first majestic silver

Worldcon, Encon, Fedcon

June 28, 2002

We have been treated to a whole slew of the late, unlamented, Arthur Andersen accounting tricks, which have left millions of Americans without their retirement savings, investment nest eggs, and future hopes. How tragic! It reminds me of that wonderful 1930 German film, with subtitles, "THE BLUE ANGEL." (Please do not watch the English version, or the pitiful remake. The original is well worth the rental, if you can find it) Marlene Dietrich ruins the life of gullible professor Roth, with her sly, come hither charms, and vivacious appeal to an aging academic, who has probably never had a sexual thrill in his entire life. I won't tell the end, but weren't the stockholders of these now practically defunct corporations beguiled with the glitz, glamour, and pizzazz of these wonderful upstarts? Upstarts, which promised wealth, comfort and thrills to an ordinary, hard working people. It seems as though Arthur Andersen was the linchpin that hid the true pictures, just like Marlene Dietrich's makeup and scanty dress hid her true persona, which was rotten to the core. It's a wonder the outraged, decapitalized masses don't burn Andersen's Chicago headquarters, and tar and feather the perps. Law and order will pervade, of course, and I am certain the guilty and their physical plant are secure from the outraged.

Worldcom, Riteaid, Global Crossing, Tyco, and Merrill Lynch, are but the latest in a long series of slimy bubbles that have surfaced in the odoriferous lagoon of high finance and overpriced stocks. They, like Enron, stink to high heaven. Note please, that when these stinking bubbles ooze to the surface, the hard working staff are rewarded with a few bucks as a goodbye present for their efforts, while the CEO's galumph off into the sunset with millions. Has anyone from Enron gone to jail? Have any of the filthy rich ex-Enron execs had their largess stripped from them? Have the dishonest advisors at Merrill Lynch been fired? Or is the media now so enamored with Martha Stewart, that they ignore the past scorching misdeeds of Enron, because that was "a long time ago;" to them anyway. I am certain the Worldcom outrage will recede into the distant past of the media mind in a week or so, when another bubble makes its unholy appearance. Will Arthur Andersen be the accountant for the next one? I imagine so.

Please remember the title of this little piece uses the word "con" as its suffix. Enron was a con game, and Worldcom was a con game also, as were other Arthur Andersen accounts, and Merrill Lynch's advice. How about Ritecon, Globalcon, Merrillcon, Andersencon, or Tycocon? The biggest con of all is the Fedcon, commonly known as the Federal Reserve Bank. I capitalized that, as it is proper, but not because it is deserved. Enabled by a stupid Congress and wily President, America was presented a central bank almost 90 years ago. It was supposed to smooth out the wrinkles of past natural ups and downs in the economic system. It has not done that, but instead has defrauded, not just the stockholders, such as those who held Enron, Riteaid, Global Crossing, Tyco, and Worldcom, but the entire American citizenry. Thanks to the greatest "con" (confidence game) of all, the buck now buys 1%, or maybe even less than it did, when the Fedcon was formed.

It is accurately said that Fedcon was mostly responsible for the crash of 1929 and following depression. It is also responsible for what has happened currently, and the dim future that seems to be ahead.

Worldcom, Riteaid, Global Crossing, Tyco, and Enron stockholders bought into the firms, and found that their investments were brought to naught by shady CEOs, economic conditions, and the like, but at least they lost something they willingly bought. Merrill Lynch customers put their trust in a false god. We, being the rest of us who never bought a share of any failed corporation, have suffered far more than the failed stocks of Enron and Worldcom, although at a slower gate. The fraud of the Fedcon has trickled down through the years with a shiny, glitzy façade. Like a Marlene Dietrich in slow motion, we have been decapitalized with Fedcon's Paperman.

In the beginning, Uncle Sam placed Goldman and Silverman as firm backers of his Paperman. Paperman was merely a method of carrying Goldman and Silverman around with less weight. Paperman could be easily converted into Goldman and Silverman at will. Uncle Sam allowed Fedcon to put on his costume, makeup, and take an all powerful position. Fedcon replaced Goldman and Silverman with his unbacked Paperman. When Fedcon became the de facto central bank, the end was in sight. It took Richard Nixon, in 1971, to nail the final spike in the coffin of a sound money system, although Fedcon had been working at it for many decades before.

Politicians absolutely adore Fedcon. By means of Fedcon, politicians have fostered a world class army of non-achievers, welfare recipients, hangers on, and dregs…who can all vote. A wise sage named Lord Acton, remarked a long time ago, that a democracy always fails when the voters realize they can vote themselves unlimited largess from the treasury. The voters always install the politicos in office, who promise the most swill from the public trough, known as the Fedcon to me. Greasy Senators, and slimy Representatives take great delight in any supposed or invented "need" for legislation that awards Fedcon Paperman for whatever hair-brained scheme they may invent. "Oh we need farm aid, aid for the poor, Medicaid, Social Security, aid for heat, electric, and water bills for the lain off, subsidies for colleges, universities, schools, transport, police, firemen," and the list is endless. It is with these handouts, that the slimeballs continue to stay in those posh, ludicrous offices in DC, where they continue to support and introduce to their fellows, a continuous barrage of inane legislation, which daily erodes our once proud land. The difference between America today, and a pure feudal state, is inconsequential. We are all serfs, my friends, and do whatever the masters in DC say we will do, and with nary a whimper, for the most part.

Fedcon has been the device by which Paperman has achieved his wonderful elevated status with the serfs, who will gladly risk their futures gambling for it, with such devices as Worldcom, and Enron, and of course Las Vegas, and Atlantic City. Fedcon, it is said, is owned by its various member banks, but word has it that its majority is held by foreign interests. At any rate, Fedcon is in no way owned by its namesake, the federal government. It is a fabulous inference by title, and a total fraud. Fedcon is purely private, regardless of who owns it, but it is the device used by the pols and bureaucrats to further their own interests, which interests of course, are to keep those jobs and public offices. The most deleterious action by the pontificating politicians, with their nefarious regulations and legislation, is the fact that our freedom is daily, being whittled away, as a man whittles down a stick. The politicians' access to Fedcon, and their desire for power, is destroying America. If I were in Congress, I would vote NO on everything, as a matter of course.

Fedcon has enamoured itself to everyone, because it issues those worthless Paperman pieces of paper with ink on them, which buy things, although at a considerable lower rate as each day passes. Still, by far the majority not only of Americans, but every nationality on earth, love those worthless Papermen, and cannot be dissuaded from their trust in them. Faith, is trust in something we have no proof of ever going to happen or having ever happened. Faith in figures issued by supposedly trustworthy entities like Arthur Andersen, can be a false faith.

Faith in politicians, government, and Fedcon, is just as false a trust, as was the trust professor Roth placed in Marlene Dietrich. Her glamour and apparent sexuality were more than he could resist, even though he inwardly must have known it would end in disaster. Those who place trust in Papermen and their acolytes around the world, are going to be sorely disappointed…eventually. Their life's savings and surplus assets placed in Fedcon's Paperman will die eventually, as certain as the sun will set every evening. The reasons are factual. The sun will set because the earth rotates around it, and Fedcon's Paperman will fail because there is nothing in back of them but printing presses and felled trees converted into fancy paper. Protect yourself with gold and silver, and abandon the false prophet known as Paperman.


A gold nugget can be worth three to four times the value of the gold it contains because they are so rare.
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