The good news is that our nation is better off today than perhaps ever before.
The bad news is that the United States is deeper in debt than ever before. And that is ominous to the dangerous degree.
The ripple effect of this debt has taken on a life of its own, and there seems to be no end in sight. On the surface, it would seem that our troubles started almost over night.
But that is not the case. Trouble began exactly 98 years ago when a limber-brained United States Congress passed the Federal Reserve Act and put control of the national economy in the hands of a banking cartel with European roots.
Down through the years this has resulted in a chain of deliberated depression-recession cycles that have always favored the elite insiders. And in every instance while the economy slowly revives, those “insiders” always grabbed more power.
The poor get poorer and the rich get richer. It is a cruel and deliberate transfer of wealth that has made some people richer than kings of old.
Forty years ago I brought this to the attention of one of the leading economists, I believe, in the United States. He was David Lages, chief economist at what was then Southwest Missouri State.
“It seems we are determined to spend ourselves into oblivion. We give foreign aid to nations that hold our bonds. We have to pay those nations interest to hold our bonds.”
Multiply that enough and you have the perfect way to economic disaster.
Why has Congress permitted this to occur? Why has president after president overlooked this road to ruin?
To my knowledge, the only congressman to seriously tackle this national tragedy was Wright Patman, of Texas. He fought the system for all of his 40 years in Congress, but could never find enough help to kill the system.
When he died several years ago, the only congressman who remained a supporter of new legislation was Ron Paul. Where have you heard that name before?
He was one of the several members of Congress that ran for president this year on the Republican ticket.
All of the other candidates are either ignorant of who controls our money or are a part of the tragic system themselves.
It reminds me of the cartoon of the three monkeys, one with hands over his eyes, one with hands over his ears and one with hands over his mouth. “See no evil, hear no evil, speak no evil.”
Okay, now what do we do, now that we are even more deeply in debt because of our economic ignorance, now that the OPEC nations have billions of our dollars in their coffers and we are deeply in debt to virtually every nation in he world, including China, once the poorest of the poor nations?
Let’s imagine this scene: The Board Chairman of the USA walks in the Big Bank to apply for a loan.
Loan officer: “I see by your books you have a cash flow problem. You’ve had operating losses 19 out of the last 20 years and you have accumulated debt of $41.5 trillion private household/business/financial sector debt and $11.4 trillion federal, state and local government debt. How do you account for that?”
USA Board Chairman: “We’ve been a bit loose with foreign aid, as well as domestic development. And we got carried away at Christmas and ran up too much consumer credit. But we have a Gross National Product of over $14 trillion.”
Loan officer: “That is large gross sales all right. But as I thumb through your file I fail to find your financial statement. I find your liabilities, but not a listing of assets.”
USA Board Chairman: “Well, we have no consolidated financial statement. Everybody knows we have adequate assets to cover our debts. There’s all those buildings in Washington, and the military hardware, and the national forests and gold and…”
Loan officer: “We would like to make you a loan. But it is fundamental that anyone receiving a loan must provide a financial statement. I am shocked that an operation as large as yours does not have a complete set of books.”
This is a ridiculous state of affairs. We should know by now that nations can go bankrupt and that bankruptcy carries with it some direful events.
If and when a nation goes bankrupt there is essentially only four ways to get out; 1. Go to war and steal another nation’s assets; 2. repudiate or deny the debt; 3. devalue the currency; 4. tax the people to the bone.
A study of these four “solutions” reveals non are acceptable to a Christian nation.
So, where do we stand, fellow Americans? Are we the ‘Masters of our fate, the Captains of our souls?’
Or are we the dupes of a slick economic scam that threatens to undo the brilliant work of our founding fathers?
