"Debt explosion"

[galtgulch]

"Money by Ayn Rand [from Atlas Shrugged].

"Whenever destroyers appear among men, they start by destroying money, for money is men's protection and the base of a moral existence. Destroyers seize gold and leave its owners a counterfeit pile of paper... (Extract from Atlas Shrugged)."

<<<"Give me control of a nation's currency, and I care not who makes its laws."

(Mayer Amschel Rothschild 1743-1812)

" I sincerely believe the banking institutions having the issuing power of money are more dangerous to liberty than standing armies".

Thomas Jefferson

In 1811, under President James Madison, Vice President George Clinton broke the tied vote in congress to cast the bankers out refusing to renew the charter for the bankers.

Unfortunatly it was President Madison who proposed a second United States privately owned Central bank and it came into existence in 1816

However, in 1836 President Jackson, overriding Congress, closed it commenting, "The bold effort the present bank had made to control the government are but premonitions of the fate that await the American people should they be deluded into a perpetuation of this institution or the establishment of another like it." (we now have another one like it.)

1913, the year after Woodrow Wilson was elected president of the United States. Prior to his election he needed financial support to pay for his campaign, so he reluctantly agreed, that if elected, he would sign the Federal Reserve Act, in return for that financial support.

In December 1913 while many members of Congress were home for Christmas, the Federal Reserve Act was rammed through Congress and was later signed by President Wilson.

At a later date, Wilson admitted with remorse, when referring to the Fed."I have unwittingly ruined my country". ">>>

The above quote is from a comment in response to an article in the U.K. Telegraph entitled:

"US lurching towards 'debt explosion' with long-term interest rates on course to double"

Here is the link to the article:

http://tinyurl.com/ppv8cp

I think we can be sure that those who have their hands on the levers of power are well positioned to benefit personally from the havoc they are sowing.

www.campaignforliberty.com 6 Jul 1PM 165,876, 5PM 165,980 Hmmm! Over one hundred in four hours on a Monday afternoon!

gulch

Edited July 6, 2009 by galtgulch