PAY OFF THE NATIONAL DEBT WITH UNITED STATES BANK NOTES

Why not pay off the National Debt with interest free United States Bank Notes? Let's get rid of the interest payments on the National Debt. Let's stop paying bankers who have privatized and monopolized the currency.

The privatizers caused the bubble that burst as the Great Crash of 2008. They either did it on purpose, in which case they are crooks, or they did it out of ignorance, in which case they are, well, too ignorant to be allowed to have their hands on the tiller. They could also be crooks and too ignorant at the same time, which is really the case.

I'm not saying to string them up. I'm just saying stop following them. Stop having them in the lead.

This post was precipitated by the following article in which Robert Kuttner advocates nationalizing some banks to get the funding going on rebuilding infrastructure:

Team of Rubins, by Robert Kuttner. Huffington Post. November 23, 2008.

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And when they were come to Capernaum, they that received tribute money came to Peter, and said, Doth not your master pay tribute? He saith, Yes. And when he was come into the house, Jesus prevented him, saying, What thinkest thou, Simon? of whom do the kings of the earth take custom or tribute? of their own children, or of strangers? Peter saith unto him, Of strangers. Jesus saith unto him, Then are the children free. (Matthew 17:24-26)

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  • Tom Usher

    About Tom Usher

    Employment: 2008 - present, website developer and writer. 2015 - present, insurance broker. Education: Arizona State University, Bachelor of Science in Political Science. City University of Seattle, graduate studies in Public Administration. Volunteerism: 2007 - present, president of the Real Liberal Christian Church and Christian Commons Project.
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    • The USA is approaching bankruptcy

      As hard is it is to believe, the US may have to default on it's debt. Public debt has grown by more than 100% with all the bailouts. We currently have a debt level 3 times what the European Union allows it's members. We are financially in far worse debt as a percent of GDP than Italy. Unfortunately, our Social Security Trust Fund is financed almost entirely by special bonds. Our government loaned themselves the money in the Trust Fund and spent it like drunken sailors at a strip club. We are left holding what may be worthless pieces of paper to guarantee our Social Security checks.

      ASIA - UNITED STATES
      U.S. debt approaches insolvency; Chinese currency reserves at risk
      by Maurizio d'Orlando
      In a few months, America's public debt has grown to more than 100% of GDP. Fear of a valuation crisis for the dollar, with tremendous consequences for Asian countries, major exporters to the United States.

      Milan (AsiaNews) - In the United States, the danger of debt insolvency is growing, putting at risk the currency reserves of foreign countries, China chief among them. According to new figures published by Bloomberg in recent days (Nov. 25, 2008 [1]), the American government has employed a total of 8.549 trillion dollars to stop the financial crisis. This means a total of about 24-25.4 trillion dollars of direct or indirect public debt weighing on American taxpayers. The complete tally must also include the debt - about 5-6 trillion dollars - of Fannie Mae and Freddie Mac, which are now quasi-public companies because 79.9% of their capital is controlled by a public entity, the Federal Housing Finance Agency, which manages them as a public conservatorship.

      In 2007, public debt in the United States was 10.6 trillion dollars, compared to a GDP (gross domestic product) of 13.811 trillion dollars. Public debt in 2007 was therefore 76.75% of GDP. In just one year, direct and indirect public debt have grown to more than 100% of GDP, reaching 176.9% to 184.2%. These percentages exclude the debt guaranteed by policies underwritten by AIG, also nationalized, and liabilities for health spending (Medicaid and Medicare) and pensions (Social Security)[2]. By way of comparison, the Maastricht accords require member states of the European Union (EU) to reduce their public debt to no more than 60% of GDP. Again by way of comparison, in one of the EU countries with the largest public debt, Italy, public debt in 2007 was equal to 104% of GDP.

      In 2007, 61.82% [3] of America's public debt was held by foreign investors, most of them Asian. So the U.S. public debt held by nonresident foreigners is equal to about 109.39% (113.86%) of GDP. According to a study by the International Monetary Fund, countries with more than 60% of their public debt held by nonresident foreigners run a high risk of currency crisis and insolvency, or debt default. On the historical level, there are no recent examples of countries with currencies valued at reserve status that have lapsed into public debt insolvency. There are also few or no precedents of such a vast and rapid expansion of public debt. Link here.

      The United States of America is approaching bankruptcy

      • Howdy Intellectual Redneck,

        Redneck is a pejorative in the books of many. It really means a guy who works hard outdoors, yes? Working hard outdoors and being intelligent certainly aren't mutually exclusive. I take it that that's your point. If so, I concur. It is also used by many to suggest racial and ethnic bigotry. I don't hold with those tenets, which you may readily see by other postings on this site. I don't prejudge your position. I have no idea which type "redneck" you are until you reveal that to me — to the readership here too I would hope.

        Thank you for providing the linked info.

        In addition, I fixed the URL to your blog. You accidentally used your email address in the website textbox when you submitted your comment. It happens.

        Let me just clarify again, as I have so many times on this site. I'm for changing to interest-free United States Notes and using those to pay off the National Debt. That is not where I wish to stop however. I want to progress onward to the moneyless society I describe in the Christian Commons Project.

        Blessings to All,

        Tom Usher