The original thirteen colonies printed their own currency, and it worked very well at empowering commerce and turning the young America into a powerful growing economy, free of the poverty and unemployment that even then crippled London. The public currency was operated as a public utility. But the bankers of Europe, long used to private banks issuing the public currencies as loans at interest, were horrified by the American approach and saw it as a threat to their deeply cherished religious belief that the gods intended for the bankers to have all the wealth of the world. So, the Bank of England lobbied King George III to impose the Currency Act on the colonies, which forbade the colonies to use their own money and required them to borrow their lawful tender from the Bank of England, at interest. This was the public currency as a private for-profit operation. It took only a few years for this scheme to reduce the formerly prosperous and productive colonies down to the poverty and unemployment typical of London at the same time period, as depicted in the literature of Charles Dickens, among others. While the state-run American schools teach that the revolution was about the Stamp act and the Tea tax, it was primarily the rage created by the enforced impoverishment of the Currency Act which fueled the rebellion. Why the Currency Act is not mentioned in the public schools will become apparent further on.
Posted on: Mon, 07 Oct 2013 04:04:47 +0000
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