Fed to Replace QE With Outright Money Printing?

BernankeThe US economy would have to undergo a major readjustment if QE ceased. Quantitative easing could even be replaced with outright money printing.  One prominent hedge fund manager is already calling for it!
Regardless of day to day moves in the dollar, the US currency has to decline in the long term.
The long term dollar chart looks terrible!


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Submitted by Morris Hubbartt:

US Dollar Aimless Drift Chart




  • The “go away in May” season in the stock market has arrived, and that could support the dollar if stocks weaken, as I suspect they will.


  • In the short term, look for resistance at the 84 area, and major resistance just under 90.


  • The US economy would have to undergo a major readjustment if QE ceased. Quantitative easing could even be replaced with outright money printing.  One prominent hedge fund manager is already calling for it!


  • Regardless of day to day moves in the dollar, the US currency has to decline in the long term.  The long term dollar chart looks terrible.


Gold RSI Versus TRIX Chart




  • To fuel higher gold prices, strong upside volume is required, and it’s not here, at least not yet.
  • The long term TRIX indicator has not turned up, which is somewhat concerning.


  • The good news is that there is an RSI upside breakout in play.


Gold $1503 Chart




  • Fibonacci analysis shows some logical points of resistance for gold. It would be quite ominous, technically, if this rally falters before at least reaching the 38% retracement area, which is about $1503.


  • Note the slow Stokes indicator, at the bottom of the chart. There’s an inverse head & shoulders bottom pattern there, which is quite rare, and very bullish.


  • Gold is likely to rise to that first “Fib” retracement line, in the $1503 area, but there could be a fairly hard-sell off that follows.


  • It’s critical to stay focused on the trading volume over the next few weeks. Volume must start picking up, for the rally to continue.


Gold Stocks (GDX) Versus Gold Bullion Chart




  • The best way to measure the value of gold stocks is to compare them to gold itself. Gold stocks offer more relative value to investors now, than at the 2008 lows.


  • Great values, unfortunately, can become “greater values”. Some technicians would argue that this chart shows a downside breakout, rather than a “bargain”.


  • In a situation like this, where some mining companies are running out of money and earnings are falling, I suggest using a hedging vehicle like DUST-nyse.  That can help buffer the drawdowns that occur when accumulating quality gold stocks.


GDX Fibonacci Chart




  •   My immediate price target for GDX is the gap at about $32.


  •   After that, GDX could rise to $37.71, which is the first Fibonacci retracement line, measured from the high at $54.69.


GDXJ Backtest Chart




  • I’m waiting for the “GDXJ dust” to clear. Technically, the prospects of GDXJ making a move as high as $16.41 or slightly higher, are fairly good.


  • Note the recent high at $13.17.  Traders should be sellers between $13 and $14.


  • If GDXJ can trade above the red trend line, it would probably mean that a rally towards $16.41 is underway.


Silver Backtest Chart




  • I advocate buying silver on a regular basis, but in this type of market the $19 “door” for silver could still be open. Be prepared to use it as an opportunity.


  • Note the blue triangle pattern, and the nice pullback to the apex.  Silver’s price action is bullish, and I have a $26 target in the short term.


  • As with gold, it is critical that silver’s trading volume begins to pick up.  If gold doesn’t sell off too hard from the $1500 area, silver could soon acquire the first Fibonacci retracement line target, at $27.15.


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  1. These charts and associated commentary are all fine, great really, but, sonofabitch, lets not lose sight of one thing:  THE MARKET IS MANIPULATED, how does one make heads or tails of these charts and comments when the market IS TOTALLY manipulated!!!!!!!

    • Exactly. Not a word as to why the price got smashed down? Seriously? This kind of TA is pure rubbish in manipulated markets unless you want to trade paper on a regular basis. Things like RSI and Fibonacci levels don’t mean squat anymore when you see 500 tons of paper gold unloaded in one day.
      And the miners? All you have to do is look at the Gold/XAU ratio from 2008/9 to see this in spades. They have been dead for 4 or 5 years now. They never recovered into the zone from 2001-2008 where the ratio was in a range of 2-5. It now stands at an eyepopping 13.66. LOL, how can anyone recommend investing in them after this kind of performance? Naked shorting has killed this sector completely.

