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Political Information : True US History Last Updated: May 28, 2019 - 3:54:00 AM

George Washington's Error and the Corruption of Banking
By James Anthony with comments by Ron
May 28, 2019 - 3:41:26 AM

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President George Washington received a bill that would create a national bank if he didn't veto within 10 days.  National-government power to print money not backed 100% by reserves of gold or silver had been voted down by Washington's Constitutional Convention by a supermajority of 9 to 2. Four short years later, Treasury secretary Alexander Hamilton claimed the opposite: that the Constitution implies that the national government can create a national bank that prints fractional-reserve money.  Washington ran with this, didn't veto, and instead signed the bill creating the national bank.

President Andrew Jackson received a bill that would renew the charter of a national bank that printed fractional-reserve money if he didn't veto within ten days.  Jackson vetoed.

Unconstitutional Inflation

When government people allow the quantity of money to exceed the amount of gold or silver held in reserve, this violates the Constitution.  It exceeds the national government's specifically enumerated power to coin money.  More fundamentally, it fails to secure people's right to keep their own property (rights ensured here and here).

Everyone who has money in any account loses purchasing power when an inflated quantity of money is used to buy a constant production volume of stuff. The inflation loss doesn't appear everywhere all at once; it starts first where the new money is added and eventually spreads to everywhere else.

Money is newly created by banks when they make loans.

[Ron: Actually banks do not create money they just pretend to create it by typying figures into computers as  book entries. That electronic process creates FIAT DEBT TOKENS out of thin air which have no real asset backing. Then the governments that grant the banks a FREE licence to continue this fraudulent pretence, use force and violence to require all citizens under their control TO ACCEPT those fiat debt tokens as currency for use in all transactions concerned with the exchange of property and goods and services. Moreover, governments also prevent anyone else from creating any effective alternative money or money substitute for use in the exchange of property or goods and services. Governments enforce this criminal imposition on the sovereign human population by insisting that it is a criminal action for anyone else to do what they grant private corporate banksters the exclusive right to do. Governments claim that it is criminal counterfeiting for anyone else to purport to issue the equivalent of the FIAT DEBT TOKENS (or any alternative substitute) that they licence banksters to create.

The only way that banks "create"their so-called money is by issuing loans to borrowers: INCLUDING THE GOVERNMENTS that grant them the FREE licence(s) to produce their counterfeit money out of thin air which is not backed by real assets. To compound the felony banks DO NOT issue a loan until they have coerced a borrower into signed a document pledging his/her/its credit as the basis of the loan. Not satisfied with that, banks then fraudulently charge interest (usury) on the loan amount WITHOUT creating any of their so-called money to enable borrowers to pay the interest they demand.

Accordingly, there is ALWAYS  a shortage of "money" in circulation. To keep this PONZI scheme going as long as possible the banks keep encouraging borrowers to borrow more and more of their FIAT DEBT TOKENS so that fresh quantities of "money" keep arriving in circulation to mask the reality that the total supply of "money" is in increasingly short supply as interest payments keep taking more and more money out of circulation. Remember that as "money" is only created electronically, IT IS ONLY A BOOK ENTRY, that  ceases to exist anywhere once  loan instalments are paid.

This fraudulent "money" creation and usurious distribution system is the reason that our world is a vicious dystopia in which poverty is rampant and almost everyone on the planet is a a free range serf; ie, a wage slave (however described). Even capitalist company and business owners are enslaved by this system with only the top banksters and perhaps their richest cronies being more or less free agents. Virtually eveyone is enslaved by the notion that they must work for or somehow acquire the FIAT DEBT TOKENS issued by a tiny  global cabal of banksters. This situation is ridiculous and it is SELF-INFLICTED in that it is accepted by virtually the entire global population. IF humans on this planet refuse to THINK about this situation and what it means for them so that they  could and should change it, THEY DESERVE WHAT THEY GET.

The banking tyranny that has enslaved humanity and is destroying our world is based on the concept of money.  The money meme has been used to socially engineer humans on this planet to believe that it is essential for humans to create and use money to live, ie for the purposes of facilitating the exchange of goods and services and for commerce and industry. However money isn't necessary for those purposes. All of the needs of human communities are actually met by the exercise of human ingenuity and labour using the physical, God-given resources available on this planet. The money meme is a fiction that only exists due to its acceptance by the population. A spiritually mature human population does not need this money  mechanism which is, at best, cumbersome and creates much unnecessay work in accountancy and other activities, even if usury is not involved.

