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The historical past of this nation is being written within the annals of debt that has change into nearly to insurmountable. There have been two important components which have derailed the sovereignty and stability of america. In all our recorded historical past of over 200 years this nation has seen solely small durations the place our armed forces weren’t engaged in some battle or one other someplace across the globe. From the time of John F. Kennedy’s demise all the way in which as much as right this moment the nationwide debt has continued to climb. There are two essential components as to why this nation nonetheless cannot grasp the idea of elimination of our now catastrophic nationwide debt. A nation at warfare and a nation that depends on the creation of cash by privately owned banks just like the Federal Reserve Board are essentially the most ruthless substances to incur large debt.
In two distinct durations in our historical past has a sitting President tried to empower the general public whereas reigning within the Nations debt. One throughout a time of the best inside wrestle for nationwide preservation particularly the Civil Conflict and one other had been we had been headed into one of many biggest challenges that perplexed a nation primarily the Vietnam battle. In 1861 President Lincoln wanted cash to proceed to fund the Civil Conflict. Bankers on the time had been charging over 28% curiosity. Reasonably than pay up that prime curiosity Lincoln pressed congress to authorize the Treasury Division to print full authorized tender treasury notes [this is what the Constitution originally implied with no interest attached] to pay for the prices incurred kind the warfare. When congress handed this laws Lincoln said ” We gave the folks of this republic the best blessing they ever had. Their very own paper cash to pay their gained money owed.” Thus Bucks turned the identify this foreign money was referred to as. To Lincoln’s credit score the passage of the Merrill Tariff Income Act in 1861 together with institution of the primary ever revenue tax, a flat 3% on incomes above $800 [today equates to $19,000] all elevated monetary income to fund the Civil Conflict.
Lincoln’s troubles started nearly from the time he took workplace. By 1862 congress repealed the flat tax and as a substitute established what was to change into the premise of the advanced tax system that we now have right this moment. A extra progressive tax construction placing extra of a burden on the much less rich. One other set again was the Nationwide Financial institution Act of 1862. This act let banks change into nationwide in that they’re charted by the Federal Authorities and approved to difficulty curiosity bearing notes secured by Authorities bonds just like what Alexander Hamilton did after the Revolutionary Conflict within the creation of the First Financial institution of America. Passage of this invoice ensured a marketplace for the Federal Debt because the new Nationwide Banks would now be required to purchase these bonds.
Had the Nationwide Financial institution Act did not move Congress Lincoln harassed that “Cash is a creature of Regulation and the unique difficulty needs to be maintained by the unique monopoly of nationwide authorities. the Authorities ought to stand behind it is foreign money, credit score, and financial institution deposits of this nation. No particular person ought to undergo a lack of cash by way of depreciation or inflated foreign money or financial institution chapter;” would have benefited the American public in a time of nice uncertainty. Look what occurred in 2008 with the Federal Reserve Financial institution operating the present. Thousands and thousands of our residents suffered nice monetary loss. All of the Federal Reserve does is mortgage cash to the federal government at curiosity. What drives up our nationwide debt increased are privately owned banks, the Federal Reserve, and a nation that continues to be engaged in armed conflicts anyplace on the earth.
The London Occasions in 1863 who favored the Financial institution of England’s financial insurance policies wrote ” If that mischievous monetary coverage, which had it is origin the North American Republic, ought to change into indurate right down to a fixture, then that Authorities will furnish it is personal cash with out value. It’ll repay money owed and be and not using a debt. It’ll have all the cash vital to hold on it is commerce. It’ll change into affluent past precedent within the historical past of the civilized authorities of the world. The brains and the wealth of all of the international locations will go to North America. That authorities have to be destroyed or it’ll destroy each monarchy on the globe.” The wealth of america is within the palms of the personal bankers not the American public. It’s no marvel that the English had been making an attempt to assist the Confederacy. When Lincoln issued the Emancipation Proclamation in 1863 the British populace who had been against slavery quietly withdrew their assist of the Confederacy whereas Russia grew extra supportive of the Union trigger which helped the North and Lincoln protect the Union.
In repealing the dollar regulation congress handed the Nationwide Financial institution Act in it is place. All nationwide banks had been to be privately owned and the nationwide financial institution notes they issued had been to be curiosity bearing. The Nationwide Financial institution Act additionally supplied that the bucks be returned as quickly as attainable as they got here again within the fee of taxes. 100 years later america Treasury Division computed the quantity of curiosity that might have been paid if 400 million {dollars} would have been borrowed at curiosity as a substitute of being issued by the Treasury Division as Abraham Lincoln initially did. Due to the dollar decision america Authorities saved 4 billion {dollars} in curiosity. President Lincoln adopted the precise interpretation of america Structure by the federal government creating it is personal cash curiosity free.
More moderen President Kennedy in 1963 nearly 100 years after Lincoln undertook the gauntlet of lowering our nationwide debt once more following the Structure issued Govt order 11110. This order circumvents the Federal Reserve Financial institution an makes attainable the Federal Authorities not the banks print curiosity free cash. In 1963 the Treasury Division underneath President Kennedy issued $4,292,893,825 curiosity free cash. What’s so startling is that not lengthy after Kennedy’s demise all america notes, which Kennedy had issued, had been referred to as out of circulation.
The one time within the historical past of america that our Nationwide Debt was eradicated occurred when Andrew Jackson stopped the constitution of the Financial institution Of America within the 1830’s. In the present day simply think about the trillions of {dollars} saved by curiosity free foreign money if the Treasury adopted the Structure. The Debt of this nation begins with the elimination of curiosity on the foreign money used. Reinstating the gold customary the place one greenback is secured with a {dollars} value of gold is one solution to begin. One other is what President Kennedy was making an attempt to perform gave the Treasury the authority to difficulty silver certificates in opposition to any silver bullion, silver, or customary of silver {dollars} within the US treasury. Now, in 2011 america continues to be working underneath the Federal Reserve System. A system that’s arguably most instrumental in contributing to this international locations trillions of {dollars} in federal debt. There’s extra fact in what Abraham Lincoln as soon as stated that’s so true right this moment “There might be no peace with out justice, and there might be no justice and not using a reform of our financial system, for the financiers are behind a lot of the corruption in our Authorities.”
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Source by Dr. Tim G Williams