If a body politic is ever so foolish as to allow politicians to have any say so over the economy in general, or money in particular, then they in effect elect to have a Hegemon.
A false fail-safe against a hegemon rising is to elect to have a gold standard, and that is to say all currency must be backed by gold, with no fractional reserve. The struggle comes with all nations, and in USA the players representing the two sides, credit and fractional reserve v gold standard, are Alexander hamilton and Thos. Jefferson respectively. The fight was intense, and Hamilton was executed in a duel by the sitting Vice President of the USA eventually, and became a martyr to the free $#!+ brigades ever since. Nonetheless, it is noted USA talks Jeffersonian (free trade) but rules Hamiltonian (NAFTA, TPP)...
A gold standard simply means any currency is backed by gold (or silver). In a free market this means banks only lend against the hard assets they have in their vaults, gold and silver. Fractional reserve is illegal because it is fraud and illegal. When a government adopts a gold standard, they are claiming to adhere to this discipline. As a practical matter, a government can spend only as much as it can afford to pay with the money it has, gold and silver in its vaults. This putatively is a limit on government, a Jeffersonian ethic.
It does not last long, and USA has a long history of back and forth on this. Check out this dollar bill of General Patton's, carrying autographs from a famous WWII meeting. Here is another of Vandenburgs. Note it says "silver certificate." I carry one in my wallet as an object lesson. Issued by the USTreasury, it represents a claim on silver in Uncle Sams vaults. That is currency, backed by money. These were issued by Treasury up until 1963.
USTreasury no longer issues those. Now you can only get non-asset backed currency issued by the Federal Reserve, not Treasury. Take any note form your wallet. It says Federal Reserve Note, not silver (or gold) certificate. It ain't money, far from it.
What a Federal Reserve Note represents is an amount of a credit tally at a bank, not money. Exchanging notes is simply to change the tallies of each actors account.
The fight between the two went on with the Jeffersonians inexorably losing. Of course the bankers were always there, trying to create a hegemon (themselves) by lending credit instead of money, and then there would be no rational limit to what might be funded. War! Enslaving welfare! Railroads to no where. Counterproductive public works. Changes in law and custom. One huge turning point was in 1895.
As an aside, "bankers" is very often code for "the Jews." Anyone who thinks the Jews had anything to do with USA's banking-based problems is ignorant of USA history, and for that matter Jews. The indisputable rulers of finance in USA at that time were the Morgans and the Drexels pure blood WASP Episcopalians. To this day there may be Jews participating in banking in USA, but only to the degree it suits the hegemon controlled by rock-solid USA Christians.
There is another use for Jews in banking. Until Nixon went off the gold standard lite in 1971, every Chairman of the Fed was Christian. Going off the gold standard lite meant uncharted territory, and it could blow up on the Hegemon. So starting in 1971, every chairman of the Fed has been a Jew, with the only exception of a Jimmy Carter appointee, who only lasted a few months. Carter fought the game, and lost. We are in a financial crisis, and the focus is on the Chairman of the Fed, and most aggrieved folks blame the Jew(s). Never mind it's the Episcopalians in charge, blame the Jews. Blaming Jews is about as perspicacious regarding USA problems as it was for Weimar Germany.
it ain't the Jews, it is the rules. Deregulate banking, de-legitimize asset-less currency and fractional reserve, and the Hegemon dies. In a free market, banking will be gold standard based, and whatever credit is needed will be generated among independent actors, necessary and sufficient to a given economy. No need to pointlessly attack the Jews, especially when the Hegemon is counting on it.
Feel free to forward this by email to three of your friends.
A false fail-safe against a hegemon rising is to elect to have a gold standard, and that is to say all currency must be backed by gold, with no fractional reserve. The struggle comes with all nations, and in USA the players representing the two sides, credit and fractional reserve v gold standard, are Alexander hamilton and Thos. Jefferson respectively. The fight was intense, and Hamilton was executed in a duel by the sitting Vice President of the USA eventually, and became a martyr to the free $#!+ brigades ever since. Nonetheless, it is noted USA talks Jeffersonian (free trade) but rules Hamiltonian (NAFTA, TPP)...