If humans are to survive on this planet they will have to reject privately controlled banking and usury. Humans are spiritual beings. Money is a materialist tool. If humans here are to evolve spiritually the money meme will need to be dumped eventually. Derivities and speculation exist because money exists as a human tool. Speculation and derivitives cannot be permanently eradicated without dumping the money meme also. IF humans here don't develop a genuinely spiritual state of mind that will eventually lead to elimination of the money meme from global consciousness, then in due course other people will replace any banksters who are removed and the cycle will be repeated.

Any community that wishes to develop the sovereign human potential of its members and thus seeks to avoid their enslavement, MUST control and fairly distribute the goods and services its members produce in order to satisfy the basic needs of everyone in the community while reasonably rewarding the efforts of those who are most industrious and productive. This can be done by eliminating usurious banking and corporate personhood and making the  owners and managers of corporations personally responsible for their corporations' activities. In addition sovereign communities must fully tax all unearned increments and corporate profits not earned by the actual exertions of their owners and managers. Such measures are needed to eliminate the possibility of anyone privately benefitting and hoarding unearned profits acquired from  ownership or control of land, infrastructure, technologies or resources that have been used to produce communal sustenance and wealth through the application of community ingenuity and labour.

Accordingly, sovereign communities need to completely, honestly and transparently control the creation and usury free distribution of money or whatever system is chosen to effectuate the proper and equitable distribution of community production using available labour and resources. Communities also need to own or transparently control via taxation and regulation, all essential technologies and infrastructure required to produce the basic goods and services needed to ensure all members live at reasonable minimum community standards commensurate with available community productivity, provided that able bodied members need to make reasonable contributions to that productivity as required.

This community centred scenario is not utopian nor is it socialist.  It is a necessary communitarian adjustment needed if humanity is to survive, thrive  and  progress.  It will require the evolvement of a higher level of human consciousness that must occur if humans on this planet are to avoid mass unemployment, mass starvation and chaos. See eg: The Permanent Unemployment & Underemployment Economy – Most people on this planet are already slaves to Talmudic banks, governments and other totalitarian Fascist corporations like Amazon. Currently the global population is on the cusp of the complete Talmudic dystopia referred to as the New World Order, One World Government.

A major downside of the money meme is that its use creates a tendency for materialist thinking and it encourages people to hoard money in order to erroneously feel secure and/or to give them power over other people. Real security is created by spiritual community living in which everyone seeks to serve others more than self as is typical in loving families, extended families and clans. Once Presidents, Trump, Putin and Xi and their supporters eliminate the bankster controlled Deep State elements on this world we can eliminate usury and begin to wean the population off thinking they need money to live.].

Loan recipients at first purchase stuff at existing prices, prices that were set before the new money was created. As more money continues to become available to customers who all want the same items, those customers bid those items' prices up.  Lately, with money creation keeping interest rates low, the people close to the front of the line for the newly created money have been using this extra money to buy assets, so the first prices to rise have been the prices of assets.

[Ron:  The real scam though, is that this process is used to favour huge commercial banks that get allocated huge tranches of  so-called new money from Central Banks at zero or very low interest rates which, instead of loaning that money to Main Street businesses and the general population so that it increases money in circulation and hence real economic activity, they use the newly allocated electronic money to buy bonds from the US and other government Treasuries at significantly higher rates of interest and at absolutely no risk. This and other "carry trades" provide huge profits for nothing. They are just another form of tax payer subsidy to private banksters.

Below the commercial banks are the mega corporation parasites. The owners and managers of huge corporations obtain cheap loans at "mates rates" which they then use to take over smaller competitors and non-related  businesses making these trans-national corporations so humungous that they control whole industries so that they can they can then hold markets, supply chains and consumers to ransom. AMAZON being a good example of this genre. These insider loans at "mates rates" also enable corporate owners and senior managements to fund corporate "buy backs" of shares in their own corporations making them even more dominant and more difficult to compete with. This is how the median pay for CEO's can be said to be a million dollars a month, ie more than a minimum wage worker gets paid for 30 years work. See eg:
Wall Street Journal: Median Pay for CEOs Is a Million Dollars a Month -].

But higher asset prices increase producers' investment costs.  To stay in business, producers must raise prices sooner or later.  Most people don't handle the newly created money early on, [Ron: Because banks and huge corporations get first use of it and it is not lent to Main Street as described above] so the newly created money gives most people no benefits, and it harms them by inflating the prices of everything.

