Time: Tue Dec 02 13:43:55 1997
To: dschell@ac.net
From: Paul Andrew Mitchell [address in tool bar]
Subject: SLF: No more bailouts: My program for economic recovery.
Bcc: sls, friends, liberty lists, 3cc, psc

Dear Doug,

Here is my program:

#1: abolish federal income taxes on all federal employees,
    by Act of Congress, in light of fraudulent motives
    for the Public Salary Tax Act of 1939;

#2: implement #1 by issuing an E.O. to stop withholding at once,
    and to cease/desist income tax returns by these employees;

#3: anticipate increased upward pressure on prices,
    by issuing silver bonds from the United States Treasury,
    in 1-, 2-, and 3-year maturities @ above-market
    rates;  encourage public agencies to buy these bonds;
    authorize U.S. Mint to begin bulk silver purchases,
    and accelerated minting of solid silver coins;

#4: recall all Federal Reserve Notes ("FRN's") within 3 years,
    and issue regulations for all FDIC-insured banks to comply 
    over-the-counter, at teller windows (target: 1/1/2001);

#5: begin printing U.S. Notes in sufficient quantities,
    to replace all FRN's, one-for-one, using "bearer bond" 
    rules, i.e., no I.D. or Cash Transaction Reports required;
    U.S. Notes will be an interim measure, to be replaced 
    after 3 years by silver and gold certificates;

#6: use Federal Register to publish official AFFIDAVIT
    with regulations for executing and submitting same
    to all private employers, anywhere in the state zone
    or the federal zone;

#7: submit to Congress the proposed "New Amendment,"
    abolishing the so-called 14th amendment and making
    state Citizenship available to everyone, regardless
    of race;  the validity of the public debt will thereby
    be brought into question, permitting discharge in
    a competent U.S. Bankruptcy Court, convened for
    this specific purpose;  Congress can assist by 
    issuing special rules for appeal directly to 
    a 3-judge panel on the District Court of the
    United States.

/s/ Paul Mitchell,
Candidate for Congress

At 12:14 PM 12/2/97 -0500, you wrote:
>As usual, Pat is on target concerning an issue that 
>will economically rape the middle class of the USA.  I 
>think this bailout is the MOST obnoxious of all.  
>Bailing out banks and countries which have devastated 
>much of the industrial base of the USA through less 
>than fair practices.  If this occurs, good buy middle 
>America as we have known it.
>What say ye?
>Dr. Douglas W. Schell
>Professor of Business and Economics
>The University of North Carolina- Pembroke
>1709 Crest Dr.
>Aberdeen, NC 28315
>(910) 944-5757 (home)
>(910) 521-6463 (office) 
><---- Begin Forwarded Message ---->
>Date:          Mon, 1 Dec 1997 19:58:30 -0500 (EST)
>From:          Right from the Beginning 
>To:            linda <linda@networkusa.org>
>Subject:       No More Bailouts--Abolish the IMF! (fwd)
>by Patrick J. Buchanan
>                 December 1, 1997
>If the people of South Korea were starving, Americans 
>would send food. If they were victims of a natural 
>disaster, an earthquake or typhoon, planeloads of 
>American doctors and nurses, shiploads of medicine and 
>supplies, would be instantly on the way.
>But Asia's financial crisis is not a natural disaster; 
>it is man-made, the work of corrupt and incompetent 
>political elites, crony capitalists and idiot-investors 
>who deserted their own countries to chase hot profits 
>in Asia. Obligations of charity do not apply here.
>What these avaricious bankrupts want Americans to do is 
>to pick up the hotel and bar bills from their 
>decade-long orgy. No thanks. 
>Ask yourself: Why does Seoul suddenly need $20 billion? 
>Is it because Koreans are suffering? No. South Korea 
>needs $20 billion pronto because it has $20 billion in 
>short-term loans coming due by year's end. Korea hasn't 
>got the cash, and its creditors are howling. 
>The IMF bailouts of Korea, Thailand and Indonesia, 
>which could put Western taxpayers on the hook for $100 
>billion, are to save the faces of these Asian regimes 
>and the fannies of "investors" who want back
>every dime they put up -- without missing a payment. 
>When you know who is holding that $20 billion in debt, 
>you will know for whose benefit the Global Economy is 
>designed to work.
>But why should U.S. taxpayers be put on the hook by the 
>IMF, to make good failed Asian investments? Let those 
>who made the hot profits in Asia eat the losses. Let 
>the market work. Let the Asian debtors and
>their creditors negotiate themselves the terms of 
>repayment, and keep U.S. taxpayers out for once. 
>The hour is at hand for Congress to run a sword through 
>this corrupt global system. All we need do is follow 
>the counsel of ex-Treasury Secretary Bill Simon, the 
>Heritage Foundation, and the American Enterprise 
>Institute, and kill the IMF. Then the gods of the 
>markets can rule again. Don't our free traders believe 
>in that?
>This November, in a courageous act, the House voted 
>down Mr. Clinton's request for $3.5 billion to 
>replenish the funds of the IMF. Prediction: Mr. Clinton 
>will come back from Vancouver Asia-Pacific summit and 
>demand even more money to bail out Robert Rubin's Wall
>Street buddies. But if Congress will hold firm and deny 
>the White House another dime for the IMF, it can strike 
>a mortal blow against a system crafted to endlessly 
>loot the American nation of its wealth.
>What is the IMF? It was created At Bretton Woods in 
>1944 as a fund from which governments could borrow to 
>maintain the fixed rates of exchange of their 
>currencies. But in 1971, Richard Nixon took America
>off the gold standard; the exchange-rate system broke 
>down; the dollar and other currencies were allowed to 
>"float" in a free market. The need for an IMF was over.
>But the IMF refused to fold its tent. It set itself up 
>as overseer of the Global Economy and lender of last 
>resort to bankrupt regimes. Four times since 1970 the 
>IMF has bailed out Mexico. In the last bailout, the IMF 
>gave $17 billion in fresh loans to enable President
>Zedillo to pay off his New York creditors, who thus 
>walked away from their risky loans, while American 
>citizens are now exposed to the lion's share of that 
>$17 billion.
>How is Mexico to repay the IMF? The devaluation of the 
>peso by 50 percent doubled the price of U.S. goods in 
>Mexico and cut by 50 percent the price of Mexican 
>exports. Devaluation thus wiped out the tiny U.S. trade 
>surplus. And when U.S. companies saw the price of
>Mexican labor had been cut in half in dollars, they 
>laid off their workers, shut down their U.S. plants and 
>headed south for the Rio Grande. 
>This, then, is the great trade-off of the Global 
>Economy: Wall Street gets reimbursed, while Main Street 
>loses its export market, its factories and its jobs, 
>and is put on the hook by the IMF, so "investors" on 
>Wall Street do not have to swallow really big losses.
>We do it all -- to make the world safe for Goldman 
>The Global Economy is like a high-stakes poker game, 
>where the big players pocket their winnings, while the 
>"house" -- i.e., the taxpayers -- makes good their 
>losses at the end of a bad night. 
>To do in Thailand, Indonesia and South Korea what it 
>did in Mexico, the IMF will need billions more in 
>lending authority from the U.S. government We ought not 
>let this happen. The looting of our country
>must stop. And it can be stopped, if the agencies that 
>thieve and redistribute U.S. wealth -- the IMF and 
>World Bank -- are denied all power to put at risk the 
>credit of the American people.
>Time for Congress to end these bailouts, privatize the 
>World Bank and abolish the IMF. 
>c Patrick J. Buchanan
><----  End Forwarded Message  ---->

Return to Table of Contents for

Supreme Law School:   E-mail