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Tag Archive: Federal Reserve System


‘We Are In A Massive Speculative Bubble’

 

 

 

 

(Mark) ” Faber, editor and publisher of The Gloom, Boom & Doom Report, told CNBC on Friday he believes a “massive speculative bubble” has encroached on everything from stocks and bonds to bitcoin and farmland. He attributed the vast bubble to “symptoms of excess liquidity.”

  Faber said the markets, which have reached record highs, could still rise before the bubble bursts, if stimulus programs such as the Federal Reserve’s massive monthly bond purchases and super-low interest rates continue.

” Now can the market go up another 20 percent before it tumbles?” Faber said on“Squawk Box”. “Yeah, it can go up even more, if you print money.” 

 

   We are no finance wiz’s but it should be obvious to anyone with common sense , Joe Biden take note , that we cannot spend or print our way out of debt .

 

 

 

 

 

 

 

 

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Daily Video 11.12.13

Peter Schiff & Max Keiser Talk Of Greatest Ponzi Scheme Of Our Time

 

 

 

 

Published on Nov 11, 2013

” Watch the full Keiser Report Episode 522 on Tuesday!

In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss drinking the kool aid (never mind the cyanide) while the young and unemployed of Ireland are encouraged to emigrate by government economists determined to flatter their Troika stats. In the second half, Max interviews author and investor, Peter Schiff, about inflation in fraud as governments want a cut of financial crimes and the trickle down monetary policy ponzi scheme.”

 

 

 

 

 

 

 

Going Galt-Labor Force Participation Rates Decline Across Age Groups

 

 

 

” A phenomena of the Obama economy is that labor force participation rates have been declining. In October 2013, a staggering 1 million people dropped out of the labor force. according to the St. Louis Federal Reserve data (above). It wasn’t due to the government shutdown, because they were still counted as employed in the data. The St. Louis Federal Reserve seems totally stumped at the what is happening in the U.S. economy.

Has it occurred to the brilliant “economists” at the  St. Louis Federal Reserve that key provisions of Obama Care went into effect October 1?  Have they considered the impact of Obama Care and zero percent interest rates on working and saving behavior?

Several theories abound, anything from a rise in stay at home mothers (reverse feminism), more students staying in school, and other hypothesis. However, what no one at the Federal Reserve wants to admit is this:  John Galtism is alive and well in the U.S. economy. They are measuring the John Galt effect.

John Galt was a figure in the Ayn Rand’s book Atlas Shrugged who represented the social protest against socialism. It is a failure to participate in a regime that requires one to work for the betterment of others over the betterment of self. The only way to protest Obama Care is to minimize one’s participation in the economy that is so ordered. In the absence of sane policy responses, such as repealing the monstrosity known as Obama Care, the only recourse is to withdraw from the economy.

It isn’t a strike as such. It is simply a failure to comply, or a failure to launch. Even the website for Obama Care doesn’t want to participate. Why are we, as a nation, engaged in this madness? “

 

 

 

 

 

 

 

 

Boring, But Bad — The Problem Of The Federal Reserve

 

 

 

 

” I’ve always avoided reporting on the Federal Reserve. I know it’s more important than much of the stuff I cover, but it’s so boring. How can I succeed on TV reporting on the Fed? Fed chairs even work at being dull.

Alan Greenspan said he tried to be obscure because he didn’t want to spook markets. He called his obfuscation “Fedspeak.” It’s a far cry from the clarity of his language — and principles — when he was young and a disciple of libertarian Ayn Rand.

Outgoing Fed Chairman Ben Bernanke and his likely successor, Janet Yellen, are almost as boring.

But we should watch what they do. The Fed can destroy your savings and your future. The current crew of Fed bureaucrats has raised the Fed’s balance sheet to a stunning 4 trillion dollars.

As Sen. Rand Paul‘s father, retired congressman Ron Paul, put it, “No secret cabal of government officials should have the authority to create money out of thin air.” “

 

 

 

 

 

 

 

From Zero Hedge

 

1913 Just Happens To Be The Year Of The Fed’s Creation … Co-incidence ?

 

” The Fed claims it can generate a “recovery.” It cannot. The Fed’s devaluation of our currency is the very reason why the economy is a disaster.

According to the NY Times the average net worth for Middle class Americans in 2010 was 6% lower adjusted for inflation than their average net worth in 1989.