Everyone who has money in any account also loses purchasing power when the stock of money that's earned by people who add value is skimmed by bankers, who create money out of thin air, loan out this unearned money, and extract unearned interest. Government people let bankers make loans by just writing checks to borrowers and recording the loan amounts in the bankers' accounting books.  Bankers hold only small fractional reserves, so bankers take in little deposit money and pay little deposit interest. Bankers add little value. Bankers do charge loan interest, subtracting much value. So, then, everyone else adds value by voluntarily cooperating with one another, and bankers just skim off some of the value added by everyone else.

[Ron: Actually bankers skim off enormous "value". Prior to the financial collapse in 2008 it was estimated that the usurious banking system took 40% of the value produced in typical bankster controlled market economies. See eg: How Money Rules -

Anthony Migchels -- Usury and the Rise of the Bankster... --The Plane Truth PTS3109 -

Red Ice Radio - Anthony Migchels - 1 Hour 1 - Usury: the Problem with the Economic System ... See:

Can We Do Without Money ? -].

Summing up all such inflation losses, from 1941 to 2018, people who held balances of U.S. dollars lost purchasing power totaling an astounding 94%!

[Ron: this is almost certain ly a significant UNDERESTIMATE. Since 2008 the banksters have created many TRILLIONS OF USD and  in other currencies]

Unconstitutional Recessions

Because of government-fiat fractional-reserve money, everyone who adds value also gets subjected to further losses of income and wealth due to avoidable recessions.

When the quantity of money is constant, [Ron: the quantity of money does not have to remain constant. It can, and arguably should, be increased by each sovereign community in accordance with increases in available labour and material resources if the community wishes to maximise production.] interest rates help customers' current decisions to save stay in sync with businesspeople's current decisions to invest Businesspeople can invest in the present, and customers will have savings available to buy the resulting production in the future.  Savings-driven investment goes far to ensure that investments pay off and turn out good.

[Ron:  This is bankster propaganda rhetoric! It assumes that the current bankster driven criminal usurious fractional reserve banking system is a valid and necessary part of community life and a necessary part of the process of producing goods and services. It isn't. Talk of "savings driven investments" is gobbledegook based on the assumption that "money" (ie fraudulent bankster created FIAT DEBT TOKENS that are unbacked by real value and hence fictions) can only be issued "at interest" (usury) . Every sovereign community should issue its own "money" (preferably backed by tangible assets) free of interest. Properly done that process enables a community to produce the necessary technologies, infrastructure and goods and services its members need. IF this is done banks would cease to have a significant role in the process and would become a genuine service industry charging small fees for holding and disbursing clients' funds for tiny fees in a manner similar to postal services run by post offices.]


When the quantity of money is increased by unconstitutional creation of money and debt by government-enabled bankers, interest rates fall unnaturally low. These government-manipulated interest rates mislead people.

[This is DISINFORMATION!  Governments don't manipulate interest rates, BANKS DO! The Rothschilds' controlled Central Banking System determines interest rates globally and they do it to insanely enrich banksters while despoiling, enslaving and impoverishing the gentile global population and destroying nations in the process. How often have you heard The FED banksters and other Central banksters say that they are INDEPENDENT of government. AND THEY ARE! In fact the banksters literally OWN governments like the US INC., and  the Commonwealth of Australia which is registered as a corporation with the US Securities and Exchange Commission.].

With money more freely available, customers see less need to save, and both customers and business people borrow more in order to spend even more.  Business people invest more on longer-term, riskier bets.

[Ron: Yabba, yabba, bankster bullshit yabba.].

Eventually people become unwilling or unable to keep making the payments on more and more debt, and people start paying down some of their debt or defaulting.  Would-be customers don't have money saved that they can use to buy the products of the added investment, so products don't sell, and investments don't pay off.  Debt-driven investment ensures that many more investments don't pay off and turn out to be bad.

[Ron: As discussed above, this is a necessary and deliberately created result of privately controlled, USURIOUS fractional reserve BANKING. This privately owned and controlled  fractional reserve banking process needs to be eliminated ].

The people who lose out aren't just the business-managers; the people who lose out are all people who add value.  When would-be customers finally do scale back, producers finally see this coming only after they've already created lots of inventory, and work-in-process, and intermediate products used to make final consumer products.  So when customers scale back somewhat, producers need to scale back much more.  This is recession.  In recessions, less value is added, people's incomes are held down, and some people lose jobs.

All these losses can be paid for only by the only available source of productive effort: the people who add value.

