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The Capitalist are Lying
We don't need China's Checks
When ever I watch CNN or other Financial cable news programs I constantly hear the cries of Republicans, some Conservative Democrats and even some Liberal Democrats (who feel forced to give lip service conventional financial wisdom).
1. We are leaving a tremendous debt that our kids and grand kids will
have to pay.
2. We are dependent on Foreigners (China) to finance our debt.
3. The only reason we have this debt is because Liberal Democrats
Tax & Spend.
On the surface these statements appear to be true, but just beneath the surface the hidden hand of great wealth has created this grand illusion to protect themselves against the common man and the middle class.
Point one. The debt we are currently accumulating is a mole hill compared to the relative Mountain of debt we accumulated during World War II. We borrowed more money than the normal Gross National Product (GNP) of a given year. Then we spent more piles of money helping Europe recover from the war and bringing ourselves out of a recession. Even more money was spent fighting the Korean War and then the Cold War. The children of America's Greatest Generation prospered. America became the greatest Nation on earth. We developed the largest middle class the world had ever seen. The relative debt was reduced in the face of this prosperity and John Kennedy managed to give tax cuts even to the wealthy.
The relative National Debt wasn't put out of whack again until the Reagan Administration gave huge tax cuts to the wealthy and promised that they would "trickle" some of it down to working people. By the time Clinton came to office the debt had become a serious national burden. By the time he left we were experiencing a surplus and the debt was being reduced. George Bush managed to reverse the trend once again with tax cuts to the rich and left us in a serious recession.
Once again the tax & spend Democrats will have to save the day, while the do nothing Republicans cry on the sidelines that we are stealing from their children. Believe me! They are talking about the children of wealth - the Trust Fund Babies. They don't care about middle class children. That is why Republicans are busy shifting tax burden to sales tax that working people pay and away from Property Tax and income tax that fall mostly to people in big homes with large incomes In the states that they control.
Point two We don't need money from China or any one else. We encourage them to invest there surplus dollars in our low interest bonds and notes because it is the safest investment on earth. Our Capitalist class then invest there own money in producing goods & services in markets around the world because the return is much greater. They try to avoid the damage of taxes and inflation to their Trust Fund Babies.
The reason we don't need their money is because our Federal Reserve Banking System is responsible for most of the money of value that has been created in the world. That is why we are the reserve currency for the World. The Federal Reserve (Google it) technically and legally have the power to create money and lend it to the Treasure in exchange for Treasure Notes as collateral and do so at at very low interest rates. Abraham Lincoln used the same technique, before the Fed was created by law in 1913, in order to finance the Civil War. The private Banking system was trying to charge the government extremely high interest rates. He ignored them and printed Treasure Notes known as "Greenbacks". Because of the Fed we don't have to play "Chinese Checks" unless we have a political or economic reason to do so. The Republicans are desperate that their wealthy clients don't loose control of the International banking system by loosing control of the Fed.
Point three. It was Democrat President Clinton that produced any meaningful budget surplus in many-many years. It was a Republican President under George W. Bush that returned us to the Reagan Deficits and the greatest recession since the Great Depressions of the 1930's. The Republicans aren't worried about the deficit. They were glad to spend money for the war, They were glad to spend money to save the Big Banks. What they are afraid of is social change.
Getting rid of slavery proved to be too much for them and they have been opposed to changed ever since. Teddy Roosevelt's progressive tendency nearly destroyed them. Presiden Wilson and his Human Rights under League of Nations caused them to withdraw from the real World. They have been trying to destroy Social Security ever since FDR created a New Deal for the American people.
The only part of the Republican party that remains solid is the part that was solid Democrat South during the years of Segregation. Perhaps the fear of social change drove my Beloved South into the arms of the Capitalist before they could even spell the word. The Republican Capitalist don't care about deficit spending and National debt and they happily lied to White Conservative Christians to get them to put the Christian Soldiers into the political battles. They did the same thing to Abolitionist 100 years before and abandon the Blacks the moment it became convenient to do so.
Capitalist have only one moral rule. Protect the wealth no matter what you have to do. When deficits help, spend what you need to. If opposition to deficits prevent social change( Medical Insurance - Green earth - Education) turn them into Devil Worship. Republicans accuse Democrats of Class Warfare but it is Republicans who have divided us into classes.
Capitalism is a religion that gives its greatest honor and power to he who controls the largest Piece of the root of the love of money. They often claim Ayn Rand speaks there language and John Gault is one of them. That too is a Capitalist Lie. Gault was an idealist who believed that rational men would act in their own interest, but would not act to harm the interest of other rational men. Gault did not believe in compelled charity. Neither do Capitalist. John Gault did not believe in compelled labor. Capitalist do, But that is the topic for another day.