Debt Nightmare: Does Anyone Actually Care That Our Exploding National Debt Is Destroying Our Future?

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By Michael Snyder
When will America finally wake up?  The borrower is the servant of the lender, and we now have a colossal 20 trillion dollar chain around our collective ankles.  We have willingly enslaved ourselves, our children and our grandchildren, and yet our addiction is so insatiable that we continue to add more than 100 million dollars to our debt load every single hour of every single day.  The national debt is sitting at a grand total of $20,162,176,797,904.13 at this moment, but now that the debt ceiling has been lifted that number is expected to shoot up very rapidly toward 21 trillion dollars by the end of the year.  The national debt had been held down by accounting tricks to keep it under the debt limit for many months, but every time this has happened before we have seen the national debt absolutely explode back to projected levels once the debt ceiling was raised.
But very few of our “leaders” in Washington seem to care that we are in the process of committing national suicide.  There is no possible way that we will be able to continue to be the most powerful economy on the planet if we continue down this road.  During Obama’s eight years in the White House, we added more than 9 trillion dollars to the national debt.  That certainly improved things in the short-term, because if we could go back and take 9 trillion dollars out of the economy over the past 8 years we would be in an absolutely nightmarish economic depression right now.
But even with all of this borrowing and spending, our economy has still only grown at an average rate of just 1.33 percent a year over the last 10 years.
And by going into so much debt, we are literally destroying the future for our children and our grandchildren.
What we are doing to them is beyond criminal, and people should be going to prison over this.  But instead we just keep rewarding these Congress critters by sending the same cast of characters back to Washington over and over again.
Are we insane?
The feds are now projecting that the official yearly budget deficit will reach 1.4 trillion dollars by 2027.  Of course federal projections always end up being far more optimistic than reality.
And we are already spending about 500 billion dollars a year just on interest on the national debt, and by 2027 that number is projected to jump to 760 billion dollars a year.
This is complete and utter insanity, and yet we just can’t control ourselves.  The government continues to throw around money as if there is no tomorrow, and our tax dollars are being wasted on some of the most ridiculous things imaginable.
For instance, the U.S. military is spending 42 million dollars each year on Viagra.
We must stop this madness, and we must stop it now.  I really like how an editorial in the Houston Chronicle made this point…

Tax-and-spend politics are bad, but borrow-and-spend is worse. While we have some control over whether our lawmakers raise taxes, our children and grandchildren don’t get a vote on whether we burden them with debt.
Over the long run, huge government debt takes cash out of the economy and drives up interest rates, slowing economic growth and hurting private enterprise.
To protect the U.S. economy, Republicans need to nip plans to eliminate the debt ceiling in the bud and then get to work balancing the federal budget.

Will we ever learn?
Since the beginning of our nation, many of our most prominent statesmen have been warning about the dangers of accumulating government debt.  For example, during his farewell address President George Washington instructed the country to “avoid … the accumulation of debt not only by shunning occasions of expense but by vigorous exertions to discharge the debts, no throwing upon posterity the burden which we ourselves ought to bear.”
And Thomas Jefferson famously said that he wished that he could have added one more amendment to the U.S. Constitution which would have banned government borrowing…

“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 to the genuine principles of it’s constitution; I mean an additional article, taking from the federal government the power of borrowing.”

This is one of the primary reasons why we must abolish the Federal Reserve system.  The Federal Reserve was actually designed to create a government debt spiral from which we could never possibly escape.  That is why the size of our national debt has gotten more than 5000 times larger since 1913, and we are never going to permanently solve our national debt problem until we get rid of the Fed.
Most Americans don’t realize this, but the path that we are currently on is not sustainable by any definition.  Debt levels are growing much, much faster than GDP, and that is a recipe for disaster.  The following is an excerpt from one of my previous articles

