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Take the Power to Create Credit Away from the Giant Banks and Give It Back to the People
Washington’s Blog
Wednesday, Nov 4th, 2009
Many people – including former analyst for the U.S. Treasury Richard Cook – argue that credit is too important a function to be left to the private banks.
Indeed, even after taxpayers have given trillions in bailouts, backstops, guarantees, and other gifts, the giant banks are still not lending out much credit to individuals or small businesses.
The talking heads say that real reform of this nature is not “politically feasible”. But not politically feasible doesn’t actually mean anything except that the powers-that-be don’t want it.
We have been throwing ourselves against a brick wall trying to force the giant banks into doing the right thing, but as Buckminster Fuller said:
You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.
A Better Model
So what is a better model?
Gold advocates argue for a return to a gold-backed standard. This would, in fact, be a vast improvement over the fiat currency system we have now, as it would help to stabilize the currency, add discipline and consistency, and reign in the funding of unnecessary wars and other imperial mischief which are funded by the unlimited printing of new fiat dollars.
But Ellen Brown argues that a gold standard restricts credit for the little guy, not just Uncle Sam. If Brown is right – and given that the too big to fails are refusing to lend to most little guys – public banking might be the only way to restore a healthy economy and ease the pain for the average American. (Brown also argues that it was actually the bankers – and not the populists – who forced the adoption of a gold standard in the 1890s, and that the true meaning of the “Cross of Gold” speech has been forgotten).
But as discussed below, it may not be necessary to choose between a gold standard and other options.
National Public Bank
AFL-CIO president Richard Trumka told Congress last week:
If the Federal Reserve were made a fully public body, it would be an acceptable alternative.
The American Monetary Institute proposes the following alternative:
Incorporate the Federal Reserve System into the U.S. Treasury where all new money would be created by government as money, not interest-bearing debt; and be spent into circulation to promote the general welfare. The monetary system would be monitored to be neither inflationary nor deflationary.
Second, halt the bank’s privilege to create money by ending the fractional reserve system in a gentle and elegant way.
All the past monetized private credit would be converted into U.S. government money. Banks would then act as intermediaries accepting savings deposits and loaning them out to borrowers. They would do what people think they do now. This Act nationalizes the money system, not the banking system.
Bloomberg News columnist Matthew Lynn writes:
The U.K. government needs to start thinking about what it will do with all the banks it now owns. The answer is simple: Hand them to the people…
Instead of selling the stakes it acquired in the financial system to other banks, or listing the shares on the stock market, it could create mutually owned societies. Royal Bank of Scotland Group Plc could be a people’s bank, owned by everyone.That would ensure more diversity, competition and stability, all goals just as worthy as getting back the money Prime Minister Gordon Brown’s government spent on bank rescues…
Sovereign nations such as the U.S. and England have the power to create credit and money (and see this, this and this). Taking the credit-creation power away from the banks and giving it back to the nation would ensure that credit is freed up for people’s use, and the stranglehold over the economy is taken away from the too big to fails.
State Public Banks
Many people argue that – given its actions – people don’t trust the federal government to create money.
Fair enough. Why not let the states do it?
Michael Moore recommends that the American people demand:
Each of the 50 states must create a state-owned public bank like they have in North Dakota. Then congress MUST reinstate all the strict pre-Reagan regulations on all commercial banks, investment firms, insurance companies — and all the other industries that have been savaged by deregulation: Airlines, the food industry, pharmaceutical companies — you name it. If a company’s primary motive to exist is to make a profit, then it needs a set of stringent rules to live by — and the first rule is “Do no harm.” The second rule: The question must always be asked — “Is this for the common good?” (Click here for some info about the state-owned Bank of North Dakota.)
As Moore notes, the state of North Dakota already has such a bank, and – because of that – North Dakota is just about the only state which is not running a huge deficit.
PhD economist and candidate for Florida governor Farid Khavari wants to create a Bank of the State of Florida, to create credit without burdening the state and its citizens with high interest charges by private banks.
See this for details.
Local Public Banks
An alternative to federal or state public banking is local public banks, as proposed by Edward Kellogg and others.
As summarized by Adrian Kuzminski:
During this time of financial and economic crisis, it is worth recalling that credible alternatives to our current financial system exist, if largely unrecognized, and deserve serious consideration…
The now-neglected 19th-century American proto-populist, Edward Kellogg … was a kind of godfather to the later populist movement on monetary issues. Perhaps the most profound of American writers on monetary issues, Kellogg advocated a decentralized but nationally regulated monetary system based on non-usurious, low-interest public loans to individuals. His vision inspired 19th-century century mutualists, greenbackers, populists, and others who sought to restructure the monetary system to redistribute wealth.
In our own day, when usurious credit in the form of private finance capital remains the dominant force in economic life, and is largely taken for granted even by educated people, the alternative Kellogg offers is more important than ever. Indeed, I suggest that Kellogg’s theory of money is the best monetary alternative we have to the baleful system under which we suffer…
Edward Kellogg (1790-1858) was a New York City businessman whose losses in the crash of 1837 led him to examine the business cycle, monetary policy, and debt. In a series of writings, Kellogg developed the idea of … having the government provide very-low-interest loans to the general public. These loans would have a uniform, fixed interest rate, established by law. They would be issued locally through a system of public credit banks he called the Safety Fund. Once issued, these low-interest loan notes would circulate as currency, replacing the privately issued banking notes of his day (which today take the form of Federal Reserve Notes)…
In his day Kellogg seems to have influenced even Abraham Lincoln who, according to historian Mark A. Lause, ” . . . had his own copy of Kellogg’s book, Labor and Capital [sic] advocating the government issuance of paper currency as a just means of redistributing wealth, and he corresponded with the author’s son-in-law.” Kellogg’s public currency was intended to end the monopoly over the discretionary issuance of money at interest, which was held then (and now) by the private banking and investment system…
Kellogg proposed to establish local public credit banks, and we might imagine one in each community. These local public credit banks would be part of the Safety Fund. Instead of money being issued (as it is now) through a privatized and centralized money-management system on a top-down basis, primarily as loans at increasing rates of interest from a central bank to major commercial banks, and then to regional and local banks, and then to the public, money in his system would be issued by local federal banks as loans directly to citizens at nominal interest on the basis of their economic prospects. Once lent out, Kellogg’s public credit notes would flow into circulation, providing the basis for a new currency backed by the assets of individual borrowers…
A centralized national currency would be replaced, in Kellogg’s system, by a locally issued currency. But that currency would everywhere be subject to common national standards, ensuring that each local public credit bank reliably issued equivalent units of currency. A dollar issued by one local public credit bank of the Safety Fund, Kellogg intended, would be worth the same as, and be freely interchangeable with, one issued by any other. The independence of local branches would be guaranteed by the discretionary power reserved to them as a local monopoly actually to loan money; the compatibility of their monies would be ensured under federal law by fixing the value of the dollar by law at 1.1 percent/year – that is, by lending money everywhere to citizens at that rate…
The goal is to establish and preserve economic decentralization. Amounts of money lent in Kellogg’s system would vary considerably from place to place, with some areas needing and creating more currency than others. The solvency of local federal public credit banks would be guaranteed by collateral put up by borrowers, and the money supply would be stabilized by repayment of loans as they came due. The interchangeability of public credit bank notes would ensure a wide circulation for the new money…
To achieve a stable currency, Kellogg insisted that this rate be fixed by law; perhaps today it would take a constitutional amendment.
What’s the Best Option?
People of good faith debate whether the gold standard, or national, state or local public banking is the best solution.
