| Subject: | [socialcredit] Fw: Fw: SHADOWS OF FOREIGN DEBT | | Date: | Thursday, October 20, 2005 10:42:03 (-0400) | | From: | wesburt <wesburt @....com>
|
Dear Dr. Hans Sennholz,
I enjoyed reading your analysis of the present
condition of the American economy, presented
on 10-18-05 by The Daily Reckoning. Please
accept my sincere admiration for being so
confident of your presentation that you provided
your e-mail address. That gesture will likely
evoke a wave of replies like this one from me.
In the interest of making my comments both
worthy of your serious consideration, and
interesting to my regular readers, I have
replaced the center section of your text, whch
I agree with completely, with two charts. One
shows the consumer price index (CPI) profile
for the US from 1870 to date. The second,
shows one period of deflation and two distinct
sustained inflation rates from the first chart
plotted over the profile the US money supply
from 1959 to date.
By way of an introduction, I have none of the
credentials needed to attract a public following
on questions of US policy and practice regarding
globalization and its disorders. My BS ME degree
in 1947 was followed by five years as a project
engineer and 3 more years in technical sales with
the Specialty Instrument Division of the General
Electric Company. After GE came thirty years of
experience with nine defense contractors, and early
retirement on social security in 1985. My third US patent application
(all assigned to GE) described
an analog computing control system designed to
automate the standard operating procedures (SOP)
for dispatching electric power production on multi-company power grids.
Paul A. Samuelson
commented briefly on that analog computing
system, regarding the requirements for stability,
in his 1954 paper, THE PURE THEORY OF PUBLIC
EXPENDITURE, but GE's public relations department
has never mentioned that automated Pareto
Optimum solution in any of GE's advertisements or
public relations programs. I did not connect the
most likely failure mode of this automated system
with the sustained unemployment and inflation of
the national economy until I saw in the October
1966 issue of FORTUNE magazine the profile of
the US CPI, colonial times to 1966, with its paradigm
shift in the 1890s from sustained deflation (except
during war time) to sustained inflation of 2.3%/year
or more which continues to date.
Your whole diagnosis of inflation and debt confirms
a growing conviction among thoughtful people that American economists
wasted the 20th century and
left the American public unprepared to choose only
one of the various grandiose schemes proposed for
curing what continues to ail us in the 21st century.
If you have read this far, Dr. Sennholz, please review
the two charts with regard to the possible national
structure of money flow and manipulations of the
M1 money supply which must exist to produce the
data and trends shown by Fig10e and Fig2-3d.
We urgently need a "no fault" solution for achieving
justice and liberty for all, which conforms to Dr.
Kamran Mofid's definition of justice. He wrote:
"Justice is the heart of all creation. It is
the profound feeling of oneness with all
other beings in the universe."
Dr. Mofid's definition came to my attention in
yesterday's exchange of e-mails between my
old friends Dr. Muhammad Mukhtar Alam and
Dr. Michael Ellis. If any five of us could speak
with one voice, we could out number a whole
multitude of devious defenders of the status
quo (DDotSQ).
Below your text, Dr. Sennholz, please find my
understanding of a "no fault" solution to the
imbalances of the US economy that will be
rejected only by those who want to see the
United States destroyed.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The Daily Reckoning PRESENTS: One man's debt
is another man's asset; the American deficit of
some $700 billion signals foreign credits of the
same amount. Dr. Hans Sennholz explores the
United States' ever-increasing indebtedness to
the rest of the world...
SHADOWS OF FOREIGN DEBT
by Dr. Hans Sennholz
Ever eager to observe and command, government
officials like to record their countrymen's economic
dealings with people abroad. They create "balances
of payments" which are to help them evaluate and
manage economic relations.
