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In 1862 Lincoln and Congress borrowed the money to loot the South. However, when the 10 year notes came due Congress was broke.

In 1872, Congress avoided bankruptcy by refinancing with 20 year notes.

In 1892, the notes came due again, bankers positioned themselves to profit from Congressional follies.

In 1912, the 20 year note came due again. The Panic 1907 cleared away bankrupt institutions but did not come up with the $3 billion owed by Congress was about 6 kilo-tonnes of gold. ($2,868,373,874)

http://pricedingold.com/?s=us+federal+debt

By the magic of Federal Reserve Notes that debt has swollen to about 200 kilo-tonnes of gold. From 7.45% of GDP to 105% of GDP.

Congress, facing bankruptcy, yet again, created the Federal Reserve out of thin air in 1913.

Now Congress is spending what the economy earns. Taxes only pay the interest.

Bankers already have the inferior social stratum of Congress right where they want them.

Giving Congress the authority to borrow or sell bonds is the deadly flaw of the Constitution.

Free includes debt-free!