But they agree that the current fiat currency system where the creation of credit is controlled by the private banks has pushed us into an economic crisis and a credit crunch, with little hope of stability for the future.
Changing to a public banking system and/or reimplementing the gold standard would clearly be a large change. But remember – as Buckminster Fuller pointed out – building a new model is often easier than fighting the existing one.
The time is right for a new model.
Afterword: Is a Gold Standard Incompatible with Public Banking?
Many people assume that a gold standard is incompatible with public banking. But that might not necessarily be true.
An analysis of ways in which a gold standard might possibly complement public banking is beyond the scope of this essay, and I have not yet even thought it through myself. But before ruling out the possibility, I invite financial experts to brainstorm on this issue to see if we can have the best of both worlds.
After all, when currency speculation is removed from the equation, money simply acts as a yardstick to measure the exchange of goods and services so that barter is not necessary. People may be able to create a money system which has the stability and discipline created by a gold backed system. with the credit availability of a public banking system.
Admittedly, the gold standard may at first blush be seen as more conservative than public banking, as the former limits money expansion while the latter encourages it. But as with all liberal-conservative dichotomies, it is important to get beyond labels and to determine what is actually best. Indeed, public banking – especially if it is on the state or local level – would not create easy credit for the government to launch new imperial adventures.
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17 Responses to “Take the Power to Create Credit Away from the Giant Banks and Give It Back to the People”
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| By N2H | |||||||||||||||||||||||||||||||||||||||||
November 4th, 2009 at 5:24 am
It’s gonna be a hard row to hoe taking something away from banks that causes them to rake in trillions in profits.. John Dillinger had the same idea, he finished up on a mortuary slab!
November 4th, 2009 at 5:48 am
Well, at least when the voices start squaking in protest when this alternative gets put on the table, you’ll know who the “opposition” is…
November 4th, 2009 at 6:15 am
http://www.KeepTheTruthAlive.com
November 4th, 2009 at 7:21 am
AHAHAHHA
YA DONT SAY
REALLLY !!!!!!!!!!!!!!!
WHO WOULD HAVE THUNK IT !!!!!!!!!!!!!!!!!1
OHHH I KNOW !!!!!!!!!!!!!!
Money & Banking
Banking institutions, paper money, and paper speculation are capable of undermining the nation’s stability and could be a danger in time of war. The Constitution does not empower the Congress to establish a National Bank. Rather than trust the nation’s currency to private hands, the circulating medium should be restored to the nation itself to whom it belongs.
“Specie is the most perfect medium because it will preserve its own level; because, having intrinsic and universal value, it can never die in our hands, and it is the surest resource of reliance in time of war.” –Thomas Jefferson to John Wayles Eppes, 1813. ME 13:430
“Paper is poverty,… it is only the ghost of money, and not money itself.” –Thomas Jefferson to Edward Carrington, 1788. ME 7:36
“Experience has proved to us that a dollar of silver disappears for every dollar of paper emitted.” –Thomas Jefferson to James Monroe, 1791. ME 8:208
“It is a [disputed] question, whether the circulation of paper, rather than of specie, is a good or an evil… I believe it to be one of those cases where mercantile clamor will bear down reason, until it is corrected by ruin.” –Thomas Jefferson to John W. Eppes, 1813. ME 13:409
Specie as a National Resource
“In such a nation [as ours], there is one and one only resource for loans, sufficient to carry them through the expense of a war; and that will always be sufficient, and in the power of an honest government, punctual in the preservation of its faith. The fund I mean, is the mass of circulating coin. Everyone knows, that although not literally, it is nearly true, that every paper dollar emitted banishes a silver one from the circulation. A nation, therefore, making its purchases and payments with bills fitted for circulation, thrusts an equal sum of coin out of circulation. This is equivalent to borrowing that sum, and yet the vendor receiving payment in a medium as effectual as coin for his purchases or payments, has no claim to interest. And so the nation may continue to issue its bills as far as its wants require, and the limits of the circulation will admit… But this, the only resource which the government could command with certainty, the States have unfortunately fooled away, nay corruptly alienated to swindlers and shavers, under the cover of private banks.” –Thomas Jefferson to John W. Eppes, 1813. ME 13:274
“One of three great measures necessary to insure us permanent prosperity… should insure resources of money by the suppression of all paper circulation during peace, and licensing that of the nation alone during war. The metallic medium of which we should be possessed at the commencement of a war, would be a sufficient fund for all the loans we should need through its continuance; and if the national bills issued be bottomed (as is indispensable) on pledges of specific taxes for their redemption within certain and moderate epochs, and be of proper denominations for circulation, no interest on them would be necessary or just, because they would answer to everyone the purposes of the metallic money withdrawn and replaced by them.” –Thomas Jefferson to William H. Crawford, 1816. ME 15:30
“It would be best that our medium should be so proportioned to our produce, as to be on a par with that of the countries with which we trade, and whose medium is in a sound state.” –Thomas Jefferson to John W. Eppes, 1813. ME 13:430
Dangers of Paper Money
“That paper money has some advantages is admitted. But that its abuses also are inevitable and, by breaking up the measure of value, makes a lottery of all private property, cannot be denied. –Thomas Jefferson to Josephus B. Stuart, 1817. ME 15:113
“The trifling economy of paper, as a cheaper medium, or its convenience for transmission, weighs nothing in opposition to the advantages of the precious metals… it is liable to be abused, has been, is, and forever will be abused, in every country in which it is permitted.” –Thomas Jefferson to John W. Eppes, 1813. ME 13:430
“Scenes are now to take place as will open the eyes of credulity and of insanity itself, to the dangers of a paper medium abandoned to the discretion of avarice and of swindlers.” –Thomas Jefferson to Thomas Cooper, 1814. ME 14:189
“The States should be applied to, to transfer the right of issuing circulating paper to Congress exclusively, in perpetuum.” –Thomas Jefferson to John W. Eppes, 1813. ME 13:276
“The evils of this deluge of paper money are not to be removed until our citizens are generally and radically instructed in their cause and consequences, and silence by their authority the interested clamors and sophistry of speculating, shaving, and banking institutions. Till then, we must be content to return quoad hoc to the savage state, to recur to barter in the exchange of our property for want of a stable common measure of value, that now in use being less fixed than the beads and wampum of the Indian, and to deliver up our citizens, their property and their labor, passive victims to the swindling tricks of bankers and mountebankers.” –Thomas Jefferson to John Adams, 1819. ME 15:185
“Private fortunes, in the present state of our circulation, are at the mercy of those self-created money lenders, and are prostrated by the floods of nominal money with which their avarice deluges us.” –Thomas Jefferson to John W. Eppes, 1813. ME 13:276
“It is a cruel thought, that, when we feel ourselves standing on the firmest ground in every respect, the cursed arts of our secret enemies, combining with other causes, should effect, by depreciating our money, what the open arms of a powerful enemy could not.” –Thomas Jefferson to Richard Henry Lee, 1779. ME 4:298, Papers 2:298
“I now deny [the Federal Government's] power of making paper money or anything else a legal tender.” –Thomas Jefferson to John Taylor, 1798. ME 10:65
Paper Speculation
“A spirit… of gambling in our public paper has seized on too many of our citizens, and we fear it will check our commerce, arts, manufactures, and agriculture, unless stopped.” –Thomas Jefferson to William Carmichael, 1791. ME 8:230
“Our public credit is good, but the abundance of paper has produced a spirit of gambling in the funds, which has laid up our ships at the wharves as too slow instruments of profit, and has even disarmed the hand of the tailor of his needle and thimble. They say the evil will cure itself. I wish it may; but I have rarely seen a gamester cured, even by the disasters of his vocation.” –Thomas Jefferson to Gouverneur Morris, 1791. ME 8:241
