How would America ever survive without the central planners in the Obama administration and at the Federal Reserve? What in the world would we do if there was no income tax and no IRS? Could the U.S. economy possibly keep from collapsing under such circumstances? The mainstream media would have us believe that unless we have someone "to pull the levers" our economy would descend into utter chaos, but the truth is that the best period of economic growth in U.S. history occurred during a time when there was no income tax and no Federal Reserve. Between the Civil War and 1913, the U.S. economy experienced absolutely explosive growth. The free market system thrived and the rest of the world looked at us with envy. The federal government was very limited in size, there was no income tax for most of that time and there was no central bank. To many Americans, it would be absolutely unthinkable to have such a society today, but it actually worked very, very well. Without the inventions and innovations that came out of that period, the world would be a far different place today... When you add our private debt to GDP ratio of 273 percent to our federal debt to GDP ratio of 101 percent, you get a grand total of 384 percent. This is how we have funded the false prosperity of the past couple of decades. Essentially, we have been putting our good times on a credit card. And as anyone that has ever tried to live on credit knows, the good times eventually run out. But this is what the Federal Reserve was designed to do. It was designed to get the U.S. government trapped in a debt spiral from which there would never be any escape. It is not an accident that our national debt has gotten more than 5000 times larger than it was when the Fed was originally created. This is what the bankers wanted the system to do. They wanted a system that would extract wealth from all of us through taxes, transfer it to the government, and then transfer it to them through interest payments. We never needed a central bank, we never needed the IRS and we never needed an income tax. America would be doing just fine without any of them. But instead, America chose to go down the path of collectivization and central planning, and now we are heading toward the biggest economic disaster in the history of mankind.
Posted on: Fri, 09 Aug 2013 15:08:37 +0000
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