Last year, the American balance posted extraordinary
deficits of some $668 billion, or more than six percent
of gross national product. This year it is estimated to
exceed $700 billion. In any other country a deficit of
just three percent would sound the alarm and could
trigger a sudden flight of capital and a crash of the
national currency. Moreover, the U.S. government
itself is suffering huge budget deficits that amount
to several hundred billion dollars annually and by
now exceed a total of eight trillion dollars. Yet, few
economists seemed to be disturbed; they apparently
are guided by the old motto: "A poor man's debt
makes a great noise; a rich man's debt makes no
sound."
Americans obviously spend more abroad than they
earn, consuming more than they are producing, and
ever increasing their indebtedness to the rest of the
world. Only two other countries, Australia and the
United Kingdom, presently suffer minor deficits. All
other countries, large and small, rich and poor,
finance the deficits with their trade surpluses.
Japan is the biggest creditor with claims of some
$170 billion. The petroleum exporting countries in
the Near East follow with $110 billion, then China,
Russia, and Switzerland. This worldwide imbalance
of consumption and production obviously calls for
an explanation and raises important questions of
readjustment.
On first glance, the American payment deficit springs
from a spending predilection of public, as well as
private, profligacy. All levels of government are
suffering budget deficits amounting to some 4.5
percent of gross national product. In less than a
decade the federal government managed to turn
a budget surplus into a deficit by way of tax
reductions and spending increases. At the same
time, the American savings rate fell to barely one
percent. Consumption accelerated due to extremely
low interest rates and rapidly rising real estate
prices. Homeowners could convert their rising
housing value into ready consumption, making their
homes convenient bank automats. But some are
fearful that such riches have their limits, as interest
rates are bound to rise and real estate prices soon
may stagnate or even decline.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Economists may point to the dollar crisis of 1979
and 1980, when the dollar was under persistent
pressure from abroad its value was falling rapidly
in relation to the currencies of other trading
nations - and to gold, which was deemed to be a
safer repository for reserves. Fueled by rising oil
prices, the consumer price index soared nearly
one percent every month and interest rates
climbed to the highest level of the century. With
markets for currencies, metals, and other
commodities thrown into disarray and the rate
of unemployment higher than seven percent, the
Federal Reserve (under the direction of chairman
Paul Volcker) finally "took away the punch bowl"
by raising the member bank discount rate to twelve
percent and boosting marginal reserve requirements
for member banks. A degree of hope was restored
as many Americans realized that their government
had to balance its budget and that people must live
within their means, produce more efficiently, and
conserve, save, and build for the future.
What we look for may not come to pass; yet we
must not let the future frighten us. The present
situation of American deficits and foreign credits
may continue as far as the eye can see. After all,
an old monetary order, which had been created
at the 1944 Bretton Woods Conference, withstood
much international disorder for more than thirty
years. Some economists and their friends in
government like to note the similarities of that
order with the new. But this economist does
not see the semblance. With his eyes on huge
trade deficits and foreign debts and on grave
international conflict and strife he braces for
more commotion and crises to come.
Regards,
Hans Sennholz
for The Daily Reckoning
Editor's Note: Dr. Hans Sennholz is president
emeritus of The Foundation for Economic Education
(FEE) in Irvington, NY. His essays and articles have
appeared in over thirty- six major German journals
and newspapers, and 500 more that reach American
audiences. Dr. Sennholz is also the author of 17
books covering the Great Depression, Gold, Central
Banking and Monetary Policy. You can write to him
at this address: hans@sennholz.com.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
A "no fault" solution is attractive to me because
it offers the prospect of progressive reform by
dialog and persuasion, without resorting to bloody revolution, in the
manner of France, Russia, and
other failures. The Optimum Policy (TOP) which
i found fully developed and reduced to practice
in the General Electric Company and its electric
power industry customers in the 1950s, applies
equally to any class of productive asset which
begins its life cycle with a long and expensive
period of development. Such assets (capital or
human) survive their development phase, only
when their development is adequately supported
by parents, community, corporation, or investors.