“All the capital employed in paper speculation is barren and useless, producing, like that on a gaming table, no accession to itself, and is withdrawn from commerce and agriculture where it would have produced addition to the common mass… It nourishes in our citizens habits of vice and idleness instead of industry and morality… It has furnished effectual means of corrupting such a portion of the legislature as turns the balance between the honest voters whichever way it is directed.” –Thomas Jefferson to George Washington, 1792. ME 8:344
“We are now taught to believe that legerdemain tricks upon paper can produce as solid wealth as hard labor in the earth. It is vain for common sense to urge that nothing can produce but nothing; that it is an idle dream to believe in a philosopher’s stone which is to turn everything into gold, and to redeem man from the original sentence of his Maker, ‘in the sweat of his brow shall he eat his bread.’” –Thomas Jefferson to Charles Yancey, 1816. ME 14:381
The Importance of Personal Economy
“I own it to be my opinion, that good will arise from the destruction of our credit. I see nothing else which can restrain our disposition to luxury, and to the change of those manners which alone can preserve republican government. As it is impossible to prevent credit, the best way would be to cure its ill effects by giving an instantaneous recovery to the creditor. This would be reducing purchases on credit to purchases for ready money. A man would then see a prison painted on everything he wished, but had not ready money to pay for.” –Thomas Jefferson to Archibald Stuart, 1786. ME 5:259
“We should try whether the prodigal might not be restrained from taking on credit the gewgaw held out to him in one hand, by seeing the keys of a prison in the other.” –Thomas Jefferson to Thomas Pleasants, 1786. ME 5:325, Papers 9:472
“The maxim of buying nothing without the money in our pockets to pay for it would make of our country one of the happiest on earth.” –Thomas Jefferson to Alexander Donald, 1787. ME 6:192
“Every discouragement should be thrown in the way of men who undertake to trade without capital.” –Thomas Jefferson to Nathaniel Tracy, 1785. Papers 8:399
“Would a missionary appear, who would make frugality the basis of his religious system, and go through the land, preaching it up as the only road to salvation, I would join his school, though not generally disposed to seek my religion out of the dictates of my own reason and feelings of my own heart.” –Thomas Jefferson to John Page, 1786. ME 5:305
“I look back to the time of the war as a time of happiness and enjoyment, when amidst the privation of many things not essential to happiness, we could not run in debt, because nobody would trust us; when we practised by necessity the maxim of buying nothing but what we had money in our pockets to pay for; a maxim which, of all others, lays the broadest foundation for happiness. I see no remedy to our evils, but an open course of law. Harsh as it may seem, it would relieve the very patients who dread it, by stopping the course of their extravagance, before it renders their affairs entirely desperate.” –Thomas Jefferson to Fulwar Skipwith, 1787. ME 6:188
“It is a miserable arithmetic which makes any single privation whatever so painful as a total privation of everything which must necessarily follow the living so far beyond our income.” –Thomas Jefferson to William Hay, 1787. ME 6:223
“I know of no remedy against indolence and extravagance, but a free course of justice. Everything else is merely palliative… Desperate of finding relief from a free course of justice, I look forward to the abolition of all credit, as the only other remedy which can take place.” –Thomas Jefferson to Alexander Donald, 1787. ME 6:192
Banking Institutions
“That we are overdone with banking institutions which have banished the precious metals and substituted a more fluctuating and unsafe medium, that these have withdrawn capital from useful improvements and employments to nourish idleness, that the wars of the world have swollen our commerce beyond the wholesome limits of exchanging our own productions for our own wants, and that, for the emolument of a small proportion of our society who prefer these demoralizing pursuits to labors useful to the whole, the peace of the whole is endangered and all our present difficulties produced, are evils more easily to be deplored than remedied.” –Thomas Jefferson to Abbe Salimankis, 1810. ME 12:379
“The system of banking [I] have… ever reprobated. I contemplate it as a blot left in all our Constitutions, which, if not covered, will end in their destruction, which is already hit by the gamblers in corruption, and is sweeping away in its progress the fortunes and morals of our citizens.” –Thomas Jefferson to John Taylor, 1816. ME 15:18
“The banks… have the regulation of the safety-valves of our fortunes, and… condense and explode them at their will.” –Thomas Jefferson to John Adams, 1819. ME 15:224
“The States should be urged to concede to the General Government, with a saving of chartered rights, the exclusive power of establishing banks of discount for paper.” –Thomas Jefferson to John W. Eppes, 1813. ME 13:431
“I sincerely believe… that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale.” –Thomas Jefferson to John Taylor, 1816. ME 15:23
A National Bank
“The incorporation of a bank and the powers assumed [by legislation doing so] have not, in my opinion, been delegated to the United States by the Constitution. They are not among the powers specially enumerated.” –Thomas Jefferson: Opinion on Bank, 1791. ME 3:146
“It has always been denied by the republican party in this country, that the Constitution had given the power of incorporation to Congress. On the establishment of the Bank of the United States, this was the great ground on which that establishment was combated; and the party prevailing supported it only on the argument of its being an incident to the power given them for raising money.” –Thomas Jefferson to Dr. Maese, 1809. ME 12:231
“The idea of creating a national bank I do not concur in, because it seems now decided that Congress has not that power (although I sincerely wish they had it exclusively), and because I think there is already a vast redundancy rather than a scarcity of paper medium.” –Thomas Jefferson to Thomas Law, 1813. FE 9:433
“[The] Bank of the United States… is one of the most deadly hostility existing, against the principles and form of our Constitution… An institution like this, penetrating by its branches every part of the Union, acting by command and in phalanx, may, in a critical moment, upset the government. I deem no government safe which is under the vassalage of any self-constituted authorities, or any other authority than that of the nation, or its regular functionaries. What an obstruction could not this bank of the United States, with all its branch banks, be in time of war! It might dictate to us the peace we should accept, or withdraw its aids. Ought we then to give further growth to an institution so powerful, so hostile?” –Thomas Jefferson to Albert Gallatin, 1803. ME 10:437
Meeting the Banking Problem
“The monopoly of a single bank is certainly an evil. The multiplication of them was intended to cure it; but it multiplied an influence of the same character with the first, and completed the supplanting the precious metals by a paper circulation. Between such parties the less we meddle the better.” –Thomas Jefferson to Albert Gallatin, 1802. ME 10:323
“In order to be able to meet a general combination of the banks against us in a critical emergency, could we not make a beginning towards an independent use of our own money, towards holding our own bank in all the deposits where it is received, and letting the treasurer give his draft or note for payment at any particular place, which, in a well-conducted government, ought to have as much credit as any private draft or bank note or bill, and would give us the same facilities which we derive from the banks?” –Thomas Jefferson to Albert Gallatin, 1803. ME 10:439
“If treasury bills are emitted on a tax appropriated for their redemption in fifteen years, and (to insure preference in the first moments of competition) bearing an interest of six per cent, there is no one who would not take them in preference to the bank paper now afloat, on a principle of patriotism as well as interest; and they would be withdrawn from circulation into private hoards to a considerable amount. Their credit once established, others might be emitted, bottomed also on a tax, but not bearing interest; and if ever their credit faltered, open public loans, on which these bills alone should be received as specie. These, operating as a sinking fund, would reduce the quantity in circulation, so as to maintain that in an equilibrium with specie. It is not easy to estimate the obstacles which, in the beginning, we should encounter in ousting the banks from their possession of the circulation; but a steady and judicious alternation of emissions and loans would reduce them in time.” –Thomas Jefferson to John W. Eppes, 1813. ME 13:275
“Bank paper must be suppressed, and the circulating medium must be restored to the nation to whom it belongs. It is the only fund on which they can rely for loans; it is the only resource which can never fail them, and it is an abundant one for every necessary purpose. Treasury bills, bottomed on taxes, bearing or not bearing interest, as may be found necessary, thrown into circulation will take the place of so much gold and silver, which last, when crowded, will find an efflux into other countries, and thus keep the quantum of medium at its salutary level. Let banks continue if they please, but let them discount for cash alone or for treasury notes.” –Thomas Jefferson to John W. Eppes, 1813. ME 13:361
