by Daniel Carter
“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered. I believe that banking institutions are more dangerous to our liberties than standing armies. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” – Thomas Jefferson
The Founding Fathers truly understood how dangerous a centralized authority could become. They managed to fight off a privatized central bank during the beginning of America’s founding, and Andrew Jackson managed to fight them off again before his death in 1837. The US finally succumbed to a central bank’s control of currency issuance when Woodrow Wilson signed the Federal Reserve Act in 1913. This was the beginning of the end of sound economic policy in the US.
The dollar is only worth a few cents compared to what it was in 1913, and the value is destined to keep falling in the long-run. We can also compare the dollar’s collapse in value to what the Romans did to their currency, which is reckless devaluation. The main reason for the Roman Empire’s collapse was failed economic policy.
Giving a central authority the ability to devalue the currency at will can ruin a country’s economy and destroy your purchasing power. Take a look at the graphic below. Five of these were the minimum wage up until the 1970’s. They look like ordinary quarters, right? These quarters were actually made with 90% silver and 5 of them have a melt value of over $15. Our quarters today are made from mostly copper, which has much less value than silver. After the gold/silver standard was gotten rid of in the 70’s, the Federal Reserve Bank devalued our currency so that it could give us less and fund their extravagant agenda.
When coins are devalued and an excessive number of new bills are printed, it destroys the purchasing power of the money you currently possess and will possess in the future. The “funny money” we have today is used to fund wars, subsidize corporations and bailout banks when they fail, all at the expense of the ordinary person. If you want to earn a higher wage, learn the names of the central bankers, learn what institutions they control, and put an end to their institutions once and for all.
by Daniel Carter