Notice that on Fig10e the 2.3%/year sustained
inflationary trend was firmly established in the
1890s when the US Supreme Court struck down
the first federal income tax law, and the great
events of the 20th century, Second income tax law, Federal Reserve
system, WW I, Depression, WW II
appear as minor perturbations on that trend line.
From my experience with the GE dispatching
system, which simulated the pricing mechanism
of a free market, I believe the US public policy
since the Civil War has been based solely on the
desire to evade income taxes. The result, of a
century of teaching that income taxes are evil
and a theft of earned income, is a public policy
of genocide done slowly by impairing the nations
reproductive process. That is to say, by under
capitalizing (about 50%) the fixed expense of
developing the productive work force. No such
foolishness is tolerated regarding funds for
developing each corporation's capital assets.
The people who established the US public policy
are all long since dead. The policy continues by
the enforcement of knee-jerk Republicans, tax
evading Democrats, and a misinformed public.
There should be no objection to The Optimum
Policy (TOP) from any of the established religions.
TOP was practiced in cities in the book of Genesis
and fully developed for a nation in the book of
Numbers before any of our current religions were
founded.
As shown in Fig2-3d, the M1 money supply has
remained at $1,200 Billion from 1994 to 2002,
unless the public gets involved, the Thirteenth
Tribe of Predators (top, lower case) will resume
their entirely lawful M1 counterfeiting operation.
If the charts are missing from your e-mails, and
you want to see them, visit Dr. Priest's web site
below, or ask, and I will send them as attachments
to your e-mail address.
Sincerely,
Wes Burt
The Optimum Policy (TOP) is shown on
Dr. W. Curtiss Priest's web site at:
<http://www.epie.org/cyber-soc/default.htm>;
~~ Either refute it or incorporate it
in your public policy proposals. ~~
----__JNP_000_5ce4.716c.4499
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<DIV> </DIV>
<DIV>Dear Dr. Hans Sennholz,</DIV>
<DIV> </DIV>
<DIV>I enjoyed reading your analysis of the present </DIV>
<DIV>condition of the American economy, presented </DIV>
<DIV>on 10-18-05 by The Daily Reckoning. Please </DIV>
<DIV>accept my sincere admiration for being so </DIV>
<DIV>confident of your presentation that you provided </DIV>
<DIV>your e-mail address. That gesture will likely </DIV>
<DIV>evoke a wave of replies like this one from me. </DIV>
<DIV> </DIV>
<DIV>In the interest of making my comments both </DIV>
<DIV>worthy of your serious consideration, and </DIV>
<DIV>interesting to my regular readers, I have </DIV>
<DIV>replaced the center section of your text, whch </DIV>
<DIV>I agree with completely, with two charts. One </DIV>
<DIV>shows the consumer price index (CPI) profile </DIV>
<DIV>for the US from 1870 to date. The second, </DIV>
<DIV>shows one period of deflation and two distinct </DIV>
<DIV>sustained inflation rates from the first chart </DIV>
<DIV>plotted over the profile the US money supply </DIV>
<DIV>from 1959 to date.</DIV>
<DIV> </DIV>
<DIV>By way of an introduction, I have none of the </DIV>
<DIV>credentials needed to attract a public following </DIV>
<DIV>on questions of US policy and practice regarding </DIV>
<DIV>globalization and its disorders. My BS ME degree </DIV>
<DIV>in 1947 was followed by five years as a project </DIV>
<DIV>engineer and 3 more years in technical sales with </DIV>
<DIV>the Specialty Instrument Division of the General </DIV>