“Put down the banks, and if this country could not be carried through the longest war against her most powerful enemy without ever knowing the want of a dollar, without dependence on the traitorous classes of her citizens, without bearing hard on the resources of the people, or loading the public with an indefinite burden of debt, I know nothing of my countrymen. Not by any novel project, not by an charlatanerie, but by ordinary and well-experienced means; by the total prohibition of all private paper at all times, by reasonable taxes in war aided by the necessary emissions of public paper of circulating size, this bottomed on special taxes, redeemable annually as this special tax comes in, and finally within a moderate period.” –Thomas Jefferson to Albert Gallatin, 1815. ME 14:356
“Our people… will give you all the necessaries of war they produce, if, instead of the bankrupt trash they now are obliged to receive for want of any other, you will give them a paper promise funded on a specific pledge, and of a size for common circulation.” –Thomas Jefferson to James Monroe, 1815. ME 14:228
“Instead of funding issues of paper on the hypothecation of specific redeeming taxes (the only method of anticipating, in a time of war, the resources of times of peace, tested by the experience of nations), we are trusting to tricks of jugglers on the cards, to the illusions of banking schemes for the resources of the war, and for the cure of colic to inflations of more wind.” –Thomas Jefferson to M. Correa de Serra, 1814. ME 14:224
“It is literally true that the toleration of banks of paper discount costs the United States one-half their war taxes; or, in other words, doubles the expenses of every war. Now think but for a moment, what a change of condition that would be, which should save half our war expenses, require but half the taxes, and enthral us in debt but half the time.” –Thomas Jefferson to John W. Eppes, 1813. ME 13:364
“The State legislatures should be immediately urged to relinquish the right of establishing banks of discount. Most of them will comply, on patriotic principles, under the convictions of the moment; and the non-complying may be crowded into concurrence by legitimate devices.” –Thomas Jefferson to Thomas Cooper, 1814. ME 14:190
The Issuance of Treasury Notes
“Necessity, as well as patriotism and confidence, will make us all eager to receive treasury notes, if founded on specific taxes. Congress may borrow of the public, and without interest, all the money they may want, to the amount of a competent circulation, by merely issuing their own promissory notes, of proper denominations for the larger purposes of circulation, but not for the small. Leave that door open for the entrance of metallic money.” –Thomas Jefferson to Thomas Cooper, 1814. ME 14:189
“Treasury notes of small as well as high denomination, bottomed on a tax which would redeem them in ten years, would place at our disposal the whole circulating medium of the United States… The public… ought never more to permit its being filched from them by private speculators and disorganizers of the circulation.” –Thomas Jefferson to William H. Crawford, 1815. ME 14:242
“There can be no safer deposit on earth than the Treasury of the United States.” –Thomas Jefferson to Lafayette, 1825. ME 19:281
“The government of the United States have no idea of paying their debt in a depreciated medium, and… in the final liquidation of the payments which shall have been made, due regard will be had to an equitable allowance for the circumstance of depreciation.” –Thomas Jefferson to Jean Baptiste de Ternant, 1791. ME 8:247
Commercial Banking
“The art and mystery of banks… is established on the principle that ‘private debts are a public blessing.’ That the evidences of those private debts, called bank notes, become active capital, and aliment the whole commerce, manufactures, and agriculture of the United States. Here are a set of people, for instance, who have bestowed on us the great blessing of running in our debt about two hundred millions of dollars, without our knowing who they are, where they are, or what property they have to pay this debt when called on; nay, who have made us so sensible of the blessings of letting them run in our debt, that we have exempted them by law from the repayment of these debts beyond a give proportion (generally estimated at one-third). And to fill up the measure of blessing, instead of paying, they receive an interest on what they owe from those to whom they owe; for all the notes, or evidences of what they owe, which we see in circulation, have been lent to somebody on an interest which is levied again on us through the medium of commerce. And they are so ready still to deal out their liberalities to us, that they are now willing to let themselves run in our debt ninety millions more, on our paying them the same premium of six or eight per cent interest, and on the same legal exemption from the repayment of more than thirty millions of the debt, when it shall be called for.” –Thomas Jefferson to John W. Eppes, 1813. ME 13:420
“The bank mania… is raising up a moneyed aristocracy in our country which has already set the government at defiance, and although forced at length to yield a little on this first essay of their strength, their principles are unyielded and unyielding. These have taken deep root in the hearts of that class from which our legislators are drawn, and the sop to Cerberus from fable has become history. Their principles lay hold of the good, their pelf of the bad, and thus those whom the Constitution had placed as guards to its portals, are sophisticated or suborned from their duties.” –Thomas Jefferson to Josephus B. Stuart, 1817. ME 15:112
“Put down all banks, admit none but a metallic circulation that will take its proper level with the like circulation in other countries, and then our manufacturers may work in fair competition with those of other countries, and the import duties which the government may lay for the purposes of revenue will so far place them above equal competition.” –Thomas Jefferson to Charles Pinckney, 1820. ME 15:280
“But it will be asked, are we to have no banks? Are merchants and others to be deprived of the resource of short accommodations, found so convenient? I answer, let us have banks; but let them be such as are alone to be found in any country on earth, except Great Britain. There is not a bank of discount on the continent of Europe (at least there was not one when I was there) which offers anything but cash in exchange for discounted bills.” –Thomas Jefferson to John W. Eppes, 1813. ME 13:277
“No one has a natural right to the trade of a money lender, but he who has the money to lend. Let those then among us who have a moneyed capital and who prefer employing it in loans rather than otherwise, set up banks and give cash or national bills for the notes they discount. Perhaps, to encourage them, a larger interest than is legal in the other cases might be allowed them, on the condition of their lending for short periods only.” –Thomas Jefferson to John W. Eppes, 1813. ME 13:277
“If the debt which the banking companies owe be a blessing to anybody, it is to themselves alone, who are realizing a solid interest of eight or ten per cent on it. As to the public, these companies have banished all our gold and silver medium, which, before their institution, we had without interest, which never could have perished in our hands, and would have been our salvation now in the hour of war; instead of which they have given us two hundred million of froth and bubble, on which we are to pay them heavy interest, until it shall vanish into air… We are warranted, then, in affirming that this parody on the principle of ‘a public debt being a public blessing,’ and its mutation into the blessing of private instead of public debts, is as ridiculous as the original principle itself. In both cases, the truth is, that capital may be produced by industry, and accumulated by economy; but jugglers only will propose to create it by legerdemain tricks with paper.” –Thomas Jefferson to John W. Eppes, 1813. ME 13:423
“Everything predicted by the enemies of banks, in the beginning, is now coming to pass. We are to be ruined now by the deluge of bank paper. It is cruel that such revolutions in private fortunes should be at the mercy of avaricious adventurers, who, instead of employing their capital, if any they have, in manufactures, commerce, and other useful pursuits, make it an instrument to burden all the interchanges of property with their swindling profits, profits which are the price of no useful industry of theirs.” –Thomas Jefferson to Thomas Cooper, 1814. ME 14:61
“Certainly no nation ever before abandoned to the avarice and jugglings of private individuals to regulate according to their own interests, the quantum of circulating medium for the nation — to inflate, by deluges of paper, the nominal prices of property, and then to buy up that property at 1s. in the pound, having first withdrawn the floating medium which might endanger a competition in purchase. Yet this is what has been done, and will be done, unless stayed by the protecting hand of the legislature. The evil has been produced by the error of their sanction of this ruinous machinery of banks; and justice, wisdom, duty, all require that they should interpose and arrest it before the schemes of plunder and spoilation desolate the country.” –Thomas Jefferson to William C. Rives, 1819. ME 15:232