    • Thank you! You’re exactly right! The faster we get away from performing and relying on these useless analyses the better! We really need to focus on the supply/demand side of physical precious metals and the unwinding of the manipulative paper game instead of this obsolete science. Any articles utilizing TA only enriches the enemy, by deluding the amateurs of the pm community. Removing that kitco chart in the top right corner of the site would be an excellent start.
      SD really needs to change as the environment changes. TA once worked–it no longer does. Those of us who have been in the market for years understand this. Technical analysis will not tell us anything in advance–the future of prices can ONLY be deduced by analyzing the physical market and the unraveling of the paper game.

    •  I also agree that these tools are useless in this environment.  It’s like using a hammer if you need a screw driver.  It’s the wrong tool for the job and the hammer become worthless.  TA is a system that was fine before the obvious manipulation in the markets.  It’s now more in line with taro card readers or crystal ball observers.  I put absolutely zero stock into TA anymore.  I also agree about seeing the world in a supply and demand way compared to the price these markets are indicating.  If we continue to put stock into these types of articles, it keeps the perception that this system has merit.  Opinions and projections are fine.  We all have our thoughts about where this is headed but this continuous linking of graphs and charts from people who are wrong all the time is a waste of space.  I enjoy this website mostly because of the people who post on it.  That is where the true education and insight happens.  So thank you to all the people who post great links and info. 

    • “…how does one make heads or tails of these charts and comments when the market IS TOTALLY manipulated!!!!!!!”
      Agreed.  But consider that this may not be the worst of it.  There was a time when one could make money in the stock market via analyzing the fundamentals of a stock and its sector.  In a manipulated market, this is very difficult to do because Fed and Gov intervention / manipulation are now of considerably greater consequence than are the fundamentals… and they are subject to change based on the political whim of the moment.  I still invest in the market but am finding it more profitable to invest in mutual funds and ETFs rather than in individual stocks.  On rare occasion, a stock will be a very good buy but, sadly, this is rare these days.

  2. Here is a very good video explaining the Japanese situation.  Kyle Bass has been the leader or out in front of this info but Christine Hughes explains it better in my opinion.  It was easier to comprehend for me as she explains the Yen carry trade   It also explains why gold has acted the way it has in the last few weeks.  Also, this explains why the equity and bond markets are going in these directions.  Have you noticed the Italian and Spanish bond yields lately?  Straight down in the last few weeks.  Why?  Investors are borrowing cheap money(yen) and buying up European sovereign bonds.  They are keeping the spread and using huge leverage to buy equities in all the markets.   The cheap money is pushing these asset classes higher and higher.  The same thing is happening all over the globe.  Of course this does nothing to improve the real economy and employment.  Eventually, the yen will brake down and the spreads will widen.  Yields will be forced to go higher in Japan.  They already have started.  When the Yen goes, it takes everything else with it.  Hughes believes that gold will continue to trade lower as the bond yields keep lowing in the US and Europe.  She loves gold but short term she seems bearish.  Anyways, I found this to be a useful video to watch. 

  3. Why does everyone say the dollar is going to hell?     The Yen and Euro are no different, if everyone else is printing money, it tends to balance out, and not kill a specfic currency.
    Yes, the Yen is pushing the limits at this point, which has helped the dollar in recent months.
    All three major currencies can play this game for years, next turn is for the Euro to print more.
    The dollar is not going to 0, it’s going to get devalued at some point down the road, maybe a solid 30-40% devaluation, life goes on.

    • I agree with you about the length of time this can go on for.  All currencies are pegged against the dollar.  They are all manipulated to push and pull them into directions that won’t be problematic to the dollar.  The Yen carry trade is a essential trade to keep the system going.  All currencies are trying to be debased   They need to take their turns debasing.  They cannot implement QE around the world on the same day.  The ECB, FED, BOJ act together.  They can’t be independent of each other.  The Fed will do another round of QE after the effects of the debasement of the Yen will diminish.  Then it will be the ECB turn.  They just lowered rates this week another .25%.  After that wears off, the Fed is back on stage with another round of QE to strengthen the Euro and the Yen against the dollar.  This will go on and on.  Banks will lend to each other and buy up equities and bonds.  The market will go higher and higher and the bond yields will go lower and lower.  That is why Zerohedge is talking about collateral being non-existent.  Leverage will keep going up and up with nothing to back it except more money printing by all these central banks.  Basically, QE by the central banks is the collateral.  This is why physical gold and silver will continue to go lower in price. They are not a investment.  They do not pay a dividend.  These funds are starving for yield.  They can’t buy physical metals and tie up their cash into a asset that doesn’t provide a income.  That is why the metals cannot be for this system.  IMO, we will never see another huge spike up in price again until the system crashes.  That is why it’s even more important to hold the physical today, tomorrow and the future.  They metals are for the next monetary system.  I would rather pay a higher price now and be a day early compared to a day late.  The metal price today is only important if you are buying or forced to sell.  If you have enough metal stored up, why would you even care what the price is?  If the price goes to $1 or $100 dollars, does it make a difference since the same system is in place?  Why care about price in currencies that are being debased and you can’t determine the value of the currency?  Mike Maloney talks about comparing gold and silver to other assets.  That would give you a better gauge of price.  I tend to agree with him.  Timing is the most impossible thing to predict for the meltdown to happen.  I think we are a ways off until this occurs but I think it’s very important to start getting prepared now.  The rush into these assets will be violent and fast. 