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We are living in the greatest debt bubble in the history of the world.  In 1980, total government and personal debt in the United States was just over the 3 trillion dollar mark, but today it has surpassed 41 trillion dollars.  That means that it has increased by almost 14 times since Ronald Reagan was first elected president.  I am searching for words to describe how completely and utterly insane this is, but I am coming up empty.  We are slowly but surely committing national suicide, and yet most Americans don’t even understand what is happening.
According to 720 Global, total government debt plus total personal debt in the United States was just over 3 trillion dollars in 1980.  That broke down to $38,552 per household, and that figure represented 79 percent of median household income at the time.
Today, total government debt plus total personal debt in the United States has blown past the 41 trillion dollar mark.  When you break that down, it comes to $329,961.34 per household, and that figure represents 584 percent of median household income.

Sadly, most people are entirely clueless about what we are doing to ourselves.  Investors are the most optimistic that they have been in years, and most of the talking heads on television seem to believe that the party can go on indefinitely.
But that is simply not possible.
And the same thing is true from a global perspective as well.  The following comes from Chris Martenson

First: our entire economic model, which dependent on borrowing at a faster rate than income (GDP) grows, is something that simply cannot be maintained at its current rate or level. Check.
Second: depleting species, soils and aquifers are all wildly unsustainable practices that are accelerating. Check.
Last (and most glaring of all): the world’s leadership (and we use that term very loosely) continues to insist on adhering to the indefensible idea that infinite growth on a finite planet is possible  Checkmate.

The clock is ticking, and disaster awaits at the end of this road.
Will somebody please do something?

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30 thoughts on “Debt Nightmare: Does Anyone Actually Care That Our Exploding National Debt Is Destroying Our Future?

  1. And I am sure you have a solution to this, “Congressman Snyder,”–send more money to Israel! That way, God can “bless” us even miore! thanks, Mike, for your lovely Christian Zionist crapola!

    • Where is the investigation of ISRAELI “collusion in American elections”?!
      http://www.veteranstoday.com/2015/10/29/how-soon-can-we-get-aipac-owned-traitors-out-of-congress/
      https://www.opensecrets.org/industries/indus.php?ind=Q05
      How many of YOUR/America’s $4+BILLION in WELFARE given to Israel every year comes back to America in the form of BRIBES to “american” politicians? Traitors voting to give Israel MORE, so they can get bigger BRIBES. .
      http://investmentwatchblog.com/former-us-lawmaker-cynthia-mckinney-says-every-candidate-for-congress-has-to-sign-a-pledge-to-vote-for-supporting-the-military-superiority-of-israel/
      America, the “MASTERBLASTER” from the movie “Thunderdome” a giant moron ridden on and directed by Twisted Jewish Dwarves ……..
      What is good for Israel should be good for America. NO “dual citizen” allowed in government.
      Israel: Three dual-citizen MKs ordered to annul their foreign passports
      by Shahar Ilan – Haaretz – Feb18 2009
      The Central Elections Committee has ordered three Knesset members with dual citizenship to annul their foreign passports by next Tuesday’s swearing-in ceremony, or at least begin steps to cancel them.
      The three lawmakers are Yohanan Plesner of Kadima (who has Danish citizenship), Nitzan Horowitz of Meretz (a Polish citizen) and Yisrael Beiteinu’s Anastasia Michaeli, who holds a Russian passport. The Basic Law on the Knesset states that “a member of Knesset holding an additional citizenship that is not Israeli … will not take the oath of loyalty until he has done everything he can to relinquish it.” –
      Nobody can have loyalty to TWO Nations at the same time. SO nobody with “dual citizenship” should be allowed to hold any post in our government.