“It is said that our paper is as good as silver, because we may have silver for it at the bank where it issues. This is not true. One, two, or three persons might have it; but a general application would soon exhaust their vaults, and leave a ruinous proportion of their paper in its intrinsic worthless form.” –Thomas Jefferson to John W. Eppes, 1813. ME 13:426
“To the existence of banks of discount for cash… there can be no objection, because there can be no danger of abuse, and they are a convenience both to merchants and individuals. I think they should even be encouraged, by allowing them a larger than legal interest on short discounts, and tapering thence, in proportion as the term of discount is lengthened, down to legal interest on those of a year or more. Even banks of deposit, where cash should be lodged, and a paper acknowledgment taken out as its representative, entitled to a return of the cash on demand, would be convenient for remittances, travelling persons, etc. But, liable as its cash would be to be pilfered and robbed, and its paper to be fraudulently re-issued, or issued without deposit, it would require skilful and strict regulation.” –Thomas Jefferson to John W. Eppes, 1813. ME 13:431
“I am an enemy to all banks discounting bills or notes for anything but coin.” –Thomas Jefferson to Thomas Cooper, 1814. ME 14:61
Regulating Banking Institutions
“The principle of rotation… in the body of [bank] directors… breaks in upon the espirit de corps so apt to prevail in permanent bodies; it gives a chance for the public eye penetrating into the sanctuary of those proceedings and practices, which the avarice of the directors may introduce for their personal emolument, and which the resentments of excluded directors, or the honesty of those duly admitted, might betray to the public; and it gives an opportunity at the end of the year, or at other periods, of correcting a choice, which on trial, proves to have been unfortunate.” –Thomas Jefferson to Albert Gallatin, 1803. ME 10:437
THOMAS JEFFERSON, NOW HOW DID HE KNOW THAT !!!!!!!!!!!!!!
AHAHAH HE MUST OF BEEN DRUNK !!!!!!!!!!!!!!!!
AHAHAH THAN ALL THESE TRAITOR FUCKEN RETARDS PARASITEIC “ELITES” APPEARED ON THE SCENE
AND WELLL LO AND BEHOLD
YOU GOT SOLD OUT TO ORGANISED ROBBERBARONS MURDERERS AND THEIVES
THAT CALL THEMSELVES “GOVERNMENTS , RELIGIONS AND STATES”
AHAHAHHAHAHAH
Marcus Tullius Cicero 42BC “A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their garments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murderer is less to fear.”
AHAHAH OHH AND I FORGOT “YOUR” GOVERNMENTS LOVE YOU AND THANKS YOU FOR BEING SUCH OBIDIENT AND DUMB ANIMALS
YOURE ALL SO EASY TO EXPLOIT AND ENSLAVE
NOW SHUT THE FUCK UP NIGGER AND DO AS YOUR TOLD
SIG HEIL OHHH GREAT CEASAER !!!!!!!!!!!!!!!!!
AHAHAHHAHAHA
November 4th, 2009 at 7:33 am
The National Debt
Loading up the nation with debt and leaving it for the following generations to pay is morally irresponsible. Excessive debt is a means by which governments oppress the people and waste their substance. No nation has a right to contract debt for periods longer than the majority contracting it can expect to live.
“I sincerely believe… that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale.” –Thomas Jefferson to John Taylor, 1816. ME 15:23
“[With the decline of society] begins, indeed, the bellum omnium in omnia [war of all against all], which some philosophers observing to be so general in this world, have mistaken it for the natural, instead of the abusive state of man. And the fore horse of this frightful team is public debt. Taxation follows that, and in its train wretchedness and oppression.” –Thomas Jefferson to Samuel Kercheval, 1816. ME 15:40
The Nation’s Credit
“Though much an enemy to the system of borrowing, yet I feel strongly the necessity of preserving the power to borrow. Without this, we might be overwhelmed by another nation, merely by the force of its credit.” –Thomas Jefferson to the Commissioners of the Treasury, 1788. ME 6:423
“I am anxious about everything which may affect our credit. My wish would be, to possess it in the highest degree, but to use it little. Were we without credit, we might be crushed by a nation of much inferior resources, but possessing higher credit.” –Thomas Jefferson to George Washington, 1788. ME 6:453
“Though I am an enemy to the using our credit but under absolute necessity, yet the possessing a good credit I consider as indispensable in the present system of carrying on war. The existence of a nation having no credit is always precarious.” –Thomas Jefferson to James Madison, 1788. ME 6:455
“I wish it were possible to obtain a single amendment to our Constitution. I would be willing to depend on that alone for the reduction of the administration of our government; I mean an additional article taking from the Federal Government the power of borrowing. I now deny their power of making paper money or anything else a legal tender. I know that to pay all proper expenses within the year would, in case of war, be hard on us. But not so hard as ten wars instead of one. For wars could be reduced in that proportion; besides that the State governments would be free to lend their credit in borrowing quotas.” –Thomas Jefferson to John Taylor, 1798. ME 10:64
The Limits on Contracting Debt
“The term of redemption must be moderate, and at any rate within the limits of [the government's] rightful powers. But what limits, it will be asked, does this prescribe to their powers? What is to hinder them from creating a perpetual debt? The laws of nature, I answer. The earth belongs to the living, not to the dead. The will and the power of man expire with his life, by nature’s law.” –Thomas Jefferson to John Wayles Eppes, 1813. ME 13:169
“We acknowledge that our children are born free; that that freedom is the gift of nature, and not of him who begot them; that though under our care during infancy, and therefore of necessity under a duly tempered authority, that care is confided to us to be exercised for the preservation and good of the child only; and his labors during youth are given as a retribution for the charges of infancy. As he was never the property of his father, so when adult he is sui juris, entitled himself to the use of his own limbs and the fruits of his own exertions: so far we are advanced, without mind enough, it seems, to take the whole step.” –Thomas Jefferson to John Wayles Eppes, 1813. ME 13:357
“Then I say, the earth belongs to each of these generations during its course, fully and in its own right. The second generation receives it clear of the debts and incumbrances of the first, the third of the second, and so on. For if the first could charge it with a debt, then the earth would belong to the dead and not to the living generation. Then, no generation can contract debts greater than may be paid during the course of its own existence.” –Thomas Jefferson to James Madison, 1789. ME 7:455, Papers 15:393
“[Using], for instance, the table of M. de Buffon, [it can be determined that] the half of those of 21 years and upwards living at any one instant of time will be dead in 18 years, 8 months, or say 19 years as the nearest integral number. Then 19 years is the term beyond which neither the representatives of a nation nor even the whole nation itself assembled can validly extend a debt… With respect to future debts, would it not be wise and just for [a] nation to declare in [its] constitution that neither the legislature nor the nation itself can validly contract more debt than they may pay within their own age, or within the term of 19 years? And that all future contracts shall be deemed void as to what shall remain unpaid at the end of 19 years from their date?” –Thomas Jefferson to James Madison, 1789. Papers 15:394
“The conclusion then, is, that neither the representatives of a nation, nor the whole nation itself assembled, can validly engage debts beyond what they may pay in their own time.” –Thomas Jefferson to James Madison, 1789. ME 7:457, Papers 15:398n
“I suppose that the received opinion, that the public debts of one generation devolve on the next, has been suggested by our seeing, habitually, in private life, that he who succeeds to lands is required to pay the debts of his predecessor; without considering that this requisition is municipal only, not moral, flowing from the will of the society, which has found it convenient to appropriate the lands of a decedent on the condition of a payment of his debts; but that between society and society, or generation and generation, there is no municipal obligation, no umpire but the law of nature.” –Thomas Jefferson to James Madison, 1789. ME 7:458, Papers 15:395
“Funding I consider as limited, rightfully, to a redemption of the debt within the lives of a majority of the generation contracting it; every generation coming equally, by the laws of the Creator of the world, to the free possession of the earth He made for their subsistence, unincumbered by their predecessors, who, like them, were but tenants for life.” –Thomas Jefferson to John Taylor, 1816. ME 15:18