As the articles notes, housing costs 56% more than in 1989, our of pocket healthcare expenses rose 155%, college expenses are up in the double digits

The Fed is responsible for the Dollar devaluation that caused this. The Fed is the one that eviscerated the Middle Class. Its policies have lowered the quality of life for Americans. Period. End of story.”

 

 

 

 

 

 

 

 

 

$3.39T Quantitative Explosion: Fed Owns More Treasuries and MBSs Than Publicly Held Debt Amassed From Washington Through Clinton

 

 

” The same day that the Federal Reserve’s Federal Open Market Committee announced last week that the Fed would continue to buy $40 billion in mortgage-backed securities (MBSs) and $45 billion in U.S. Treasury securities per month, the Fed also released its latest weekly accounting sheet indicating that it had already accumulated more Treasuries and MBSs than the total value of the publicly held U.S. government debt amassed by all U.S. presidents from George Washington though Bill Clinton. 

Since the beginning of September 2008, in fact, the Fed’s ownership of Treasury securities and MBSs has increased seven fold.

As of the close of business Thursday, the Fed said, it owned approximately $2,052,055,000,000 in U.S. Treasury securities and approximately $1,339,771,000,000 in mortgage-backed securities—for a combined total of about $3,391,826,000,000 in Treasury securities and MBSs.

The U.S. Treasury divides the U.S. government debt into two parts: debt held by the public, which includes publicly traded Treasury securities such as Treasury bills, notes and bonds, and intra-governmental debt, which is money the Treasury has borrowed out of the Social Security trust fund and other government trust funds and then used to pay current expenses.

As of the opening of business back on Nov. 23, 2001, according to the Daily Treasury Statement, the federal government’s total debt held by the public was $3,383,605,000,000.”

 

 

 

 

 

 

 

 

 

 

The Federal Reserve On Trial

 

 

 

” Starr International, which in the global meltdown in 2008 owned more AIG stock than any other entity, spells out in a $25 billion lawsuit against the Federal Reserve, how the Fed, acting in the name of the U.S. Government, illegally took control of AIG. That the Fed then gutted the company to the tune of billions of dollars and secretly siphoned off this money to other financial institutions, including foreign banks.

How many foreign banks? The list goes on and on, but here are a few: Societe Generale, Deutsche Bank, Banco Santander (Spain), and Royal Bank of Scotland.

And this doesn’t include the banksters gorged by the Fed here in the United States: J.P. Morgan, Merrill Lynch, HSBC, Morgan Stanley, and Bank of America.

Again, this is the short list!

According to court documents:

…The unprecedented approach the Government took with AIG enabled the Government to use AIG as a vehicle to covertly funnel billions of dollars to other preferred financial institutions, including billions of dollars to foreign entities, in a now well-documented “backdoor bailout” of these financial institutions. (Starr International v. United States of Americap.8)

 

 

 

 

 

Where Are We Now? – A World View

 

 

 

Wondering why the money world got its knickers in a twist last week? The answer is simple: the global economy is breaking apart and its constituent major players are doing face-plants on the downhill slope of a no-longer-cheap-oil way of life.  Let’s look at them case by case.

     The USA slogs deeper into paralysis and decay in a collective mental fog of disbelief that its own exceptionalism can’t overcome the laws of thermodynamics. This general malaise precipitates into a range of specific quandaries. The so-called economy depends on financialization, since it is no longer based on manufacturing things of value. The financialization depends on housing, that is, a particular kind of housing: suburban sprawl housing (and its commercial accessories, the strip malls, the box stores, the burger shacks, etc.). Gasoline is now too expensive to run the suburban living arrangement. It will remain marginally unaffordable. Even if the price of oil goes down, it will be because citizens of the USA will not have enough money to buy it. Lesson: the suburban project is over, along with the economy it drove in on.

     But so is the mega-city project, the giant metroplex of skyscrapers. So, don’t suppose that we can transform the production house-building industry into an apartment-building industry. The end of cheap oil also means we can’t run cities at the 20th century scale. That includes the scale of the buildings as well as the aggregate scale of the whole urban organism. Nobody gets this. For one thing, there will be far fewer jobs in anything connected to financialization because that “industry” is imploding. The recent action around the Federal Reserve illustrates this. When chairman Bernanke’s lips quivered last week, the financial markets had a grand mal seizure. He floated the notion that his organization might “taper” their purchases of US government issued debt and mortgage-backed securities — the latter being mostly bundled debt originated by government-sponsored entities and agencies. That’s the “money” that supports the suburban sprawl industry.”

