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OpEdNews Op Eds    H3'ed 8/23/10


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Message Kent Welton
Lincoln's Monetary Policy - Free The Debt Slaves

"Money is the creature of law and the creation of the original issue of money should be maintained as exclusive monopoly of National Government.

Money possess no value to the state other than that given to it by circulation.

Capital has its proper place and is entitled to every protection. The wages of men should be recognized in the structure of and in the social order as more important than the wages of money.

No duty is more imperative for the government than the duty it owes the people to furnish them with a sound and uniform currency, and of regulating the circulation of the medium of exchange so that labor will be protected from a vicious currency, and commerce will be facilitated by cheap and safe exchanges.

The available supply of gold and silver being wholly inadequate to permit the issuance of coins of intrinsic value or paper currency convertible into coin in the volume required to serve the needs of the people, some other basis for the issuance of currency must be developed, and some means other than that of convertibility into coin must be developed to prevent undue fluctuations in th evalue of paper currency or any other substitute for money of intrinsic value that may come into use.

The monetary needs of increasing numbers of people advancing toward higher standards of living can and should be met by the government. Such needs can be served by the issue of national currency and credit through the operation of a national banking system. The circulation of a medium of exchange issued and backed by the government can be properly regulated and redundancy of issue avoided by withdrawing from circulation such amounts as may be necessary by taxation, redeposit, and otherwise. Government has the power to regulate the currency and credit of the Nation.
Government should stand behind its currency and credit and the bank deposits of the Nation. No individual should suffer a loss of money through depreciated or inflated currency or bank bankruptcy.

Government possessing the power to create and issue currency and credit as money and enjoying the right to withdraw both currency and credit from circulation by taxation and otherwise, need not and should not borrow capital at interest as a means of financing governmental work and public enterprise . The government should create, issue, and circulate all the currency and credit needed to satisfy the spending power of the government and the buying power of consumers. The privilege of creating and issuing money ii not only the supreme prerogative of Government, but it is the Government's greatest creative opportunity.

By adoption of these principles, the long-felt want for a uniform medium will be satisfied. The taxpayers will be saved immense sums of interest, discounts, and exchanges. The financing of all public enterprise, the maintenance of stable government and ordered progress, and the conduct of the Treasury will becomes matters of practical administration. The people can and will be furnished with a currency as safe as their own government. Money will cease to be master and become the servant of humanity. Democracy will rise superior to the money power."

Abraham Lincoln, quoted in Rep. Jerry Voorhis'
book Out Of Debt, Out Of Danger, 1943

The struggle and deadly war with private central bankers had been going on for centuries. Our own American revolution was fought over the right to issue our own money and credit and escape the clutches of the Rothschild's "Bank Of England" with its private monopoly money and credit creation privilege - leading to inevitable, interest-bearing, debt-money, disaster.

Today we have reached another point in history where the debt-slavery to our privately owned "Fed" has led to a yearly interest expense of nearly 500 billions dollars on our ballooning debt, largely generated by capital's disastrous "free trade" policy and the up and down manipulations of both interest rates and stock markets by the owners of private central banks.

The central problem here is not the money creation into circulation, and expanding velocity, but the unnecessary interest cost that we, the taxpayers, must pay a private cabal of bankers to create and borrow our own money. It is simply the scam of the centuries, and unless we rescue ourselves from this debt slavery, as President Lincoln advised, our demise is certain - i.e., an ugly event which will secure fascism and a global private "Fourth Reich' hegemony over money and credit. In short, effective and meaningful democracy will then be history.

We have already seen the chairman of "our" Federal Reserve refuse to tell Congress where the 800 billion went and to whom. Such impudence and arrogance is reason enough to take back the stock of the Fed and re-nationalize our central bank.

The ongoing power of the private central bankers and their affiliated bond dealer cohorts is further reflected in the power of Goldman Sachs over our own government. Administration after administration, Republican or Democrat, is controlled by these "masters of the universe" bond dealers who own the stock of the private central banks.

With our Constitutional money and credit creation powers in their private hands, they create money "out of thin air" and use it to buy the government bonds we must sell, at interest. From nothing comes an interest penalty paid to them and to those to whom they sell the interest-bearing bonds supported by our taxes. What a racket!

This regime is either stopped in its tracks or, if allowed to continue, it will be to our immense sorrow and regret - regret for screwing ourselves and out children and grandchildren saddled with interest bearing debt which is never paid off but simply "rolled over" in perpetuity. Were we put on this earth to pay interest to private central bankers? Are we to be born debt slaves?

So when do "our" money-for-reelection-driven representatives get the courage to end this devious and disastrous private money and credit banking scheme? When do they join with the members of other nation's most democratic houses, all saddled and scuttled with their own private central bank regimes, and put an end to this thievery? When do they gather the courage of the founders of this country who, seeing the devastation produced by the "Bank of England," wisely placed the "purse power" in the hands of Congress - the most representative body whose members can be re-elected or unelected every two years according to their wisdom or folly.

When do our representatives demand a great debate and coverage in corporate media of exactly this question? When do media "conservatives" and "liberals" even broach the question of a public central bank? Of interest-fee infrastructure financing? Of nationalizing the home lending operation and rescuing us from a devious and utterly predatory system?

When? Ask your representative. Is he or she so self-interested or stupid they cannot even face the questions which the brave founders of this country faced, much less move to make a Democratic Republic a reality and avoid screwing their own children? Tell them to take back the bank... the central bank... and end our debt slavery. Make them answer the questions in order to see where they stand. Then we will know how to vote.

Kent Welton,
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