):
If the states were confiscating all the gun right after
the Civil War, they probably would have gone after it.
But nobody thought they were stupid enough to do that.
So they you know, they were fearful of the new government,
not the sovereign state governments. Little did they know how
bad they were going to be two hundred and fifty
(11:18):
years later.
Speaker 1 (11:20):
Right, well, for me again, it's the Constitution is going
to be in effect. It's a contract. You read, you understand,
you follow the contract, you don't broadly interpret it. And
to have the highest court in this country absolutely totally
from my perspective, ignore the last part of the Second
(11:43):
Amendment when it is crystal clear.
Speaker 4 (11:48):
What it says, which is, well, well you've got you've
got another.
Speaker 1 (11:54):
Issue, and let me think the finished Supreme Court.
Speaker 4 (12:00):
Excuse me.
Speaker 2 (12:03):
The Supreme The Supreme Court is the court of original
jurisdiction over what types of cases, not the appellate court.
It's the court of original jurisdiction to hear the case
between one between states. So if you've got Texas and
(12:27):
there is no problem at all, you can go in
there and buy any amo you want. You can be
out of state and bamo if you want. Possibly, I
don't know, Okay, But if Texas allows American citizens of
diamo without any reason, any background check, and California requires it,
(12:49):
you now have conflicting state law that needs to be resolved,
and the only person that can resolve it's a Supreme Court.
So shall not be in friend. And I'm just saying
keep your hands off the gun. But the Court of
original jurisdiction between legal opinions that are one hundred and
(13:10):
eighty degrees apart in differing states need to be addressed.
So now if it addresses gun control, well now they
are empowered to make a decision.
Speaker 1 (13:23):
Well, well we need Doug to wrap this one up.
But I'm going to take the other side, and that
is the states were meant to be sovereign independent instead
of my business. The only time the federal government was
to do anything, you know, because you know, as I
learned from Doug that originally the federal government dealt with
(13:46):
the rest of the world for the thirteen States, looking outward,
war treaties, everything. The only time it looked that it
was given the power to look inward was when two
or more states were squabbling and the federal government was
to be an essence and mediator. Well, if Texas has
(14:10):
got one kind of gun law and California's got another,
those two states are not squabbling. They're not arguing. They're
you know, they're not arguing over a border or a
water rights or whatever. So to me, this is an
intra state within the state issue, and the Supreme Court
(14:36):
the federal government has no business doing this. It's just
that we've gotten so used to the federal government being
involved in things that are not constitutional. I think we
need to bring this one up to the Doug and
maybe he'll he'll make it back before the end of
the show.
Speaker 3 (14:52):
But thank you for that.
Speaker 1 (14:53):
I appreciate it.
Speaker 2 (14:55):
Well, I understand your point. And if they were to
actually do that, it would force a lot of issues. Okay,
because a lot of things that get kicked down the road.
But the problem is, you've got people on the left hand,
on the right that not that we need to go here,
(15:19):
but you've got two guys that are probably running for
president in twenty eight one Hills from Florida, one Hills
from Texas. And who do you think they might be?
Tell me, tell men, Well, one's a senator from Texas
(15:43):
and one is currently the Secretary of State, and neither
one of them are natural born citizens.
Speaker 1 (15:54):
Well, that's the topic that I definitely want to address
again because the imagine one of them is Cruise.
Speaker 2 (16:04):
One is Cruise, and of course the other one is
Marco Rubio.
Speaker 1 (16:08):
Okay, and and I you know, on another day when
we're all here, I would really like to revisit this topic.
Speaker 2 (16:19):
Well, My point in bringing it up is that's a
subject matter that should be resolved, you know, by the
Supreme Court. We as you know, have had a case
that was put there, that sat there for years in
the legal system, and we're standing in other issues never
got addressed. And now you're having court cases now where
(16:41):
judges are coming in that are saying that they want
to fight the birthright citizen right, which is not a
right at all. You know, it's just been it doesn't
even exist. And now that's been going on. You know,
So what happens if you've got a birthright citizen who's illegal,
(17:03):
marry another birthright citizen who's illegal, and they're both given
birthright citizens, but they're both illegal, and they both have
a baby who's now a citizen baby of two illegally
birthright parents. Is that a natural born citizen? I mean,
you know, somewhere you have to draw the line. Well,
(17:24):
I ever had the national spotlight, I would let mister
Trump know. And I haven't studied his other children because
I don't know the history of the citizenship of when
they were born and when he was married. But his younger,
his youngest son, is ineligible to ever run for president.
