If you happened to turn 300 in the past ten years you might feel a certain sense of déjà vu when you look around you. You would watch a planet crippled by bankers who regulated inflation/deflation cycles as they see fit, and who loan out fiat currencies to the people’s governments with attached interest. It would be hard to witness a planet full of people so supremely dependent on money, yet so completely ignorant of where it is coming from or who is profiting the most from it, and not wonder to yourself “Have these people forgotten King George III, the founding fathers, Andrew Jackson, previous central banks, and history all together?” The phrase “history repeats itself” would prove to be true right in front of your very eyes as you, along with the rest of us, toil away at work to be rewarded with menial amounts of debt currency. As you look at your paycheck and count down from $400.00 to $100.00 after subtracting your bills and rent, then again down to $60.00 after subtracting your groceries, and again to $20.00 after you subtract gas money, you would look back on the fall of the previous money monopoly and wonder what happened.
King George III’s Currency Act of 1751 forced the colonies of New England to stop paying off merchant debts with a currency of their own creation, and the following Act of 1764 restricted them from paying taxes and other public debts as well. The fiat currency the colonists were using began to harm merchants who were forced to accept their depreciated currency for private debts, but since their supply of gold and silver was in short supply there was no other way to pay off military debts for the French and Indian War. Ben Franklin is quoted as saying “The refusal of King George III to allow the colonies to operate an honest money system, which freed the ordinary man from the clutches of the money manipulators, was probably the prime cause of the revolution”. This revolution of course spawned the nation we live in today, but we have to ask ourselves what went wrong after this revolution?
During James Madison’s tenure the Second Bank Act of the United States was authorized for a full 20 year period. Andrew Jackson’s entire political platform revolved around ending this bank and is quoted at one point saying to the bankers “You are a den of vipers and thieves. I have determined to rout you out, and by the Eternal, (bringing his fist down on the table) I will rout you out!” After ridding the nation of this central bank Jackson completely paid of the national debt in 1835 (although it was short lived, it is the only time that can be said since then). Meanwhile the industrial revolution was roaring along, these amazing industrial inventions of course mostly being used for monetary gain (more on this in part II). The federal reserve act was of course signed into existence in 1913 ringing in the era of the current central bank, a major proponent of what has went wrong after the revolution as it once again allowed a small group of people to control the nation’s money (exactly what people like Ben Franklin, George Washington, and Andrew Jackson were afraid of). Since the Federal Reserve act, we have been forced to submit to a new tax, a tax on our very income. We have also been put through a great depression which has been shown to have been caused by the Fed, and our currency has been devalued by a whopping 96%.
Man will always hold their own best interest at heart, and currency has given us a great way to do that. If currency is to be used at all there must be strict regulations in place on how exactly it is created, and we must have a multi branch system that uses both citizen based and government based discretion when printing and distributing said currency. The Federal Reserve isn’t the only problem with today’s economic system though, tune in for part 2 as we peer into American consumerism and it's effects not on the economic system itself, but on the decisions of those within it.
Part II (Bernay’s Brainwashing Machine) to be posted tomorrow!
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Sources:
http://books.google.com/books?id=cYQVuQca7K4C&pg=PA174&lpg=PA174&dq=king+george+iii+interest+free+currency&source=bl&ots=PEYEPoHTCl&sig=TsfjbQUzg7NStz9XNbVvdNyO21I&hl=en&sa=X&ei=z5iAU9SmMMmcyATvkYLYAQ&ved=0CE8Q6AEwBQ#v=onepage&q=king%20george%20iii%20interest%20free%20currency&f=false
http://en.wikipedia.org/wiki/Currency_Act
http://en.wikipedia.org/wiki/History_of_capitalism