<DIV>Electric Company. After GE came thirty years of </DIV>
<DIV>experience with nine defense contractors, and early </DIV>
<DIV>retirement on social security in 1985. My third US patent =
application=20
(all assigned to GE) described </DIV>
<DIV>an analog computing control system designed to </DIV>
<DIV>automate the standard operating procedures (SOP) </DIV>
<DIV>for dispatching electric power production on multi-company =
power=20
grids. Paul A. Samuelson </DIV>
<DIV>commented briefly on that analog computing </DIV>
<DIV>system, regarding the requirements for stability, </DIV>
<DIV>in his 1954 paper, THE PURE THEORY OF PUBLIC </DIV>
<DIV>EXPENDITURE, but GE's public relations department </DIV>
<DIV>has never mentioned that automated Pareto </DIV>
<DIV>Optimum solution in any of GE's advertisements or </DIV>
<DIV>public relations programs. I did not connect the </DIV>
<DIV>most likely failure mode of this automated system </DIV>
<DIV>with the sustained unemployment and inflation of </DIV>
<DIV>the national economy until I saw in the October </DIV>
<DIV>1966 issue of FORTUNE magazine the profile of </DIV>
<DIV>the US CPI, colonial times to 1966, with its paradigm </DIV>
<DIV>shift in the 1890s from sustained deflation (except </DIV>
<DIV>during war time) to sustained inflation of 2.3%/year </DIV>
<DIV>or more which continues to date. </DIV>
<DIV> </DIV>
<DIV>Your whole diagnosis of inflation and debt confirms </DIV>
<DIV>a growing conviction among thoughtful people that American economists=
=20
wasted the 20th century and </DIV>
<DIV>left the American public unprepared to choose only </DIV>
<DIV>one of the various grandiose schemes proposed for </DIV>
<DIV>curing what continues to ail us in the 21st century. </DIV>
<DIV>If you have read this far, Dr. Sennholz, please review </DIV>
<DIV>the two charts with regard to the possible national </DIV>
<DIV>structure of money flow and manipulations of the </DIV>
<DIV>M1 money supply which must exist to produce the </DIV>
<DIV>data and trends shown by Fig10e and Fig2-3d. </DIV>
<DIV> </DIV>
<DIV>We urgently need a "no fault" solution for achieving </DIV>
<DIV>justice and liberty for all, which conforms to Dr. </DIV>
<DIV>Kamran Mofid's definition of justice. He wrote:</DIV>
<DIV> </DIV>
<DIV>
<DIV> "Justice is the heart of =
all=20
creation. It is </DIV>
<DIV> the profound feeling of =
oneness=20
with all </DIV>
<DIV> other beings in the=20
universe."</DIV>
<DIV> </DIV></DIV>
<DIV>Dr. Mofid's definition came to my attention in </DIV>
<DIV>yesterday's exchange of e-mails between my </DIV>
<DIV>old friends Dr. Muhammad Mukhtar Alam and </DIV>
<DIV>Dr. Michael Ellis. If any five of us could speak </DIV>
<DIV>with one voice, we could out number a whole </DIV>
<DIV>multitude of devious defenders of the status </DIV>
<DIV>quo (DDotSQ).</DIV>
<DIV> </DIV>
<DIV>
<DIV>Below your text, Dr. Sennholz, please find my </DIV>
<DIV>understanding of a "no fault" solution to the </DIV>
<DIV>imbalances of the US economy that will be </DIV>
<DIV>rejected only by those who want to see the </DIV>
<DIV>United States destroyed.</DIV>
<DIV> </DIV></DIV>
<DIV>~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~</DIV>
<DIV>The Daily Reckoning PRESENTS: One man's debt </DIV>
<DIV>is another man's asset; the American deficit of </DIV>
<DIV>some $700 billion signals foreign credits of the </DIV>
<DIV>same amount. Dr. Hans Sennholz explores the </DIV>
<DIV>United States' ever-increasing indebtedness to </DIV>
<DIV>the rest of the world...<BR> <BR>SHADOWS OF FOREIGN DEBT<BR>by Dr=
.=20