(17:48):
Of the United States.
Speaker 1 (17:50):
Is that Baron, Yes, okay, Baron was born.
Speaker 2 (17:57):
Seven months before Milania got our citizenship. Well there you go.
You know she should have done it before it was born.
But he's by definition. And I'm not trying to pick on,
you know, just with the Obamas, but I mean, you
(18:20):
understand it as clear as they Well, but right, the
stuff never gets resolved.
Speaker 1 (18:28):
Well that's something I think we need to work on
getting resolved. And not that I get again, you know,
I get picky with words. The what's interesting is I
would like, I think we need a new amendment to
(18:49):
the Constitution that absolutely clearly spells out what natural one
system means. We need that because that those three words
are only one place in the entire Constitution together Racle two,
Section one, Clause five, and that's the eligibility part of
(19:11):
the Constitution for the president and it also becomes the
eligibility part for the vice president because of the Twelfth Amendment.
And the founders got that term natural born citizen from
the book The Law of Nations, written by Emeric or
Emmer Davittel, a Swiss diplomat, published in French and seventeen
(19:37):
fifty eight published in English. In seventeen sixty that's where
that term is defined. And if you go to is
It Chapter nineteen, section two twelve, that's where they begin
with natives or natural born citizens. And he goes on
to describe he taught and he uses plurals in the
(19:57):
description citizens' parents child them. But it's not until the
end of that sentence where he'd and remember when this
is written. This is written in seventeen fifty eight, and
this was putting in the Constitution in seventeen eighty seven.
For the way he ended that sentence was that and
(20:21):
children naturally follow their fathers, which I understand to mean
that when he Davitel is talking about parents, he's talking
about fathers, not mothers and fathers because at in the
day the women had no political rights, which meant he's
(20:43):
talking so and since that definition has not changed currently,
it would mean your father would have to be a
citizen in the US at the time of birth to
be a natural worn citizen, because is that definition has
not been updated, it needs.
Speaker 2 (21:03):
To be updated. Well, and I could go along with
you being a purist and looking at the words, but
with the amendment where women were given the right to
vote and other things. You could say, well, in today's society,
that would never fly. You know, That's why, you know sexist,
and so I understand that you just can't apply culture
(21:26):
to law. You need to change the law. And by
that definition, you know, then Baron's okay because his dad was,
you know, a citizen.
Speaker 4 (21:35):
And is and is yeah.
Speaker 2 (21:38):
Yeah. But you've got the six of the nine on
the Supreme Court that supposedly are originalists. All they got
to do is decide correctly whatever that is. Men only
are the men and women for natural born citizen and
(21:58):
you don't need an amendment. All they got to do
is say, here is our opinion. You know, this is
what it means. And if both parents or if the
father were however, they define it well, and I'll leave
it to them to define it, to update it and
include the wife or not. You know, that's fine. I'm
not trying to argue your point other than the common
(22:21):
side of it. But if the Supreme Court would do
its trigging job, we wouldn't be here. And this has
been going on for the last four elections. For sixteen years,
we've had people running for office, especially back when Trump
ran the first time, because he ran against Cruise, and
(22:43):
he ran against Rubio, you know, and you know sixteen
people are on the stage and they aren't even legitimate eligible,
they're not you know, and you had Obama under the same.
Speaker 1 (23:02):
Well, there is an interesting book. I don't have it
in front of me. Well known educator wrote it and
he wanted to write a book about Obama. But before
he would do that, he would research a person's mentor
or mentors. So he searched and he found Frank Marshall Davis.
Speaker 4 (23:28):
Do you know the name?