“[The natural right to be free of the debts of a previous generation is] a salutary curb on the spirit of war and indebtment, which, since the modern theory of the perpetuation of debt, has drenched the earth with blood, and crushed its inhabitants under burdens ever accumulating.” –Thomas Jefferson to John Wayles Eppes, 1813. ME 13:272
Saddling Posterity with Debt
“We believe–or we act as if we believed–that although an individual father cannot alienate the labor of his son, the aggregate body of fathers may alienate the labor of all their sons, of their posterity, in the aggregate, and oblige them to pay for all the enterprises, just or unjust, profitable or ruinous, into which our vices, our passions or our personal interests may lead us. But I trust that this proposition needs only to be looked at by an American to be seen in its true point of view, and that we shall all consider ourselves unauthorized to saddle posterity with our debts, and morally bound to pay them ourselves; and consequently within what may be deemed the period of a generation, or the life of the majority.” –Thomas Jefferson to John Wayles Eppes, 1813. ME 13:357
“It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world.” –Thomas Jefferson to A. L. C. Destutt de Tracy, 1820. FE 10:175
“Ought not then the right of each successive generation to be guaranteed against the dissipations and corruptions of those preceding, by a fundamental provision in our Constitution? And if that has not been made, does it exist the less, there being between generation and generation as between nation and nation no other law than that of nature? And is it the less dishonest to do what is wrong because not expressly prohibited by written law? Let us hope our moral principles are not yet in that stage of degeneracy, and that in instituting the system of finance to be hereafter pursued we shall adopt the only safe, the only lawful and honest one, of borrowing on such short terms of reimbursement of interest and principal as will fall within the accomplishment of our own lives.” –Thomas Jefferson to John Wayles Eppes, 1813. ME 13:360
A Tax for Every Debt
“It is a wise rule and should be fundamental in a government disposed to cherish its credit and at the same time to restrain the use of it within the limits of its faculties, “never to borrow a dollar without laying a tax in the same instant for paying the interest annually and the principal within a given term; and to consider that tax as pledged to the creditors on the public faith.” On such a pledge as this, sacredly observed, a government may always command, on a reasonable interest, all the lendable money of their citizens, while the necessity of an equivalent tax is a salutary warning to them and their constituents against oppressions, bankruptcy, and its inevitable consequence, revolution.” –Thomas Jefferson to John Wayles Eppes, 1813. ME 13:269
“Our government has not as yet begun to act on the rule of loans and taxation going hand in hand. Had any loan taken place in my time, I should have strongly urged a redeeming tax.” –Thomas Jefferson to John Wayles Eppes, 1813. ME 13:273
“Of the modes which are within the limits of right, that of raising within the year its whole expenses by taxation, might be beyond the abilities of our citizens to bear. It is, moreover, generally desirable that the public contributions should be as uniform as practicable from year to year, that our habits of industry and of expense may become adapted to them; and that they may be duly digested and incorporated with our annual economy.” –Thomas Jefferson to John Wayles Eppes, 1813. ME 13:359
“We should now set the example of appropriating some particular tax [for loans made] sufficient to pay the interest annually and the principal within a fixed term, less than nineteen years.” –Thomas Jefferson to John Wayles Eppes, 1813. ME 13:273
“Interest, simple or compound, is a compensation for the use of money.” –Thomas Jefferson to John Nelson, 1818. ME 18:300
Maintaining Good Credit
“I told… President [Washington] all that was ever necessary to establish our credit was an efficient government and an honest one, declaring it would sacredly pay our debts, laying taxes for this purpose and applying them to it.” –Thomas Jefferson: The Anas, 1792. ME 1:319
“The English credit is the first, because they never open a loan without laying and appropriating taxes for the payment of the interest, and there has never been an instance of their failing one day in that payment.” –Thomas Jefferson to George Washington, 1788. ME 6:452
“Equal provision for the interest, adding to it a certain prospect for the principal, will give us a preference to all nations, the English not excepted.” –Thomas Jefferson to James Madison, 1788. ME 6:456
“I deem [this one of] the essential principles of our government and consequently [one] which ought to shape its administration:… The honest payment of our debts and sacred preservation of the public faith. ” –Thomas Jefferson: 1st Inaugural, 1801. ME 3:322
“There can never be a fear but that the paper which represents the public debt will be ever sacredly good. The public faith is bound for this, and no change of system will ever be permitted to touch this; but no other paper stands on ground equally sure.” –Thomas Jefferson to William Short, 1792. ME 8:317
“It is not our desire to pay off… bills [of exchange in paper money] according to the present depreciation, but according to their actual value in hard money at the time they were drawn, with interest. The State having received value, so far as it is just it should be substantially paid. All beyond this would be plunder, made by some person or other.” –Thomas Jefferson to the Virginia Delegates in Congress, 1781. ME 4:390, Papers 5:152
“I once thought that in the event of a war we should be obliged to suspend paying the interest of the public debt. But a dozen years more of experience and observation on our people and government have satisfied me it will never be done. The sense of the necessity of public credit is so universal and so deeply rooted that no other necessity will prevail against it.” –Thomas Jefferson to William Short, 1814. ME 14:217
Freeing the Nation from Debt
“I consider the fortunes of our republic as depending in an eminent degree on the extinguishment of the public debt before we engage in any war; because that done, we shall have revenue enough to improve our country in peace and defend it in war without recurring either to new taxes or loans. But if the debt should once more be swelled to a formidable size, its entire discharge will be despaired of, and we shall be committed to the English career of debt, corruption and rottenness, closing with revolution. The discharge of public debt, therefore, is vital to the destinies of our government.” –Thomas Jefferson to Albert Gallatin, 1809. FE 9:264
“There [is a measure] which if not taken we are undone…[It is] to cease borrowing money and to pay off the national debt. If this cannot be done without dismissing the army and putting the ships out of commission, haul them up high and dry and reduce the army to the lowest point at which it was ever established. There does not exist an engine so corruptive of the government and so demoralizing of the nation as a public debt. It will bring on us more ruin at home than all the enemies from abroad against whom this army and navy are to protect us.” –Thomas Jefferson to Nathaniel Macon, 1821. (*) FE 10:193
“To preserve [the] independence [of the people,] we must not let our rulers load us with perpetual debt. We must make our election between economy and liberty, or profusion and servitude. If we run into such debts as that we must be taxed in our meat and in our drink, in our necessaries and our comforts, in our labors and our amusements, for our callings and our creeds, as the people of England are, our people, like them, must come to labor sixteen hours in the twenty-four, give the earnings of fifteen of these to the government for their debts and daily expenses, and the sixteenth being insufficient to afford us bread, we must live, as they now do, on oatmeal and potatoes, have no time to think, no means of calling the mismanagers to account, but be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow-sufferers.” –Thomas Jefferson to Samuel Kercheval, 1816. ME 15:39
“No earthly consideration could induce my consent to contract such a debt as England has by her wars for commerce, to reduce our citizens by taxes to such wretchedness, as that laboring sixteen of the twenty-four hours, they are still unable to afford themselves bread, or barely to earn as much oatmeal or potatoes as will keep soul and body together. And all this to feed the avidity of a few millionary merchants and to keep up one thousand ships of war for the protection of their commercial speculations.” –Thomas Jefferson to William H. Crawford, 1816. ME 15:29
“Our distance from the wars of Europe, and our disposition to take no part in them, will, we hope, enable us to keep clear of the debts which they occasion to other powers.” –Thomas Jefferson to C. W. F. Dumas, 1790. ME 8:47
AHAHAHAHAH SHUCK HE MUST OF BEEN ONE OF THEM CRAZY PEOPLE AHAHAHAHAH
AHAHAHHAHA
November 4th, 2009 at 7:36 am
Andrew Jackson “Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the grace of the Eternal God, will rout you out.”
