Central Bank Money Printing - The Rotten Philosophy That Lies Beneath

Tyler Durden's picture




 

Submitted by Richard Ebeling via The Future of Freedom Foundation,

If advocates of freedom were to make up a list of New Year’s resolutions for 2016, one of the most important items should be ending government’s monopoly control over money. In a free society, people in the marketplace should decide what they wish to use as money, not the government.

For more than two hundred years, practically all of even the most free market advocates have assumed that money and banking were different from other types of goods and markets. From Adam Smith to Milton Friedman, the presumption has been that competitive markets and free consumer choice are far better than government control and planning – except in the realm of money and financial intermediation.

This belief has been taken to the extreme over the last one hundred years, during which governments have claimed virtually absolute and unlimited authority over national monetary systems through the institution of paper money.

At least before the First World War (1914-1918) the general consensus among economists, many political leaders, and the vast majority of the citizenry was that governments could not be completely trusted with management of the monetary system. Abuse of the monetary printing press would always be too tempting for demagogues, special interest groups, and shortsighted politicians looking for easy ways to fund their way to power, privilege, and political advantage.

The Gold Standard and the Monetary “Rules of the Game”

Thus, before 1914 the national currencies of practically all the major countries of what used to be called the “civilized world” were anchored to market-based commodities, either gold or silver. This was meant to place money outside the immediate and arbitrary manipulation of governments. Any increase in gold or silver money required private individuals to find it profitable to prospect for it in various parts of the world; mine it out of the ground and transport it to where it might be refined into usable forms; and then mint part of any new supplies into coins and bullion, with the rest made into various commercial and industrial products demanded on the market.

The paper currencies controlled by governments and their central banks were supposed to be issued only as claims to – as money substitutes for – quantities of the real gold or silver money deposited by members of the society in banks for safekeeping and the convenience of everyday business in the marketplace.

Government central banks were meant to see that the society’s medium of exchange was properly assayed and minted, and to monitor and police private banks and itself to make sure that the “rules” of the gold (or silver) standard were properly followed.

Bank notes were to be issued or deposit accounts increased in the banking system as a whole only when there had been net additions to the quantity of the commodity money within the economy. Any withdrawals of the commodity money from the banking system was to be matched by a decrease in the total quantity of bank notes in circulation and in deposit accounts payable in money.

Did government’s always play by these “rules”? Unfortunately, the answer is, “No.” But, by and large, in the half-century or so before the beginning of the First World War, governments and their central banks managed their national currencies with surprising restraint.

If we look for a reason for this restraint, a leading one was that for a good part of this earlier era the predominant set of ideas was that of political and economic liberalism. But we need to remember that at that time “liberalism” meant an advocacy and defense of individual liberty, secure private property rights, free markets, free trade, and limited government constitutional under impartial rule of law.

But, nonetheless, these national currencies were government-managed paper monies linked to gold or silver by history and tradition, and more or less left fairly free of direct and abusive political manipulation, due to the prevailing political philosophy of the time that considered governments as protectors of individuals’ rights to their lives, liberty and honestly acquired property.

Political Paternalism and Monetary Central Planning

However, in the decades leading up to the First World War the political trends began to change. New ideals and ideologies started to appear and gained increasing hold over people’s minds. The core conception was a growing belief in the necessity for and the good that could come from political paternalism. Government’s were not simply to be impartial “umpires” who enforced the rule of law and protected people and their property from violence and fraud. No, government was to intervene into the social and economic affairs of men, to regulate markets, redistribute wealth, and pursue visions of national greatness and collective welfare.

This meant a change in the political philosophy behind the government’s control of the monetary system, as well. In the decades after the First World War, in the 1920s, 1930s, and 1940s, the government monetary managers increasingly became monetary central planners. The central bankers were to manipulate the supply of money and credit in the economy to achieve various goals: stabilize the price level; maintain full employment; peg or change foreign exchange rates; lower or raise interest rates to influence the amount and the types of investments undertaken by private borrowers and investors; and, whenever and however necessary, increase the quantity of money to fund government deficits needed by politicians and interest groups to feed their insatiable appetite for power, privilege and political plunder.

