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Integrity Legal

Posts Tagged ‘U.S. Treasury bills’

4th June 2011

I have sworn on the altar of God eternal hostility against every form of tyranny over the mind of man.

–Thomas Jefferson (3rd President of the United States of America, First Secretary of State [Washington Administration])

Gay rights are human rights.

– Secretary of State Hillary Rodham Clinton (Former First Lady of the United States)

The enumeration in the Constitution of certain rights shall not be construed to deny or disparage others retained by the people.

– 9th Amendment of the United States Constitution, quoted from Wikipedia

The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.

– 10 Amendment of the United States Constitution, quoted from Wikipedia

It recently came to this blogger’s attention that the Federal Reserve Bank of Richmond located in the sovereign Commonwealth of Virginia has taken political criticism for flying a rainbow flag (traditionally viewed as a flag denoting support for the LGBT community and, for some, their struggle for equal protection under United States law and/or equal recognition of same sex marriage solemnized and/or legalized in one of the sovereign American States, the District of Columbia, or the Federal territories, if applicable). To quote directly from an article by Olympia Meola posted on the official website of the Richmond Times-Dispatch, TimesDispatch.com:

Del. Robert G. Marshall, R-Prince William, is asking the Richmond Federal Reserve Bank to remove the rainbow flag flying below the American flag outside of the building, calling its presence “a serious deficiency of judgment by your organization, one not limited to social issues.” In a letter to Richmond Fed President Jeffrey M. Lacker, Marshall says the homosexual behavior “celebrated” by the bank “undermines the American economy…”

The administration of this web log strongly encourages readers to click upon the relevant hyperlinks noted above to read this story in detail in order to gain further insight into this developing situation.

This blogger must pause this analysis for a moment of personal observation. It is intriguing that Delegate Marshall would seem to be trying to scapegoat some of the blame for recent economic events upon the LGBT, Lesbian, Gay, Bisexual, and Transgender (transsexual, or “third sex“), community. This blogger must retort: how could the LGBT community “undermine” America’s economy? Explain this? Especially since a great deal of economic activity that produces revenue in America comes from married couples trying to make a living, build a home, and start a family. Is it in dispute that marriage and family generate economic benefits for America? If it is not, then the only way the LGBT community could be at fault for some hypothetical economic downturn would seem to arise from the fact that they have not started families (and therefore not generated the concomitant economic activity derived therefrom) due to the fact that they cannot gain the same legal recognition of their relationships in the same way that those in different-sex relationships are able to. This is especially true in the context of same sex bi-national couples as some of these relationships are separated by thousands of miles and jurisdictional boundaries due to the fact that federal enforcement of the so-called “Defense of Marriage Act” (DOMA) does not allow a same sex bi-national couple to petition for the same US visa benefits (such as the CR1 visa or the IR1 Visa, not to mention the K1 visa which is a US fiance visa) in the same manner as a different sex couple. There are currently American federal legislators such as Representative Mike Honda and Representative Jerrold Nadler who have introduced legislation, such as the Reuniting Families Act, the Uniting American Families Act, and the Respect for Marriage Act; which would, to one degree or another, at least end the current discrimination that the bi-national LGBT community faces when trying to reunite with family in the United States of America. Apparently this Federal Reserve Bank was flying this flag pursuant to a request from another organization which appears dedicated to the cause of LGBT equality:

The flag is being flown at the request of PRISM, a Richmond Fed group representing gay, lesbian, bisexual and transgender employees and allies.

This PRISM organization should be commended for their efforts on behalf of the LGBT community, but this blogger must say that he would like to see legislation passed which provides tangible benefits to the LGBT community rather than a gesture from a private corporation which, at least ostensibly, has no role in deciding American policy toward legal recognition of LGBT relationships. Others echoed some of these sentiments, but for what are, in this blogger’s personal opinion, the wrong reasons:

Its presence also prompted mention from Victoria Cobb, president of The Family Foundation in an email release on Wednesday. Although the Federal Reserve is a private entity, it is disappointing to see it participate in this celebration,” she said.

This blogger is always a bit skeptical when a group uses the term “family” when describing themselves as it is usually an indicator that such an organization has its own idea about what the definition of “family” actually is. Concurrently, such organizations are sometimes known to attempt to foist their own paradigm or definition of family upon others who may not necessarily share the same view. Therefore, readers are asked to always conduct their own research on all aspects of such issues in order to form their own well informed opinions.