Speaker 2 (23:30):
Oh Frank, he was the mentor of Obama in Hawaii.
Speaker 1 (23:37):
Well, he might have been more than that. Well, the
f shot of this is that he came out of
I think Chicago, went to Hawaii union organizer, someone of
a communist with friends with friends with Obama's mother's family.
(23:59):
And you know, there's a lot of personal data in there.
If you look at a picture of Frank Marshall Davis
and a frick picture of the canyon and you put
Obama in between, who does he look like?
Speaker 2 (24:17):
No? I understand that, so that I would love.
Speaker 1 (24:24):
If that really is the case, then he is a
natural born citizen. So but yeah, I would like to
come back to this topic.
Speaker 2 (24:35):
Well, then what don't we do with DNA analysis and
find out who his father actually is? Yeah, and we
can do another d analysis on his wife and find
out what sex she is. You know, there's so much
fraud crazy going on in this country that common sense
(24:58):
would just say one way to find out, but nobody
ever finds out. Well, you know, I am in sense,
even though I knew this was going on, but to
see it now with Chelsea Gabbard and everything that's happening,
you know, on the Durham Report. For the Durham Report
(25:20):
to have in it what it has in it that
was sealed. The whole time, we were being told that
he was doing the investigation, spent years doing it, and
that when it came forth, people would be held accountable
for it to come forth and be sealed and the
public not ever find out what was in there and
(25:41):
nobody was held accountable. What was the point of Durham
doing the report if it was just going to be classified?
Why bother it?
Speaker 1 (25:51):
It looked good at the moment.
Speaker 2 (25:53):
Well, you know, I'm sorry so set up with all
these people. I mean, it's.
Speaker 1 (26:01):
Alrighty, we got one minute to go and then we're
going to take our break. This has been Alan Myers
and Dennis Jackson. You're listening to Constitution Radio. Came me
to fourteen ninety am. Well, that took longer than I thought.
But when we come back from break, we'll keep talking
(26:24):
a little bit about what we've been talking about. And
then I want.
Speaker 2 (26:26):
To talk about the.
Speaker 1 (26:28):
FED for a little bit because of a episode of
Planet Money I saw.
Speaker 2 (26:34):
Stay with us.
Speaker 1 (26:35):
Came me to fourteen ninety am, Constitution Radio. We'll be
right back after these important messages.
Speaker 5 (26:57):
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right before chapter one and Repeal Democracy. Repeal Democracy by
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Are the socialists wid Your individual energies, personal freedom and
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Speaker 1 (29:36):
Resistance is futile. Yes, this is Constitutional Radio and we
are back with a bang. I really like that intro
(29:59):
because you know the voice the saying resistance is futile,
and to me, it's obvious resistance is essential. Alan Myers
here back with Dennis Jackson. Dennis, it's like we still
got the show, just you and me.
Speaker 2 (30:19):
Oh, I think it will remain that way.
Speaker 1 (30:22):
Well, you know he can't, you know, he can't lose
that golf ball. He's got to find it.
Speaker 3 (30:27):
All right.
Speaker 2 (30:28):
I'd buy him a new golf ball.
Speaker 3 (30:31):
Yes, so would I.
Speaker 1 (30:33):
I'd bought you know, i'd buy three. There's a friend
of mine, hold on, did we basically finish everything we
wanted to do on that last subject? I think we did?
Speaker 2 (30:45):
Oh, I think.
Speaker 4 (30:46):
So let's turn the page.
Speaker 2 (30:49):
Turn the page.
Speaker 1 (30:52):
There's a I think it's uh MPR, it's uh program
called Planet Money. And I listened to a short segment
and they were talking about the FED and what it
was doing, what it wasn't doing, and the commentators made
(31:13):
a few statements, and as I said before, I get
picky with words, and I wanted to go through some
of the things that they said. I'll tell you what
I think. And then Dennis, I want to hear your thoughts.
I was out, Okay, here we go.
Speaker 2 (31:31):
One. That's what we do.
