To answer Mistie Medvin”s question in her letter published Feb. 18: when was the last time America paid off our debt? When Andrew Jackson was president. That was the only time in our history that the U.S. was debt free. He also squashed the second private central bank and we went without one from 1837 to 1913. Even after 76 years of phenomenal growth, several depressions and the Civil War, we still only had a debt of about $12 per person in 1913 when J.D. Rockefeller, J.P. Morgan and several domestic and foreign banks created the third private central bank, the Federal Reserve. It is neither federal nor a reserve but a privately owned parasite. This so-called savior of our economy has created a debt of about $50,000 per person, not including the enormous future commitments. If you think we”re in trouble now, just wait until interest rates return to those during the Carter administration. Debt payments will then consume the budget, cripple the economy permanently and we”ll join former empires on history”s junk pile.
We need to downsize the government, abolish the Federal Reserve and establish a sound currency. U.S. dollars were issued during JFK”s presidency but Johnson pulled them out of circulation before they presented serious competition to Fed notes. Eventually our fiat currency, Federal Reserve debt notes, will become worthless paper when confidence in them collapses. During the American Colonial period, several of our fiat currencies became more valuable as wallpaper. In Germany, a person”s retirement account in 1918 became worth less than a postage stamp by 1922. The way we”re going, there is no reason why hyperinflation won”t happen here.
If we don”t wake up soon, the American dream will become a nightmare. The real disaster will be if we end up with an international currency. The only thing worse than one private bank controlling our country will be a network of private bankers running the world economy. That will be total disenfranchisement-taxation without representation. Welcome to the new age of feudalism, my fellow serfs.
In Andrew Jackson”s veto of the bank bill in 1832 he wrote: “It is time to pause in our career to review our principals, and if possible revive that devoted patriotism and spirit of compromise, which distinguishes the sages of the Revolution and the fathers of out Union.” It”s d?j? vu all over again.
Bill Woodruff
Clearlake Oaks