The triumph of Keynesian Economics in the post-World War II period resulted in a near monopoly of academic and public policy advocates who argued that private enterprise was inherently unstable and frequently unfair, and could only be allowed to exist and function in a wider environment of dominating government control. The consequence was a government constantly increasing in size, scope, and pervasive supervision and intrusion into every corner of personal, social, and economic life.

Big Government, Big Spending and the Monetary Printing Press

But big governments cost big sums of money. About a hundred years ago in America, in 1913, all levels of government combined – Federal, state, and local – absorbed only around eight percent of the nation’s income and output. Today, all levels of government seize nearly fifty percent of all that is earned and produced in the United States. That cost of government is even more if we add the financial burdens imposed on private enterprise to comply with the strangling spider’s web of regulations and controls imposed on businessmen going about their business.

During the seven years of the Obama Administration, the Federal government has accumulated over eight trillion dollars in additional debt. About at the same time, the Federal Reserve – America’s central bank – had created around four trillion dollars of new money in the banking system. In other words, the Federal Reserve has, in fact, produced out of thin air a sum of new money equal to fifty percent of all the Federal government has borrowed during this period.

The economics textbooks usually sanitize this type of process with a sterile terminology that calls it, “monetizing the debt.” An earlier generation of economists and critics of political paternalism used to call this process paper money inflation and debauchery of the currency: the diluting of the value of the money in people’s pockets through monetary depreciation and currency devaluation.

Political Demagogy, Fiscal Burdens and the Danger of Inflation

As a result of the growth of the modern welfare state, America and the other major Western countries of the world have become, in the words of the late Nobel Prize-winning economist, James Buchanan, perpetual democracies in deficit, funded in total or in good part by, now, trillions of dollars created by government monetary monopolies – the central banks.

Today, we are reaping the whirlwind of decades of political paternalism and monetary central planning. Nations like Greece have been at the edge of financial bankruptcy and debt default. And countries like the United States, which are woven tightly with networks of special interest groups living off the redistributed plunder of other more productive members of society, seem to regularly lurch from one fiscal crisis to another. The current politics of redistributive paternalism seems to offer little way to stop the worsening avalanche of massive annual deficits and mounting national debt.

The demagogues and political tricksters harangue about “soaking the rich” to fund the unfunded “entitlements” of social security and Medicare through the rest of the 21st century. They demand that “big business” pay for the government’s misguided economic policies and to cover the costs of other parts of the welfare state.

The politicians of plunder have also taken recourse to that last refuge of every political scoundrel: a call to “patriotism.” It is your duty as a “good citizen” to pay an increasingly higher and higher “fair share” in taxes; to cooperatively be subservient and obedient to the demands and needs of government; and to sacrifice your freedom and the fruits of your own hard-earned honest labor for “the national interest” and “the common good.”

It is worth remembering that those in the political arena who claim to know what is in “the national interest” and for “the common good” are the same ones who also assert the right to compel you to conform to their vision of a “just” and “fair” America, regardless of much you may honestly disagree or desire to peacefully go your own way.

A central tool for governments to maintain their authority in society and their control over people’s lives is the ability to make the citizenry accept and use their monopoly medium of exchange. This is a lynchpin in the government’s ability to transfer the people’s wealth and privately produced output to satisfy the “needs” of government spending.

It makes each and every citizen an existing and potential victim of government abuse of the monetary printing press, since paper currencies are no longer in anyway linked to or limited by a market-based supply of a real commodity such as gold or silver. We should not presume that runaway hyperinflations and the accompanying destruction of a society’s medium of exchange only occur in places like 1920s Germany or contemporary African nations like Zimbabwe. That, “it can’t happen here.” It can happen anywhere.

