JPMorgan Lesson: End Government Bank Guarantees

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Suverans2's picture

"Commenting about JPMorgan’s loss, President Obama stumbled onto the truth — but didn’t realize it — when he said that, since the taxpayers[1] could be on the hook for large bank mistakes, vigilant regulation is needed. But why are the taxpayers on the hook?"

Because they are the ones who voluntarily[2], or ignorantly, remain the chattel[3] property [human resources] of the state.
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[1] Taxpayer. One who is subject to a tax on income, regardless of whether he or she pays the tax. I.R.C. § 7701(a)(14) ~ Black's Law Dictionary, Sixth Edition (c.1991), page 1462

Natural persons[a] are subject to the law of nature, i.e. the natural laws of the human world, not the INTERNAL REVENUE CODE.

    [a] NATURAL PERSONS. Such as are formed by nature, as distinguished from artificial persons, or corporations, formed by human laws for purposes of society and government. Wharton. ~ A Dictionary of the Law (Black’s 1st c. 1891), pg. 802

    [2] It is only involuntary when one is not aware that he, or she, can lawfully withdraw from membership in the herd.

    [3] chattel n. 1. Law An article of movable personal property. 2. A slave. ~ The American Heritage® Dictionary of the English Language, Fourth Edition, copyright ©2000