  4. True wealth is manufacturing and food production. The Baltic Dry Index is something I watch. Bonds and money just go in circles.

  5. It’s all paper. Useless paper.

    Actually, it’s more useless that paper. It’s all just electrons. And there’s an endless supply of those.

  6. Greetings,
    I’m not going to dissect this entire essay.  But it’s important enough to point out the following:
    1) We already have direct money printing.  When the Fed creates out of thin air debt-based fiat to purchase garbage mortgage backed securities from commercial/investment banks to the tune of over $40+ billion per month, just what the heck does one call that?  The fact that the fiat isn’t directly injected into the economy doesn’t take away from the fact that that is a DIRECT monetization of debt, to which the American tax payer is on the hook for, and to which bankers will gladly use and not thank the taxpayer when it comes to December banker bonuses for doing “god’s work.”  In turn, bank balance sheets “improve” at the margin, and lending slowly increases, which is exactly what is starting to happen right now, and is contributing to the reignition of the inflationary phase of monetary expansion into the real economy;
    2) Charts and technical analysis as it pertains to bullion is tricky and usually not productive in the hands of the majority of technical analysts for the primary reason that said analysts tend to use TA to the exclusion of additional tools.  Market manipulation is also a factor, as some of you are noting above.  But it’s also ironic that most technical analysts fail to take into consideration the cross-currency aspect of bullion.  Charts in Japanese Yen terms, for example, have been showing a much stronger bullion market and there’s a rotational aspect to the major currencies and their relation to gold and silver.  The bottom-line w/ respect to TA and bullion:  you’ll have a much better ability to use statistically-based measures of extremes in sentiment versus bullion price chart patterns.  Price chart patterns are useful, but their utility is greatly enhanced when the analysis is set against a review of fundamentals and the context of the big picture.

    • “lending slowly increases, which is exactly what is starting to happen right now,”      
      Is there any evidence of this happening?      I was under the impression that banks are using their cleaned up balance sheets to buy US bonds and gamble in the stock market, as far as lending into the real economy, not really, correct me if I am wrong.

    • The central banks dropped the interbank rates to almost zero.  They take this basically free money and buy sovereign bonds.  They get the spread between the yields of the bonds vs. the interbank offer rate.  They speculate and leverage out the winnings and put it into equities.  This has been driving up the stock market for months and years now.  This will continue but it’s shrinking lending to the people.  Why would the banks take a risk if they don’t have to? Why would they lend people money with the risk of people defaulting if they can just keep playing this game of buying sovereign paper with free money and rolling this into stocks?  If I was a bank that could receive free money and leverage it out with little risk, I wouldn’t lend to the people either.  I’m not saying this is moral or right in the long term but that is not how they think.  They are desperate to keep the system going.  Also, if the banks lend money out free willy again to the general public, this will open the inflation genie bottle.  The money velocity will go out of control.  The economy will go into hype drive in a short time and then crash hard.  The new issued money cannot be lent out.  It has to stay withing the confines of the banks.  Lending is regional, specific, and controlled into tight areas of the economy.   People like myself are living in a deflationary world in which wages and the standard of living is decreasing.  At the same time, we are living in a inflationary world when it comes to food and energy.   This is the worst of all conditions to be in.  I guess people have called it stagflation.   The rope is tightening everyday around our necks.  The central banks are strangling people in a slow manner so people won’t wake up quickly.  The zero interest rate policy will kill savers and people on fixed incomes.  No way you can survive long term.  Cost will soon increase past your income with no available additional income coming in.  It really is a death spiral of debt we are caught in.

