The Concept: A National Currency

The dollar is our accepted US currency, but it’s not issued by the Treasury.
That responsibility has been given to The Federal Reserve and the (FED) was
created by the federal government in 1913, largely to respond to a series of
financial panics.

And get this, it was set up and approved
after a secret meeting on Jekyll Island by Senator Nelson Aldrich (whose wealth
came from insider investments in street railroads, sugar, rubber and banking) and
representatives of the nation’s top finance and industrial groups. A Jekyll and
Hyde reference is too juicy to avoid.

It took a mere 20 years for this ‘response to
financial panics’ to land us in The Great Depression. In any event, every 12
weeks the Fed gets its communal head together and decides on how to proceed
with the American economy—in effect, the banks decide in their own interests
and, secondarily, in the interests of the nation.
is ongoing debate about whether central banks should target zero inflation
(which would mean a constant value for the U.S. dollar over time) or low,
stable inflation (which would mean a continuously but slowly declining value of
the dollar over time, as is the case now).
In 1774 the dollar was worth a full buck
and until 1913 it was still valued at 85 cents. Since the FED took over it
dropped to 3 cents and I suppose you can call that a ‘slow decline’ if you
wish. But in 1970 I bought a brand new Mercedes for $10,000 and the current
model is $67,000 so I guess ‘slow’ is in the mind of the beholder. You younger
folks have only seen it drop by half.
Should our currency be issued by the
United States Treasury, some quite interesting things would be possible and thus
we come to the heart of the matter—you knew I’d get there eventually. What if there were no interest on borrowed
Lenders would secure an ownership position in the
underlying value of the loan until it was paid off. Corporations would shake
themselves loose from ‘investor capital’ and go to the Treasury to finance a
new plant, capital for a completing a contract or other expansion. That’s why
they call it a treasury—there’s supposed to be treasure there that belongs to all of us.
Consumer credit-cards would disappear and we would only
spend what we could afford. Home mortgages, automobiles and small business
loans would be granted upon a perceived ability to pay—all at zero interest. One-time
fees would service the system.
If you bought a house for $180,000, you’d pay it off
in ten years for $1,500 a month (plus the service fee). Debt is not a killer,
it’s interest on debt that makes paupers
of us. With a 4% mortgage, that same house over ten years costs $44,000 in
interest charges. For what? For a banker’s pocket.
President Abraham Lincoln printed ‘government
currency’ at no interest to finance the Civil War. Shortly afterward, The London
Times printed the following:   
“If that
mischievous financial policy, which had its origin in the North American
Republic, should become indurated down to a fixture, then that Government will
furnish its own money without cost. It will pay off debts and be without a
debt. It will have all the money necessary to carry on its commerce. It will
become prosperous beyond precedent in the history of the civilized governments
of the world. The brains and the wealth of all countries will go to North
America. That government must be destroyed, or it will destroy every monarchy
on the globe.”
We once were (and could be again) ‘that Government.’ Interesting thought.
A hundred years later, President John
Kennedy followed Lincoln’s path by Executive Order.
Kennedy signed a presidential document that amended an
order of September 19th, 1951, giving him
legal clearance to create his own money
to run the country–money that
would belong to the people, an Interest and debt-free money.
He had United States Notes printed,
completely ignoring the Federal Reserve Notes from the private banks of the
Federal Reserve, issuing over $4 billion in cash money. He was out to undermine
the Federal Reserve System of the United States. Five months later and a single
day after Kennedy’s assassination, all the notes, Kennedy had issued, were
called out of circulation.
If you throw at me all the reasons this
is not possible, let me quote a few who quite possibly have a greater
reputation than mine (I do love quotations that support my opinions):
If the
American people ever allow private banks to control the issue of their  currency, first by inflation, then by
deflation, the banks…will deprive the people of 
all property until their children wake-up homeless on the continent
their fathers conquered…. The issuing power should be taken from the banks and
restored to the people, to whom it properly belongs.
     – Thomas
Jefferson in the debate over the Re-charter of the Bank Bill (1809)
Government should create, issue, and circulate all the currency and  credits needed to satisfy the spending power
of the Government and the buying power of 
consumers. By the adoption of these principles, the taxpayers will be
saved immense sums of interest. Money will cease to be master and become the
servant of humanity.
     -Abraham  Lincoln
When a
government is dependent upon bankers for money, they and not the leaders of the
government control the situation, since the hand that gives is above the hand
that takes… Money has no motherland; financiers are without patriotism and
without decency; their sole object is gain.
     – Napoleon
Bonaparte, Emperor of France, 1815
It is well
enough that people of the nation do not understand our banking and money
system, for if they did, I believe there would be a revolution before tomorrow
     – Henry
Ford, founder of the Ford Motor Company
The few who
understand the system, will either be so interested from its profits or so
dependent on its favors, that there will be no opposition from that class . . .
Let me issue and control a nation’s money and I care not who writes the laws.
     – Mayer
Amschel Bauer Rothschild
I’ve run overtime on this column and
apologize for that—interesting concept, though.

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