Speaker 1 (31:32):
Here, that's what we do. A question was asked, and
the question was essentially, where does the FED get the
money to buy treasuries? And it's kind of interesting. Number One,
money is a specific thing. It's and money for me
(31:56):
is something that facilitates an indirect, non bart transaction. You
have money, I have money. Our businesses have money all
the way up to state government has money, and it's
in a specific.
Speaker 2 (32:12):
Supply.
Speaker 1 (32:13):
Originally it was called M one, which is the simplest
of supplies, which would be all the cash and coin
in circulation with people and businesses and their checking accounts. Well,
the FED has no money and the set has no reserves.
(32:33):
In fact, if you go to and I have there's
a document called the Financial Accounting Manual for the Federal Reservices,
and in it is.
Speaker 2 (32:42):
The chart of accounts.
Speaker 1 (32:44):
This is all the different accounts that are in its
general ledger. Nowhere in the chart of accounts is there
an account cash on hand, cash in bank. The FED
has no money. It actually has no reserves because it
creates the reserves. And to answer this.
Speaker 2 (33:04):
Question, how many accounts did they have?
Speaker 1 (33:07):
Hundred salves, hundreds, hundreds, It was incredibly cretensive charter. But
the first typically for let's say a person or a
business on the asset side, it's the most liquid accounts first,
which would be cash on hand, cash and bank. That
(33:31):
those accounts are not even in the chart of accounts.
The first account listed on a FEDS. When I say FED,
I mean Federal Reserve bank. The first account is goal certificates,
which is actually receivable. But to answer the question, where
(33:51):
does the FED get the money to buy the treasuries?
Ben Bernanke back in twenty twelve gave a four part
lecture at the George Washington University School of Business. Friend
told me about it. I was able to find the
(34:12):
four one hour videos, and in searching I also found
transcripts of what was said, which was great because I
could watch, listen, and then highlight it to take notes.
In the fourth of the four hours, he's talking about
what the FED did post two thousand and eight to
help the economy. And what the FED did was it
(34:34):
acquired two trillion dollars two trillion.
Speaker 2 (34:40):
Of US treasuries.
Speaker 1 (34:43):
From banks and broker dealers. The FED actually cannot directly
deal with the US Treasury has to go through banks
or broker dealers. And he says this to the students,
and then he said, basically, so how did the FED
pay for it?
Speaker 5 (35:02):
Now?
Speaker 1 (35:02):
Putting getting those treasuries onto the balance sheet that they're
an asset. So the way you increase an asset is
a debit. The offsetting credit is every journal entry, all
the debts have to equal to credits. That's the basics
of bookkeeping. What the FED did was simply increase the
(35:27):
reserve balance of the bank they got the treasuries from.
They acquired two trillion dollars worth the treasuries by posting
journal entries into their accounting system.
Speaker 3 (35:41):
Your thoughts, well, the.
Speaker 2 (35:55):
When they put the two trillion into their reserves, right,
that's what you're saying.
Speaker 1 (36:03):
Well, they put a credit entry to what, let's say
it was only one bank. It'd be multiple, but let's
say it was one bank, and we'll call it the
Bank of Dennis. And your reserve balance is a liability
at the FED. It's an asset on your books. And
to increase that reserve account, since it's the liability, you
(36:24):
need a credit entry. And you're the one and I'll
be the FED, and you're the one that sold me
the treasuries. So the way I booked the entry in
my accounting is I debit this asset US treasuries, and
on the liability side of the balance sheet, I credit
your reserve account, your bank's reserve account, the Bank of Dennis,
(36:46):
for the same amount. And they did this over and
over again for the two trillion. Get inner, So I
the FED acquired two trillion dollars with US treasuries, interestparing
debt obligations simply by posting a journal entry. How sweet
is that?
Speaker 2 (37:04):
Okay, So if if my bank now has a troph
reserve increase, I never got any cash, right, Nope, you never.
Speaker 1 (37:25):
Well, you sold an asset. You had acquired the treasuries,
and then you sold them to me. So what happened
is on you.
Speaker 2 (37:34):
How did I acquire How did I acquire the treasuries?
