Glossary of Eco/Political Terms by James Jaeger

12 October 2007 |

Adam Smith -- The guy who figured out that you should let markets be free because an "invisible hand" will guide them in a way that will make everyone eventually happy and wealthy. His most famous book is An Inquiry into the Nature and Causes of the Wealth of Nations

Adam Smith's paradigm, for the most part, works well -- the idea that the free market operating under the "invisible hand" of supply and demand, will be self-regulating and promote wealth. But here's the problem with today's capitalism: the market is not free. Only goods and services are free, money is not. The cost of money is regulated by the Federal Reserve. This is a serious flaw in today's capitalism and it's what's causing the wealth disparity we now see in the U.S. Here's why:

Money represents goods and services. Money is a medium of exchange we use to transact those goods and services. The money SUPPLY, therefore, must bear a close resemblance to the SUPPLY of goods and services in the economy. When these get out of whack, there is either too much money or too little money with respect to the products and services in the economy. Too much money and the price of products and services go up. Too little money and the price of products and services go down. It's very simple.

But again, here's where capitalism, as practiced today, goes off the rails. The price of money is set by the Federal Reserve Open Market Committee. This committee meets eight times a year in secrecy and sets, among other things, interest rates and reserve requirements. Interest rates are the cost of money, hence determine the demand for money. Reserve requirements set the amount of money, hence determine the supply of money. Thus, one can readily see this is NOT a free market because supply and demand, hence Adam Smith's "invisible hand," is not involved with money.

The reason this is a serious flaw is because money represents ALL the products and services in the economy. We use money to transact ALL the products and services in the economy. By REGULATING the cost and amount of money in the economy you are, in essence, regulating ALL of the economy. Thus, we live in a MANAGED capitalistic society -- not a FREE MARKET capitalistic society.


Any time the market is MANAGED, it benefits those who MANAGE it. In this case, the elite bankers connected with the Federal Reserve, Congress (the Fed's partners) and those who get the money first (all those around the beltway), such lobbyists for the military-industrial complex.

This is why we now live in a plutocracy, NOT a democracy. The beneficiaries of a managed money supply have taken over the government because only they can afford to purchase favors from Congress. Only they can afford to rewrite the laws to favor their special (corporate) interests. The citizens are now merely figure-heads.

This is why Ron Paul says the Federal Reserve System must be dealt with.

Article I, Section 8 & 10 -- The exact place in the U.S. Constitution where it says the money is supposed to be gold and silver and where it says that the government is not supposed to issue Bills of Credit.

Backed currency -- You can turn your paper dollars in for real money if you think the government is printing up too many of them.

Balance of trade deficit -- Our spending spree in places like China. We buy more from them than they buy from us.

Bank -- An institution that lends money it doesn't have, or that it steals from others through highly complex financial transactions known as "monetary policy" or the "federal reserve system."

Bills of Credit -- Federal Reserve Notes.

Bond -- An IOU that's due in so many years you forget what they're paying in interest.

Border Security -- The federal government's assurance that it will always maintain security BORDERing on just the right amount so that POOR Mexicans can come into the U.S. and eventually become POOR Democrats OR enter the U.S. and eventually become slaves in factories owned by RICH Republicans.

Conservative -- A person who doesn't want to change very much. He's on top for the most part so why change anything. A person who keeps an eye on liberals because they want to change much.

Constitution -- The Supreme Law of the Land, i.e., THIS land: the United States, not the Middle East. A document politicians refer to in an attempt to sucker voters into believing that they are still working for citizens, even though they are actually working for CORPORATE citizens for the most part.

Creating money out of thin air -- The unconstitutional action of Congress, in partnership with the Federal Reserve, issuing bonds and then "paying" for them by authorizing the Treasury to simply print up the "money."

Davos -- Where the Insiders meet to plot the takeover of the planet.

Debates -- a monthly TV show where presidential candidates stand in front of cameras and answer a sanitized range of politically-acceptable questions. The best-known candidates are always placed in the middle of the stage so they can become even better known and so we can learn as little as possible about what solutions the other candidates may offer. The high point of the Republican Debate is usually when Rude-Rudy tries to chew off Ron-Paul's head. The high point of the Democratic Debate is when Gravel has another melt-down and starts screaming important, but hard to confront, facts at all the OTHERS on the stage.

Debt -- What Congress uses to fund endless wars, endless hand-outs and endless government expansion. What Congress uses when it doesn't want citizens to "read its lips."

Deficit -- The ADDITIONAL amount Congress takes us into DEBT each year.

Democratic Party -- Party for the poor and newly-rich. Party for those who want to "progress."