 

 

 

Read the whole sobering article … if you dare .

 

 

 

 

 

 

 

 

Couple Arrested For Handing Out ‘End the Fed’ Fliers Near Independence Hall

 

 

 

” On May 18, activist Mark Passio and his wife, Barb Marinelli, were arrested and handcuffed for distributing “End the Fed” literature near Independence Hall in Philadelphia, Penn. by federal park rangers. The shocking incident was caught on video.

According to Passio’s description of events, “I was walking with my wife Barb in Philadelphia from Market Street to Chestnut Street between 5th and 6th Streets, and handed out a few fliers about how the Federal Reserve Bank is de-valuing our nation’s currency to people standing in the line at the Liberty Bell location — something I have done almost 20 times in the past. I briefly spoke to a couple of them who asked me for more information.” “

 

 

 

 

” A passerby mother, apparently with her kids, berated the rangers for their tactics “What are you teaching the kids? I don’t understand this… Children are watching this, is this what you’re teaching?” 

Moreover, as seen on the video, the very spot where Passio and his wife were arrested is the north side of Chestnut Street, which is, guess what? Another designated area where public assembly is allowed: “The following sidewalks [are designated as areas for public assemblies]: North side of Chestnut St. from 6th St. east to 5th St.” “

 

 

 

 

 

 

 

 

11 Reasons Why The Federal Reserve Should Be Abolished

 


” If the American people truly understood how the Federal Reserve system works and what it has done to us, they would be screaming for it to be abolished immediately.  It is a system that was designed by international bankers for the benefit of international bankers, and it is systematically impoverishing the American people.  The Federal Reserve system is the primary reason why our currency has declined in value by well over 95 percent and our national debt has gotten more than 5000 times larger over the past 100 years. 

The Fed creates our “booms” and our “busts”, and they have done an absolutely miserable job of managing our economy.  But why do we need a bunch of unelected private bankers to manage our economy and print our money for us in the first place?  Wouldn’t our economy function much more efficiently if we allowed the free market to set interest rates?  And according to Article I, Section 8 of the U.S. Constitution, the U.S. Congress is the one that is supposed to have the authority to “coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures”. 

So why is the Federal Reserve doing it?  Sadly, this is the way it works all over the globe today.  In fact, all 187 nations that belong to the IMF have a central bank.  But the truth is that there are much better alternatives.  We just need to get people educated.

The following are 11 reasons why the Federal Reserve should be abolished…

 

 

#2 The Federal Reserve Is Systematically Destroying The Value Of The U.S. Dollar

 

The United States never had a persistent, ongoing problem with inflation until the Federal Reserve was created in 1913.

If you do not believe this, just check out the inflation chart in this article.

The Federal Reserve systematically penalizes those that try to save their money.  Inflation is a tax, and the value of each one of our dollars goes down a little bit more every single day.

But over time, it really adds up.  In fact, the value of the U.S. dollar has fallen by 83 percent since 1970.

Anyone that goes to the grocery store on a regular basis knows how painful inflation can be.  The following is a list that shows how prices for many of the things that we buy on a regular basis absolutely skyrocketed between 2002 and 2012

Eggs: 73%

Coffee: 90%

Peanut Butter: 40%

Milk: 26%

A Loaf Of White Bread: 39%

Spaghetti And Macaroni: 44%

Orange Juice: 46%

Red Delicious Apples: 43%

Beer: 25%

Wine: 60%

Electricity: 42%

Margarine: 143%

Tomatoes: 22%

Turkey: 56%

Ground Beef: 61%

Chocolate Chip Cookies: 39%

Gasoline: 158%

Even the price of water has absolutely soared in recent years.  According to USA Today, water bills have actually tripled over the past 12 years in some areas of the country.

So how can the Federal Reserve get away with claiming that we are in a “low inflation” environment?

Well, what Ben Bernanke never tells you is that the way that the government calculates inflation has changed more than 20 times since 1978.

