September 25, 2008
Tucked in an out of the way spot on the Washington Post’s website, Rosalind Helderman writes about Republican Congressional candidate Peter James, who believes the banker bailout currently wending its way through Congress is illegal and unconstitutional. James is challenging Democrat Donna F. Edwards in Maryland’s 4th Congressional District. He not only believes the bailout scam is unconstitutional, he also stands behind a lawsuit challenging the as of yet passed $700 billion (more likely to be ultimately in the trillions) bailout plan, more accurately described as welfare socialism for the financial class.
|Republican Congressional candidate Peter James talks about how the government and the Federal Reserve violate the Constitution.|
James agreed to work with We the People to serve papers in a lawsuit challenging the bailout. We the People is a grassroots constitutional activism organization determined “to restore Constitutional Order and the reclaim the fundamental Liberties which have been seized by those that would deprive us our Freedom,” according to their website. On September 18, WTP chairman and constitutional activist Robert Schulz filed a federal lawsuit in United States District Court in Albany seeking to halt the execution of the emergency bailout of American International Group, Inc. by the United States Government and the Federal Reserve.
“The lawsuit asserts that the commitment of public funds and credit for the direct benefit of privately owned AIG is an ultra vires action by the United States Government and Federal Reserve, i.e., beyond the limited legal authority granted by the Constitution,” explains the WTP website. “The lawsuit asks for a ‘show cause’ hearing demanding that the Government produce evidence of its legal authority to commit public funds for such a purpose, as well as emergency and permanent injunctions halting the bailout transaction.”
Defendants in the lawsuit include the Federal Reserve System, Fed Chairman Ben Bernake, the U.S. Treasury, Treasury Secretary Hank Paulson Jr. and the United States Government.
“Through a long-standing policy of disinformation and collusion with the Federal Reserve and Wall Street financial elite, the United States Federal Government has denied public access to information about the secretive operations of the privately owned and operated Federal Reserve and its monopoly control of America’s money system,” states a WTP press release.
Since 2002, WTP has tried unsuccessfully to get the government to respond to a number of First Amendment Petitions for Redress of violations of the Constitution, specifically the Fed’s violation of the money clauses of the Constitution. Ron Paul recently confronted Fed boss Bernanke about these violations, indicating that the Constitution grants to Congress the authority to coin money and regulate the value of the currency and thus fractional reserve banking and the Fed are unconstitutional. In response, Bernanke cited the Federal Reserve Act, in essence stating Congress long ago surrendered its constitutional authority to the bankers.
“This monopoly control of our currency by a private banking cartel has resulted in increasing distortion, volatility and cyclical (boom and bust) economic conditions in the U.S. and abroad,” WTP continues. “America’s fiat currency (produced from thin air) is manipulated by the Federal Reserve for the benefit of its owners, major Wall Street financial institutions and the Federal Government and is not unaccountable to the taxpayers. These abuses of the Constitution have taken our financial system to edge of the abyss. The chickens have come home to roost.”
Indeed, the chickens have come home to roost, as even the corporate media now admits the financial system is at the edge of the abyss. However, Peter James’ participation in the WTP lawsuit and the lawsuit itself have received virtually zero mention in the corporate media. Instead, the corporate media insists Paulson’s banker bailout plan or a slight variation of it are our only options. Passing a bill that gives the bankers a blank check will certainly exacerbate the situation and push the country into a financial black hole, a disaster long sought by the bankers.