November 4th, 2009 at 7:41 am
Democracy: The state of affairs in which you consent to having your pocket picked, and elect the best man to do it. ~Benjamin Lichtenberg
asshole Reply:
November 4th, 2009 at 7:48 am
NO ACTUALLY
YOU JUST GET TO CONFIRM THE SCUM BAG THAT WAS SELELCTED BY THE ROBBER BARONS MURDERERS AND THEIVES PRIVATE CLUB OF HOMOSEXUAL HIGH PRESIT SHIBOLETHS SEEING THEY ALL CAME OUT OF THE SAME CORPROATE ALPHABET SHIT HOLES UNIVERSSITES
THATS WHERE THEY LEARNT THERE SWINDERLS TRADE, THEIVES, MASS MURDERERS ROBBERBARONS !!!!!!!!!!!!!!!!
November 4th, 2009 at 7:47 am
“The government should create, issue, and circulate all the currency and credit needed to satisfy the spending power of the government and the buying power of consumers. The privilege of creating and issuing money is not only the supreme prerogative of government, but it is the government’s greatest creative opportunity. The financing of all public enterprise, and the conduct of the treasury will become matters of practical administration. Money will cease to be master and will then become servant of humanity.”Abraham Lincoln
AND NOT A PRIVATE ROBBER BARONS MURDERERS AND THIEVES CLUB !!!!!!!!!!!!!!!!
WHERE THE LEEECH INTEREST OF MONEY THEY NEVER HAD OR EARNED !!!!!!!!!!!!!!!!!!!
THEY ARE CRIMINALS EMBEZZELARS SWINDLERS AND FRAUDSTERS!!!!!!!!!!!!!!!1
AND IT WAS ALL PLANNED WITH THE HELP OF THE LEGISLATORS AND THE LEGALISED MASS MURDERERS CON ARTISITS THIEVES JUDICIAL SYSTEM OF ROBBER BARONS MURDERERS AND THEIVES FACILITATORS
LEGISLATORS AND JUDGES AND LAW = CRIMINAL ORGANISED THEIVES
BOUGHT AND PAID FOR CORPROATE RUN AND OWNED SKANKS !!!!!!!!!!!!!!
November 4th, 2009 at 10:12 am
i agree that the issuing powers of our money should be returned to the people whom it rightly belongs, (Thomas Jefferson) but remember and we can see this statement in our everyday lives…
This is the tendency of all human governments. A departure from principle becomes a precedent for a second; that second for a third; and so on, till the bulk of society is reduced to mere automatons of misery, to have no sensibilities left but for sinning and suffering… And the fore horse of this frightful team is public debt. Taxation follows that, and in its train wretchedness and oppression.” Thomas Jefferson
November 4th, 2009 at 10:40 am
Have you ever noticed how Austrian and Keynesian propagandists — despite supposedly being on the “opposite” sides of virtually every economic issue — are UNITED in their mutual hatred of the idea of debt-free Greenbacks?
Could it be that Left-vs.-Right is not the only “false paradigm” into which countless people have sheepishly allowed their minds and intellects to be enslaved?
Could the endless Austrian School-vs.-Keynesian School debate be the product of another such false paradigm — one that is used to fool the masses into believing that their only “choices” are to be (a) enslaved within a prison of debt, or (b) crucified upon a cross of gold?
Read the following and decide for yourself:
– http://propagandamatrix.com/fo.....084.0.html
– http://propagandamatrix.com/fo.....012.0.html
November 4th, 2009 at 10:46 am
Gold as a basis for the monetary system would only work for a while. At some price point, it would be possible to produce gold (the Russians have done it) artificially, which would skew the markets. Also, gold is NOT a rare metal in the universe, in fact we don’t have to go too far to find lots of it:
“In the 2,900 cubic kms of Eros, there is more aluminium, gold, silver, zinc and other base and precious metals than have ever been excavated in history or indeed, could ever be excavated from the upper layers of the Earth’s crust.
That is just in one asteroid and not a very large one at that. There are thousands of asteroids out there.”
http://news.bbc.co.uk/2/hi/sci.....401227.stm
Tod G. Reply:
November 4th, 2009 at 11:10 am
It wouldn’t even take finding lots more gold or artificially producing it to make trouble for a gold based monetary system. We have the one we had in place as an example of why its not a perfect system. The production of gold in the 19th century was in a cyclic pattern, lots, then not enough, lots, etc. Though there was little inflation over long periods of time under this system, there were alternating periods of great inflation and deflation as the gold supply varied. Kind of like being on a permanent roller coaster.
November 4th, 2009 at 12:08 pm
Oh come on, people; this debt slavery by the banks is deliberately engineered to bring down this country and enslave the population; most people, especially the middle class, are trapped in credit card and other loan debt, young college kids are entrapped in student loan debt, etc. Debt slavery is the Illuminati’s first step for us. After they finish crashing the economy, they will have us completely. The only way out I can see is if all of us, I mean millions of people in debt, just suddenly stop paying them. Any takers?
November 4th, 2009 at 1:00 pm
simple plan govenment creates the money of the people for the people then sets up loan trusts for public projects the trust loans at fixed rates to the people and the interest builds up to pay for the public project no borrowing for public works all people get cheap loans the interest increases the standard of living for all people not the private banks who countifeit your currency then charge you tax for printing paper
good luck americans
ps the 2.5% they charge is on everydollar in circulation so the more they print the more YOU owe the more they get
fight the centeral banks with the truth they cannot lawfully counterfeit your money
November 4th, 2009 at 5:30 pm
I have an urgent message for you, more important than any message you can hear. God is Holy and cannot accept sin(honor thy mother and father…, thou shall not kill, thou shall not commit adultery, thou shall not steal, thou shall not bear false witness against thy neighbor, thou shall not covet..etc…Exodus 20:12-17). Here are some verses that show examples of sin:
“Ye have heard that it was said of them of old time, Thou shalt not kill; and whosoever shall kill shall be in danger of the judgment: But I say unto you, That whosoever is angry with his brother without a cause shall be in danger of the judgment: and whosoever shall say to his brother, Raca, shall be in danger of the council: but whosoever shall say, Thou fool, shall be in danger of hell fire.” Matthew 5:21-22
“Ye have heard that it was said by them of old time, Thou shalt not commit adultery: But I say unto you, That whosoever looketh on a woman to lust after her hath committed adultery with her already in his heart.” Matthew 5:27-28
“It hath been said, Whosoever shall put away his wife, let him give her a writing of divorcement: But I say unto you, That whosoever shall put away his wife, saving for the cause of fornication, causeth her to commit adultery: and whosoever shall marry her that is divorced committeth adultery.” Matthew 5:31-32
“For ALL have sinned, and come short of the glory of God;” Romans 3:23. Your good deeds cannot cover up your bad deeds.