Dollar -- A unit of weight, like the pound or the ounce or the ton. A dollar is a certain weight of pure silver.

Empire -- A nation that has enough weapons and fiat money to tell the rest of the world to go to hell.

Exporting inflation -- Printing up endless watered-down Federal Reserve Notes but spending them on the endless flow of cheap products poor suckers in other countries make.

Federal Reserve System -- A government-sanctioned, quasi-private banking cartel, similar to OPEC. It's not a government agency; there are no reserves and it's a central BANK, not a system ... unless you want to consider it's a "system" that screws you very efficiently and very subtly.

Federal Reserve Open Market Committee -- The people who cut off Adam Smith's invisible hand and now use it in secrecy to "manage" the cost and amount of money as they, in their sole discretion, see fit.

Fed -- Short for Federal Reserve System.

Fiat currency -- Paper currency the government orders you to use even though it's not redeemable in gold or silver. Fiat currency currently comes in 1 dollar bills, 5 dollar bills, 10 dollar bills, 20 dollar bills, 50 dollar bills and 100 dollar bills. It says: "This is legal tender for all debts public and private" on each piece of paper. That's the government's cue that you better accept this paper or else. See FIAT EMPIRE

Fiat -- Something ordered by a government, king or dictator. By government decree.

Fiat Currency -- Money the government orders its citizens to use even though it's becoming worthless or only backed up by the "full faith and credit of the U.S."

FIAT EMPIRE -- A movie that explains why the Federal Reserve System violates the U.S. Constitution. Stars Ron Paul, G. Edward Griffin, Edwin Vieira and Ted Baehr. See http://www.FiatEmpire.com

Fiscal policy -- Making yet more laws and tax regulations to handle previous laws and tax regulations. Controlling the economy by manipulating and imposing numerous rules and regulations in yearly spasms.

Fractional reserve banking -- The unethical basis of modern-day banking. A legalized ponzi scheme where the Fed banks get to lend out more money (or Receipts) than they have on hand, the assumption being that not everyone will come for their money (Receipts) at the same time. Fractional reserve banking, along with creating money out of thin air are the two principle ways the money supply is inflated thus causing a loss of purchasing power. Also see "Receipts".

Free -- You pay for it later.

Freedom -- The opposite of laws and regulation. Freedom = 1/Law. This means: your freedom is inversely proportionate to the number of laws in effect limiting you and your actions. Thus the only place you are almost "free" is in intergalactic space at least one hundred trillion miles away from any and all planets and galaxies. Unfortunately, even out there, you are still not free from the Law of Gravity.

Free trade -- The term people use to sucker you into believing your job will NOT be outsourced. Bankers and corporate candidates like this term because it has the word FREE in it. Makes it seem FREE!!!!

Globalization -- Converting the entire earth into one huge supermarket with billions of over-weight, pharmaceutical-dependent, dumbed-down consumers watching TV commercials in an endless craze to purchase, on credit, the next petroleum-based product offered by a half-naked woman.

Greenspan, Alan -- A nice guy who sold out to the Insiders. Alan Greenspan is the former Federal Reserve Chairman. He wrote an informative book called The Age of Turbulence that all people concerned about the Fed should (attempt) to read.

Inflating the money supply -- When the Fed prints up too many dollar bills or lowers interest rates on Bills of Credit below what Adam Smith's market would normally do.

Inflation -- As commonly used by apologists of the Federal Reserve System, the word "inflation" is a bogus, misused word intended to make you think prices are rising because of anything OTHER THAN the Federal Reserve System (or printing up too much fiat currency).

Insiders -- The people that meet at Davos.

Left Wing -- Another word for Liberal or Progressive. People who are left wing fly counter-clockwise in political circles only to find that they now live in a bigger, more suppressive collective known as the Democrats.

Liberal -- A person who wants change. He's not on top as much as he wants to be and/or he can visualize the world "progressing" in many ways, if only it wasn't so ... conservative. A person who keeps an eye on conservatives because they don't want to change much.

Libertarian Party -- The party for patriotic middle-class Americans who are fed up with the unconstitutional empire we have become as a result of putting our faith in Democrats and Republicans for too long.

Loss of purchasing power -- Why you now pay 40-cents for a stamp that used to cost 5-cents. Prices are not going UP, your dollar is going DOWN.

Military-Industrial-Complex -- More properly called the military-industrial-banking complex, this is a term coined by the late President Eisenhower when he cautioned the American People that they should be vigilant about an over-grown system of military and corporate interests who endlessly suck off the federal government and run up the debt. Don't look now but the debt is now over $9 trillion and the military-industrial-banking complex is sucking off as much as $1 trillion a year.

