Because the public believed the doctors, who had authority, women did not understand the need for hand washing. So they died in agony.
And because today's public believes the media, the politicians and the university economists, people do not understand Monetary Sovereignty, so we die the agony of economic deprivation.
We have poverty. We have sickness and unaffordable health care. We have hunger and homelessness. We have a corroded infrastructure. We have a corroded educational system. We have federal taxes.
And all are unnecessary and could be cured or at least ameliorated if people only understood Monetary Sovereignty.
Every day I see articles about the "unsustainable" federal debt. They are wrong.
The so-called "federal debt," is nothing but the total of deposits in T-security accounts at the Federal Reserve Bank. It is utterly sustainable. It could be paid off tomorrow, simply by transferring the dollars that exist in those accounts back to the owners' checking accounts, from whence they came. No new dollars required.
That is an absolute fact.
Every day, I see articles about "unaffordable" social programs like Social Security, Medicare, Medicaid, aids to the poor and aids to education. They are wrong.
Because the U.S. federal government is Monetarily Sovereign, and never can run short of its own sovereign currency, the dollar, it can afford anything that costs dollars.
Unlike states, counties, cities, businesses, you and me, all of which are monetarily NON-sovereign, the federal government doesn't need or even use income. It pays its creditors by creating dollars ad hoc, from thin air.
Even if every federal tax -- FICA, income taxes, luxury taxes, inheritance taxes et al -- fell to $0, the federal government could continue spending, forever.
That is an absolute fact.
And every day, I see articles claiming that if the federal government taxed too little, or spent too much, we would have a Zimbabwean or Argentinian hyper-inflation. They are wrong.
Being Monetarily Sovereign, the U.S. government controls the value of its own sovereign currency, the dollar.
Originally, it exercised this control by ruling that each dollar was worth a certain weight of silver or gold, a ruling the government arbitrarily changed many times over the years. The more silver or gold backed each dollar, the more the dollar was worth.
Today, silver and gold no longer back the value of the dollar. That function now is fulfilled by interest rates.
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