Jan 23, 2009

Philip On Banking

In an article on the Southeast Texas Political Review this week, Philip R. Klein again proves that he slept through most of his formal education:

They call it wealth redistribution. Or - socialism. And then you can take your money you are given to the bank now owned by the government. Stress? We are going to take that away from you - we now own the banks, the car companies and the credit markets. It snuck up on ya huh? You work, live and now deposit to the government.

Readers will note that the Federal Government does not currently own any interest in any bank anywhere, however Philip is absolutely correct:  centralized and government-owned banking has happened before in the United States.

Through dedicated research, I've discovered that the notoriously liberal administration of George Washington actually ran a national bank. as proposed by left-wing Secretary of the Treasury Alexander Hamilton.

Not only did Washington and Hamilton collude and conspire to implement the socialist-leaning First Bank of the United States, the first Congress, dominated by well-known socialists like John Adams in the Senate, actually issued a charter for the bank on February 25, 1791.

Furthermore, the issue was compounded when the original charter ran out in 1811 and radical president James Madison, the Father of the U.S. Constitution, renewed the bank's charter again in 1816 to ensure that socialism in the United States would continue with the Second Bank of the United States.

The funding scheme of this bank is an excellent example of how corrupt these socialist governments can become - even Jefferson County Commissioners wouldn't try to pull off something as brazen as this. The first national bank was funded through the sale of stocks. But 20 percent of the stocks were bought by the federal government and since the government didn't have the money to purchase the stocks, the government-owned bank actually loaned the federal government the money to buy its own stock!

Philip, can you look into this for me - we need to know the real "story behind the story!" And thank you for being ever-vigilant!

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