    • @duckvision:  The federal government has taken on a greater portion of credit creation that was once undertaken by the so-called shadow banking system.  We see this in realestate and the auto loan industries in particular, where a limp recovery has been underway.  They have been the tip of the spear of new credit creation.  The general banking system will slowly follow, because the Fed still has their back since bank balance sheet “clean-up” continues.

    • Flying Wombat-  That is a very good point.  I never really thought about the government taking on the lending instead of the commercial banks.  That makes total sense.  These government guarantee loans are all over the place.  The commercial banks lending is harder to come by.  Ok, I’m understanding this a little better.  Thank you.

    • @duckvision:  Yeah, it’s odd and interesting, this socialization of credit creation…  You can add on to it the money supply expansion qualities that “transfer payments” represent as well.  While not a loan or standard fiat, the net impact to the money supply is the same thing.  The Treasury goes into greater debt to fuel issuance of two times as many food stamp payments over the rate just a couple years ago.  Add to that the huge increase in the number of people getting unemployment and disability direct transfers, as well as the expansion of the period people can collect.  Then there’s the lunacy going on with student loans.
      I’ve never really sat down to try to work the numbers to figure out how much this expanded Federal monetary transmission mechanism now represents, but when it’s added on top of the loan origination for realestate and the auto industry, it has got to be well into the mid teens if not 20+ percent in terms of the percentage of credit that was formally shadow banking system generated.
      This interesting twist is one of the things that deflationists frequently miss when they diss anyone talking about the fact that the bad credit destruction truly has been basically cancelled out by credit creation in other segments of the real economy as well as the parking of new credit on bank balance sheet deposits at the Fed. 

  7. @zman: M1 and M2 on a month-over-month basis show small upticks as the lending of “bank money” is starting to expand the money supply.  it’s small and has only started, but taken into the context of all the other factors I see in the context of the start of a general reflation trade (which I discuss in this week’s SD radio show to be posted this weekend), it points to a subtle shift in the credit markets.  It will be discussed by the mainstream media within about a month, but I already see the blips on my long-distance radar. 

    Banks have certainly been liberated in terms of their balance sheets, as you correctly point out.  That dynamic has been going on and will continue with gusto, as the Fed continues to buy bad debt off of bank balance sheets and banks turn around and speculate with financial assets.

    • “M1 and M2 on a month-over-month basis show small upticks as the lending of “bank money” is starting to expand the money supply.”
      Is that lending outside the banking system to the general public or is that lending to each other?   Do you specifically know what kind of lending the banks are in?  I would be interesting to find out.  I just don’t see why a bank would lend money out and take risks to lend to a person like myself if they can get free money by the central banks and buy up treasuries or other bonds and take the spread risk free.  Then take that money and buy up stocks and other equities.  They will gain much more in yields and profits with little risk.  People are losing their jobs on a daily basis.  People are going bankrupt and defaulting on their obligations.  That is why the Fed is buying up 45 billion in MBS a month.   The banks have enough risk on the table in lending to the public.   They need to unwind these positions and stuff it on the Fed’s balance sheet.  The economy isn’t getting better so why would lending be given out more freely?  Am I missing something?  Thanks…

    • @duckvision – I’m sure you’ve heard about how many hedge funds have been leveraging-up to buy “distressed” realestate.  That’s an example of bank lending — financing the hedge fund credit lines.  The banks are still stingy as heck with loans to individuals and small businesses, exactly for the reasons you’re noting.  But there’s enough lending going on, combined with the government’s role in all this as we talked about on this thread that M1 and M2 are starting to tick up. 
      I haven’t seen any studies that attempt to drill-down with estimates on how much of the M1/M2 changes are flowing from increased credit issuance and velocity strictly growing out of the traditional banking system.  I’d imagine research like that has been done, but I haven’t looked for it so I don’t really have exact numbers to best answer your question.  I just know enough about the basic mechanics of this deformed economic creature they’ve created to know at least some of the ingredients, so to speak, driving the M1/M2 expansion forces countering the contraction forces coming from other economic actors / segments of the economy.
      As a side note, all of this is also further intensifying the wealth/income divide in Western economies — especially in the US and the U.K., where the financial services industries have grown to represent a ridiculous percentage of GDP.  Pretty sad state of affairs.

      As far as any unwind of the Fed’s balance sheet goes, I think the “exit strategy” will basically take either one of two strategies, or a combination of each of the following: 1) holdings of crap MBS bought from banks and held until maturity; 2) a portion of #1 being rolled-over yet again with still further debt creation in the event that a pure unwind by running through duration of maturity of assets isn’t doable without still further papering over of the deflation black hole caused by assets gone bad.