    • JUDAS ISCARIOT is alive and preaching from the pulpit of many American Churches.
      Any “teacher” who diverts Christians into bowing to the Jewish Temple Priests is a JudasGoat betraying the Flock of Christ.
      He who blesses Israel Crucifies Christ.
      CHRISTians should welcome any Jew that comes to Jesus.
      CHRISTians cannot support or aid Israel or the Jewish Nation that DENIES the Lamb of God.
      OLD testament / NEW testament
      WAR god / PEACE god
      OLD covenant / NEW covenant
      NEVER FORGIVE or FORGET / FORGIVENESS and LOVE
      The ESSENCE of Judaism is VENGEANCE
      The ESSENCE of CHRISTianity is FORGIVENESS.
      ANTI: a prefix meaning “against,” “opposite of,” “antiparticle of,” used in the formation of compound words (anticline); used freely in combination with elements of any origin (antibody; antifreeze; antiknock;;;; ANTICHRIST).
      The LAMB of GOD was the FINAL sacrifice. Rebuilding the Jewish Temple and resuming bloody animal sacrifices repudiates the Crucifixion, SACRIFICE of Jesus. JOHN 2:20 King James Bible “Then said the Jews, Forty and six years was this temple in building, and wilt thou rear it up in three days?”
      JESUS -IS- the THIRD TEMPLE if you are a CHRISTian.

  2. The government debt is not a “debt” per see, but an accounting of the currency the FED has injected into the economy. If the government spends more than it taxes, then the government is running a deficit. If the government taxes more than it spends, then the government is running a surplus. The government, through the FED, is the sole issuer of US dollars and as such, can never default on its financial obligations. Michael Snyder, you should right an article about the levels of private debt in America, which is the real problem.

    • Codswallop! The government through the Fed can borrow money at interest increasing the money supply which leads to inflation, when the money actually makes it to the economy. The increase in the money supply by the Fed and fractional reserve banking (another bankster money creator) creates bubbles in the economy which increase the prices of goods until the bubble pops at which point the banks foreclose on the real goods (houses, cars, farms) because real peoples wages don’t keep up with the inflation (advertised as being low to keep the deception going). The earners of real wages eventually get into too much debt because they have to borrow due to inflation making prices rise faster than wages, banks foreclose on their “real estate” and the banks end up with the real goods and the ability to create money with the stroke of a pen (key). The government borrows from the Fed. It’s debt. They spend more than they take in so there’s even more debt and reason to borrow more money at interest from the Fed. It’s all smoke and mirrors intended to increase the net worth of the banks while reducing the net worth of wage slaves. It works wonderfully. Private debt is the desperate attempt by wage earners to have a decent life and make up the difference as wages don’t keep up with price inflation caused by banks manipulating prices and the money supply! Have you ever heard of LIBOR?

      • “The government through the Fed can borrow money at interest…”
        The FED creates money for government expenditures as the FED is is the sole issuer of US currency. Who, tell me, does the government owe this money too if it is in fact creating the currency itself?
        “creates bubbles in the economy…”
        It is the creation of of money in the private sector that creates the bubbles as 95% of our money supply is issued as private bank monies denominated in US dollars.
        “banks foreclose on their “real estate” and the banks end up with the real goods…”
        In a mortgage the banks use the borrowers assets as collateral. When a borrower defaults on their loan the assets are seized and sold so that the bank can zero out the loan and take it off their books. The banks do not increase their assets as a result of a default.
        “The government borrows from the Fed. It’s debt….
        The FED is not a private bank. Any income it receives after expenses is returned to the treasury.
        “They spend more than they take in so there’s even more debt…”
        Yes, the government runs a deficit which is a record of the currency the FED has issued into the economy. This currency is a liability to the government and an asset to the private sector. It is referred to as base money.
        “It’s all smoke and mirrors…”
        Yes, to you it must seem this way. If you would get your information from more reputable sources you would come to understand how our monetary system actually functions.
        “Private debt is the desperate attempt by wage earners to have a decent life…”
        Yes, I agree. It is Congress that dictates the fiscal policies of the government and it is through their ignorance and malfeasance that the needs of the people are ignored. In a scenario of rising unemployment the government could easily fund government created infrastructure protects but they refuse to do so. I recommend you write your congressman and with your new found knowledge explain to them the necessity and urgency of a remedy to this deplorable situation.