The truth is that the real rate of inflation is somewhere between five and ten percent right now, but you will never hear about this on the mainstream news.” 

 

 

Read them all

 

 

 

 

 

 

 

 

Bouncing Ball Politics

 

 

 

 

 

” For years, home ownership was a big “good thing” among both liberal Democrats like Congressman Barney Frank and Senator Christopher Dodd, on the one hand, and moderate Republicans like President George W. Bush on the other hand.

Raising the rate of home ownership was the big red bouncing ball that they pursued out into the street, in utter disregard of the dangers.

A political myth has been created that no one warned of those dangers. But among the many who did warn were yours truly in 2005, Fortune and Barron’s magazines in 2004 and Britain’s The Economist magazine in 2003. Warnings specifically about the dangerous roles of Fannie Mae and Freddie Mac were made by Federal Reserve Chairman Alan Greenspan in 2005 and by Secretary of the Treasury John W. Snow in 2003.

In pursuit of those higher home ownership rates, especially among low-income people and minorities, the many vast powers of the federal government — from the Federal Reserve to bank regulatory agencies and even the Department of Justice, which issued threats of anti-discrimination lawsuits — were used to force banks and other lenders to lower their standards for making mortgage loans.

What makes all this painfully ironic is that the latest data show that the rate of home ownership today is lower than it has been in 18 years. There was a rise of a few percentage points during the housing boom, but that was completely erased during the housing bust. Housing has been just one area where the bouncing ball approach to political decision-making has led the country into one disaster after another.”

 

 

 

 

 

 

 

 

Trust In Gold Not Bernanke As U.S. States Promote Bullion

 

 

 

 

   Yesterday we reported on Arizona’s End Run Around The Fed . Today we are happy to report that Arizona’s move is far from an isolated occurrence . Nearly a dozen other states have seen the light and are moving to allow their citizens some means of protecting their wealth before Obama and Bernancke collapse the whole dollar house of cards . 

 

 

” Distrust of the Federal Reserve and concern that U.S. dollars may become worthless are fueling a push in more than a dozen states to recognize gold and silver coins as legal tender.

Arizona is poised to follow Utah, which authorized bullion for currency in 2011. Similar bills are advancing in Kansas, South Carolina and other states.

“The legislation is about signaling discontent with monetary policy and about what Ben Bernanke is doing,” said Gatch, who studies alternative currencies at the Edmond, Oklahoma-based school. “There is a fear that the government, or Bernanke in particular and the Federal Reserve, is pursuing a policy that will lead to the collapse of the dollar. That’s what is behind it.”

Bernanke has pushed interest rates to near zero since the 18-month recession that began in December 2007. The Fed said in March it would continue buying $85 billion in securities each month in a program known as quantitative easing that has ballooned its assets beyond $3 trillion and is aimed at keeping long-term borrowing costs low to support economic growth.”

 

” In Texas, lawmakers are considering a measure supported by Republican Governor Rick Perryto establish the Texas Bullion Depository to store gold bars valued at about $1 billion and held in a New York bank warehouse. The gold is owned by the University of Texas Investment Management Co., or Utimco, which took delivery of 6,643 bars of the precious metal in 2011 amid concern that demand for it would overwhelm supply.

The proposed facility would also accept deposits from the public, and would provide a basis for a payments system in the state in the event of a “systemic dislocation in a national and international financial system,” according to the measure.

Should Texas take such a step, it would offer sovereign backing for deposits and make buying and storing gold easier, said Jim Rickards, senior managing director at Tangent Capital Partners LLC in New York and author of “Currency Wars: The Making of the Next Global Crisis.” He said the coin measures, while impractical, have symbolic value.

“We are seeing a distinct movement back to a world where gold is considered money,” Rickards said.

The U.S. Constitution bars states from coining money and also forbids them from making anything except gold and silver coin tender for paying debts. Advocates say that opens the door for the states to allow bullion as legal tender. The measure being considered in South Carolina would recognize foreign or domestic minted coins as legal tender.

In Utah and some other states, the measures also eliminate state capital gains or other taxes on the coins.” 

