Monday, February 1, 2010

Treasury Hits New Low!

Of course I'm not talking about the U.S. Treasury Bond, I'm talking about the actual U.S. Department of the Treasury. Just when I thought my opinion of current policy couldn't get any lower, I came across this at Treasury's website: "Pay.gov"!

The Treasury actually operates an e-commerce portal to receive transfers "to help reduce the public debt". This is another outrage.

This service provided by The Treasury to the public under a free-floating, non-convertible monetary system is literally the moral equivalent of the Nigerian Email and Fax Scam.

Any debt-phobes who beg to differ: feel free to contribute away, Treasury does direct debits as well as credit cards!

16 comments:

Larry Staton Jr. said...

While the Pay.gov Web site is outrageous, I find the documents produced by the various Federal Reserve Banks for consumption by the public to be worse.

I read a PDF titled "Understanding the Federal Budget" from FRBNY that equates the spending and revenues of the federal government (a currency issuer) with that of a family (a currency user). Especially appalling is their discussion of government "borrowing" to spend in its own currency. Many of the FRBs have similar such documents.

At least you can find documents describing the mechanisms for Federal government spending (spreadsheet entries) on the Treasury's Web sites (FMS and OCC in particular). "Cash Management Made Easy" is a good example.

Mike Norman said...

Matt,

Good post! I agree, it's morally repugnant and a sham, but it's what they truly believe.

Larry,

The only thing that I have found that gives even an inkling of one aspect of the true operational nature of the Treasury is the statement at the top of my blog that reads: "The Treasury is not a depository institution..." It's taken from the Federal Reserve System Purposes and Functions manual.

I don't think that anything will break or alter this belief system. It is here to stay and will drag America down vis-a-vis the rest of the world.

bubbleRefuge said...

At least you can find documents describing the mechanisms for Federal government spending (spreadsheet entries) on the Treasury's Web sites (FMS and OCC in particular). "Cash Management Made Easy" is a good example.


Larry, where are those links?

Matt Franko said...

Larry,
If I "donated" 100 bucks, do you think we could sue for fraud and force them to change Policy? ;)

Mike Norman said...

Matt,

Interesting idea, IF you could ever get the case heard.

Can you imagine your lawyer asking the witness for the government, "What did you do with my client's $100 donation?"

Gov't witness: "We shredded it."

-Mike

MortgageAngel said...

Larry, bubble
I found Cash Mangement Made Easy here http://www.fms.treas.gov/crm/CASHMGMT.pdf

Please post back pg number "describing the mechanisms"

thanks

Tom Hickey said...

These people are either ignorant of how the monetary system operates or completely compromised. In either case, they should just be sacked forthwith for cause.

Matt Franko said...

Yes to all,
I just heard a piece of Paulson on Xm and he was talking about the Russians tyring to manipulate the MBS market. He sounded like he was helpless to do anything about it. Ill try to do a post this evening if I find anything.
Resp,

Mike Norman said...

Yes, I read about that last week. It was in Bloomberg and he did come across as sounding helpless. Held hostage by a sort of financial terrorism that's a figment of his and our lawmakers' imaginations.

Larry Staton Jr. said...

Mike: I'm an optimistic skeptic, so I'm hopeful that the belief system will change. My own views changed after reading Mosler's site and many of the papers and blogs he links to. I studied monetary economics in graduate school (I have a Master's in Economics), and I had to unlearn quite a bit! Maybe we need an iPhone game similar to the Buckaroo program at UMKC to change the belief system. Hmm…

Matt: Typically, in fraud cases, the fraudster has to have knowledge of the fraud that they are perpetrating. In this case, I think it's clear that the fraudsters have no idea how modern money works! Looking forward to your next post.

bubble: You might want to start with Volume I of the Treasury Financial Manual and use Google to find more information on specific topics.

bubbleRefuge said...
This comment has been removed by the author.
bubbleRefuge said...

Folks, the beat goes on.
The NYTimes supposedly a progressive outlet runs a piece on how our deficits are going to alter the balance of power away from us and toward china! I think that this is probably a bullish sign. Despite all of the hype, nothing is going to happen on the deficit front until employment picks up. Its all talk.

Steve B Wise said...

Given most folks experience with "monetary policy" is in the home wrapping your mind around the concept that money "does in fact grow on trees" is kind of hard to accept... so long as you have trees and ink. lol

Mike Norman said...

The NYT is right, but not for the reasons they suggest. China is not hindered by irrational fear and superstition about debt and deficits (although we see some western style worry beginning to emerge toward the policy of state supported lending) and this gives them an enormous advantage in policy making. In addition, the media must be careful in terms of how vociferously they voice their disapproval, if at all.

TomatoBasil said...

Bizradio went off the air in Houston.

Mike Norman said...

Really? Wow.