        • Just one question. If a bank seizes assets to zero out a loan, where did the money that was loaned to the creditor come from in the first place? The loan was a ledger entry. There was no money in the banks account to be loaned in the first place. It’s called fractional reserve banking and it is done at all levels from the “private Federal Reserve Bank” all the way down to the member banks who borrow at the “discount rate” to cover their liquidity needs. You are shilling for banks that create money at interest and then steal both the borrowers equity and assets when they default. When people create money it’s called fraud and counterfeiting. When banks do it it’s called business. I think Ron Paul knows a thing or three about the Fed and he wants it audited. The Fed is squealing like a pig stuck under a gate to avoid it. I wonder why? By the way, we are talking about monetary policy and the Fed not Congress and fiscal policy. There is a difference wise guy! You have a bad case of cranial rectal inversion…

          • “Just one question.”
            It seems you are asking more than one question but that’s fine.
            “If a bank seizes assets to zero out a loan, where did the money that was loaned to the creditor come from in the first place?”
            The creditor would be the private bank making the loan. They create the monies through double entry accounting on their books. They have an obligation to zero out the account which in the vast majority of cases occurs when the loan is paid back. The principle of the loan disappears and the money paid in interest to them is accounted for on their books as their profit.
            “It’s called fractional reserve banking…”
            Fractional reserve banking is a throwback to the days when there was a gold standard. Banks could loan up to 9 times the amount of monies on deposit. Nowadays banks are constrained in their lending activities relative to their capital assets.
            “member banks who borrow at the “discount rate” to cover their liquidity needs.”
            Banks have to balance their books at the end of the day. If a bank is short money they first try to borrow from other member banks. If they can’t obtain funding in this manner then the FED is the lender of last resort and they borrow from them at a higher rate of interest through the overnight discount window.
            “steal both the borrowers equity and assets when they default”
            When the loan is made the person receiving the loan signs a legal document called a lien pledging their assets against the loan. This is to ensure that if there is a default the lender can cover the liability that is outstanding on their books. If the lender cannot cover the liability these monies then have to be applied against their profits. It’s all about bookkeeping. 🙂
            “When people create money it’s called fraud and counterfeiting”
            Anybody can create money in the form of credit through double entry accounting. When private banks create money they create, as an example, Bank of America credit denoted in US dollars. All private bank money circulates through the banking system as a cheque or as is now the case through computer entries in the various private banks accounts. Actually, one of the chief functions of a central bank such as the FED is to act as a clearing house for its member banks transactions. This allows private banks to not have to transact directly with other private banks as all transactions are taken care of by the FED debiting and crediting the member banks reserve accounts that they all hold at the FED.
            “When people create money it’s called fraud and counterfeiting. When banks do it it’s called business.”
            Actually, when people try to create US currency they are counterfeiting as by law only the government through the treasury can create currency known as US dollars. Private banks do not create currency, they create credit denominated in US dollars. This is a huge distinction.
            ” I think Ron Paul knows a thing or three about the Fed and he wants it audited”
            The FED is audited on a regular basis.
            https://www.federalreserve.gov/faqs/about_12784.htm
            “By the way, we are talking about monetary policy and the Fed not Congress and fiscal policy”
            Not sure what you mean here but I’ll take a stab at what I think you mean. Congress determines fiscal policy and directs the treasury to create the monies needed for government expenditures. This is done through the FED, as it is the government’s bank. The FED determines monetary policy which is basically controlling the rate of interest that it sets.
            “There is a difference wise guy! You have a bad case of cranial rectal inversion…”
            Ah, that’s very clever, but I think it is you who has your head up your ass.