The Bankruptcy of the Welfare State and Redistributive Dependency

The fact is, the modern welfare state is bankrupt. It is bankrupt ideologically; no one really any longer believes that the Interventionist- Redistributive State will bring mankind material happiness or social harmony. Everyone knows that it is nothing more than a vast and corrupt political machine through which, as Frederic Bastiat said long ago, everyone tries to live at everyone else’s expense.

In the process, the productive capacity of the society slowly grinds to a halt, as more and more people turn from productive self-responsibility to redistributive dependency. It also generates a mental attitude and a political presumption of legitimacy to that redistributive dependence that pervades each and every income group and social category throughout the nation.

Most opinion polls show that a fairly sizable majority of the American people think that government is too big, spends too much, and taxes far too excessively. But once the questions turn to “specifics” of cutting particular government programs, it is soon seen how the tentacles of the welfare state reach into virtually everyone’s pocket.

It is not only that government taxes people in varying amounts to feed the redistributive process. It is also the case that there are few people in the land who do not have some type of money, program, or benefit put into their pockets by government. Most people cannot imagine living without their government redistributive “fix.” And, admittedly, breaking people’s addiction to their government benefits, subsidies, protections, and special favors would and will involve serious withdrawal pains.

This also means that the welfare state is rapidly reaching financial bankruptcy, as well. Neither taxation nor borrowing of private savings can or will be able to cover all the costs of current and future government spending under existing interventionist and redistributive legislation and regulation.

The government may very well, therefore, use its most important financial resource to keep moving the wheels of political spending. They may more and more turn the handle of the monetary printing press, and they may turn it faster and faster.

Hyperinflations and Opting Out of Government Monopoly Money

Time after time, history has demonstrated that when serious price inflations move into disastrous hyperinflations, people first discount and then abandon the government’s monopoly money. They shift into alternative currencies of choice that they consider more stable, more predictable, and more wealth and income preserving that the increasingly worthless pieces of paper money that their own government spews out in increasing quantities.

Now such a monetary disaster is not preordained. It is not written in some “big book” in the sky. Governments and societies have in the past pulled back and stopped short of following a path leading to social and economic ruin. America, too, may yet slow down or bring to a halt the political course it is currently traveling. The future is unpredictable and trends have changed many times in the past.

But . . . forewarned is forearmed. So how might any of us be able to shelter ourselves from the possible coming fiscal and monetary storms? Central to such precautionary actions is to hedge against the possible radical depreciation and or even destruction of the government’s currency.

To the extent that one sees such a danger and has the financial wherewithal to “plan ahead,” individuals should be legally allowed to opt-out of the government’s monopoly money. In other words, every American should be free from the government’s power to compel its citizens to use and accept in trade and in settlement of debts its own monopoly money.

We should not be lulled into a false sense of currency security due to the low rate of price inflation as measured by the Consumer’s Price Index, or the declared fears of “price deflation” mostly resulting from the steep declines in some important commodity prices such as the cost of a barrel of crude oil. These things, in the right circumstances, can turn around faster than is often imagined.

F. A. Hayek and Choice in Currency

Everyone should be free to choose the currency or commodity they wish to hold and use as a medium of exchange without legal restriction, penalty, or political prejudice.

Monetary freedom would not only give every citizen a legal right to protect and secure his income, wealth and market transactions from abusive mismanagement of the government’s monopoly monetary printing press. It could also serve as a check on the degree of such government abuse.

A little more than forty years ago, in September 1975, Austrian economist and Nobel Laureate, Friedrich A. Hayek, delivered a lecture on, Choice in Currency: A Way to Stop Inflation, in Lausanne, Switzerland, and said:

There could be no more effective check against the abuse of money by the government than if people were free to refuse any money they distrusted and to prefer money in which they had confidence. Nor could there be a stronger inducement to governments to ensure the stability of their money than the knowledge that, so long as they kept the supply below the demand for it, that demand would tend to grow. Therefore, let us deprive governments (or their monetary authorities) of all power to protect their money against competition: if they can no longer conceal that their money is becoming bad, they will have to restrict the issue.

