Originally Posted by
TonyWilliams
I'd be interested to see the "hard" data on these assumptions. Of course, debt is greater than 1913. Let's check out the data after WW1 and WW2, adjusted for inflation.
The assumptions made with these types of statements are that today's $billion dollar a DAY war expense didn't do anything to cause debt, or that only half the folks in the USA pay fed taxes; that bad Fed Reserve bank is the all knowing problem.
If the Fed loans were "secret", why does this writer know about them? I guess, not so secret!
Here's one for the history buffs who follow the "Fed is bad" and "we need a gold standard" folks. Out of over 230 years of existence, how many of those were on a gold standard, and when?
They were secret until a recent Federal law suit forced them to reveal loans made to the EU among many other things. There is no Audit of the Feds activities on an annual basis.
This does not imply the need for a gold standard, there were many bank failures under the gold standard. The point is that proper and open management of fiscal and monetary policy is vital to a healthy economy, secret deals and high debt spell disaster no matter what is used for currency.
Printing money to meet shortfalls is just a tax applied to all to pay for excess debt.
The debt, adjusted for inflation as a percentage of GDP is higher than it has ever been when both funded and unfunded liabilities are accounted for and this is what most of us just don't understand.
Tony, it is factual that only about half of us pay federal income taxes, if you dispute this you have not been paying attention, and don't recognize it as the major wedge that divides us-it is a tool whereby much major manipulation is accomplished. One side is played against the other, an age old game that only rubes fall for, just another grifters dodge.