This blogger must confess that this recent display of support for LGBT equality by the Fed seems a bit disingenuous considering the timing and circumstances. It has recently been reported on some mainstream and alternative media outlets that there are currently worries growing about the state of the American economy. Meanwhile it recently came to this blogger’s attention that the government of China is reported to have diminished their position in United States Treasuries. To quote directly from an article written by Terence P. Jeffrey and posted to the website CNSNews.com:

(CNSNews.com) – China has dropped 97 percent of its holdings in U.S. Treasury bills, decreasing its ownership of the short-term U.S. government securities from a peak of $210.4 billion in May 2009 to $5.69 billion in March 2011, the most recent month reported by the U.S. Treasury. Treasury bills are securities that mature in one year or less that are sold by the U.S. Treasury Department to fund the nation’s debt. Mainland Chinese holdings of U.S. Treasury bills are reported in column 9 of the Treasury report linked here

Readers are strongly encouraged to click upon the relevant hyperlinks noted above to read this article in full and learn more. This situation is only brought up in the context of this posting to elucidate the fact that the Fed is currently in something of a “pickle”. This news comes upon the heels of recent announcements (noted in a previous posting on this blog) that the USA and China are set to be engaging in cooperative efforts in the context of relations with the Association of Southeast Asian Nations (ASEAN). Clearly, current American relations with China and countries in Southeast Asia are multi-facted and complex so those interested in such topics are encouraged to conduct thorough research before forming opinions on issues associated with American, Chinese, and ASEAN economic policies and relations.

It was recently reported on the website Law.com that the Federal Reserve has come under intense scrutiny from legislators such as Representative Ron Paul for current policies supposedly being maintained by the Fed. To quote directly from an insightful article written by Shannon Green and posted on the website Law.com:

The Congressman criticized the Fed for its reluctance to disclose to the public when banks are unhealthy. Paul said the Fed’s practices of protecting banks’ privacy appears to be at odds with the U.S. Securities and Exchange Commission, which is pushing companies to reveal more information.

Readers are strongly encouraged to click upon the relevant hyperlinks noted above to read this article in full to gain more context.

Whether one agrees or disagrees with positions held by the various members of House of Representatives is not really relevant to the issue of the Fed’s decision to hoist this particular flag at this particular time. Although it is certainly a commendable gesture, this blogger’s response, with all due respect, must be: why so late, and why now? If the Fed is raising the Rainbow flag because they genuinely support LGBT Equality, then great; but if this institution is simply raising this flag because of political expediency or to score some sort of “political points”, then one must ask: why? Hopefully the LGBT community will see their equal rights fully vested soon and this valid grievance will be redressed. In the meantime, this blogger hopes that the American economy will rebound from any relative downturn to find itself more vibrant and dynamic than ever, but some developments take time. For those personally impacted by the current state of affairs: it is hoped that change will come sooner rather than later.

Readers should note that in the context of same sex marriage this blogger feels that fundamentally the issue of LGBT equality is an individual rights issue as the right to enter into a consensual relationship with whomever one wishes is an inalienable natural right reserved to the People notwithstanding the Constitution, but nevertheless enshrined within the provisions of the 9th and 10th Amendments noted above. The implied right of “free association” has also long been held to provide Constitutional protection for Americans wishing to form intimate associations with others. Concurrently, this blogger feels that where sovereign States have heeded the call of their citizenry to provide government licensure of same sex marriages or marital unions, then that licensure acts as an imprimatur of sovereign recognition which, in this blogger’s opinion, cannot be negated by the federal government and must be accorded Full Faith and Credit by sister States within the Union. Those unfamiliar with the Full Faith and Credit Clause should note that Congress can make rules regarding the effect of State law upon other States, but, in this blogger’s opinion, such law cannot be made to render the States’ laws ineffective, which is the current result of the federal government’s application of some, or all, depending upon circumstance; of the provisions of the so-called “Defense of Marriage Act“. This blogger must point out that although same sex couples ought to be able to get Full Faith and Credit for those marriages solemnized and/or legalized in one of the sovereign States of the United States of America, they may not necessarily see States which do not permit same sex marriage in an intrastate context engaging in the legal procedure of divorcing same sex couples as this blogger believes that one must utilize a “horizontal vs. vertical” analysis of the Full Faith and Credit Clause in the context of same sex marriage since there is both an intrastate and interstate component to such an analysis. Such an analysis could, at times, result in a situation where a State Court permits recognition of the fact that a same sex marriage exists in another State jurisdiction, but the Full Faith and Credit Clause’s provisions may not necessarily be interpreted to mean that States should be compelled to grant same sex divorces if the public policy of the State in question does not permit State sanctioned legalization or solemnization of such unions in the first place.

On a side note, this blogger just thought of an interesting hypothetical: could a federal Court with concurrent federal jurisdiction over State territory grant divorces for same sex couples who were married in another State jurisdiction (which allows same sex marriage) if the underlying State’s public policy runs counter to the notion of granting recognition for such unions? It would currently seem that pursuant to the Erie Doctrine the US Courts under such circumstances may be prohibited from undertaking certain functions pertaining to same sex marriages if the underlying State’s law does not recognize such unions. That stated, as of the time of this writing any such analysis remains mere speculation as a broadly binding legal opinion on these issue has yet to be handed down.

Readers interested in learning more about the struggle for LGBT Equality are encouraged to check out UnitingAmericanFamilies.Net, Lez Get Real, and/or the Immigration Equality Action Fund Blog.

For further related information please see: Rainbow Flag or US Company Registration.

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