 

Make it merely legal and people will be very quick indeed to refuse to use the national currency once it depreciates noticeably, and they will make their dealings in a currency they trust.

 

The upshot would probably be that the currencies of those countries trusted to pursue a responsible monetary policy would tend to displace gradually those of a less reliable character. The reputation of financial righteousness would become a jealously guarded asset of all issuers of money, since they would know that even the slightest deviation from the path of honesty would reduce the demand for their product.

Taking away from the government its power of compelling the citizenry to accept money that it monopolistically controls and abuses may serve as an important legal and economic change to force the government and those who live at its spending trough to face the reality of the welfare state’s ideological and fiscal bankruptcy before it is too late to avert a complete collapse of the society.

Choice in currency may be a valuable avenue for helping to restore the American tradition and practice of individual rights, free markets, and limited government under the rule of law. And it can be an important legacy for our children and grandchildren, so they may, hopefully, live out their lives in more liberty for the remainder of the twenty-first century.

 

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Tue, 01/05/2016 - 21:47 | 7002871 Ol Man
Ol Man's picture

Choose wisely...

Tue, 01/05/2016 - 21:49 | 7002878 Mr. Fix
Mr. Fix's picture

They have chosen… A complete collapse of society is exactly what they want, and exactly what they are going to get.

Just in case you haven't noticed, we don't get a choice.

Wed, 01/06/2016 - 08:18 | 7003955 Dr. Spin
Dr. Spin's picture

This isn't rocket science.  They have to reduce the meat load on the planet, and they will use whatever means is necessary.

I've been practising yoga so I can kiss my own ass goodbye...

Spoctor Din

Wed, 01/06/2016 - 12:28 | 7003805 Janet Shalom Be...
Janet Shalom Bernanke's picture

Meet the Destroyer of the Middle Class, the Fed

The share of income held by middle-income families has plunged to 43% of households in 2015 versus 62% in 1970, according to a report released last month by the nonprofit think tank Pew Research Center in Washington, D.C.  This is a direct result of the policies of the U.S. Federal Reserve.

https://www.youtube.com/watch?v=eFZ8W0dKSxc

Tue, 01/05/2016 - 21:50 | 7002885 GRDguy
GRDguy's picture

It takes less words to just say they lie, steal and murder.

Of course, they sugar-coat it by using other words.

Wed, 01/06/2016 - 09:42 | 7004387 VAD
VAD's picture

The distraction strategy.  I also take issue with the title of the article.  Philosophy is the love of wisdom.  Money printing has no love nor wisdom.  It is about transferring wealth stealthily from the makers to the takers.  That is to say from the Europeans to the He Brews.

Tue, 01/05/2016 - 22:00 | 7002917 noob
noob's picture

Samson Option
https://en.wikipedia.org/wiki/Samson_Option

yeah, "laughing innocent Zionists"

Tue, 01/05/2016 - 22:05 | 7002933 MFL8240
MFL8240's picture

In a free society, ....

 

This is where the article needs to stop!

Tue, 01/05/2016 - 23:51 | 7003276 jaxville
jaxville's picture

   "Government central banks"......???? It's more like Central banks' governments.   Remind me again about how many government owned (and controlled) central banks there are.

Wed, 01/06/2016 - 09:23 | 7004292 luckylongshot
luckylongshot's picture

The Rothschilds own most of the central banks on the planet and not Governments. The level of stupidity the author of this article demonstrated in overlooking this fact is truly breathtaking. However his claims about freedom were equally naive and so he managed to both hint he was a fool and then remove all doubt in the same article. 