Monetary policy -- Manipulation of the amount and cost of money by a secret "open" market committee at the Federal Reserve Bank. Monetary policy benefits an elite insider group of bankers because it allows them to monopolize the creation and distribution of money. They get to profit from the insider knowledge this brings in places like the stock, bond, real estate and currency markets.

Money -- Gold or silver coins. Nothing else is money. Paper is NOT money. Paper with nice squiggly designs all over it still isn't money. Paper is a money SUBSTITUTE. Today we use money substitutes, not money, to transact business. Today we use TOKENS of our former silver-backed greatness to transact business.

Money supply -- The amount of dollar bills, checking accounts and savings in the economy at any given time. Also includes money (Federal Reserve Notes) the Fed prints out of thin air for Congress. Note this definition, as used by apologists of the Fed, is misleading because the MONEY supply is most certainly NOT comprised of very many gold or silver coins, as the owners of the New York Federal Reserve member banks have probably confiscated these years ago.

Monitize -- To turn something into "money." Currently we have become so perverted, we use DEBT for "money". We have "monetized" debt.

NAFTA -- A trade agreement the major corporations told Congress to put in place because they want to screw American workers out of their pay as much as possible.

NeoCon -- A Democrat in transition to becoming a Republican. A person who has been newly-rich (also known as "nouveau riche") for over 10 years and is now trying to enter the "old, conservative money" set.

New Deal, The -- The Raw Deal Franklin D. Roosevelt foisted upon the American people in order to "justify" the endless expansion of government through endless debt, endless taxation and most of all, endless spending -- mostly into the Military-Industrial Complex. The idea behind the New Deal is that the government borrows and taxes to pay for everything under the sun, moon and stars. All the citizens have to do is eat, watch TV, fight and have sex with anything that moves. The banks love it because they get to charge interest on all this excess.

Notes -- A piece of paper saying that you owe someone money. An IOU. Our money is now called Federal Reserve NOTES. Go figure.

National Debt -- The amount of money Congress and the banks have suckered out of us because we don't know the difference between the word DEBT and the word DEFICIT. For that matter, because we don't have a working knowledge of the definitions of all the words in this glossary.

Oath of Office -- The promise the President gives when he takes office to uphold the Constitution and do things such as enforce Article I, Section 8 & 10.

One-World Government -- A proposed government that will manage the entire world at least as well as the government that managed the former USSR. When a one-world government crashes, you have a zero-government world.

Osama bin Laden -- a guy who had too much religion forced on him by his mother.

Outsourcing of jobs -- A result of "free trade." Corporate stockholders, 5% of America, can earn more money because they can hire a communist slave labor force to replace you.

Politics -- the art and science of arguing or fighting over who gets what.

Printing out of thin air -- Since citizens can no longer turn in their dollar bills for silver, the Federal Reserve can print up as many paper dollar bills as it wants. It can't print silver however.

Purchasing power -- The energy that you are slowly loosing every decade as you and your children are sucked dry by the elite Federal Reserve bankers through monetary policies so complex only your 500-dollar-per-hour attorney can comprehend them. This means that, as more money is printed up, the money already in circulation gets "watered down" ... it looses it's power to purchase things. The illusion is that prices rise, when in fact, what's happening is the dollar is going down: it can't purchase as much. It takes MORE Federal Reserve Notes to buy a given product or service. Only the people that get to use the money FIRST get greater purchasing power because when they use it, it hasn't watered down the other dollars in circulation. Again, the manifestation of watered down dollars is that prices rise. Things aren't getting MORE valuable, it just takes MORE, less "powerful" Federal Reserve Notes (dollars) to purchase a given product or service. So when you see houses and stocks madly RISING in price, don't be fooled ... it's the money that's usually going DOWN in purchasing power.

Receipts -- In the old days people used gold and silver coins exclusively. When people got too rich, they found it difficult to carry all their gold and silver coins around so they left them at special secure warehouses known as banks. These banks gave them receipts to evidence the fact that the gold was in the warehouse. Eventually people started using the receipts to buy things because it was too much of a hassle to go in and get the gold or silver. These receipts evolved in to what we use as OUR money, only we now call it "paper currency". Like the Receipts of old, we USED to be able to redeem our paper currency for gold and silver. No longer, because the banks have confiscated all the gold and silver. See "Fractional Reserve".

Redeemable -- Able to get back. If you store your gold in a bank, the bank will give you a receipt to evidence your ownership. If you want to get your gold back, you will have to REDEEM it by presenting the receipt. Sometimes people use the term "backed by gold or backed by silver." The more appropriate term is "redeemable in gold or silver."

