Return to the Money System That Made America Great, 2964
Good evening, I’m still reporting on the economy.
Every so often, someone will ask about the economy I my Comments section and I’ll get that old urge back to tell them what the root problem is with the economy and even the politics of this country, and I’ll take yet another swipe at concisely explaining the solution. Here is my latest attempt today.
“Hi Bill, I watched your video about the Federal Reserve back in 2004. (Yes, before the 2008 housing market crash.) One question with that one, What will happen if Congress takes back the monetary system?
So here is my response:
The current debt-money system tends to concentrate most of the nation’s money into very few hands.
That's why folks like Bernie complain and say they are going to "soak the rich" as their main political talking point. But "soaking" will never actually work. The rich will always have work arounds and back doors, built into whatever legislation does make it through the House of Representatives and heads to the Senate. Why? Because they have all the money and it is a trivial matter to buy up sufficient votes to provide the hidden back doors to protect the core of their true wealth.
So what’s the solution? You’ve got to go to the root of the matter! You’ve got to make the fix easy for the vast majority of voters to understand. The legislation has to be simple enough for everyone to read in a couple of minutes.
This has been my main challenge in life and I keep trying to improve on it every time I put my hand to it.
We don't need the debt. We don’t need to create our money by selling bonds – debt.
The United States of America was built on the "other" money system - the one everyone thinks is in place, but it's not! Just create the money without the debt. It's so simple, the mind recoils.
Goldbugs – lovers of a return to gold-backed money hate this solution. They say it will lead to rampant inflation. But we’ve got that now. The government has just become expert at hiding the inflation.
When I was in high school, you could buy a new car for $1,995.
Now it’s 20 times that much.
We were on the gold standard until 1933 and our monetary system was still linked to gold until 1971.
Did gold money prevent the Great Depression of the 1930s? No!
Did it prevent the hyper-inflated stock market of the Roaring 1920s a decade before that? No!
Why? Because gold traders simply hypothecated the gold they actually had. What’s “hypothecated” mean? It means counterfeited. They gave out paper receipts for gold that they didn’t have. This has been going on with the gold trade for a thousand years. It will never change. And when traders write up those phony gold receipts, and then trade them, that. Becomes real money. These private guys are actually creating real money out of thin air – exactly what the goldbugs of today claim cannot happen. It can. It did, and it always will.
The only way to control the money supply is to reissue U.S. Notes from the U.S. Treasury and have that be the only money of the United States. That way, if someone illegally creates more of it themselves, they fall under counterfeiting laws. It’s the only way to do it.
So the next question is how do we make the switch from debt-laden Federal Reserve Notes, over to U.S. Notes. First of all, U.S. Notes served the United States very well for its first 150+ years. Under the debt-free U.S. Note system, there was no income tax. Income tax was seen as unconstitutional. Yet, the United States became the roaring industrial giant of the world built out of nothing but the hard work of immigrants seeking to breathe free and break the chains of the European monarchies.
Interestingly, during those formative years, the U.S. industrial might grew because it was protected by tariffs of as much as 40%.
Tariffs were seen as good. Presidential races were run on whether to increase tariffs from 25 to 35%, for example.
So, having the U.S. Treasury decide how much money should be in circulation is the way to do this – not have a bunch of un-elected bankers called the Federal Reserve handle that.
Because guess what – if you’re your next-door neighbor was put in charge of the money supply of the United States tomorrow, who do you think would get more of it? You or him? Exactly!
If the Fed is in charge of the money supply, who do you think is going to get the lion’s share of any new money created? Them or us? Exactly.
That’s why my monetary reform motto is:
“It’s not what backs the money; it’s who controls the quantity. That’s the problem.”
So, this solution is nothing new. It’s simply returning to the monetary concept that guided America to greatness in the first place – the U.S. Note, issued, not by Congress – by the U.S. Treasury.
If they issue too much money, what happens? We get inflation. If they issue too little money, what happens? We get a recession, and if they didn’t correct that – a depression.
So, how do we make the switch back to U.S. notes without upsetting the en
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