  8. This was linked under “similar articles” http://silverdoctors.com/silver-cleared-for-take-off-january-target-44/

  9. The TA crowd are chart addicts. They can’t break out of it. Can’t understand that manipulation trumps their entire pseudo science. They need a Twelve Step program beginning with Step#1: Admitting that they are powerless over manipulation and all their efforts are delusional and useless for predicting future events. This , of course, is what they cannot do and why they remained doomed in their addiction forever.
    Equally useless to us stackers is the idea that daily movements the DXY is actually significant. The Dollar Value index only measures the relative value of the USD against other major curriences which are all manipulated.
    What is important to us is the declining value in the PURCHASING POWER of our dollar, NOT THE RELATIVE MOVEMENT AGAINST THE  Yen,Euro or any other currency which is nothing but smoke and mirrors BS. It is the declining purchasing power of the dollar which got most of us into pms to begin with. 
    Agree complely that the Baltic Dry Index is a major indicator we should all keep our eye on
    It is becoming more difficult each day for us to keep a focus on what is truely important about pms and ignore all the BS distractions that are fed to us daily.  Stack and stayed focused my friends.


    Great Britain owns USA
    Great Britain owns USA
    By: Stephen Kimbol Ames
    Queen Elizabeth controls and has amended U.S. Social Security, as follows:
    S.I. 1997 NO. 1778 The Social Security (United States of America) Order 1997 Made
    22nd of July 1997 coming into force 1st September 1997. At the Court at Buckingham
    Palace the 22nd day of July 1997. Now, therefore Her Majesty in pursuance of section
    179 (1) (a) and (2) of the Social Security Administration Act of 1992 and all other powers
    enabling Her in that behalf, is pleased, by and with advise of Her privy Council, to order,
    and it is hereby ordered as follows:
    “This Order may be cited as the Social Security (United States of America) Order 1997
    and shall come into force on 1st September 1997.”
    Does this give a new meaning to Federal Judge William Wayne Justice stating in court
    that he takes his orders from England? This order goes on to redefine words in the Social
    Security Act and makes some changes in United States Law.
    Remember, King George was the “Arch-Treasurer and Prince Elector of the Holy Roman
    Empire and of the United States of America.” See: Treaty of Peace (1738) 8 U.S. Statutes
    at Large. Great Britain which is the agent for the Pope, is in charge of the USA
    What people do not know is that the so called Founding Fathers and King George were
    working hand-in-hand to bring the people of America to their knees, to install a Central
    Government over them and to bind them to a debt that could not be paid. First off you
    have to understand that the UNITED STATES is a corporation and that it existed before
    the Revolutionary war. See Respublica v. Sweers 1 Dallas 43. 28 U.S.C. 3002 (15).
    Now, you also have to realize that King George was not just the King of England, he was
    also the King of France. Treaty of Peace (1738) * U.S. 8 Statutes at Large 80.
    On January 22, 1783 Congress ratified a contract for the repayment of 21 loans that the
    UNITED STATES had already received dating from February 28, 1778 to July 5, 1782.
    Now the UNITED STATES Inc. owes the King money that is due January 1, 1788 from
    King George via France. Is this not incredible that the King funded both sides of the
    War? But there was more work that needed to be done. Now the Articles of
    Confederation which was declared in force March 1, 1781 States in Article 12 ” All bills
    of credit emitted, monies borrowed, and debts contracted by, or under the authority of
    Congress, before the assembling of the United States, in pursuance of the present
    confederation, shall be deemed and considered a charge against the United States, for
    payment and satisfaction whereof the said United States, and the public faith are hereby
    solemnly pledged.”

