Words from the Rising Republics

September 28, 2013

 

An Economy of Debt Instead of Wealth

The financiers who gained control of American finance built the economy on debt instead of wealth. Jefferson's protest came out as follows:

 

At the time we were funding our national debt, we heard much about "a public debt being a public bless­ing"; that the stock representing it was a creation of active capital for the aliment of commerce, manufac­tures and agriculture. This paradox was well adapted to the minds of believers in dreams.... (Bergh, Writings of Thomas Jefferson, 13:420.)

     Jefferson, Jackson, and Lincoln and Kennedy all tried to get the monetary program turned around so that Congress would issue its own money and banks would be required to loan on existing assets rather than use fictitious money based on merely a fraction of their assets. In other words, they wanted to get rid of the "boom and bust" cycle. At one point when the idea seemed to be catching on, the London Times came out with a frantic editorial stating:

“If that mischievous financial policy, which had its origin in the North American Republic during the late war in that country (the Civil War), should become indurated down to a fixture, then that Government will furnish its own money without cost. It will pay off its debts and be without debt. It will have all the money necessary to carry on its commerce. It will become prosperous beyond precedent in the history of the civilized governments of the world. The brains and the wealth of all countries will go to North America. That government must be destroyed or it will destroy every monarchy on the globe.” (Quoted in Gertrude Margaret Coogan, Money Creators [Hawthorne, Cal.: Omni Publications, 19741, p. 217.)

 

LET US CHANGE. THERE IS HOPE. IN GOD WE TRUST

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