An Empire Needs New Money

Posted On Jan 13, 2021 By Addison Wiggin

The same financial crises that induced national support for the income tax also tipped the scales in favor of a permanent national banking system. After months of testimony, debate and over 3,000 pages of documentation of the hearings, the bill was passed and, on Dec. 23, 1913, ratified and signed. For the first time, debt instruments — currency — would be issued by a private institution but guaranteed by the “full faith and credit” of the United States. And so it goes…

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