Meanwhile, bankers keep taking in their unearned interest. [Ron: banksters don't just 'keep taking interest', they actually cause recessions and depressions and then steal the assets of borrowers who are in default theough foreclosing on properties and in effect paying pennies on the dollars for them.] Government people in good times take credit and in bad times blame other people and ratchet up more coercive controls that cause more problems.

[Ron: Goverment ministers,  politicians and bureaucrats KNOW what is happening and hence they are complicit BUT they are PUPPETS of the real owners and controllers of nations namely the banksters. AND it is the banksters who are primarily responsible for the humungous theft and corruption involved in the usurious global banking system and its effects on our world.].

Congresspeople almost never repeal existing mistakes.

[Ron: The global Central banking and usurious fractional reserve commercial systems are NOT a mistake, they are deliberate criminal mechanisms.].

Stop New Losses

Washington's signing of the national bank statute opened up a major new offensive front of unconstitutional government activities in money and banking.  This moved the national government decisively away from securing property rights by requiring 100% reserves in banking.

Jackson's national bank veto, and successor President Martin Van Buren's signing of a statute requiring banks' fractional reserves to be gold or silver, pushed back against  inflationary banking.  Jackson and Van Buren made the long-term trend in prices become gradual deflation.  With the government keeping the quantity of dollars relatively constant, every time productivity increased, the value of people's dollars increased.

[Ron: This is misdirection. In any system based on the money meme, the issuance of money needs to be increased in line with increases in the availability of labour and resurces so that full employment can be maintained and the benefits of increases in production can be achieved. This need to increase the money supply is inherent in any system based on the use of money as a necessary means for facilitationg the exchange of goods and services. The only way to avoid this correlation if a community is growing is by eliminating the money meme altogether and substituting a comprehensive community governance model for production based on community members having evolved a sufficiently increased consciousness that enables everyone to gladly participate in a caring, sharing and gifting economy in which the dominant ethos is for everyone to seek to serve others more than self. When that happens a community will transition to a moneyless society wehich is apparently common on many other planets.]

But neither Jackson nor Van Buren, nor any successor up through today, required 100% reserves in banking.  This has forced the people who add value to bear the losses from a series of avoidable recessions.

[Ron: I disagree. The problem is essentially unavoidable not only because government licence private banking corporations to create fiat debt tokens (fraudulently called "money") out of thin air, BUT also because they authorise those banking corporations to only create thse tokens (called currency) by issuing loans to borrowers AND to charge interest (usury) on those loans WITHOUT creating any currency to pay the interest on the loans. That spurious arrangement is compounded by Governments corruptly gifting to those private banking corporations the right to distribute there currency to anyone they choose at variable rates of interest  (usury), as I have discussed above.].

The early Democrats like Jackson and Van Buren at least governed inexpensively, with light regulation and no bailouts.  This let the people who add value keep adding value during recessions so that during at least one recession - a deep one in 1839-1843 closely comparable to the Great Depression - real output adjusted for deflation, and the resulting standard of living actually rose significantly.

Secure rights to life, to liberty, and to keep your own property are Supreme Law that's aspirational.  Securing these rights in practice takes political power and good work.  Much remains to be done. A minimum starting point is to first add no further harm.

[Ron: I disagree. The minimum starting point is to first understand the probelm and its cause(s).

In modern America, nearly all legislation unconstitutionally exceeds the national government's enumerated powers, delegates lawmaking, or grabs executive power or judicial power.

A constitutionalist president's default position must be to sign every repeal and veto everything else.

Government people have the only powers strong enough to limit government.  Using those powers is the only thing that makes our rights secure.

James Anthony is a chemical engineer in St. Peters, Missouri and author of The Constitution Needs a Good Party:  Good Government Comes from Good Boundaries.

[Colour fonts, bolding and comments in square brackets added.

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The Mystery of the One Bank: its Owners? - Jeff NielsonT. See:

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Anthony Migchels -- Usury and the Rise of the Bankster... --The Plane Truth PTS3109 -

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Getting Off Money II. See:

Getting Off Money. See:

Usury is the Root of All Evil: Free Money is Essential to Prosperity and Abundance. See:

Why is Usury the Root of All Evil and how will the OITC eliminate that Evil? See:

Money isn’t the Root of All Evil: USURY IS! That’s why the OITC is Actively Opposed by Corrupt Governments and Banks Globally. See:

MONEY NOW & LATER: PART IV (Money Supply in the UK & Australia). See:

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