 

 

 

 

 

US Macro Data Plunges Most In 10 Months

 

 

 

 

” The last two weeks have not been pretty for the ‘it’s different this time’ crowd. Day after day has brough miss after miss in macro-economic data for the US; from PMIs to NFPs, no matter how hard you try, there is not even enough for an ‘anecdotal’ strategist to pin his BTFD thesis on. Quantitatively, the US macro surprise index has seen its biggest 10-day drop in 10 months, completely reversing all the ‘seasonally-adjusted’ difference from the 2011 ‘Deja-Vu’ market and macro behavior.”

 

 

 

 

 

Stockman: The End Is Near and There’s Nothing We Can Do About It

” I’ve read a lot of doom-and-gloom analysis from financial experts over the last couple of years, but this one by former Reagan OMB Director David Stockman takes first prize for scaring the holy living beejeeses out of me.

A few highlights:

” THE state-wreck ahead is a far cry from the “Great Moderation” proclaimed in 2004 by Mr. Bernanke, who predicted that prosperity would be everlasting because the Fed had tamed the business cycle and, as late as March 2007, testified that the impact of the subprime meltdown “seems likely to be contained.” Instead of moderation, what’s at hand is a Great Deformation, arising from a rogue central bank that has abetted the Wall Street casino, crucified savers on a cross of zero interest rates and fueled a global commodity bubble that erodes Main Street living standards through rising food and energy prices — a form of inflation that the Fed fecklessly disregards in calculating inflation.

These policies have brought America to an end-stage metastasis. The way out would be so radical it can’t happen. It would necessitate a sweeping divorce of the state and the market economy. It would require a renunciation of crony capitalism and its first cousin: Keynesian economics in all its forms. The state would need to get out of the business of imperial hubris, economic uplift and social insurance and shift its focus to managing and financing an effective, affordable, means-tested safety net.”

Wall Street has us by the throat and Washington has us by a body part further south. Stockman’s advice of what to do is both frightening and depressing:

The United States is broke — fiscally, morally, intellectually — and the Fed has incited a global currency war (Japan just signed up, the Brazilians and Chinese are angry, and the German-dominated euro zone is crumbling) that will soon overwhelm it. When the latest bubble pops, there will be nothing to stop the collapse. If this sounds like advice to get out of the markets and hide out in cash, it is.”

 

 

Update : PJTV Video

 

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Cyprus: Can It Happen Here?

 

 

 

 

” After going back and forth, the government of Cyprus ultimately decided, under international pressure, to go ahead with its plan to raid people’s bank accounts. But could similar policies be imposed in other countries, including the United States?

One of the big differences between the United States and Cyprus is that the U.S. government can simply print more money to get out of a financial crisis. But Cyprus cannot print more euros, which are controlled by international institutions.

Does that mean that Americans’ money is safe in banks? Yes and no. The U.S. government is very unlikely to just seize money wholesale from people’s bank accounts, as is being done in Cyprus. But does that mean that your life savings are safe? No. There are more sophisticated ways for governments to take what you have put aside for yourself and use it for whatever politicians feel like using it for. If they do it slowly but steadily, they can take a big chunk of what you have sacrificed for years to save before you are even aware, much less alarmed.”

 

 

 

10 Hilarious Examples Of How Clueless Our Leaders Are About The Economy

 

 

” They didn’t see it coming last time either.  Back in 2007, President Bush, Federal Reserve Chairman Ben Bernanke and just about every prominent voice in the financial world were all predicting that we would experience tremendous economic prosperity well into the future.  In fact, as late as January 2008 Bernanke boldly declared that “the Federal Reserve is not currently forecasting a recession.”  At the time, only the “doom and gloomers” were warning that everything was about to fall apart.  And of course we all know what happened.  But just a few short years later, history seems to be repeating itself.  Barack Obama, Federal Reserve Chairman Ben Bernanke and almost every prominent voice in the financial world are all promising that the U.S. “economic recovery” is going to continue even though Europe is coming apart like a 20 dollar suit.  But the economic fundamentals tell a different story.  Our national debt is more than $6,000,000,000,000 larger than it was back in 2008, the number of Americans on food stamps just hit another brand new all-time record, and the bankers up on Wall Street are selling gigantic mountains of the exact same kind of toxic derivatives that caused so much trouble the last time around.  But all of our “leaders” swear that everything is going to be okay.  You can believe them if you want, but denial is not just a river in Egypt, and another crash is inevitably coming.

Sadly, many Americans are not even going to see the crash coming because they still have faith in the “experts”.  They haven’t figured out that the “experts” really do not know what they are doing.