          • “Just one question.”
            It seems you are asking more than one question but that’s fine.
            “If a bank seizes assets to zero out a loan, where did the money that was loaned to the creditor come from in the first place?”
            The creditor would be the private bank making the loan. They create the monies through double entry accounting on their books. They have an obligation to zero out the account which in the vast majority of cases occurs when the loan is paid back. The principle of the loan disappears and the money paid in interest to them is accounted for on their books as their profit.
            “It’s called fractional reserve banking…”
            Fractional reserve banking is a throwback to the days when there was a gold standard. Banks could loan up to 9 times the amount of monies on deposit. Nowadays banks are constrained in their lending activities relative to their capital assets.
            “member banks who borrow at the “discount rate” to cover their liquidity needs.”
            Banks have to balance their books at the end of the day. If a bank is short money they first try to borrow from other member banks. If they can’t obtain funding in this manner then the FED is the lender of last resort and they borrow from them at a higher rate of interest through the overnight discount window.
            “steal both the borrowers equity and assets when they default”
            When the loan is made the person receiving the loan signs a legal document called a lien pledging their assets against the loan. This is to ensure that if there is a default the lender can cover the liability that is outstanding on their books. If the lender cannot cover the liability these monies then have to be applied against their profits. It’s all about bookkeeping. 🙂
            “When people create money it’s called fraud and counterfeiting”
            Anybody can create money in the form of credit through double entry accounting. When private banks create money they create, as an example, Bank of America credit denoted in US dollars. All private bank money circulates through the banking system as a cheque or as is now the case through computer entries in the various private banks accounts. Actually, one of the chief functions of a central bank such as the FED is to act as a clearing house for its member banks transactions. This allows private banks to not have to transact directly with other private banks as all transactions are taken care of by the FED debiting and crediting the member banks reserve accounts that they all hold at the FED.
            “When people create money it’s called fraud and counterfeiting. When banks do it it’s called business.”
            Actually, when people try to create US currency they are counterfeiting as by law only the government through the treasury can create currency known as US dollars. Private banks do not create currency, they create credit denominated in US dollars. This is a huge distinction.
            ” I think Ron Paul knows a thing or three about the Fed and he wants it audited”
            The FED is audited on a regular basis.
            https://www.federalreserve.gov/faqs/about_12784.htm
            “By the way, we are talking about monetary policy and the Fed not Congress and fiscal policy”
            Not sure what you mean here but I’ll take a stab at what I think you mean. Congress determines fiscal policy and directs the treasury to create the monies needed for government expenditures. This is done through the FED, as it is the government’s bank. The FED determines monetary policy which is basically controlling the rate of interest that it sets.
            “There is a difference wise guy! You have a bad case of cranial rectal inversion…”
            Ah, that’s very clever, but I think it is you who has your head up your a$$.

          • I am familiar with most of that. Thanks for the refresher. I still believe the Fed is the offender of the first order… The fractional reserve banking system is second and the military industrial complex is third. You can’t blow up or give away billions in GDP and expect an economy to survive. We are going to hell on a sled and there is no stopping the ride.

          • So I’m not going to make any more comments here as they are being deleted. I’ll leave you with this chart which gives you a pretty good indicator of where congress’s priorities lie. And they are not with the public’s best interest. It’s a pity my last post was censored as it contained a lot of valuable info the you would have found enlightening. 🙁
            https://uploads.disquscdn.com/images/3134f63605993d0ed4873f45b6fe0712433e3d486807a6e318097c762f884512.png

          • Thank you for caring enough to share. You are obviously knowledgeable about many of these topics and we all know the PTB don’t want a knowledgeable citizenry. They’ll get theirs eventually, it’s just a shame so many people will have to suffer squalor or death before it happens. Blessings to you and your family.