A gold standard simply means any currency is backed by gold (or silver). In a free market this means banks only lend against the hard assets they have in their vaults, gold and silver. Fractional reserve is illegal because it is fraud and illegal. When a government adopts a gold standard, they are claiming to adhere to this discipline. As a practical matter, a government can spend only as much as it can afford to pay with the money it has, gold and silver in its vaults. This putatively is a limit on government, a Jeffersonian ethic.
It does not last long, and USA has a long history of back and forth on this. Check out this dollar bill of General Patton's, carrying autographs from a famous WWII meeting. Here is another of Vandenburgs. Note it says "silver certificate." I carry one in my wallet as an object lesson. Issued by the USTreasury, it represents a claim on silver in Uncle Sams vaults. That is currency, backed by money. These were issued by Treasury up until 1963.
USTreasury no longer issues those. Now you can only get non-asset backed currency issued by the Federal Reserve, not Treasury. Take any note form your wallet. It says Federal Reserve Note, not silver (or gold) certificate. It ain't money, far from it.
What a Federal Reserve Note represents is an amount of a credit tally at a bank, not money. Exchanging notes is simply to change the tallies of each actors account.
The fight between the two went on with the Jeffersonians inexorably losing. Of course the bankers were always there, trying to create a hegemon (themselves) by lending credit instead of money, and then there would be no rational limit to what might be funded. War! Enslaving welfare! Railroads to no where. Counterproductive public works. Changes in law and custom. One huge turning point was in 1895.
The Federal Treasury was nearly out of gold in 1895, at the depths of the Panic of 1893. Morgan had put forward a plan for the federal government to buy gold from his and European banks but it was declined in favor of a plan to sell bonds directly to the general public to overcome the crisis. Morgan, sure there was not enough time to implement such a plan, demanded and eventually obtained a meeting with Grover Cleveland where he pointed out the government could default that day if they didn't do something. Morgan came up with a plan to use an old civil warstatute that allowed Morgan and the Rothschilds to sell gold directly to the U.S. Treasury, 3.5 million ounces,[13] to restore the treasury surplus, in exchange for a 30-year bond issue.[14] The episode saved the Treasury but hurt Cleveland's standing with the agrarian wing of the Democratic Party, and became an issue in the election of 1896when banks came under a withering attack from William Jennings Bryan. Morgan and Wall Street bankers donated heavily to Republican William McKinley, who was elected in 1896 and re-elected in 1900.[15]There it is, Uncle Sam was constrained by a gold standard, and the bankers persuaded Uncle Sam to accept more debt than he could afford. The people, especially American farmers, had this debt laid on them, against their will. At this point we switched from gold standard to gold standard lite.
As an aside, "bankers" is very often code for "the Jews." Anyone who thinks the Jews had anything to do with USA's banking-based problems is ignorant of USA history, and for that matter Jews. The indisputable rulers of finance in USA at that time were the Morgans and the Drexels pure blood WASP Episcopalians. To this day there may be Jews participating in banking in USA, but only to the degree it suits the hegemon controlled by rock-solid USA Christians.
There is another use for Jews in banking. Until Nixon went off the gold standard lite in 1971, every Chairman of the Fed was Christian. Going off the gold standard lite meant uncharted territory, and it could blow up on the Hegemon. So starting in 1971, every chairman of the Fed has been a Jew, with the only exception of a Jimmy Carter appointee, who only lasted a few months. Carter fought the game, and lost. We are in a financial crisis, and the focus is on the Chairman of the Fed, and most aggrieved folks blame the Jew(s). Never mind it's the Episcopalians in charge, blame the Jews. Blaming Jews is about as perspicacious regarding USA problems as it was for Weimar Germany.
it ain't the Jews, it is the rules. Deregulate banking, de-legitimize asset-less currency and fractional reserve, and the Hegemon dies. In a free market, banking will be gold standard based, and whatever credit is needed will be generated among independent actors, necessary and sufficient to a given economy. No need to pointlessly attack the Jews, especially when the Hegemon is counting on it.
Feel free to forward this by email to three of your friends.
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