Posted on 08/24/2020 6:44:58 AM PDT by SJackson
“POTUS had a portrait of Jackson portrayed prominently.”
Right at the beginning, POTUS said he identified with Jackson.
“There was JFK, and Nixon”
Unintended humor at it’s best.
Abolishing the Second Bank of the United States and paying off the national debt contracted the American money supply and had the (now predictable) effect of creating a depression, which ran for six years.
Well, among politicians you’re always going to find SOMETHING to dislike.
“Jackson probably had fewer enemies than Trump does.”
Charles Dickinson and Thomas Hart Benton, among others, might have disagreed. Jackson was involved in 100 duels.
My pleasure. He's going after the federal judiciary, illegal immigration, and our adversaries, and is likely to fairly win the Nobel Peace Prize, which will redeem the NPP a little after the Gore and Obama fiascos.
“And by destroying the Bank of the US Jackson set the country spiraling into a depression that lasted about 20 years.”
Jackson had the same suspicion of and hostility to banks that Jefferson and all of the Anti-Hamiltonians had harbored since 1792.
“That depression was the cause for his turning on his Cherokee allies who had fought with them so he could take their gold rich land.”
There’s zero evidence that that was Jackson’s motive, but it makes a good story.
“But it is ironic to try to portray the author of the “spoils system” as some sort of honest man trying to root out corruption.”
Sounds like Beck and D’Souza.
Their mouths wrote checks their asses couldn't cash. :^)
“I told Hubby, I think he’s going to go after the Fed. “
Probably not since that would leave the United States without a lender of last resort and no way to stave off a deflationary credit collapse.
I’m curious if you know who or what took that role before the Fed, and who you think would do it now if the Fed was dissolved.
I think that President #43 is Bush, with #44 being Obama and #45 is the current President Trump. Might a change in the graphic text be in order?
dvwjr
Lol...not my graphic.
The US Fed seems to be the defacto central bank for the whole world. I don’t know what POTUS plans, but I believe the Big Wigs have plans to redo the International Financial System.
Their Plan is to replace the USD with SDRs based on a basket of currencies using the IMF. The USD would then be just a local currency rather than the main reserve currency. Some apparently want to phase out cash all together.
I am not impressed with a system that has presided over the reduction by about 98% of the value of a dollar. I have no particular desire one way or the other-I am sure that whatever POTUS does will be good for the USA-so I don’t worry about it-he’s a genius and will make whatever changes need to be made. YMMV.
No, the bankers holding the debt called it in, and would not renew loans (aka reduced the money supply) as a way to force the population to want the bank of the united states (as it was tried again shortly after).
Money supply, specifically those that control it, has manipulated the world for a very very long time. The FED (or first or second bank of America) were supposed to help the swings in the market, but the truth of the matter is they have never been more volatile. And on purpose at the hand of the very few at the FED (first, second, fed reserve, ect).
Here is how historically it has gone. “Federal” bankers (not federal at all, private org) become the sole authorized entity allowed to create a contries money.
At first they make money plentiful and people borrow, at interest. When the time is right they contract the money supply by calling in loans and not renewing them. This causes many businesses, ect to go belly up or contract mightily. Once this is in motion, they buy up the pieces enriching themselves.
At the gov’t level, they “loan” money they created out of thin air, to the politicians which use it for their needs. These loans are backed by the full credit of the country (read loans are backed by the taxes that country collects.) Remember, this money was created out of thin air, then borrowed by our gov’t at interest.
By now, the money changers have complete control. If they want to they simply contract the money supply to keep the country in line. Or start a war and finance both sides and reap the rewards. Were you aware that most wars the victor guarantees the loans of the loser?
No, no, one of the best things that could be done is to end the federal reserve, and to stop fractional reserve banking. Jackson killed the banks, but he did not see the whole picture.
Send the creation of money back to the people, where the constitution places it and where it belongs. Debt free currency. The currency is already fiat, why incur debt on the creation of money? A greenback and a bond are both promises to pay. Only one charges interest though, paid to a private organization.