If I didn't have cash to buy the treasuries? How
do I get the treasury so that I can now
transact them to you? Again, this.
Speaker 1 (37:50):
This is not happening like with you and I going
to the grocery store.
Speaker 2 (37:54):
This is all in.
Speaker 1 (37:57):
So you're the Bank of Dennis and I'm working for
the US Treasury and you want to buy something. You
want to buy some of my treasuries. So what you
will do is you will get the treasuries, and one
(38:20):
way or another, my account at your bank or some
other bank is going to be increased. Again, this is
all bookkeeping. There's no there's no there's no cash coming
over the counter. This is all bookkeeping.
Speaker 2 (38:35):
Well I understand that. So before the transaction takes Say,
what if I look at my books before the transaction
takes place, and then I look at my books after
the transaction has taken place. Right, I've got a huge
(38:56):
liability now that's been placed on my books by the Fed.
All right, and so.
Speaker 1 (39:04):
Now you know, not by the Fed, by you acquiring
the treasuries. First, you, the Bank of Dentis, acquire the treasuries,
and you do it by increasing the reserve account of
the US government. And your offsetting entry, of course, is.
Speaker 2 (39:23):
The asset.
Speaker 1 (39:24):
Then when you sell the asset to the FED, your
reserve account on your books, which is and maybe this
is too technical for radio, uh, which is an asset
that gets the debit. The treasuries get the credit, so
they go away. But the point of all of this
(39:46):
is all of this big, massive transactions are taking place
one place in one place.
Speaker 4 (39:52):
Only, Okay.
Speaker 2 (39:54):
But then afterwards, yeah, my statement, after everything's done, you know,
I get the treasuries, I get the liabilities offset and
then the treasuries go to you. My liability then disappears.
So when the whole thing's over, my bank, the Bank
of Dennis. Five minutes after the transaction is done, basically,
(40:16):
financially is unchanged from what it was ten minutes before
the transaction was done.
Speaker 1 (40:22):
Is that correct, Well, your reserve account at the FED
just went up, because again it's you created money and
or reserves to get the treasuries and then you sold
them to the FED and you've got more reserves. So
banks have no money in their own name. They create it.
(40:46):
And this is the art of the book of banking, bookkeeping,
the bookkeeping of banking. This is all artwork. It's not
regular business. And this is why people need to understand it,
and this is why people why we need to change
this system. So but the point, I guess back to
(41:09):
the point of this one was that the people on
the show did not understand that the Fed has no money.
And the FED doesn't buy anything by spending money or
spending reserves. It acquires assets and satisfies expenses simply by
creating reserves. Nice business. Another thing on this topic is
(41:36):
they use the term and Doug likes to use this
omni created out of thin air. Bookkeeping is not thin air.
It's not the art of a magician.
Speaker 3 (41:48):
It is bookkeeping.
Speaker 1 (41:50):
Now, Venice, you know what a balance sheet is. You
know what financials. Are you know what general ledgers are correct?
Speaker 2 (41:57):
Yeah?
Speaker 4 (41:58):
Okay?
Speaker 1 (41:59):
Are they produced seventh thin air or they produced out
of an accounting system?
Speaker 2 (42:04):
No, they're produced out of an accounting system. I mean,
everything's like you say, you got your tea accounts. Everything
has the balance. You know, you got your income statement,
you got your financial statement, you got your return retained
earning statement. You know, everything, all the accounts all flow
in and then when the day's over, you've got your
(42:25):
books and you can see every single penny where it went,
what why it went supposedly, and everything balances well. And
that's what what they're doing, as you're saying, is the bank,
(42:45):
my reserve account with the FED just keeps going and
going and going and going. And if I'm an employee
and I'm drawing a paycheck because I work for the FED,
and and you know I'm making you know, ten thousand
dollars a month, whatever I make, the FED never has
to worry about having quote the cash to pay their
(43:08):
employees because they don't have cash, so they don't. Every
Friday when it's payday, they just simply write me a
check or somehow pay me. I guess they don't do
automatic deposits. They don't have cash, but they give me
(43:31):
a check and I can because because my bank account
isn't with the FED, my bank account might be with
you know, well Fargo. I got to get my paycheck
and I give it to Wells Fargo. A well Fargo
then puts ten thousand dollars into my account. That's cash money.