Tue, 01/05/2016 - 22:13 | 7002963 franzpick
franzpick's picture

What's printing tonight are 16 and 19 handles for DJIA and SPX, and 1% index declines that will produce widespread bear market lower lows within 12 hours:

http://m.investing.com/indices/indices-futures

Tue, 01/05/2016 - 22:25 | 7003001 besnook
besnook's picture

bad money chases out good money until the bad money is so bad another currency replaces it. the dollar will be replaced by gold which regulates itself or the yuan which will allow white slavery.

Tue, 01/05/2016 - 22:51 | 7003097 Seasmoke
Seasmoke's picture

i would much prefer Gold to being a slave......but lets HURRY UP !!!! 

Wed, 01/06/2016 - 09:45 | 7004401 VAD
VAD's picture

The dollar will be replaced by an equally miserable abomination.  They'll never let gold get a foothold.  They'll criminalize it's use and use force on those who disobey.

Tue, 01/05/2016 - 22:30 | 7003010 savagegoose
savagegoose's picture

tho gov chooses what currency you pay them taxes in. and will just raise the taxeto meet its needs,.

Tue, 01/05/2016 - 22:56 | 7003113 WTFUD
WTFUD's picture

Russian Roulette with a loaded shotgun!

Tue, 01/05/2016 - 23:09 | 7003162 jack stephan
jack stephan's picture

https://www.youtube.com/watch?v=LoF_a0-7xVQ

 

fuck it, why not, close enough

Tue, 01/05/2016 - 23:10 | 7003164 surf@jm
surf@jm's picture

A planet of dwindling resources, covered by a carpet of increasing human lifeforms, leads to increasing cost, and more tribal feuds over those dwindling resources......

What you don`t hear or read in the media, is mideast refugees, aren`t just fleeing war, but dwindling resources......

The oil dollars that they have be living off of, are actually buying less and less, despite the nonsense pap, that the dollar is strong.....

Tue, 01/05/2016 - 23:11 | 7003167 STP
STP's picture

Pretty good article, that I shared.  Explains it really well.  Thanks, Tyler!

Tue, 01/05/2016 - 23:18 | 7003180 pndr4495
pndr4495's picture

The US government has no monopoly over the creation of our  money supply. That monopoly franchise was deceiptfully created and then granted to international and private banking families, The last time this country's citizen's were even remotely in some kind of control of the money spigot was during Andrew Jackson's administration.

Tue, 01/05/2016 - 23:52 | 7003278 rejected
rejected's picture

Remember what happened to the Liberty Dollar and Von Nauthaus? That money was starting to take off when government decided it didn't want the competition and trashed the whole thing by convicting Nauthaus, of all things,,, counterfeiting basically because his coins were round. The Attorney General called him a financial terrorist.

Now where were all these real money, alternative money champions like this author... don't know,,, they never showed up at his trial, no demonstrations, no attempts to help this man at all. Like rats leaving a burning ship Nauthaus was on his own. And the Biggest Rat that Von Nauthaus even minted a coin in his image... Ron Paul never showed up at his trial.And Ron Boy still has the audacity to talk about alternative currencies.

Alternative currencies, real money and what have you will never occur unless a violent economic crash takes place. Otherwise it's all talk and no walk, from the pundents to the patriot websites that promote it right down to the people that champion it.

Von Nauthaus has recently been freed, the bullion the government stole is finally being returned only because a few backed that man.Everyone else turned their backs.

Never again will we have the chance for honest money.

Tue, 01/05/2016 - 23:56 | 7003287 Bear
Bear's picture

22 million people (in government) waste 50% of economic output ... let downsize

Wed, 01/06/2016 - 01:47 | 7003467 Sir John Bagot Glubb
Sir John Bagot Glubb's picture

I heard on the radio yesterday that there are 52 million federal, state and local government employees.  A little less than one for every 6 people.