    Great Britain owns USA
    Now after losing the Revolutionary War, even though the War was nothing more than a
    move to turn the people into debtors for the King, they were not done yet.
    Now the loans were coming due and so a meeting was convened in Annapolis, Maryland,
    to discuss the economic instability of the country under the Articles of Confederation.
    Only five States came to the meeting, but there is a call for another meeting to take place
    in Philadelphia the following year with the express purpose of revising the Articles of
    On February 21, 1787 Congress gave approval of the meeting to take place in
    Philadelphia on May 14, 1787, to revise the Articles of confederation. Something had to
    be done about the mounting debt. Little did the people know that the so-called founding
    fathers were acutely going to reorganize the United States because it was Bankrupt.
    On September 17, 1787 twelve State delegates approved the Constitution. The States
    have now become Constitutors. Constitutor: In the civil law, one who, by simple
    agreement, becomes responsible for the payment of another’s debt. Blacks Law
    Dictionary 6th Ed. The States were now liable for the debt owed to the King, but the
    people of America were not because they were not a party to the Constitution because it
    was never put to them for a vote. On August 4th, 1790 an Act was passed which was
    titled -
    An Act making provision for the payment of the Debt of the United States
    . This
    can be found at 1 U.S. Statutes at Large pages 138-178. This Act for all intents and
    purposes abolished the States and created the Districts. If you don’t believe it look it up.
    The Act set up Federal Districts, here in Pennsylvania we’ve got two. In this Act each
    District was assigned a portion of the debt.
    The next step was for the states to reorganize their governments which most did in 1790.
    This had to be done because the States needed to legally bind the people to the debt. The
    original State Constitutions were never submitted to the people for a vote. So the
    governments wrote new constitutions and submitted them to people for a vote thereby
    binding the people to the debts owed to Great Britain. The people became citizens of the
    State where they resided and
    ipso facto
    (by the fact itself) a citizen of the United States.
    A citizen is a member of a fictional entity and it is synonymous with subject.
    What you think is a State is in reality a Corporation, in other words, a Person (artificial-
    “Commonwealth of Pennsylvania is Person.” 9 F. Supp 272″ Word “person” does not
    include state. 12 Op Atty Gen 176.
    There are no States, just Corporations. Every body politic on this planet is a Corporation.
    A Corporation is an artificial entity, a fiction at law. They only exist in your mind. They
    are images in your mind that speak to you. We labor, pledge our property and give our
    children to a fiction.

    Great Britain owns USA
    Now before we go any further let us examine a few things in the Constitution.
    Article Six Section One keeps the loans from the King valid it states; All Debts
    contracted and Engagements entered into, before the Adoption of this Constitution, shall
    be as valid against the United States under this Constitution, as under the Confederation.
    Another interesting tidbit can be found at Article One Section Eight clause Two that
    states “Congress has the power to borrow money on the credit of the United States”. This
    was needed so the United States (Which went into Bankruptcy on January 1, 1788) could
    borrow money and then because the States were a party to the Constitution they would
    also be liable for it.
    The next underhanded move was the creation of The United States Bank in 1791. This
    was a private Bank (just like the Federal Reserve Bank) of which there were 25,000
    shares issued of which 18,000 were held by those in England. The Bank loaned the
    United States money in exchange for Securities of the United States.
    Now the creditors of the United States, which included the King, wanted to be paid the
    Interest on the loans that were given to the United States. So Alexander Hamilton came
    up with the great idea of taxing alcohol. The people resisted so George Washington sent
    out the Militia to collect the tax, which they did. This has become known as the Whiskey
    rebellion. It is the Militia’s duty to collect taxes. How did the United States collect taxes
    from the people if the people are not a party to the Constitution? I’ll tell you how. The
    people are slaves! The United States belongs to the “floundering” fathers and their
    posterity and Great Britain.
    America is nothing more than a Plantation. It always has been. How many times have
    you seen someone in court attempt to use the Constitution and then the Judge tells him he
    can’t. It is because you are not a party to it. We are SLAVES!!! If you don’t believe it
    read Padelford, Fay & Co. vs. The Mayor and Aldermen of the City of Savannah. 14
    Georgia 438, 520 which states, “But, indeed, no private person has a right to complain,
    by suit in court, on the ground of a breach of the Constitution, the Constitution, it is true,
    is a compact but he is not a party to it.”
    Now back to the Militia. Just read Article One Section Eight clause (15) that states that it
    is the Militia’s job to execute the laws of the Union. Now read Clause (16). It states that
    Congress has the power to provide for organizing, arming, and disciplining the Militia,
    and for governing such part of them as may be employed in the service of the United
    States. The Militia is not there to protect you and me, it is there to collect our substance.
    As you can plainly see all the Constitution did is set up a Military Government to guard
    the King’s commerce and make us slaves.
    If one goes to 8 U.S. statutes at large 116-132 you will find “The Treaty of Amity,
    Commerce and Navigation”. This Treaty was signed on November 19th, 1794, which
    was twelve years after the War. Article 2 of the Treaty states that the King’s Troops were

