Uploaded on Wednesday 30 April, 2014 to the money trust
Demonetizing silver currency for the gold standard
Abraham Lincoln was gone by 1866. America's economy was in a period of transition after the country had gone through the hardships of the Civil War. People required liquidity to rebuild their lives which they could obtain through their own assets or through the acquisition of bank loans.
The process of retiring the debt-free United States notes (greenback) had begun after Congress passed the Funding Act of 1866, thereby contracting the money supply. America thus returned to a specie standard "hard money" of bimetallism incorporating gold and silver mint reserves. But, with the market price for silver depreciating to such an extent, the bimetallic standard was short lived. Gold, however, remained strong. America was on course for a gold standard after Congress passed the Coinage Act of 1873, effectively demonetizing silver and contracting the money supply further.
There are various debates about what caused the downfall of silver. Some put it down to supply and demand mechanisms with miners discovering vast quantities of silver on America's western territories, whilst others refute this by declaring that the money trust conspired to devaluate silver and appreciate the price of gold to drive Congress towards adopting a gold standard. The reasons given for this theory are that the money trust controlled gold, since it was scarce, whereas silver they could not control as it was plentiful and easily available; and the gold standard held the key to claw back control by snatching the money supply power out of government hands and force Congress to reinstate their central bank, which Andrew Jackson killed off in 1836.
There is considerable scope to this theory when one considers that the worldwide gold price is set by just a handful of banks: Goldman Sachs, UBS, Barclays Plc, Bank of Nova Scotia, HSBC Holdings Plc and Société Générale SA.
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Victoria Grant, seen here aged 12 years old, addresses the first annual Public Banking Conference in Philadelphia, PA. Her father and she discovered that the debt money system was what was wrong with the Canadian economy and decided to do something about it.
The Bank of North Dakota was established by legislative action in 1919 to promote agriculture, commerce and industry. North Dakota is the only state to have escaped the credit crisis. For every year since 2008, it has run a budget surplus and it has the lowest unemployment figures in the US, the lowest default rate on its loans and the lowest foreclosure rate.
Mike Krauss, Chairman of the Pennsylvania Project, puts forward his proposal, based on the success of the Bank of North Dakota, to create a Public Bank for the state of Pennsylvania. Such a move would free the state from the clutches of the Fed, reduce the debt burden, boost investments and serve the public interest.
Most people hold the view that their bank deposits are safe with the big commercial banks, however, this assumption is not based on the facts. This video features official government documents detailing information that should sound anyone's alarm bells [edited].