‘Bankers Which I Fear’
To the Readers’ Forum:
I present this information for your consideration. ”In saving the Union, I have destroyed the Republic. Before me I have the Confederacy which I loath. But behind me I have bankers which I fear.” Abraham Lincoln on the National Bank Act, February 1863.
Hyperinflation is a currency event. It does not arise as a result of increase in demand, but as the inevitable consequence of a collapsing currency. When a country, for an extended period, lives above its means and prints money which it can never pay back, the rest of the world will punish the country and its currency.
It took the United States over 200 years to reach a debt of U.S. $8 trillion. Since Chairman Bernanke became chairman of the Fed in 2006, U.S. debt has more than doubled to $17 trillion. That is an incredible achievement and the beginning of the parabolic rise of U.S. debt not by tens of trillions but by 100 of trillions of dollars. This is no different to the Weimar Republic or Zimbabwe and a completely natural consequence of what is happening now.
If there is one thing all people have in common with Lincoln, it should be a fear of central bankers’ actions.
Rex V. Willard