Debt, Entitlements, and the Consent of the Governed

Everyone is familiar with the traditional connections of money to government. These include granting contracts to persons who make substantial campaign donations, funding entitlements to voter identity groups, and many other abuses.  But the Democratic Party and President Obama developed this connection between money and government farther than anyone else in US history.  In order to understand what they did, it’s necessary to review the nature and financial usefulness of our monetary system.  Briefly stated, the monetary system creates the value of paper money and its electronic equaivalient as a means of the federal government purchasing products and servicing debt through a government controlled central bank, the Federal Reserve, purchasing the debt issued by the Fedral Government. Unlike barter or gold backed currency, this monetary system introduces the element of time. That the monetary system introduces time into financing can be easily understood...(Read Full Article)