Hans Sennholz<BR> <BR>Ever eager to observe and command, government </=
DIV>
<DIV>officials like to record their countrymen's economic </DIV>
<DIV>dealings with people abroad. They create "balances </DIV>
<DIV>of payments" which are to help them evaluate and </DIV>
<DIV>manage economic relations. <BR> <BR>Last year, the American =
balance=20
posted extraordinary </DIV>
<DIV>deficits of some $668 billion, or more than six percent </DIV>
<DIV>of gross national product. This year it is estimated to </DIV>
<DIV>exceed $700 billion. In any other country a deficit of <BR>just three=
=20
percent would sound the alarm and could </DIV>
<DIV>trigger a sudden flight of capital and a crash of the </DIV>
<DIV>national currency. Moreover, the U.S. government </DIV>
<DIV>itself is suffering huge budget deficits that amount </DIV>
<DIV>to several hundred billion dollars annually and by </DIV>
<DIV>now exceed a total of eight trillion dollars. Yet, few </DIV>
<DIV>economists seemed to be disturbed; they apparently </DIV>
<DIV>are guided by the old motto: "A poor man's debt </DIV>
<DIV>makes a great noise; a rich man's debt makes no </DIV>
<DIV>sound."<BR> <BR>Americans obviously spend more abroad than they <=
/DIV>
<DIV>earn, consuming more than they are producing, and </DIV>
<DIV>ever increasing their indebtedness to the rest of the </DIV>
<DIV>world. Only two other countries, Australia and the </DIV>
<DIV>United Kingdom, presently suffer minor deficits. All </DIV>
<DIV>other countries, large and small, rich and poor, </DIV>
<DIV>finance the deficits with their trade surpluses. </DIV>
<DIV>Japan is the biggest creditor with claims of some </DIV>
<DIV>$170 billion. The petroleum exporting countries in </DIV>
<DIV>the Near East follow with $110 billion, then China, </DIV>
<DIV>Russia, and Switzerland. This worldwide imbalance </DIV>
<DIV>of consumption and production obviously calls for </DIV>
<DIV>an explanation and raises important questions of </DIV>
<DIV>readjustment.<BR> <BR>On first glance, the American payment =
deficit=20
springs </DIV>
<DIV>from a spending predilection of public, as well as </DIV>
<DIV>private, profligacy. All levels of government are </DIV>
<DIV>suffering budget deficits amounting to some 4.5 </DIV>
<DIV>percent of gross national product. In less than a </DIV>
<DIV>decade the federal government managed to turn </DIV>
<DIV>a budget surplus into a deficit by way of tax </DIV>
<DIV>reductions and spending increases. At the same </DIV>
<DIV>time, the American savings rate fell to barely one </DIV>
<DIV>percent. Consumption accelerated due to extremely </DIV>
<DIV>low interest rates and rapidly rising real estate </DIV>
<DIV>prices. Homeowners could convert their rising </DIV>
<DIV>housing value into ready consumption, making their </DIV>
<DIV>homes convenient bank automats. But some are </DIV>
<DIV>fearful that such riches have their limits, as interest </DIV>
<DIV>rates are bound to rise and real estate prices soon </DIV>
<DIV>may stagnate or even decline.=20
<BR>~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~</DIV>
<DIV><IMG src=3D"cid:part1.20051018.185224.-392181.6.wesburt@juno.com"=20
XJUNOLINK=3D"0"><BR>~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~</DIV>
<DIV><IMG src=3D"cid:part2.20051018.185224.-392181.6.wesburt@juno.com"=20
XJUNOLINK=3D"0"></DIV>
<DIV>~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~<BR> <BR>Economists may =
point=20
to the dollar crisis of 1979 </DIV>
<DIV>and 1980, when the dollar was under persistent </DIV>
<DIV>pressure from abroad its value was falling rapidly </DIV>
