MCViewPoint

Opinion from a Libertarian ViewPoint

Woodrow Wilson Created the Fed, Which Gave Us a War Finance System for the Next 100 Years

Posted by Martin C. Fox on May 27, 2018

Following teddy Roosevelt’s lead.

Indeed, Thomas Woodrow Wilson is the father of most of the last century’s ills. His grand crusade gave the world the curse of Stalin and Hitler, which, in turn, fostered the fallacy of the Indispensable Nation and gave rise to Imperial Washington and its destructive projects of global Empire.

Worst of all, his perversion of Carter Glass’ “bankers’ bank” made it possible to finance the Empire on the cheap and to nullify the natural antiwar constituency of middle class taxpayers.

That was Woodrow Wilson’s worst sin of all.

https://russia-insider.com/en/node/23506

David Stockman

Woodrow Wilson’s Folly gave rise to more than the 1,000 year flood of Nazi and Soviet totalitarianism and their state orchestrated campaigns of mass murder.

It also opened the door to massive, cheap war finance. And that baleful innovation has sustained the Empire long after Hitler and Stalin met their maker and the case for the Indispensable Nation had become ragged and threadbare.

In fact, the Empire has learned to make do, happily, with essentially mercenary forces recruited from the left behind precincts of the rust belt and southeast and the opportunity deprived neighborhoods of urban America.

But even mercenaries, and the upkeep, infrastructure and weaponry of the expeditionary forces which they comprise, cost lots of money. And that would ordinarily be a giant problem for the Imperial City because the folks in the hinterlands have a deep and abiding allergy to high taxes.

As we explain below, however, Woodrow Wilson solved that problem, too, by drafting the printing press of the newly minted Federal Reserve for war finance duty.

So doing, he opened the Pandora’s box of Federal debt monetization by permitting the Fed to own government debt – a step strictly forbidden by the stringent 1913 enabling statute drafted by the legendary maestro of sound money, Congressman Carter Glass.

Needless to say, as a political matter printing money is a lot easier than taxing the people. And that’s especially true when the spending in question involves the machinations of Empire in distant lands spread about the planet at a time when citizens on the home front feel abused and over-taxed already…

Be seeing you

More

Yah, MORE! That’s what I want, MORE!

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