Debt Repubidation .. Lessons from the past

[palani]

REPUDIATION; APPLICABLE TO THE WAR DEBTS OF ALL COUNTRIES by Isaac Butts, 1869

"No large national debt was ever paid or discharged except by repudiation."

http://books.google.com/books?id=YfY_AAAAYAAJ&pg=PA21&dq=Delusional+compulsion&hl=en&sa=X&ei=urDUT_K2B8mC2wWG1vyNCw&ved=0CHEQ6AEwCTgy#v=onepage&q=Delusional%20compulsion&f=false

The Colony of Massachusetts in the year 1749 "redeemed" her debt of 2,200,000 pounds by paying 1/12th that sum in silver.

Virginia, soon after the Revolution, "redeemed" or "retired" her state paper money by funding it at the rate of 1,000 for 1.

The issues of continental money was estimated by Alexander Hamilton at $357,476,541 while the public debt recognized by the Grand Committee amounted to but $35,500,375.

http://i49.tinypic.com/34t4lg2.jpg

[Hatha Sunahara]

This must be the reason that the international bankers do not lend gold and silver to governments--only fiat money.

I've always been fascinated by this. Throughout history, the 'money power' has always conspired with kings and politicians to transfer the wealth created by the people into their own pockets. I doubt that they are in danger of anybody waking up to this any time soon. Anyone who works and saves his/her money needs to be extra cautious when lending it to governments. US savings bonds are not the rock solid investment everyone thinks they are.


Hatha