debt of a nation
The history of this nation is being written in the annals of debt that has become almost insurmountable. There have been two critical factors that have derailed the sovereignty and stability of the United States. In all of our recorded history of more than 200 years, this nation has seen only small periods when our military was not involved in some conflict or another somewhere in the world. From the time of John F. Kennedy’s death until today, the national debt has continued to rise. There are two major factors why this nation still cannot grasp the concept of eliminating our now catastrophic national debt. A nation at war and a nation that depends on the creation of money by private banks like the Federal Reserve Board are the most ruthless ingredients for incurring massive debt.
In two different periods of our history, a sitting president has tried to empower the public while dominating the debt of nations. One during a time of the greatest internal struggle for national preservation, namely the Civil War, and another where we were heading into one of the greatest challenges that ever baffled a nation, primarily the Vietnam conflict. In 1861, President Lincoln needed money to continue financing the Civil War. Bankers at the time charged over 28% interest. Instead of paying that high interest, Lincoln lobbied Congress to authorize the Treasury Department to print full legal tender Treasury notes. [this is what the Constitution originally implied with no interest attached] to pay for the costs incurred from the war. When Congress passed this legislation, Lincoln declared, “We gave the people of this republic the greatest blessing they ever had. Their own paper money to pay off their earned debts.” Therefore, Greenbacks became the name given to this currency. To Lincoln’s credit, the passage of the Merrill Tariff Revenue Act in 1861 along with the establishment of the first income tax, a flat 3% on income over $800 [today equates to $19,000] all increased financial income to finance the Civil War.
Lincoln’s problems began almost from the moment he took office. In 1862, Congress repealed the flat tax and in its place established what would become the basis for the complex tax system we have today. A more progressive tax structure that places a greater burden on the less wealthy. Another setback was the National Bank Act of 1862. This law allowed banks to become national in the sense that they are chartered by the Federal Government and authorized to issue interest-bearing notes secured by Government bonds similar to what it did. Alexander Hamilton after the Revolutionary War in the creation of the First Bank of America. Passage of this bill secured a market for Federal Debt as the new National Banks would now be required to purchase those bonds.
If the National Bank Act did not pass, the Lincoln Congress emphasized that “money is a creature of the law and the original issue must be held by the exclusive monopoly of the national government. The government must support its currency, credit, and bank deposits.” of this nation. No individual should suffer a loss of money through depreciation or inflated currency or bank bankruptcy;” it would have benefited the American public at a time of great uncertainty. Look what happened in 2008 with the Federal Reserve Bank running the show. Millions of our citizens suffered great financial losses. All the Federal Reserve does is lend money to the government at interest. What makes our national debt grow the most is the private banks, the Federal Reserve and a nation that continues to be involved in armed conflicts in any part of the world.
The London Times in 1863, which favored the Bank of England’s monetary policies, wrote: “If that mischievous financial policy, which had its origin in the North American Republic, hardens into an accessory, then that Government will provide its own money at no cost. will pay off debts and be debtless. You will have all the money you need to carry on your trade. You will become prosperous beyond precedent in the history of civilized government of the world. The brains and wealth of all countries go to North America. That government must be destroyed or it will destroy all the monarchies in the world.” America’s wealth is in the hands of private bankers, not the American public. No wonder the English tried to help the Confederacy. When Lincoln issued the Emancipation Proclamation in 1863, the British population who opposed slavery quietly withdrew their support for the Confederacy, while Russia became more supportive of the Union cause that helped the North and Lincoln preserve the Union.
By repealing the greenback law, Congress passed the National Bank Law in its place. All national banks would be privately owned and the national banknotes they issued would earn interest. The National Bank Law also provided for greenbacks to be returned as soon as they were returned in payment of taxes. One hundred years later, the United States Department of the Treasury calculated the amount of interest that would have been paid if $400 million had been lent at interest instead of being issued by the Treasury Department as Abraham Lincoln initially did. Thanks to the greenback resolution, the United States government saved $4 billion in interest. President Lincoln followed the government’s exact interpretation of the United States Constitution by creating his own interest-free money.
More recently, President Kennedy in 1963, nearly a hundred years after Lincoln took up the challenge of reducing our national debt again after the Constitution issued Executive Order 11110. This order bypasses the Federal Reserve Bank and makes it possible for the The federal government, not the banks, prints money interest-free. In 1963, the Treasury Department under President Kennedy issued $4,292,893,825 in interest-free money. What is so amazing is that not long after Kennedy’s death, all the United States notes that Kennedy had ever issued went out of circulation.
The only time in the history of the United States that our National Debt was eliminated occurred when Andrew Jackson stopped the founding of Bank Of America in the 1830s. Today, imagine the trillions of dollars saved by interest-free currency if the Treasury follow the Constitution. The debt of this nation begins with the elimination of interest on the currency used. Reestablishing the gold standard where a dollar is secured by a dollar in gold is one way to start. Another is what President Kennedy was trying to accomplish: He gave the Treasury the authority to issue silver certificates against any silver bullion, silver, or standard silver dollars in the US Treasury. Now, in 2011, The United States continues to operate under the Federal Reserve System. A system that is arguably most instrumental in contributing this country trillions of dollars in federal debt. There is more truth to what Abraham Lincoln once said that is so true today: “There can be no peace without justice, and there can be no justice without reform of our economic system, because the financiers are behind most of the corruption in our government. .”