I can now take out cash, right, But the FED
(43:51):
never had the cash to give me that payroll check.
But that transaction gets done and somebody somewhere winds up
with the cash, but it didn't come from the set.
And the whole thing is a house of cards.
Speaker 1 (44:09):
Well, the way it would work if if you were
an employee of the bank, and so you're working for
the Bank of Allen and it's payday, the only thing
you care about at the end of the day is
that your checking account at the Bank of Allen, and
(44:30):
you you bank at the bank valance because I give
you a free checking account. All you care about is
that entry is I mean, the balance at the end
is for your net your net wage, because that's what
you're going to get, not the withholding. And well as
you see that, so to get your balance, your checking
(44:51):
account balance up, I have to put a credit entry
into the journal entry. The offsetting debit goes to waste expense.
I'm a bank. I create money, and that's how I
satisfy all expenses, and that's how I acquire all assets.
(45:11):
I simply create money by booking a journal entry done.
That's our monitor. It's just a shot. Well, I keep
going on this. Thank you for that. Then I appreciate it.
They also talked about you know that, well someone will
(45:35):
just print. Well, someone will just print more money. And yes,
our currency, the Federal Reserve note is printed, but the
moment it's printed, it's not money.
Speaker 2 (45:50):
It's not part of the supply. It has to be part.
Speaker 1 (45:52):
Of the money supply to be money. What it is
is a print job. And the Bureau of Engraved and Printing,
which is for the Treasury, prints the Federal Reserve notes.
They get orders. The orders are placed from the Cash
Product's Office, which is out of the FED itself. Sitting
(46:13):
on the loading docks of the Bureau of Engraving and
Printing could be millions of street value dollars just sitting there. However,
to the bureau, it's not money.
Speaker 2 (46:28):
It's a print job. There were three cents aage or
whatever they're worth.
Speaker 1 (46:32):
Yeah, well, the cost, the cost now ranges, because several
years ago it was just six point four cents note
regardless of the nomination. Now, depending on the denomination, the
cost is different anywhere from three point two to nine
point four cents. Note. If you had some flyers produced,
(46:53):
and you went down to your printer, and there your
flyers are sitting on the counter to the printer, that's
just a print job. That's what all that currency is.
To the bureau and graving and printing. The FED takes
it in armor trucks, takes it back to their facilities.
Their vaults are massive in size and strength, in electronic
(47:17):
and physical protection, and in those vaults might be billions
and billions of street value dollars. But to the FED,
that all that what we would consider money is nothing
but a print job, which means it's a printing expense.
At three point two to nine point four cents a note,
(47:40):
it's just an operating expense.
Speaker 2 (47:43):
Any thoughts, Well, I guess that when the paletts of
money you were sent to Iran by Obama, billions of dollars,
that that so so many were all one hundred dollars bills,
because why send them many twenties takes five times as
many prints.
Speaker 1 (48:03):
Don't send one, that's for sure.
Speaker 2 (48:05):
At nine cents. And you do the math. You know,
how many hundred dollars bills are there in three billion dollars?
I guess that's thirty million of them at nine cents each.
You know, so maybe the cost of that three billion dollars,
if they were a dime each, you know, it wasn't
(48:28):
that much. But by the time they landed in Iran,
they were now part of the money supply. I assume
who knows. Maybe they just took him direct from the
vault and gave it to him and said, hey, it's
really only cost him this nine point two cents each
for these dollars. But well, the rest of the world
(48:49):
took him at that face value.
Speaker 1 (48:53):
It depends on whether it's well the federal government and
the set not being the same thing, as the federal
government is public and the Fed is private. How they
got those pallets of dollars, I don't know. But the
for us, our money supply is what's in country, not
(49:14):
what's out. But outside of country, those dollar bills are
going to be treated as money and they could be
brought into country. So it's this is why we the
people need to control their monetary system and not private corporations.
