A Revolutionary Approach to Eradicating National Debt: Insights from a 2010 Monetary Reform Conference
Discover a groundbreaking strategy to eliminate national debt, drawing inspiration from historical figures like Andrew Jackson and Abraham Lincoln.
Introduction: A Personal Journey Towards Monetary Reform
Hello, I'm Bill Still, and I'm here to share a pivotal moment in my journey towards understanding and reforming our monetary system. Back in 2010, I had the privilege of addressing an enlightened audience at the last Bromsgrove Monetary Reform Conference in Bromsgrove, UK. It was a time when economic turmoil was at its peak, and the need for a fundamental shift in our financial system had never been more apparent.
The Crisis of National Debt and My Call for Change
As I stood there, I couldn't help but reflect on the dire state of our economy. The reckless spending sprees of governments, minting billionaires at the expense of the public, had led us to a point where our economy was teetering on the brink of collapse. The national debt had become a crushing burden, threatening to implode our economic system. It was clear to me that we were on a dangerous path, and I felt compelled to voice my concerns and propose a solution.
Echoes of the Past: Drawing Inspiration from Historical Leaders
In my speech, I harkened back to the decisive actions of two former U.S. Presidents, Andrew Jackson and Abraham Lincoln. Both leaders had faced similar challenges in their times and had found ways to navigate through them. I argued that their approaches could offer us a blueprint for resolving our current crisis. The essence of their strategies? To eliminate the national debt and regain control over the money supply.
Andrew Jackson's Legacy: A Beacon of Hope
The solution proposed harks back to the decisive actions of President Andrew Jackson, who in 1832 dismantled the Second Bank of the United States, and President Abraham Lincoln, who introduced a debt-free currency to finance the Civil War. These historical precedents serve as potent examples of how sovereign nations can assert control over their economies, independent of crippling debts.
Sovereignty versus Servitude: A Nation's Dilemma
At the heart of the crisis is a fundamental truth: when a nation borrows from banks, it loses its sovereignty. As Proverbs states, “the borrower becomes servant to the lender,” a situation that translates into governments being held hostage by financial institutions. This shift in power leads to a plutocracy, where the wealthy elite dictate national policies and directions, undermining democratic governance and the public interest.
A Vision for Monetary Reform: Two Pillars of Change
My proposal for monetary reform was based on two fundamental principles:
- Prohibiting Government Borrowing: I strongly believe that the power to create national money is the core of a nation's sovereignty. When a government borrows money, especially from private banks, it becomes subservient to those lenders, losing its ability to act in the public interest. This situation, where the richest citizens control the money supply, leads to plutocracy - rule by the wealthy.
- Reforming Banking Practices: The second pillar of my vision involves addressing the fractional reserve lending system. This system allows banks to lend out significantly more money than they actually possess, creating money out of thin air and charging interest on it. It's a system that consolidates wealth and power in the hands of a few, undermining the economic stability of the entire nation.
The Tally Stick System: A Historical Precedent
An intriguing historical reference was made to the tally stick system introduced by King Henry I in 1100 AD. This system was a direct response to goldsmiths’ control over the economy and the monarchy. By creating a sovereign currency, the King circumvented the goldsmiths’ power, demonstrating an early example of government-issued, debt-free money.
The Path to Freedom: Eliminating Debt and Reforming Banking
The proposed solution to the national debt crisis is strikingly straightforward yet revolutionary: Repay existing debt with debt-free currency, specifically United States notes (Lincoln's Greenbacks), and restrict banks to lending only the money they actually possess. This dual approach would dramatically reduce national debt and the corresponding interest burden, leading to significant economic relief and stability.
The Call to Action: Embracing Monetary Reform
As I concluded my speech, I emphasized the urgency of adopting these reforms. The status quo was no longer sustainable, and the time for action was now. I urged the audience, and now all of you, to recognize the power of these reforms in liberating our economy from the shackles of debt and plutocracy. The future of our nation's economic sovereignty depends on it.
Call to Action from Bill Still: Join the Movement for Economic Awareness and Reform
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