          • “Just one question.”
            It seems you are asking more than one question but that’s fine.
            “If a bank seizes assets to zero out a loan, where did the money that was loaned to the creditor come from in the first place?”
            The creditor would be the private bank making the loan. They create the monies through double entry accounting on their books. They have an obligation to zero out the account which in the vast majority of cases occurs when the loan is paid back. The principle of the loan disappears and the money paid in interest to them is accounted for on their books as their profit.
            “It’s called fractional reserve banking…”
            Fractional reserve banking is a throwback to the days when there was a gold standard. Banks could loan up to 9 times the amount of monies on deposit. Nowadays banks are constrained in their lending activities relative to their capital assets.
            “member banks who borrow at the “discount rate” to cover their liquidity needs.”
            Banks have to balance their books at the end of the day. If a bank is short money they first try to borrow from other member banks. If they can’t obtain funding in this manner then the FED is the lender of last resort and they borrow from them at a higher rate of interest through the overnight discount window.
            “steal both the borrowers equity and assets when they default”
            When the loan is made the person receiving the loan signs a legal document called a lien pledging their assets against the loan. This is to ensure that if there is a default the lender can cover the liability that is outstanding on their books. If the lender cannot cover the liability these monies then have to be applied against their profits. It’s all about bookkeeping. 🙂
            “When people create money it’s called fraud and counterfeiting”
            Anybody can create money in the form of credit through double entry accounting. When private banks create money they create, as an example, Bank of America credit denoted in US dollars. All private bank money circulates through the banking system as a cheque or as is now the case through computer entries in the various private banks accounts. Actually, one of the chief functions of a central bank such as the FED is to act as a clearing house for its member banks transactions. This allows private banks to not have to transact directly with other private banks as all transactions are taken care of by the FED debiting and crediting the member banks reserve accounts that they all hold at the FED.
            “When people create money it’s called fraud and counterfeiting. When banks do it it’s called business.”
            Actually, when people try to create US currency they are counterfeiting as by law only the government through the treasury can create currency known as US dollars. Private banks do not create currency, they create credit denominated in US dollars. This is a huge distinction.
            ” I think Ron Paul knows a thing or three about the Fed and he wants it audited”
            The FED is audited on a regular basis.
            https://www.federalreserve.gov/faqs/about_12784.htm
            “By the way, we are talking about monetary policy and the Fed not Congress and fiscal policy”
            Not sure what you mean here but I’ll take a stab at what I think you mean. Congress determines fiscal policy and directs the treasury to create the monies needed for government expenditures. This is done through the FED, as it is the government’s bank. The FED determines monetary policy which is basically controlling the rate of interest that it sets.

          • I’ve made several attempts to reply to your comment but for some reason they have been taken down. I’m not sure by who, but my comments are being deleted.

          • I’ll give it one last try.
            “Just one question.”
            It seems you are asking more than one question but that’s fine.
            “If a bank seizes assets to zero out a loan, where did the money that was loaned to the creditor come from in the first place?”
            The creditor would be the private bank making the loan. They create the monies through double entry accounting on their books. They have an obligation to zero out the account which in the vast majority of cases occurs when the loan is paid back. The principle of the loan disappears and the money paid in interest to them is accounted for on their books as their profit.
            “It’s called fractional reserve banking…”
            Fractional reserve banking is a throwback to the days when there was a gold standard. Banks could loan up to 9 times the amount of monies on deposit. Nowadays banks are constrained in their lending activities relative to their capital assets.
            “member banks who borrow at the “discount rate” to cover their liquidity needs.”
            Banks have to balance their books at the end of the day. If a bank is short money they first try to borrow from other member banks. If they can’t obtain funding in this manner then the FED is the lender of last resort and they borrow from them at a higher rate of interest through the overnight discount window.
            “steal both the borrowers equity and assets when they default”
            When the loan is made the person receiving the loan signs a legal document called a lien pledging their assets against the loan. This is to ensure that if there is a default the lender can cover the liability that is outstanding on their books. If the lender cannot cover the liability these monies then have to be applied against their profits. It’s all about bookkeeping. 🙂
            “When people create money it’s called fraud and counterfeiting”
            Anybody can create money in the form of credit through double entry accounting. When private banks create money they create, as an example, Bank of America credit denoted in US dollars. All private bank money circulates through the banking system as a cheque or as is now the case through computer entries in the various private banks accounts. Actually, one of the chief functions of a central bank such as the FED is to act as a clearing house for its member banks transactions. This allows private banks to not have to transact directly with other private banks as all transactions are taken care of by the FED debiting and crediting the member banks reserve accounts that they all hold at the FED.
            “When people create money it’s called fraud and counterfeiting. When banks do it it’s called business.”
            Actually, when people try to create US currency they are counterfeiting as by law only the government through the treasury can create currency known as US dollars. Private banks do not create currency, they create credit denominated in US dollars. This is a huge distinction.
            ” I think Ron Paul knows a thing or three about the Fed and he wants it audited”
            The FED is audited on a regular basis. You can find information about this on the FED’s website.
            federalreserve_gov/faqs/about_12784
            “By the way, we are talking about monetary policy and the Fed not Congress and fiscal policy”
            Not sure what you mean here but I’ll take a stab at what I think you mean. Congress determines fiscal policy and directs the treasury to create the monies needed for government expenditures. This is done through the FED, as it is the government’s bank. The FED determines monetary policy which is basically controlling the rate of interest that it sets.