    Great Britain owns USA
    still occupying the United States. Being the nice King that he was, he decided that the
    troops would return to England by June 1st, 1796. The troops were still on American soil
    because, quite frankly the King wanted them here.
    Here is the key to were this started:
    Many people tend to blame the Jews for our problems. Jewish Law governs the entire
    world, as found in Jewish Law by MENACHEM ELON, DEPUTY PRESIDENT
    “Everything in the Babylonian Talmud is binding on all Israel. Every town and country
    must follow all customs, give effect to the decrees, and carry out the enactment’s of the
    Talmudic sages, because the entire Jewish people accepted everything contained in
    Talmud. The sages who adopted the enactments and decrees, instituted the practices,
    rendered the decisions, and derived the laws, constituted all or most of the Sages of
    Israel. It is they who received the tradition of the fundamentals of the entire Torah in
    unbroken succession going back to Moses, our teacher.”
    We are living under what the Bible calls Mammon. As written in the subject Index,
    Mammon is defined as (“Civil law and procedure”).
    Now turn to the “The Shetars Effect on English Law” — A Law of the Jews Becomes the
    Law of the Land, found in “The George Town Law Journal, Vol 71: pages 1179-1200.”
    It is clearly stated in the Law Review that the Jews are the property of the Norman and
    Anglo-Saxon Kings. It also explains that the Talmud is the law of the land. It explains
    how the Babylonian Talmud became the law of the land, which is now known as the
    Uniform Commercial Code. The written credit agreement — the Jewish Shetar is a lien
    on all property (realty) and today it’s called the mortgage! The treatise also explains that
    Great Britain owns the Jews and the Jews are in charge of the Baking system.
    We are living under the Babylonian Talmud, it is where all of our problems originate. It
    was brought into England in 1066 and has been enforced by the Pope, Kings and the
    Christian churches ever since. It is total and relentless mind control, people are taught to
    believe in things that do not exist.
    Now before you scream that the UCC is unconstitutional I’m sorry people, you are not a
    party to any constitution. Read the case cite below.
    “But, indeed, no private person has a right to complain, by suit in court, on the ground of
    a breach of the Constitution. The Constitution it is true, is a compact, but he is not a party
    to it.” Padelford, Fay & Co., vs. Mayor and Aldermen of the City of Savannah 14 Ga.
    438, 520.
    You have to understand that Great Britain, (Article six Section one) the United States and
    the States are the parties to the Constitution not you.

    Great Britain owns USA
    Let me try to explain. If I buy an automobile from a man and that automobile has a
    warranty and the engine blows up the first day I have it. Then I tell the man just forget
    about it. Then you come along and tell the man to pay me and he says no. So you take
    him to court for not holding up the contract. The court then says case dismissed. Why?
    Because you are not a party to the contract. You cannot sue a government official for not
    adhering to a contract (Constitution) that you are not a party too. You better accept the
    fact that you are a Slave. When you try to use the Constitution you are committing a
    CRIME known as CRIMINAL TRESPASS. Why? Because you are attempting to
    infringe on a private contract that you are not a party to. Then to make matters worse you
    are a debt slave who owns no property or has any rights. You are a mere user of your
    Masters property! Here are just a couple of examples:
    “The primary control and custody of an infant is with the government” Tillman V.
    Roberts. 108 So. 62
    ” Marriage is a civil contract to which there are three parties-the husband, the wife and
    the State.” Van Koten v. Van Koten. 154 N.E. 146.
    “The ultimate ownership of all property is in the State: individual so-called “ownership”
    is only by virtue of Government, i.e. law amounting to mere user; and use must be in
    accordance with law and subordinate to the necessities of the State. Senate Document
    No. 43 73
    Congress 1st Session. (Brown v. Welch supra) You own no Property because
    you are a slave. Really you are worse off than a slave because you are also a debtor.
    “The right of traffic or the transmission of property, as an absolute inalienable right, is
    one which has never existed since governments were instituted, and never can exist under
    government.” Wynehamer v. The People. 13 N.Y. Rep.378, 481
    Great Britain to this day collects taxes from the American people. The IRS is not an
    Agency of the United States Government. All taxpayers have an Individual Master File
    that is in code. By using IRS Publication 6209, which is over 400 pages, there is
    blocking series that shows the taxpayer the type of tax that is being paid. Most taxpayers
    fall under a 300-399 blocking series, which 6209 states is reserved, but by going to BMF
    300-399 which is the Business Master File in 6209 prior to 1991, this was U.S.-U.K. Tax
    Claims, meaning taxpayers are considered a business and involved in commerce and are
    held liable for taxes via a treaty between the U.S. and the U.K., payable to the U.K.
    The form that is supposed to be used for this is Form 8288, IRPTA-Foreign Investment
    Real Property Tax Account. The 8288 Form is in the Law Enforcement Manual of the
    IRS, chapter 3. The OMB’s-paper-Office of Management and Budget, in the Department
    of Treasury, List of Active Information collections, Approved Under Paperwork
    Reduction Act is where form 8288 is found under OMB number 1545-0902, which says
    U.S. withholding tax return for dispositions by foreign persons, of U.S. Form #8288,