<DIV>in relation to the currencies of other trading </DIV>
<DIV>nations - and to gold, which was deemed to be a </DIV>
<DIV>safer repository for reserves. Fueled by rising oil </DIV>
<DIV>prices, the consumer price index soared nearly </DIV>
<DIV>one percent every month and interest rates </DIV>
<DIV>climbed to the highest level of the century. With </DIV>
<DIV>markets for currencies, metals, and other </DIV>
<DIV>commodities thrown into disarray and the rate </DIV>
<DIV>of unemployment higher than seven percent, the </DIV>
<DIV>Federal Reserve (under the direction of chairman </DIV>
<DIV>Paul Volcker) finally "took away the punch bowl" </DIV>
<DIV>by raising the member bank discount rate to twelve </DIV>
<DIV>percent and boosting marginal reserve requirements </DIV>
<DIV>for member banks. A degree of hope was restored </DIV>
<DIV>as many Americans realized that their government </DIV>
<DIV>had to balance its budget and that people must live </DIV>
<DIV>within their means, produce more efficiently, and </DIV>
<DIV>conserve, save, and build for the future.<BR> <BR>What we look =
for may=20
not come to pass; yet we </DIV>
<DIV>must not let the future frighten us. The present </DIV>
<DIV>situation of American deficits and foreign credits </DIV>
<DIV>may continue as far as the eye can see. After all, </DIV>
<DIV>an old monetary order, which had been created </DIV>
<DIV>at the 1944 Bretton Woods Conference, withstood </DIV>
<DIV>much international disorder for more than thirty </DIV>
<DIV>years. Some economists and their friends in </DIV>
<DIV>government like to note the similarities of that </DIV>
<DIV>order with the new. But this economist does </DIV>
<DIV>not see the semblance. With his eyes on huge </DIV>
<DIV>trade deficits and foreign debts and on grave </DIV>
<DIV>international conflict and strife he braces for </DIV>
<DIV>more commotion and crises to come.<BR> <BR>Regards,<BR> <BR>=
Hans=20
Sennholz<BR>for The Daily Reckoning<BR> <BR>Editor's Note: Dr. Hans=20
Sennholz is president </DIV>
<DIV>emeritus of The Foundation for Economic Education </DIV>
<DIV>(FEE) in Irvington, NY. His essays and articles have </DIV>
<DIV>appeared in over thirty- six major German journals </DIV>
<DIV>and newspapers, and 500 more that reach American </DIV>
<DIV>audiences. Dr. Sennholz is also the author of 17 </DIV>
<DIV>books covering the Great Depression, Gold, Central </DIV>
<DIV>Banking and Monetary Policy. You can write to him </DIV>
<DIV>at this address: <A=20
href=3D"mailto:hans@sennholz.com">hans@sennholz.com</A>.</DIV>
<DIV>~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~</DIV>
<DIV> </DIV>
<DIV align=3Dleft>A "no fault" solution is attractive to me because </DIV>
<DIV align=3Dleft>it offers the prospect of progressive reform by </DIV>
<DIV align=3Dleft>dialog and persuasion, without resorting to bloody =
revolution,=20
in the manner of France, Russia, and </DIV>
<DIV align=3Dleft>other failures. The Optimum Policy (TOP) which </=
DIV>
<DIV align=3Dleft>i found fully developed and reduced to practice </DIV>
<DIV align=3Dleft>in the General Electric Company and its electric </DIV>
<DIV align=3Dleft>power industry customers in the 1950s, applies </DIV>
<DIV align=3Dleft>equally to any class of productive asset which </DIV>
<DIV align=3Dleft>begins its life cycle with a long and expensive </=
DIV>
<DIV align=3Dleft>period of development. Such assets (capital or </DIV>
<DIV align=3Dleft>human) survive their development phase, only </DIV>
<DIV align=3Dleft>when their development is adequately supported </DIV>