So the next step, it's it's at the FED those
(49:39):
currency federal reserve notes still not in the money supply.
When a bank, I'm the FED, you're the Bank of Dennis,
and you want.
Speaker 3 (49:49):
Your regular.
Speaker 1 (49:52):
Delivery of federal reserve notes, the final send them. I
get them pulled out of the vault, sent to your bank.
What I do on my books is I reduce your
reserve account because when you get them, your reserve account
(50:13):
at the FED is hit with a credit, your cash
on hand is hit with a debt. So this is
all in your balance sheet. But that those those dollar
bills in your vault and your teller drawers still not
part of the money supply, those dollars because this is
the fourth step process. And the fourth step is the
only way this these this currency federal reserve notes. The
(50:39):
only way they get into the money supply is either
a person goes to the ATM, gets it out of
the AKM, or goes into the bank and one where
another gets it out of you know, gets their checking
account or shaving ascounts reduced and they get the physical money.
Once in our hands, that is when it becomes money.
(51:01):
And that's what these people did not understand on that show.
Speaker 3 (51:07):
Any thoughts, Well, I just think of your favorite friend, Hamilton.
Speaker 1 (51:20):
And wait, wait a minute, wait minute, whose favorite friend?
Speaker 2 (51:27):
Uh? You know the man you love to hate? Okay,
you know this game has been getting played this way
for a long time. The Federal Reserve was the way
of the world elites to undo what the Constitution tried
to do, where Congress was given the authority to coin
(51:51):
money and not all got ripped out in nineteen thirteen.
Speaker 1 (52:00):
Well, well, I just to make sure everybody knows, I'm
not a big fan of Hamilton. He apparently was one
heck of a patriot during the war and served Washington well,
but somewhere after that he went rogue. The part of
the Constitution you're talking about is Article one. Article one
(52:23):
is the legislative branch. Article two is executive, and article
three is legislative. Excuse me, it is judicial. And they
were written in that order because that was the order
of importance, the ability to make laws, that was what
was given two Congress, and in section eight, the enumerated
(52:52):
powers Article one six and eight, Clause five, which is
the one.
Speaker 3 (52:57):
You just referred to.
Speaker 1 (52:59):
To coin money regulate the value thereof Well, back then
it was going to be coined and it would be
the mint. And they're saying that you, the federal government, Congress,
you have the power to coin money, to create money
(53:23):
that is in the constitution.
Speaker 2 (53:28):
All let me answer your question here, Okay, the spirit
in the spirit of what Congress was allowed to do
with the mint as compared to what's happening with the
paper products that are worth three cents each after they
get done. So if gold right now, which is over
three thousand dollars per ounce, okay, and back where the
(53:52):
FDR was thirty two dollars an ounce. But if I'm
the mint and I got pure gold, and I make
that coin and one ounce, I would assume that it's
worth three thousand dollars as soon as it's made, and
then it would simply wind up going wherever it winds
up going. It goes from the mint to the bank,
(54:13):
from the bank to me, But it doesn't gain value
as it goes because the gold is what's valuable and
it's in the coin. The silver is in the coin.
You know, so I will say there's true value in
coin as compared to deferred value in notes, but the
(54:36):
intent was to make the coins out of something that
had value that would withstand a lot of abuse rather
than just be odd money.
Speaker 1 (54:53):
Right one minute, Okay, so I'm done. We're gonna have
to hold this. We're gonna have to hold us in
next time. Do you have any self promote?
Speaker 2 (55:02):
Nope?
Speaker 1 (55:04):
Okay at ed F E D E D dot us
for Basic Montory System Education on Sundays five to seven
pm West Coast time, Patriot Soapbox. You can find it
on the web on d Live. For my show for
the Republic, Dennis, thank you so much for being here.
I thought I actually thought Doug would be here, but
(55:24):
he didn't and we've left a lot of things to
be talked about next time. For all you people out there,
thank you for listening, Thank you for supporting the show.
Check out Doug at Douglas V. Gibbs dot com for
everything constitutional. Until next time, you all be in, Say
(55:44):
safe and well, take care.
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