Benjamin Franklin’s Solution

Benjamin Franklin’s Solution


Nationalization has traditionally had a bad name in the United States, but it could be an attractive alternative for the American people and our representative government as well. Turning bankrupt Wall Street banks into public institutions might allow the government to get out of the debt cyclone by undoing what got us into it. Instead of robbing Peter to pay Paul, flapping around in a sea of debt trying to stay afloat by creating more debt, the government could address the problem at its source: it could restore the right to create money to Congress, the public body to which that solemn duty was delegated under the Constitution.


The most brilliant banking model in our national history was established in the first half of the eighteenth century, in Benjamin Franklin’s home province of Pennsylvania. The local government created its own bank, which issued money and lent it to farmers at a modest interest. The provincial government created enough extra money to cover the interest not created in the original loans, spending it into the economy on public services. The bank was publicly owned, and the bankers it employed were public servants. The interest generated on its loans was sufficient to fund the government without taxes; and because the newly issued money came back to the government, the result was not inflationary.7 The Pennsylvania banking scheme was a sensible and highly workable system that was a product of American ingenuity but that never got a chance to prove itself after the colonies became a nation. It was an ironic twist, since according to Benjamin Franklin and others, restoring the power to create their own currency was a chief reason the colonists fought for independence. The bankers’ money-creating machine has had two centuries of empirical testing and has proven to be a failure. It is time the sovereign right to create money is taken from a private banking elite and restored to the American people to whom it properly belongs.















http://www.globalresearch.ca/credit-default-swaps-evolving-financial-meltdown-and-derivative-disaster-du-jour/8634

Nicholas Biddle, The Second Bank Of The United States

On August 26, 1831, Biddle's brother, Thomas, a War of 1812 veteran, was killed in a duel on Bloody Island (Mississippi River) at St. Louis, Missouri with Congressman Spencer Pettis. Thomas had taken offense to Pettis' criticizing Nicholas at the bank. After an exchange of letters to the editor Biddle accosted an ill Pettis in his hotel room. After Pettis recovered he challenged Thomas to a duel and both were killed when they exchanged shots from five feet apart


In April 1836, the Bank's charter expired, but the institution continued as a state-chartered bank for several more years. In 1839, Biddle resigned from his post, and in 1841, amidst the panic of 1837, the Bank failed. Biddle was arrested and charged with fraud; he was later acquitted. He died soon after while still involved in civil suits.





http://en.wikipedia.org/wiki/Nicholas_Biddle_(banker)

Might be what was rejected was the blatant use of lies & money.

Told their lies so well they gravely believed them,
and repeated roundabout,
they found that they had lied to themselves when the numbers became a bit more real.

Mconnell being petulant.
Boner waiting for the prez's first move.
he said revenue is on the table
but later he may have to deny he said it.

Heard some pundit say the country has chosen a clear path to destruction
soon as he gets the data he'll let us know what that entails
Rove will have to enter the witness protection program,
live on the dole. keep his head down anyway.

"The Obama administration keeps an informal list of possible Supreme Court nominees; Experts see six women, two men in pool of potential ...,

"and meanwhile lame futurists weep into Spengler’s
prophecy, will the world be over before the races blend color?
All color must be one or let the world be done—
There’ll be a chance, we’ll all be orange!
I don’t want to be orange!"

--America Politica Historia, In Spontaneity by Gregory Corso

Armageddon!

Wanted:someone to sell the UN to take over the world, sounds Gabriel's horns, swell republican ranks, hires someone to start a war. starts the wrong one. ignites a searing blast. Keep the lid on Jesus amen. They had an actor already. This one fits the role like tv wrote the script back in the sixties, or Heinlein before that. question is what effect a collective unconscious might achieve. Is the crisis sharper than the ideological one which in reality has not been decided only kicked down the road.

in the popular parlance. twixt the twins, at the bottom of which is the light and the dark. with a preacher in charge it won't be much fun, what with praying, and going to Hell. I don't suppose people like me would be of much use in a world like that. Bishop Rumney doncha know, but he ain't the one.

The Constitution says: "1: The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States; 2: To borrow Money on the credit of the United States;" They have been running away from that Power ever since. "...every citizen should quietly consider each point, then talk it over with his friends, and, finally, bring forward for public discussion any additions or subtractions which seemed desirable." (cf. Liv. III 34)

actual numbers that can be looked at!

Information Overload

One might say these day we depend on the Media for distilled information.

Unfortunately, it all depends on the corn that's used in the still. For instance, using next years corn for this year's brew will produce no more than a fine grade of water. Most of them are using crop that's not due to come in for 10 years.

That's our budgetary woes. Which all in all have as much to do with reality as Revelation does with the present ending of the world.

Coupla things I've noticed. The stock market mostly goes up, cept when it don't.
Generally though it goes up, and the dollar goes down, not against other currencies but in what it will buy. Secondly, in 1929, taxes on the corporations, and on the rich were about on the level they were in 2009. You will need two seperate charts for this, you won't find them combined anywhere on the web. Superficially, it would appear that when the tax rate reaches a certain level there is a disincentive to invest. Unemployment reaches catastropic levels. As the tax rate rises unemployment goes down. Presumably, "They" would need an excuse for not investing, generally one seems to present itself. No doubt this is heresy, based on ignorance.

I can only report what my eyes see. Old man told me one time to believe only half of what I saw, and none of what I heard. These days, just about everyone carries a marked deck, and practices sleight of hand; the magicians are better than they ever have been. If you got enough numbers you can make them dance to just about any tune you want, just about--Ryan tried to make them do Swan Lake & he fell into the black lagoon. Still, no matter who is handing them out, you might want to taste them some, never can tell what they're putting in the candy poke. One thing is certain everyone will want more money, and to tell you the truth, for the most part they're not too concerned about how they get it. The virtuous are far more rare than flowers.