Ref: Darryl Schoon's excellent article: "America at the Crossroads and the War on Gold" Financial Sense University--www. Financial Sense.com May 4, 2010. His writings are always well researched and lend the balance of history of money and finance to erudite essays. The following paragraphs are excerpted from the referenced article:
"The explosion of debt allowed by Volker’s removal of gold in 1971 has now reached extraordinary levels. In 1971, US debt was $436 billion. Today, US government obligations exceed one hundred trillion dollars. Tethering the dollar to gold was the one constraint on US spending. Volker eliminated that constraint thus enabling the US to indebt itself ad infinitum—and it did.
When US banking and financial interests repealed the Glass-Steagall Act, it reopened the doors to another depression, doors that had been sealed since the 1930s. Prior to its repeal in 1999, Congressman John Dingall (D-Mich) whose father helped write Glass-Steagall in 1933 warned:
What we are creating now is a group of institutions which are too big to fail... Taxpayers are going to be called upon to cure the failures we are creating tonight, and it is going to cost a lot of money, and it is coming.
Congressman Dingall’s warnings were ignored by both republicans and democrats. The republican-sponsored bill to repeal Glass-Steagall was passed overwhelmingly in the House by both parties (362-57) and in the Senate (90-8) effectively enslaving America’s future generations, gratis of a $300 million lobbying effort by banks and insurance companies.
Once again, both republicans and democrats sold out the nation’s future and allowed banks to bet the savings of America, this time with obscene leverage of 40:1 and more. Not surprisingly when the banks bet the house and lost, the house collapsed.
Recently, President Barack Obama went to Wall Street to ask for help in reforming the financial system. Asking Wall Street’s help with financial reform is akin to Neville Chamberlain asking Hitler to assist in redrawing Europe’s borders. The current effort is designed not to fix the system, but to continue it."
Much like in 1913 the Creature from Jeckyl Island, the Federal Reserve was sold to us by the heads of the big banks as the answer to the power of the money interests to control our country.
With Love and Kindness,
THE HATMAN
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