Thu, 01/07/2016 - 00:51 | 7003375 onmail1
onmail1's picture

Since ancient times the cabals were lending money

fleecing the poor getting rich

migrated to america did the same

but then purchased the greedy politicians

now cabals have raided & captured the money printing machine - The Fed

(with the help of puppet politicians)

since $ is reserve currency

now cabals own all the money,

they print & loot all for several pretexts such as QE , TBTF etc.

Wed, 01/06/2016 - 00:33 | 7003381 I AM SULLY
I AM SULLY's picture

Another fucking "screwbilee" is coming ...

http://iamsully.com/?p=15541

Wed, 01/06/2016 - 01:08 | 7003420 Dre4dwolf
Dre4dwolf's picture

Instead of occupying useless huts in the forest that no one cares about, the militias should occupy the front lawn of " The Fed ".

or you know, atleast take control of the imaginary money printers running off a laptop in Yellens bathroom and print us all up just as many one's and zero's as the banksters recieved to paper over their financial crimes of the century.

 

1 for 1

an eye for eye

You print a trillion for yourself, We print a trillion for ourselves, the currency is going to collapse regardless from the crimes already commited, might as well do some fucking good with the printing presses before the ship sinks for once.

Wed, 01/06/2016 - 02:01 | 7003475 Sir John Bagot Glubb
Sir John Bagot Glubb's picture

Obama was crying for himself and all of us today, not the victims of gun violence.  He may, at some level, underneath his functioning heroin addiction and lust for Reggie, realize the incredible horror, misery and suffering he has inevitably unleashed on all of us by virtue of his imposing his sociopathic Marxist ideology on America.  I say this because he doesn't look well and somebody has to have told him he can't keep Humpty Dumpty together between now and the time he leaves office.

Wed, 01/06/2016 - 02:11 | 7003493 Ward no. 6
Ward no. 6's picture

Fake tears

he should be crying for all the ppl he killed in other countries...

Wed, 01/06/2016 - 02:21 | 7003505 JailBanksters
JailBanksters's picture

It's more like, the FED can't Bankrupt the Economy to save the 1% of the 1% until all the Moms and Dads don't have any guns.

If Obongo doesn't do it on his watch, it probably will never happen. As they would have to wait another 3 years into the next term for the Next Window of opportuning. Nobody is going to do at the start of  Office. And the FED will still have to manipulating the Stock Market to make it appear to be "just fine", can't see this going for another 4 years.

 

If you knew the US was heading towards a bigger depression then 1929 and every house is locked and loaded, what would you do if you were president ?

 

 

Wed, 01/06/2016 - 06:24 | 7003713 Normalcy Bias
Normalcy Bias's picture

Obama's tears are as sincere as his promises. It's astounding that there are still people who don't see him for the obvious sociopath and pathological liar that he is.

Wed, 01/06/2016 - 02:51 | 7003524 Debugas
Debugas's picture

lets face the reality - governments rule by force

you accept (get paid for your work) their fiat overprinted money because you are forced to

however what governments fail to do is to force you to keep your savings in their fiat and that is your escape

but governments can tax your posessions again by forcing you to pay

 

the problem is not that governments print fiat money, the problem is that people keep their savings in that fiat

if you ask yourself why ppl keep savings in fiat then you arrive to the right answers

 

Wed, 01/06/2016 - 03:25 | 7003561 Wild E Coyote
Wild E Coyote's picture

Some people are luckier than others. And they got all the money. This 1% of 1% have no reason to spen their money to feed the poor or even give a decent job. Thus it became the job of governments to do that. Employing some 50 million and feeding some 50 million too.
And to do this they borrow from that lucky 1% of 1%. This lucky bastards are very willing to lend to the Government.
And so the Government keep borrowing and this borrowing is now called printing money. I say this because, there is no printing money. There is however, more increased borrowing.
The government continues to pay interest on the borrowing (though low interest). The 1% promptly buys more government debt with it.
This 1% includes some foreign governments, corporations, and international banks.
This situation imply that the system has already failed and we currently do not have the leaders with the solution to this problem.
Many suggest the Government should declare Bankruptcy, And on the way, kill the 1% and also a vast majority of common people in the ensuing economic collapse.
Others point out that we can continue this borrowing forever. I trillion become 10 trillion, and soon 100 trillion. So what? There is no harm.
The 1% are not in any position the freely use their money to create inflation. They are probably fully controlled by security apparatus.
Anyone has answers?

