America could pay off the national debt if our government directly issued our currency and controlled the quantity of our money rather than paying interest to the Federal Reserve on every dollar printed. If we can issue a U S Bond, we can issue a United States Note. Our national debt is over $14 trillion dollars. Interest on debt is $207 billion dollars a year. The real problem is too much government spending. This year’s federal budget is 3.8 trillion dollars and the deficit is 1.6 trillion dollars in new debt.
“Who should control the quantity of money? Should it be our elected officials or unelected private bankers? “Why are we paying interest on our own currency?” We will never get out of debt with a debt based money system and our politicians able to get money from the Fed rather than face the taxpayers.
When Abraham Lincoln financed the Civil War, New York bankers demanded thirty percent interest rates. Fortunately, Lincoln said “No thank you” or we would still be paying for the Civil War. He issued $400 million dollars in debt and interest free United States Notes. Lincoln paid his troops and bought supplies with “greenbacks” a fiat paper money backed by the full faith and credit of the United States. Lincoln wrote, “We gave the people of this Republic the greatest blessing they have ever had – their own paper money to pay their own debts”
The cause of inflation is printing too much money and artificially low interest rates. The boom is then followed with a bust. However, the real cause of a depression is the restricting and manipulating of the money supply and credit by the big banks to get what they want politically. Remember, the borrower is the servant to the lender.
Created in 1913, the Federal Reserve is made up of independent private banks, such as Chase, Bears and Stearns, National City (PNC), Warburg and five Rothschild banks. It is not part of the government. When our government needs more money, the Fed loans our money to the government at interest.
For our central bank to create a billion dollars, it buys government bonds, gold or other currencies, electronically transferring a billion dollars to the seller’s bank account. Essentially creating money out of thin air, this amount is added to the national debt secured by our taxes. In fact, all federal income taxes are paid to the Federal Reserve.
The Fed gets the asset (the bond) and the taxpayers pay the interest on the debt. It is a debt based money system. The interest has to be paid in Federal Reserve Notes. It is like paying a mortgage with a credit card. Our government could pay off bonds as they matured with US Notes, the debt would be reduced and Federal Reserve Notes replaced.
The President can direct the Treasury to print US Notes by executive order. President Kennedy issued $4.5 billion in silver certificates and US Notes with Executive Order 11110 on June 4, 1963.
Similar to Lincoln’s greenbacks, the international bankers worked to remove the US Notes from circulation after these presidents were gone.
Is the Chairman of the Federal Reserve more powerful than the president? This unelected banker decides the interest you receive on your savings. He decides how much money to print, which determines the value of the dollar. Practically worthless.
A weak dollar causes inflation affecting how your family lives. As our money becomes worth less, commodities, gas and oil become more expensive. This increases the cost of food, transportation, fertilizer and other products and hurts working people, businesses, emerging countries and governments all over the world. The rest of the world pays for oil in dollars only as long as the dollar remains the world’s reserve currency. A weak dollar means high oil prices.
“Whoever controls the volume of money in any country is absolute master of all industry and commerce… and when you realize that the entire system is very easily controlled, one way or the other, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate.” President James Garfield – assassinated in 1881.