Redeemable paper -- Dollar bills, such as Silver Certificates, that you can redeem for silver. Nixon made all such Silver Certificates vanish from existence during his reign of criminality.

Republic -- A state in which supreme power rests in the body of citizens entitled to vote and exercised by representatives chosen directly or indirectly by those citizens. The form of government the Founders established as embodied in the U.S. Constitution.

Republican Party -- The party for the rich, or people that like things the way they are because they are able to do better than their fellows. The party that used to be for limited government but now wants to take over the world.

RepubliCrats -- An emergent property of the actions of the Republican and Democratic parties is that they act like the same party with only superficial differences. This same party is the RepubliCratic Party. When once-different parties are bought and sold by THE SAME corporate interests, you eventually get THE SAME political party. This is why the Republicans have lost their way into the expansion of government and why the Democrats are not ending the War in Iraq as they promised they would.

Revolving Door -- A door your congressman uses to get back into Washington DC after you have voted him out. Many congressman become lobbyists after they have worked in government. They do this so they can make money advising major corporations on the best ways to screw the American people out of their tax dollars.

Rich, The -- People who have not trusted their government or banks for very long and now are so well off they don't WANT to change very much. Why change the very things or conditions that provided their wealth? So the mantra of the rich, or someone in power is: "put the boots on but don't walk." After a certain point, wealth builds more wealth exponentially. Einstein was known to state once that the most amazing phenomena in the universe is the principle of compound interest. Well don't look now, who has rigged the game to garner most of the compound interest ... the people and entities that can create money out of thin air and then get it working for them is minimum risk investment vehicles. When you have a hundred million dollars, you only need to get an assured 5% return on your investment in order to add a cool $5 million to your pile every year. Five million a year is enough to live comfortably, keep your pool clean, eat out every night, travel and do what you want and still add at least 3 million to the pile every year -- all with out raising a finger. Yes the wealth calculus is in their favor and you don't stand a chance under the current system.

Right Wing -- Another word for Conservative. People who are right wing fly clockwise in political circles only to find that they now live in a bigger, more suppressive collective known as the Republicans.

Rising prices -- What happens when the Federal Reserve prints up too much money, money the people in Washington and the Military-Industrial Complex get to use the money first before it looses purchasing power.

Rothschild Formula, The -- The way governments "justify" their very existence. See http://www.mecfilms.com/universe/articles/formula.htm

Silver certificates -- Dollar bills that you can turn in for a Dollar of pure silver. At the elite bankers request, Richard Nixon got rid of these because they gave the People too much power over the quality and quantity of their money supply.

T-Bills -- Pieces of paper the government issues when it borrows money from you. Also known as Treasury Bills.

T-Bonds -- More pieces of paper the government issues when it borrows money from you. Also known as Treasury Bonds.

T-Notes -- Yet MORE pieces of paper the government issues when it borrows more money from you. Also known as Treasury Notes.

Terrorism -- A military tactic used by someone or some group against an empire because they have no other way of communicating. An excuse for a government to "justify" its very existence.

Treasuries -- The term you use when you don't want to confuse people with all the kinds of paper the government uses when it wants to borrow yet more money.

Use the money first -- As the Fed prints up endless money for Congress to spend, it slowly makes all the rest of the money in our pockets turn to dust. Only those who get to "use the money first" get real value out of it. These people are, of course, the Congress as well as all the corporations in and around Washington DC who have been lobbying and sucking off the Congress for decades.

War -- The mass mental-illness societies occasionally undergo when they can't figure out who to blame for their problems.

Weapons -- Instruments of death invented, developed, financed, manufactured, distributed and used by dysfunctional psychopaths who solve problems through force rather than reason.

Wealth Calculus -- The doctrine that, under our current system, significant wealth will generate infinite wealth so long as four conditions are met: a) the investment capital is large enough, b) it is invested at a rate of return higher than the damage caused by currency inflation, c) risk has been minimized to almost zero, and d) sufficient time elapses. Just as the gravity of a massive object will eventually sweep up all surrounding objects, the "gravity" of large sums of capital will eventually sweep all other capital, whether small or large. Large sums of capital sweeping up other large sums of capital are known as mergers. The wealth calculus of any given global economic state is that eventually one entity will own all other entities and dominate all of the capital in that system.

Wealth disparity -- The difference between all the rich people out there and all the poor people out there. As the middle class becomes poorer, their wealth is absorbed by the rich. Wealth disparity is a primary manifestation of wealth calculus in operation.

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