Sounds awful! What does our Fed do with their unjust profits?
Were you aware that most wars the victor guarantees the loans of the loser?
I can't find a single example where that was the case. Can you?
No, no, one of the best things that could be done is to end the federal reserve, and to stop fractional reserve banking.
Banks shouldn't accept deposits and loan out a fraction of those deposits? Why not? How would you expect to borrow under your banking plan?
A greenback and a bond are both promises to pay. Only one charges interest though, paid to a private organization.
I'm holding a greenback. Do I owe the Fed for it....or does the Fed owe me?
“Nixon wasn’t exactly a boy scout though”
Compared to JFK and LBJ he was Mother Theresa’s nicer sister.
“Jackson was involved in 100 duels.”
He survived 100 duels? That strains credulity.
“Nixon wasn’t exactly a boy scout though.”
True. None of them are! That even includes Trump (who I hope and pray is our next president).
“the bankers holding the debt called it in, and would not renew loans”
No. You are quite confused. The Sinking Fund paid off the debt, the lenders had nothing to say about “renewing” it. They were given their capital and sent on their way.
“Money supply, specifically those that control it, has manipulated the world for a very very long time.”
It didn’t take long for the conspiracy theory to pop up as an “explanation”.
“Here is how historically it has gone. “Federal” bankers (not federal at all, private org) become the sole authorized entity allowed to create a contries money.”
Well I know what the monetary rule was in the National Bank Era, 1864-1912. And I know what it is now. But who or what was this “authorized entity” in the days before 1864? You know, the “Free Banking Era” 1837-1862? I think there may be a hint in the name of the era.
“No, no, one of the best things that could be done is to end the federal reserve, and to stop fractional reserve banking.”
Fractional reserve banking is the very definition of banking, according the Ludwig von Mises (The Theory of Money and Credit). You do understand that ending the Fed would have no effect on that, right? And if the Fed is dissolved, who or what becomes the lender of last resort?
“The US Fed seems to be the defacto central bank for the whole world.”
It has become so because international lenders don’t trust getting repaid in Euros or the Renminbi or the Yen or the Pound. They insist on getting repaid in US Dollars. The US has the largest, most liquid, and safest bond market in the entire world. And if it does have problems, the others are even worse.
“Their Plan is to replace the USD with SDRs based on a basket of currencies using the IMF. The USD would then be just a local currency rather than the main reserve currency.”
This is nothing new. Keynes suggested it during the Bretton Woods Conference of 1944; he called his version of SDRs “Bancors”. And despite what freepers imagine they know about Keynes, he wasn’t a socialist nor a fool.
Making the Dollar the reserve currency instead of gold or a currency basket posed dangers to the Dollar. And those problems began showing up as early as the Eisenhower years. The problem is known as the Triffin Dilemma after the economist who described it.
Foreign banks began holding ever larger quantities of Dollars as their reserves. Eventually they had as many Dollars as we had gold to back them, leaving no Dollar supply for domestic American use.
Our “solution” was to issue more dollars than we could back, which resulted in a dual gold market. A real one, which reflected actual market values, and an “official” one that exhanged dollars for gold at an artificially low price.
This would only work as long as our trade partners agreed not to redeem their Dollars for gold, which the French soon didn’t. They began draining our Treasury gold. Inflation began affecting the Dollar. This became critical by the time Nixon became President. And instead of defending the Dollar’s link to gold Nixon scrapped it by executive order. The big inflation of the 1970s ensued. Presidents have no reason to know the arcana of monetary theory and I’m sure he had no idea he had lit the inflation fuse.
“I am not impressed with a system that has presided over the reduction by about 98% of the value of a dollar.”
Thank those at Bretton Woods who chose the Dollar as the reserve currency. Thank those who couldn’t understand or who chose to ignore Triffin’s warning. Thank Nixon for ending the Dollar’s last link to gold. IMO we should go to a basket of currencies and take the pressure off of the dollar.
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