Wed, 01/06/2016 - 03:45 | 7003583 GreatUncle
GreatUncle's picture

Finding with the attempt to cut back on ever increasing debt even with all the cuts the level of debt just keeps on growing.

Under such a scenario you can cut all services people pay for yet the debt and with the same level of taxation will just keep growing.

So in the end as Greece and other bailout nations have found you end up living in a society with no services paying for all intents and purposes the entitled ones.

Is that a fair argument of reality and only a cull of entitled ones to really reduce the level of debt?

Wed, 01/06/2016 - 05:16 | 7003637 SunRise
SunRise's picture

This is a great article!

Wed, 01/06/2016 - 05:55 | 7003665 Janet Shalom Be...
Janet Shalom Bernanke's picture

Maybe Janet's successor's successor will learn from countless examples that bubbles are destabilizing and destructve to the economy, and then add that to their F#$&ING PLAYBOOKS!!!!  Making their friends rich on the bank cartel they represent at the expense of the country will definitely be known and recognized by the masses when this blows-up.  

But for now, I hope they reap the whirlwind from the wind they have sown.

 

Wed, 01/06/2016 - 07:01 | 7003764 ramgold2206
ramgold2206's picture

every so often I log onto the debt clock http://www.usdebtclock.org/ just to see that thing whizz upwards... it seems like a target not a measure... scary stuff indeed moar debt moar quicker ... 

own gold guys

 

www.teamramgold.com/about-us

Wed, 01/06/2016 - 07:23 | 7003821 Last of the Mid...
Last of the Middle Class's picture

They have printed more than in the whole history of printing and now derivatives are at an estimated 30 trillion. Where the fuck do you think the money went?

Wed, 01/06/2016 - 08:26 | 7003980 Theremustbeanot...
Theremustbeanotherway's picture

Wrong target! Had Kennedy been able to issue the US dollar at no interest cost, then the US would be in a far better position.

But no you allowed PRIVATELY controlled banks ie owned by individuals (THE CABAL) NOT THE GOVERNMENT to control your money with effect from 1913 and did nothing about this.

So what has happened most of your money takes the form of the issuance of CREDIT which the CABAL have charged usurious interest rates - compound interest is a killer!  

The CABAL have destroyed your economy!!

 

Wed, 01/06/2016 - 08:26 | 7003981 Theremustbeanot...
Theremustbeanotherway's picture

Wrong target! Had Kennedy been able to issue the US dollar at no interest cost, then the US would be in a far better position.

But no you allowed PRIVATELY controlled banks ie owned by individuals (THE CABAL) NOT THE GOVERNMENT to control your money with effect from 1913 and did nothing about this.

So what has happened most of your money takes the form of the issuance of CREDIT which the CABAL have charged usurious interest rates - compound interest is a killer!  

The CABAL have destroyed your economy!!

 

Wed, 01/06/2016 - 11:25 | 7004966 Flankspeed60
Flankspeed60's picture

If one could point to a single flaw in the Constitution, from which nearly all other evils seem to flow, it is the one allowing the government to borrow on the ‘good faith and credit of the United States.’ There is no good reason for the central govt. to borrow money. It has done little but to perpetuate the political elite, enrich the rent seekers and parasites, fund endless wars, and commit our children to eternal serfdom. Repeal that, and enforce all others, esp. “Nothing but gold and silver shall be used as legal tender among the states.” It’s just possible the term ‘American exceptionalism’ would become more than a cynical cliche.

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