The blind are leading the blind, and in the end the results are going to be absolutely tragic.

The following are 10 hilarious examples of how clueless our leaders are about the economy…

#1 When I first came across the following chart the other day, it made me chuckle.  It is a chart that supposedly tells us the “probability” of a recession, and it was taken from the website of the Federal Reserve Bank of St. Louis.  According to the chart, right now there is a 0.16% chance of a recession… ”

 

Smoothed U.S. Recession Probabilities

 

 

 

 

 

 

 

 

 

 

 

 

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Photo: 20,000 Pages of Obamacare Regulations

 

 

 

 

” Late last week, Obamacare regulators added more than 800 pages to an ever-growing document that will govern your healthcare.  The bureaucrats’ work product now prints out to 20,000 pages — nearly eight times the length of the infamous original bill:

That tower is already taller than Kobe Bryant (see update), and much of the law hasn’t even gone into effect yet.  According to the Government Accountability Office, Obamacare is projected to add $6.2 trillion to the nation’s long-term deficits, despite presidential assurances that it wouldn’t add a “single dime” to our red ink:

 

 

Not one dime , but 58 trillion dimes … Good grief 

 

 

See also :

 

Applying for benefits under President Barack Obama’s health care overhaul could be as daunting as doing your taxes.

 

 

 

And we wouldn’t want Fido to feel left out : 

 

Obamacare May Bite You At The Vet’s Office

 

 

 

Obamacare Continues To Restrict Hiring

” The Beige Book is a report published eight times a year that details the economic activity in the 12 different Federal Reserve regions. As this most recent report explains, “Employers in several Districts cited the unknown effects of the Affordable Care Act as reasons for planned layoffs and reluctance to hire more staff.”

But why is this news now? Federal Reserve presidents have cited Obamacare as a hiring hindrance for a few years now. In 2010, the Federal Reserve Bank president of Atlanta said,“We have frequently heard strong comments to the effect of ‘My company won’t hire a single additional worker until we know what health insurance costs are going to be.’” There is little more clarity on what the new costs are going to be for business owners. This is why three different Federal Reserve regions have directly linked Obamacare to slower hiring.”

The Real Hockey Stick Chart: Inflation Since the Birth of the Nation

 

“This is what happens when the dollar is backed by “the full faith and credit of the United States” and not the barbarous relic. Nixon abandons gold in 1971 and inflation launches skyward. It’s hard to believe that for most of the history of the United States inflation was next to 0%.

That the rate of crony capitalism has launched into the stratosphere at a commensurate rate with inflation is no coincidence. Fiat money is the mother’s milk of crony capitalism.”

 

InflationChart

 

 

 

 

Step One In Getting Our Country Back

Support Rep. Broun’s New Audit the Fed Bill!

“The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.”

Lord Acton

“… we conclude that the [Federal] Reserve Banks are not federal … but are independent privately owned and locally controlled corporations… without day to day direction from the federal government.”

9th Circuit Court

 

Enough with a totally unaccountable cabal of banksters running this country into the ground and manipulating our government and economy for it’s own private gain . 

 

” Banks have done more injury to the religion, morality, tranquility, prosperity, and even wealth of the nation than they can have done or ever will do good.”

John Adams

” On the very first day of the 113th Congress, Georgia Congressman Paul Broun introduced legislation for a complete audit of the Federal Reserve System. This legislation will bring transparency to the central bank’s covert operations. After passing the House of Representatives in 2012 with bipartisan support, the original Audit the Fed bill was dead-on-arrival in the Senate thanks to Harry Reid and the rest of the establishment. They chose to stand with secret bailouts for the world’s most profitable companies, foreign banks, and even foreign governments instead of the people. ”

 

 

“The system of banking [is] a blot left in all our Constitutions, which, if not covered, will end in their destruction… I sincerely believe that banking institutions are more dangerous than standing armies; and that the principle of spending money to be paid by posterity… is but swindling futurity on a large scale.”

Thomas Jefferson

 

 

This exactly what the founders warned against when they spoke of the evils of national banks .

 

 

” The bold effort the present (central) bank had made to control the government … are but premonitions of the fate that await the American people should they be deluded into a perpetuation of this institution or the establishment of another like it.”

Andrew Jackson