    Great Britain owns USA
    These codes have since been changed to read as follows: IMF 300-309, Barred
    Assessment, CP 55 generated valid for MFT-30, which is the code for the 1040 form.
    IMF 310-399 reads the same as IMF 300-309, BMF 390-399 reads U.S.-U.K. Tax Treaty
    Claims. Isn’t it INCREDIBLE that a 1040 form is a payment of a tax to the U.K.?
    Everybody is always looking to 26 U.S.C. for the law that makes one liable for the so-
    called Income Tax but, it is not in there because it is not a Tax, it is debt collection
    through a private contract called the Constitution of the United States Article Six, Section
    One and various agreements. Is a cow paying an income tax when the machine gets
    connected to its udders? The answer is no. I have never known a cow that owns property
    or has been compensated for its labor. You own nothing that your labor has ever
    produced. You don’t even own your labor or yourself.
    Your labor is measured in current credit money. You are allowed to retain a small portion
    of your labor so that you can have food, clothing shelter and most of all, breed more
    slaves. Did you ever notice how many of the other slaves get upset if you try to retain
    your labor? You are called an extremist, terrorist and sometimes even a freeman. They
    say that you are anti-government.
    When the truth of the matter is you just don’t want to be a slave. But, you do not have the
    right to force others to be free if they want to be a slave that is entirely up to them. If they
    want bow down and worship corporations, let them. The United States, Great Britain and
    the Pope are not the problem, it is the other slaves. We would be free if the want-to-be-
    slaves were gone. The United States, Great Britain and the Pope would not even exist,
    because no one would acknowledge them. I for a matter of fact, think that those who are
    in power are also tired of the slaves. All the slaves do is stand around and MOO!!! For
    free healthcare, free education, free housing and they beg those who are in power to
    disarm them. I do agree that a slave should not have access to a firearm. How can you
    disagree with the government passing out birth control? I hope the breeding of slaves
    stops or at the very least slows down.
    You see we are cows, the IRS is company who milks the cows and the United States Inc.
    is the veterinarian who takes care of the herd and Great Britain is the Owner of the farm
    in fee simple. The farm is held in allodium by the Pope.
    Now to Rome.
    “Convinced that the principles of religion contribute most powerfully to keep nations in
    the state of passive obedience which they owe to their princes, the high contracting
    parties declare it to be their intention to sustain in their respective states, those measures
    which the clergy may adopt with the aim of ameliorating their interests, so intimately
    connected with the preservation of the authority of the princes; and the contracting
    powers join in offering their thanks to the Pope for what he has already done for them,
    and solicit his constant cooperation in their views of submitting the nations.” Article (3)
    Treaty of Varona (1822)

    Great Britain owns USA
    If the Sovereign Pontiff should nevertheless, insist on his law being observed he must be
    obeyed. Bened. XIV., De Syn. Dioec, lib, ix., c. vii., n. 4. Prati, 1844. Pontifical laws
    moreover become obligatory without being accepted or confirmed by secular rulers.
    Syllabus, prop. 28, 29, 44. Hence the jus nationale, (Federal Law) or the exceptional
    ecclesiastical laws prevalent in the United States, may be abolished at any time by the
    Sovereign Pontiff. Elements of Ecclesiastical Law. Vol. I 53-54. So could this be shown
    that the Pope rules the world?
    The Pope is the ultimate owner of everything in the World. See Treaty of 1213, Papal
    Bull of 1455 and 1492.
    I could go on and on, his is just the tip of the iceberg. Don’t let this information scare you
    because without it you cannot be free. You have to understand that all slavery and
    freedom originates in the mind. When your mind allows you to accept and understand
    that the United States, Great Britain and the Vatican are corporations that are nothing but
    fictional entities that have been placed into your mind, you will understand that your
    slavery was because you believed a lie.
    Nicole Terry

  11. Black Law 1st edition
    In the civil law. One who, by a simple agreement. becomes responsible for the payment of another’s debt.

  12. Change the title to outright debt creation.

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