I thought the line about the War of 1812 telling:
Nevertheless, the government’s credit had
declined because the war, overall, had produced no
decisive victories for the U.S"
They held an expensive war and got no loot.
Exports were reduced to a a tenth, imports reduced to a twentieth and Federal government income from duties crashed.
So Congress levied 5 million in taxes on the States. The States collected the taxes.
To pay the debts on the failed War of 1812 the squeezed economy welcomed the fiat money. Well until the Panic of 1819.
As far as liars go, the team at the Federal Reserve are most prodigious.
It is a true marvel to read of a government blessed institution of such benevolence and duty in service of the general welfare.
One must supersede mere earthly saints and scale Mount Olympus itself to find divinity to match the peerless Central Bankers.
The rogues gallery near worshiped the rogues leaving the few others with a list of roguish sounding deeds.
Debt is the Master, the debtor the fool and the creditor holds the contract.
John P Morgan told us his secret. He could always pay all his debts in two weeks with assets on hand. He was never a slave to debt.
The purpose of a National Bank is to manage the National enslavement. Rough ridden, indeed.
Free includes debt-free!
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