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This is an excellent article that brings together a few important strands of thought:
- references to Congressman Ron Paul‘s positive and negative inititatives and limited understanding of the monetary system
- a superb quotation from Thomas Edison about the fact that the Nation should print ALL its money; his original article can be found here
- a most positive critique of Abraham Lincoln‘s greenbacks in the London Times
- a three-point action list for national governments:
- repudiate this lie of a national or public debt
- quit selling interest bearing government bonds on the people’s credit
- print bills on the credit and spend or give them into circulation in the proper amount “to move trade enough to prevent stagnation but not enough to permit speculation”. (Thomas Edison)
See our Early Day Motion “Using the Public Credit”: the first of our list of Early Day Motions since 2002.
And see Green Credit for Green Purposes – our submission to the Treasury Select Committee in 2007.
Filed under: Debunking, Money supply, National debt Tagged: | Abraham Lincoln, Early Day Motion, Green credit, Greenbacks, National Debt, people's credit, Thomas Edison
Just a very minor question, but important in a way. Isn’t the problem ‘debt as money’ rather than ‘money as debt’?
Well, Nick,
it is indeed a good question: how come that ‘credit’ passes as ‘money’???
If it was cash, it would be counterfeiting!…
Several points:
1. I am very interested in your claim that Thomas Edison advocated that only the state should produce money. Unfortunately the link in the above article just leads to a Wiki site about Edison. I assume this is a mistake.
Can you let me know where that link should have gone??
2. You have a problem if you object to “money as debt” in that money can almost be defined as a transferable or tradeable debt. It’s been that way for a good 10,000 years. At least the first tally stick that archeologists have found was a good 10,000 years old and a tally is a tradeable debt.
Though of course, if only the state produces money, to say that state money (e.g. a $20 bill) is in any real sense a debt owed by the FED to the owner of the $20 bill is a bit of a nonsense.
Sorry, Ralph,
Re 1) the original article of the first link contains more than one quote by Edison, but without any original source, if I remember correctly.
Hence I only added the link to Edison in Wikipedia.
Re 2) I want to make the difference between interest-free Cash and interest-bearing Credit.
The first is equivalent to tally sticks and serves as a medium of exchange.
The latter serves to create confusion and as a tool for control.
The debt / credit confusion is precisely the mechanism with which accountants camouflage what banks are doing: creating ‘money’ from thin air and ‘selling’ it at interest.
The most deceitful activity ever invented, especially as the State lets them get away with it, small and big time!
A link to a photocopy of the original article on Edison’s viewpoint can be found at the Prosperity Uk Website.
http://prosperityuk.com/prosperity/articles/edison.html
How most coincidental!
THANK YOU VERY MUCH INDEED, Richard!
I have added it into the above post.
[...] of money drained from and harm done to national economies – except for National Debts – the ultimate lie or con to ‘sell’ credit as ‘money’ by using big sums for small [...]