AMERICA BROKE?

Republican & Democrat politicians claim that America is broke. This nation has taken on too much debt to fund too many wasteful projects. We've got to "get our house in order." Governors of the several states also shrug before the burden of debt they've embraced and look for a "sugar daddy" to rescue them. Everything is on the auction block - including the people - to get the money to continue scaled-down governance. Of course, we'll all have to "pull in the belt" for a while. "Cut spending!" demand stern, newly elected politicians. They all now claim to interpret the voters and "what they were telling Washington."

Frankly, these politicians are more dreadful than the economic mess.


These politicians and their predecessors made this situation inevitable when they passed the Federal Reserve Act in 1913. That allowed a money trust to be created and operated by private bankers. Instead of a sovereign nation issuing its money as needed to pay for the required assets and work required by the creation of the asset, such as roads, bridges, harbors, rails, tunnels, ports, shipping, utilities, natural resources, national health, educational facilities, agriculture, energy, and the general welfare otherwise, the American people got stuck with greedy, private bankers creating money through multiple loans after fractional reserves were deducted on each. By this means a hundred dollars can be "stretched" into a thousand. I have not even mentioned the Federal Reserve's ability to merely write a check for a trillion dollars, creating the money from nothing, collateralized generally by U.S. Treasury Bonds carrying and interest burden which the citizenry must shoulder. Thus, Congress and the White House have more money to play with, and Uncle Sam has more debt to distribute among his "kids."


If infrastructural assets need to be created, have the U.S. Treasury issue positive legal tender U.S. Dollars to pay for them. The General Accounting Office would be instructed to list these purchases as "assets" because that is what they are. They would appear on the positive side of the ledger - not the negative. Why have old gas pipelines all over the country exploding because "there is no money to repair or replace?" To keep bankers happy? To comfort ignorant politicians?


Today, commercial bankers try every scheme in the blackguard's books to increase their "profits" at the cost of their "customers." How Wall Street perceives "their growth potential" is far more important than sound, just banking practices. Wall Street has more in common with Vegas than any other instution - other than organized crime.


A nation should create its own money and not borrow it from others. The money saved from payment toward the national debt could fund vast needful projects. There is no need for a nation to be "out of money" and unable to fund the replacement of pipelines or the underground placement of electrical wires.

This nation will continue in peril so long as Uncle Sam must "sell the farm" to get a dime from the bankers.


February 2011