          • The “national debt” is the accounting of currency the FED has spent into existence. When the government’s account at the FED is in deficit, that means the government has put more currency into circulation than it has taxed back. When the government account at the FED is in surplus, that means that the government has taxed back more than it has spent. In the latter scenario it would mean that there would be no US dollars in circulation. There would only be private bank created credit circulating. So, the “national debt” is not really a debt per see, but a recording of currency in circulation, which is a liability on the FED’s books and an asset for the private sector. If you want to think of it in terms of somebody owing something to somebody else, think of it this way. The government, when it creates currency, “lends” it into the private sector sans interest then is “paid back” when it collects federal taxes.

    • Where does the FED get “Federal Reserve Notes”(printed on top of every “dollar”) to inject?
      “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

  3. Odious debt. Look it up. A lot of Americans care. And if you were at the rally in 2007, Manhattan, you’d be amazed. I know I was. Outside the library, on a fall evening, reported 15,000 people. I would say more. The roar of the crowd was incredible.Cascading down several streets, as we gathered to protest and rally. People from all walks of life, ages. Yes, if USA had seen all these New Yorkers, it would have been inspiring. Fight the illusion of we don’t care.

  4. “Once we squeeze all we can out of the United States, it can dry up and blow away.”
    -Netanyahu, to Jonathan Pollard upon exiting Pollard’s jail cell in 2002

  5. “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

  6. The Panic of 1893: Boosting Bankers’ Money and Power
    When the Gold Standard Act of 1900 was passed during the McKinley administration, it represented a giant step toward the creation of what was to become the Federal Reserve System: Contained in the Gold Standard Act was a provision that Morgan and the Rockefellers, Kuhn Loeb, etc., wanted — namely, to create a commission to “study the need for a central bank.” This was critical, and it allowed that commission to change the public’s negative perception of central banking by bringing in outside experts (college professors, historians, disinterested third-parties with credibility, but nearly all trained under Germany’s Iron Chancellor Otto von Bismarck).
    With Bryan’s defeat and McKinley’s victory (Morgan’s man), there would be little effective resistance to continued high tariffs, mercantilism, and centralization. Because of the election’s outcome, the Democrat Party capitulated on its support for maintaining gold-backed currency, essentially turning both political parties into arms of the same political machine, promoting bigger government through spending made possible by ever increasing money creation.
    https://www.thenewamerican.com/culture/history/item/4817-the-panic-of-1893-boosting-bankers’-money-and-power

  7. Janet Yellen is a “labor economist” but has never run a business, she’s a professor emeritus of Berkley.
    Danielle DiMartino Booth: Inside the Fed
    https://www.youtube.com/watch?v=Z4f5n0dOpIw
    What’s Wrong With Auditing The Fed? Rep. Bill Posey Grills Janet Yellen
    Rep. Bill Posey (R-FL) asked Fed Chairman Janet Yellen a simple question at a recent House Financial Services Committee Hearing: Why does the Fed fear transparency? What exactly, specifically could an audit of the Fed result in that would harm the country?
    Janet Yellen answers @1:45
    https://www.youtube.com/watch?v=BKcaqBzmKeo

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