Economics
Amazingly, after reading George Washington's (home schooled and suffering from really bad teeth) advice regarding the use of public debt, I think he would have made a better Federal Reserve Chairman than Helicopter Ben Bernanke, with his BA from Harvard and PhD from MIT, and perfect teeth. This military man, in his Farwell Address to the American people, advised the country to cultivate peace with all countries, therefore not incurring debt to fight wars. Surpluses should be built up in times of peace in order to pay the costs of unavoidable wars (not pre-emptive wars of aggression). Our representatives are responsible for the proper fiscal management of the country, but the public must be vigilant in policing the representatives. Washington saw taxes as an unpleasant but necessary evil. The way to keep taxes low was to keep spending under control. With our $11.9 TRILLION National Debt and 67,000 page IRS tax code, I think we have gone slightly off track.
"As a very important source of strength and security, cherish public credit. One method of preserving it is, to use it as sparingly as possible; avoiding occasions of expense by cultivating peace, but remembering also that timely disbursements to prepare for danger frequently prevent much greater disbursements to repel it; avoiding likewise the accumulation of debt, not only by shunning occasions of expense, but by vigorous exertions in time of peace to discharge the debts, which unavoidable wars may have occasioned, not ungenerously throwing upon posterity the burthen, which we ourselves ought to bear. The execution of these maxims belongs to your representatives, but it is necessary that public opinion should cooperate.
To facilitate to them the performance of their duty, it is essential that you should practically bear in mind, that towards the payment of debts there must be Revenue; that to have Revenue there must be taxes; that no taxes can be devised, which are not more or less inconvenient and unpleasant; that the intrinsic embarrassment, inseparable from the selection of the proper objects (which is always a choice of difficulties), ought to be a decisive motive for a candid construction of the conduct of the government in making it, and for a spirit of acquiescence in the measures for obtaining revenue, which the public exigencies may at any time dictate.
- The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defense and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;
- To borrow money on the credit of the United States;
- To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;
Congress has done a phenomenal job in taxing, spending and borrowing. Nobody does it better. They should get a Congressional gold medal for taxing, spending and borrowing. Up until 1913, the government was limited in their ability to spend because there was no personal income tax and the currency of the United States was backed by hard assets. Woodrow Wilson and Congressmen, under the control of the banking cartel, created the Federal Reserve and the personal income tax in 1913. The unleashing of politicians from any constraints on their spending has led to a predictable result. The US dollar has lost 97% of its value versus gold since 1913. The U.S. National Debt was $2.9 billion in 1913. Today, it is $11.9 TRILLION, a mere 400,000% increase in 96 years. That is the good news. President Obama plans to add at least another $9 TRILLION to our debt in the next 10 years. That is the actual plan. Can you picture George Washington spinning in his grave?
"When the federal government spends more each year than it collects in tax revenues, it has three choices: It can raise taxes, print money, or borrow money. While these actions may benefit politicians, all three options are bad for average Americans. " Ron Paul
"Deficits mean future tax increases, pure and simple. Deficit spending should be viewed as a tax on future generations, and politicians who create deficits should be exposed as tax hikers. " Ron Paul
There goes that crazy Ron Paul again stirring up trouble. Doesn't this guy realize that if we adhered to sound money policies, had a hard asset backed currency, and spent only as much as we brought in, the existing political structure and its corporate, banker, and military backers would collapse? This would cause turmoil and heartache for the ruling power elite. They might have to sell one of their 6 estates. Ron Paul would abolish the Federal Reserve and the IRS. The Federal Reserve is a secret organization controlled by bankers to enrich bankers and allow politicians to get re-elected by bribing their constituents with goodies. Our system is no more capitalist than that of the Soviet Union.
"A system of capitalism presumes sound money, not fiat money manipulated by a central bank. Capitalism cherishes voluntary contracts and interest rates that are determined by savings, not credit creation by a central bank. " Ron Paul
True capitalism is the antithesis of what the power elite want. This kind of talk puts bankers and politicians into convulsions as their levers of power would be stripped away. Paul has stated: "I agree on getting rid of the IRS, but I want to replace it with nothing, not another tax. The financially retarded pundits who question Paul's stance can't comprehend dismantling of the vast all encompassing Federal Government bureaucracy. They argue that the country would be plunged into Depression. What do they call what we are in today? Rather than conclude that the gig is up and that running up huge deficits in order to police the world and provide welfare benefits to the 50% of the population that does not pay income taxes, Obama and Bernanke have decided to double down. Their solution is to double the National Debt, greatly expand the welfare state, and continue to police the world. Does anyone really think it is going to work? Bankruptcy is a certainty.
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"My observation is that whenever one person is found adequate to the discharge of a duty... it is worse executed by two persons, and scarcely done at all if three or more are employed therein. " George Washington
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