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The Fed makes a big profit lending us our own money

Why don't we just take it? It's ours!

Simpler than possible, no doubt, but looking at the money flow, the Fed looks like just another vampire squid to me....

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Submitted by Lex on

It's rather new, by Hogeland, and well worth a read. Failures are lack of notes and weird tangents to complain about historians that would work better not placed in the middle of the book. It could also be longer.

Here's the thing, this financial issue as a defining matter of our politics stretches all the way back to before the revolution. Our most deified founders fell squarely on the side of elite finances rather than the populist finances that more common Americans clamored for. If Hogeland's reading is right, the whole point of the Constitution was to enshrine elite finances: a strong federal government with the right to tax so that the bondholders could get paid their 6% interest. Most bondholders were rich and military officer class. Hamilton never planned on paying off the debt when he assumed state debt. Assumption kept the states from devaluing it.

And our very first domestic tax was carefully formulated by Hamilton to reduce cash flow of small farmers who made whiskey from their grain which could be sold at a higher price to the Army and back East. It effectively taxed small producers much higher than large producers and was designed to help/create big business distilleries. As the tax had to be paid in coin before distilling, it effectively removed popular access to cash since the tax was higher than most yearly incomes. No money, no power.

It's not ours, and it was never meant to be ours. Not from the time of Robert Morris funding the revolution with his national bank or the framing of our blessed little Constitution, which many quotes from those framers indicate was exactly to quash the populist economics and politics championed by the tenant farmers and craftsmen who made up the majority of the population.