“But we are all as an unclean thing, and all our righteousnesses are as filthy rags; and we all do fade as a leaf; and our iniquities, like the wind, have taken us away.” Isaiah 64:6
“As it is written, There is none righteous, no, not one: There is none that understandeth, there is none that seeketh after God. They are all gone out of the way, they are together become unprofitable; there is none that doeth good, no, not one.” Romans 3:10-12
You could be perfect in all the law and stumble at one point and it is as if you broke all of them:
“For whosoever shall keep the whole law, and yet offend in one point, he is guilty of all.” James 2:10
“Therefore to him that knoweth to do good, and doeth it not, to him it is sin.” James 4:17
God wrote the law on each man’s heart so they are without excuse on judgment day when we will ALL stand before Christ(”Which shew the work of the law written in their hearts, their conscience also bearing witness, and their thoughts the mean while accusing or else excusing one another” Romans 2:15). The penalty of sin is death and eternal punishment in the LAKE OF FIRE. I am warning you about hell because I love you! You are dead in your sins and headed for hell which is described in the Word as a FIRE THAT QUENCHES NOT(”…the fire is not quenched” Mark 9:44). It is a horrible and terrible place of everlasting torment that people will go because of their sins.
“And it came to pass, that the beggar died, and was carried by the angels into Abraham’s bosom: the rich man also died, and was buried; And in hell he lift up his eyes, being in torments, and seeth Abraham afar off, and Lazarus in his bosom. And he cried and said, Father Abraham, have mercy on me, and send Lazarus, that he may dip the tip of his finger in water, and cool my tongue; for I am tormented in this flame.” Luke 16:22-24
“In flaming fire taking vengeance on them that know not God, and that obey not the gospel of our Lord Jesus Christ: Who shall be punished with everlasting destruction from the presence of the Lord, and from the glory of his power;” 2 Thessalonians 1:8-9
“But the fearful, and unbelieving, and the abominable, and murderers, and whoremongers, and sorcerers, and idolaters, and all liars, shall have their part in the lake which burneth with fire and brimstone: which is the second death.” Revelation 21:8
But God has provided a way for each to escape the lake of fire. He sent his Son Jesus(God manifest in the flesh-1 Timothy 3:16) who was conceived by a virgin by the Holy Spirit of God,lived a sinless life, and suffered a horrible death/shed blood and rose again 3 days later to take the penalty of YOUR sins so you dont have to pay for them in hell for eternity! He loved you so much which is why he did it! He is the only one to have fufilled the law perfectly(sinless) and paid the price of the entire world’s sins so that man could be saved on the merits of His perfection(see Romans 5:19). All you must do to be saved is BELIEVE in Him(trust in Him to save you as a sinner). You must admit your lost sinful condition to Him/that you’re worthy of hell, and ask Him to save you by placing complete trust in Jesus ALONE for salvation(an example in the Word of someone doing this- “And the publican, standing afar off, would not lift up so much as his eyes unto heaven, but smote upon his breast, saying, God be merciful to me a sinner.” Luke 18:13).It is not even partly by yourselves that you can be saved, but only by the merits of Jesus Christ!
“For God so loved the world, He sent his only Begotten Son, that whosoever believeth in Him shall not perish, but have everlasting life” John 3:16.
“And he is the propitiation for our sins: and not for ours only, but also for the sins of the whole world” 1 John 2:2
“…Unto him that loved us, and washed us from our sins in his own blood,” Revelation 1:5
“For I delivered unto you first of all that which I also received, how that Christ died for our sins according to the scriptures; And that he was buried, and that he rose again the third day according to the scriptures:” 1 Corinthians 15:3-4
“Then he called for a light, and sprang in, and came trembling, and fell down before Paul and Silas, And brought them out, and said, Sirs, what must I do to be saved? And they said, Believe on the Lord Jesus Christ, and thou shalt be saved, and thy house.” Acts 16:29-31
“But to him that worketh not, but believeth on him that justifieth the ungodly, his faith is counted for righteousness.” Romans 4:5
“That if thou shalt confess with thy mouth the Lord Jesus, and shalt believe in thine heart that God hath raised him from the dead, thou shalt be saved.For with the heart man believeth unto righteousness; and with the mouth confession is made unto salvation.” Romans 10:9-10
No works or anything you do can save you! May God open your eyes, that one day I may see you in heaven. Read the Word of God(the 1611 King James version- NOT the modern versions, they are corrupt) before rejecting it! Death is fleeting. You may NOT have tomorrow! For death comes when we least expect it! Make sure you are saved TODAY! The Bible condemns the rich, the wealthy, and those who take advantage of the poor, so it CANNOT have been made up by the elite. Because the Word clearly CONDEMNS people such as those! It declares all mankind as sinners(myself included).
I am a Christian, and love you enough to warn you of the dangers of hell. Beware, the Roman catholic church is NOT Christian! The church CANNOT save you but only Christ! Just because someone says they are a Christian does not necessarily mean they are one(remember the crusades in history? Many were murdered in the name of Christianity. These were no Christians at all by their testimony). Please email me to inquire more. I would be glad to help you out in your search for truth!(my email- livingwaters705@hotmail.com)…To those who slander/mock me, I pray for you and love you anyways and hope you will trust Christ before its too late!
I call upon my fellow Christians on here to return hate posts with love and blessings. The Lord commands us to love them:
“Ye have heard that it hath been said, Thou shalt love thy neighbour, and hate thine enemy. But I say unto you, Love your enemies, bless them that curse you, do good to them that hate you, and pray for them which despitefully use you, and persecute you; That ye may be the children of your Father which is in heaven: for he maketh his sun to rise on the evil and on the good, and sendeth rain on the just and on the unjust.” Matthew 5:43-45
Salvation is not found in good works, rituals, church, the pope, water baptism, good lives, etc….But ONLY found by faith in Jesus Christ the Savior!
If you need prayer or anything, just let me know! I would be glad to help! I love and care for you, and I have prayed that every person that reads this who do not know the Lord, would one day turn to Christ in faith for salvation for their sins. I beg you to turn to Christ in faith before it is too late! You get ONE chance while living and then it is too late forever:
“And as it is appointed unto men once to die, but after this the judgment:” Hebrews 9:27
“And ye shall know the truth, and the truth shall make you free.” John 8:32
“Jesus saith unto him, I am the way, the truth, and the life: no man cometh unto the Father, but by me.” John 14:6
“…there is no God else beside me; a just God and a Saviour; there is none beside me. Look unto me, and be ye saved, all the ends of the earth: for I am God, and there is none else.” Isaiah 45:21-22
“And the Spirit and the bride say, Come. And let him that heareth say, Come. And let him that is athirst come. And whosoever will, let him take the water of life freely.” Revelation 22:17
November 14th, 2009 at 12:54 pm
Wish i could get rid of my Hyperhidrosis.