US National Debt Graph - What They Never Tell You

This is a response to the article US National Debt Graph - What They Never Tell You on

I liked the expose of supply-side voodoo economics. I remember the media mantra about it in the early 80's. The problem here is that Reagan didn't invent it. He, along with most presidents, was duped into espousing plausible-sounding policies worked out behind the scene before he even got into office. It proved to be disastrous a decade or two later. Nothing new here.

Clinton didn't pay down the WWII debt, it just culminated on his watch. I am perennially amused how politicians take credit for good economy, but bad economy is blamed on the predecessor. Really, are we still falling for this?

But what's this at the bottom of the article:

"Back then we had real Patriots. They loved Uncle Sam and they bought war bonds to help him borrow to hire people and win the war. Now people, who hate Uncle Sam almost as much as Al Qaeda, call themselves Patriots. They should call themselves Hateriots. But they have just been duped by the Wall Streeters who invented supply-side economics — and who have been telling us lies for 30 years."

That's really illogical. It's the same fear-mongering tactic already exposed in the beginning of the article. It does not matter which party is incumbent, it is always the same rhetoric, and people keep falling for it.

The experience of President Woodrow Wilson is instructional:

"A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation and all our activities are in the hands of a few men."

"We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the world - no longer a government of free opinion, no longer a government by conviction and vote of the majority, but a government by the opinion and duress of small groups of dominant men."

It is said that just before he died, Wilson stated to friends that he had been "deceived" and that "I have betrayed my country," referring to the Federal Reserve Act passed during his presidency. This attribution may or may not be true, but what is true is this:

Wilson signed the Federal Reserve Act, which was prepackaged by bankers and handed to bribed representatives to be rubber-stamped. It was announced in the media and promoted as the solution to bank runs and market crashes. Apparently the public bought the fear-mongering and did not oppose it. At the time, it seems Wilson believed it too, but from his later opinions, it is clear he gained understanding of the true nature of the political-economic system.

Let's stop falling for the same tricks our parents and grandparents did. Let's not be so naive.

The elephant in the room, is not who to tax or how much to spend. It's where we get our money and who controls its supply. Any other point of debate about the economy is just a red herring.