Tally Sticks??? | |
Anonymous Coward (OP) User ID: 848712 Canada 03/20/2010 02:05 PM Report Abusive Post Report Copyright Violation | FF to 1763 During a visit to Britain in 1763, The Bank of England asked Benjamin Franklin how he would account for the new found prosperity in the colonies. Franklin replied. "That is simple. In the colonies we issue our own money. It is called Colonial Script. We issue it in proper proportion to the demands of trade and industry to make the products pass easily from the producers to the consumers. In this manner, creating for ourselves our own paper money, we control its purchasing power, and we have no interest to pay to no one." Benjamin Franklin 1 America had learned that the people's confidence in the currency was all they needed, and they could be free of borrowing debts. That would mean being free of the Bank of England. In Response the world's most powerful independent bank used its influence on the British parliament to press for the passing of the Currency Act of 1764. This act made it illegal for the colonies to print their own money, and forced them to pay all future taxes to Britain in silver or gold. Here is what Franklin said after that. "In one year, the conditions were so reversed that the era of prosperity ended, and a depression set in, to such an extent that the streets of the Colonies were filled with unemployed." Benjamin Franklin The idea of issuing money as Franklin put it "in proper proportion to the demands of trade and industry" and not charging any interest, was not causing any problems or inflation. This unfortunately was alien to the Bank of England which only issued money for the sake of making a profit for its shareholder's. |
Anonymous Coward User ID: 325890 United States 03/20/2010 02:05 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward (OP) User ID: 848712 Canada 03/20/2010 04:14 PM Report Abusive Post Report Copyright Violation | Anyone who has done any study into the history of money knows about this. Quoting: Anonymous Coward 325890Thanks for bringing it to our attention. You're welcome. Unfortunately not too many people understand what has and is going on when it comes to the world's monetary system/s. “The issue which has swept down the centuries and which will have to be fought sooner or later is the People vs. The Banks.” - Lord Acton, Lord Chief Justice of England, 1875 Henry Ford: (Founder of Ford Motor Company) "It is well enough that the people of this nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." |