“Persuaded, as the Secretary is, that the proper funding of the present debt will render it a national blessing, yet he is so far from acceding to the position, in the latitude in which it is sometimes laid down, that ‘public debts are public benefits’– a position inviting to prodigality and liable to dangerous abuse– that he ardently wishes to see it incorporated as fundamental maxim in the system of public credit in the United States, that the creation of debt should always be accompanied with the means of extinguishment. This he regards as the true secret for rendering public credit immortal.”
Alexander Hamilton, Secretary of the Treasury in the first George Washington administration
Report to Congress, “First Report on the Public Credit.” 1790
A Note To Readers
As highlighted in the quotation above, our first Treasury Secretary Alexander Hamilton insisted that the issuance of any debt by the United States must be accompanied by that debt’s producing of a means of paying that debt. Now look at what the Federal Reserve is presently doing in issuing multi-trillions of dollars of debt to bail out the speculative garbage of the Wall Street banks.
Yes, the U.S. Treasury and the Federal Reserve are issuing necessary emergency funding to ensure that businesses and individuals do have the means of at least surviving the present emergency, but beginning right now, President Trump, by Executive Order, must restore the Glass-Steagal banking law. That will shut down such practices, while protecting the deposits and pensions of the population.
Then, step two is establishing a national credit system, like Alexander Hamilton’s First National Bank of the United States, to issue, as the President has proposed, $2 trillion in new debt to fund the building of the nation’s infrastructure. As any thinking person knows, such investments pay for themselves through the increased productivity of the entire economy. Thus meeting the criteria established by Hamilton more than 200 years ago.
The Feature this week presents presents a couple of articles on “What Must Be Done.”
Also in this week’s report:
We begin with a discussion of the new report by LaRouche PAC, “LaRouche’s ‘Apollo Mission’ for a World Health System and the Economy.” This is a comprehensive report on the COVID-19 pandemic and what must be done to create a world health care system that can stop this disaster, build the healthcare infrastructure to do so, and ensure that the world never again will suffer such a pandemic. Links to the full report are included.
That is followed by a couple of reports that focus on the hysteria generated by the U.S. and British media and the neo-cons against China, while that country is providing dozens of medical teams to countries around the world, and shipping medical supplies to more than 150 countries, including about 50 large cargo jets to the U.S. The insanity about China that is polluting the U.S. today must end.
Next we focus on the developing California drought, which has taken a significant upward intensity in just the past week.
The water and Corona virus pandemic intersect and combine with the decades of wrecking our agricultural sector to create now a situation in which farmers are destroying the food they produce and the physical ability to feed all Americans is threatened.
Next a short section reports on an article, “Some Background on Decades of Taking Down the U.S. Hospitals.”
Under the title, “How the Parasites Thrive on the Chaos They Create,” you will find this, “…the U.S. Federal Reserve under Jerome Powell “has become nothing more than a gigantic, rogue hedge fund that feels it has a lawful mandate to buy any assets not nailed down.”
The report concludes with the Feature, mentioned above.