<DIV align=3Dleft>by parents, community, corporation, or investors. </DIV>
<DIV align=3Dleft> </DIV>
<DIV align=3Dleft>Notice that on Fig10e the 2.3%/year sustained </DIV>
<DIV align=3Dleft>inflationary trend was firmly established in the </DIV>
<DIV align=3Dleft>1890s when the US Supreme Court struck down </DIV>
<DIV align=3Dleft>the first federal income tax law, and the great </DIV>
<DIV align=3Dleft>events of the 20th century, Second income tax law, =
Federal=20
Reserve system, WW I, Depression, WW II </DIV>
<DIV align=3Dleft>appear as minor perturbations on that trend line. <=
/DIV>
<DIV align=3Dleft>From my experience with the GE dispatching </DIV>
<DIV align=3Dleft>system, which simulated the pricing mechanism </DIV>
<DIV align=3Dleft>of a free market, I believe the US public policy </DIV>
<DIV align=3Dleft>since the Civil War has been based solely on the </DIV>
<DIV align=3Dleft>desire to evade income taxes. The result, of a </=
DIV>
<DIV align=3Dleft>century of teaching that income taxes are evil </DIV>
<DIV align=3Dleft>and a theft of earned income, is a public policy </=
DIV>
<DIV align=3Dleft>of genocide done slowly by impairing the nations </DIV>
<DIV align=3Dleft>reproductive process. That is to say, by under </=
DIV>
<DIV align=3Dleft>capitalizing (about 50%) the fixed expense of </DIV>
<DIV align=3Dleft>developing the productive work force. No such </DIV>
<DIV align=3Dleft>foolishness is tolerated regarding funds for </DIV>
<DIV align=3Dleft>developing each corporation's capital assets.</DIV>
<DIV align=3Dleft> </DIV>
<DIV align=3Dleft>The people who established the US public policy </DIV>
<DIV align=3Dleft>are all long since dead. The policy continues by </=
DIV>
<DIV align=3Dleft>the enforcement of knee-jerk Republicans, tax </DIV>
<DIV align=3Dleft>evading Democrats, and a misinformed public. </DIV>
<DIV align=3Dleft>There should be no objection to The Optimum </DIV>
<DIV align=3Dleft>Policy (TOP) from any of the established religions. =
</DIV>
<DIV align=3Dleft>TOP was practiced in cities in the book of Genesis </DIV>
<DIV align=3Dleft>and fully developed for a nation in the book of </DIV>
<DIV align=3Dleft>Numbers before any of our current religions were </DIV>
<DIV align=3Dleft>founded.</DIV>
<DIV align=3Dleft> </DIV>
<DIV align=3Dleft>As shown in Fig2-3d, the M1 money supply has </DIV>
<DIV align=3Dleft>remained at $1,200 Billion from 1994 to 2002, </DIV>
<DIV align=3Dleft>unless the public gets involved, the Thirteenth </=
DIV>
<DIV align=3Dleft>Tribe of Predators (top, lower case) will resume </DIV>
<DIV align=3Dleft>their entirely lawful M1 counterfeiting operation.</DIV>
<DIV align=3Dleft> </DIV>
<DIV align=3Dleft>If the charts are missing from your e-mails, and </DIV>
<DIV align=3Dleft>you want to see them, visit Dr. Priest's web site </DIV>
<DIV align=3Dleft>below, or ask, and I will send them as attachments </DIV>
<DIV align=3Dleft>to your e-mail address.</DIV>
<DIV align=3Dleft> </DIV>
<DIV align=3Dleft>Sincerely,</DIV>
<DIV align=3Dleft> </DIV>
<DIV align=3Dleft>Wes Burt</DIV>
<DIV align=3Dleft><BR> =
; =20
The Optimum Policy (TOP) is shown=20
on<BR> &=
nbsp; =20
Dr. W. Curtiss Priest's web site at:<BR> =
;=20
<<A=20
href=3D"http://www.epie.org/cyber-soc/default.htm";>http://www.epie.org/=
cyber-soc/default.htm</A>><BR> =
=20
~~ Either refute it or incorporate it =20
<BR> =
; =20
in your public policy proposals. ~~<BR></DIV></BODY></HTML>
----__JNP_000_5ce4.716c.4499--
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Fw: Fw: SHADOWS OF
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