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15 Quotes From Our Founding Fathers About Economics, Capitalism And Banking

George Washington At The Constitutional Convention 1787 - Public DomainWhy have we turned our backs on the principles that this nation was founded upon?  Many of those that founded this nation bled and died so that we could experience “life, liberty and the pursuit of happiness”.  And yet we have tossed their ideals aside as if they were so much rubbish.  Our founders had experienced the tyranny of big government (the monarchy) and the tyranny of the big banks and feudal lords, and they wanted something very different for the citizens of the new republic that they were forming.  They wanted a country where private property was respected and hard work was rewarded.  They wanted a country where the individual was empowered, and where everyone could own land and start businesses.  They wanted a country where there were severe restrictions on all large collections of power (government, banks and corporations all included).  They wanted a country where freedom and liberty were maximized and where ordinary people had the power to pursue their dreams and build better lives for their families.  And you know what?  While no system is ever perfect, the experiment that our founders originally set up worked beyond their wildest dreams.  But now we are killing it.  Why in the world would we want to do that?

Most people are under the illusion that the United States has a “capitalist economy” today, but that simply is not accurate.  At best, we have a “mixed economy” that is becoming a little bit more socialist with each passing day.  We pay dozens of different types of taxes each year, and some Americans actually end up giving more of their earnings to the government than they keep themselves.  But that is still not enough, and so our state governments have accumulated astounding amounts of debt, and our federal government has amassed the largest single debt that the world has ever seen.  If future generations of Americans get the chance, they will curse us for the chains of debt that we have placed upon their shoulders.

So what do our government officials do with all of this money?

Well, today approximately 70 percent of all federal government activity involves taking money from some Americans and giving it to other Americans.

Despite this unprecedented wealth-redistribution program, poverty is absolutely exploding in this country and 49 million Americans are dealing with food insecurity.

Meanwhile, the bankers have been getting fabulously wealthy from all of this debt.  The Federal Reserve system was designed to trap the U.S. government in an endless spiral of debt from which it could never possibly escape, and that mission has been accomplished.  In fact, the U.S. national debt is now more than 5000 times larger than it was when the Federal Reserve was first created a little more than 100 years ago.

Most people like to think of big banks as “capitalist” institutions, but that is not really accurate.  In the end, giant corporate banks like we have in the United States are actually collectivist institutions.  They tend to greatly concentrate wealth and power, and socialists find those kinds of banks very useful.

In fact, Vladimir Lenin once said that “without big banks, socialism would be impossible.”

While there may be a bit of animosity between big government and big banks once in a while, the truth is that they are usually very closely tied to one another.  We saw this close relationship very clearly during the financial crisis of 2008, and it is no secret that there is a revolving door between the boardrooms of Wall Street and the halls of power in Washington.  The elite dominate both spheres, and it is not for the benefit of the rest of us.

In America today, government just keeps getting bigger and the banks just keep getting bigger.  Meanwhile, the percentage of self-employed Americans is at an all-time low and the middle class is steadily dying.

What we are doing right now is clearly not working.

So why don’t we go back and do the things that we were doing when we were extremely successful as a nation?

In case you don’t know what those things were, here are some clues…

#1 “A wise and frugal government… shall restrain men from injuring one another, shall leave them otherwise free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned. This is the sum of good government.” — Thomas Jefferson, First Inaugural Address, March 4, 1801

#2 “A people… who are possessed of the spirit of commerce, who see and who will pursue their advantages may achieve almost anything.” – George Washington

#3 “Government is instituted to protect property of every sort; as well that which lies in the various rights of individuals, as that which the term particularly expresses. This being the end of government, that alone is a just government which impartially secures to every man whatever is his own.” – James Madison, Essay on Property, 1792

#4 “Banks have done more injury to the religion, morality, tranquility, prosperity, and even wealth of the nation than they can have done or ever will do good.” – John Adams

#5 “To take from one, because it is thought his own industry and that of his fathers has acquired too much, in order to spare to others, who, or whose fathers, have not exercised equal industry and skill, is to violate arbitrarily the first principle of association, the guarantee to everyone the free exercise of his industry and the fruits acquired by it.” — Thomas Jefferson, letter to Joseph Milligan, April 6, 1816

#6 “The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence. If ‘Thou shalt not covet’ and ‘Thou shalt not steal’ were not commandments of Heaven, they must be made inviolable precepts in every society before it can be civilized or made free.” — John Adams, A Defense of the Constitutions of Government of the United States of America, 1787

#7 “I place economy among the first and most important virtues, and public debt as the greatest of dangers to be feared. To preserve our independence, we must not let our rulers load us with perpetual debt. If we run into such debts, we must be taxed in our meat and drink, in our necessities and in our comforts, in our labor and in our amusements.” – Thomas Jefferson

#8 “Beware the greedy hand of government thrusting itself into every corner and crevice of industry.” – Thomas Paine

#9 “If we can but prevent the government from wasting the labours of the people, under the pretence of taking care of them, they must become happy.” – Thomas Jefferson to Thomas Cooper, November 29, 1802

#10 “All the perplexities, confusion and distress in America arise not from defects in the Constitution or Confederation, not from a want of honor or virtue so much as from downright ignorance of the nature of coin, credit and circulation.” – John Adams, at the Constitutional Convention (1787)

#11 “The principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.” – Thomas Jefferson

#12 “Liberty must at all hazards be supported. We have a right to it, derived from our Maker. But if we had not, our fathers have earned and bought it for us, at the expense of their ease, their estates, their pleasure, and their blood.” – John Adams, 1765

#13 “If ever again our nation stumbles upon unfunded paper, it shall surely be like death to our body politic. This country will crash.” – George Washington

#14 “I wish it were possible to obtain a single amendment to our Constitution. I would be willing to depend on that alone for the reduction of the administration of our government to the genuine principles of its Constitution; I mean an additional article, taking from the federal government the power of borrowing.” – Thomas Jefferson

#15 “When the people find that they can vote themselves money, that will herald the end of the republic.” — Benjamin Franklin

How Has The U.S. Government Been Getting User Data From Major Internet Companies?

Prism****IMPORTANT UPDATE****  Apparently the big Internet companies are not as “innocent” in all of this as they originally led us to believe.  So this additional information changes some of the conclusions that I reached in my original article.  It appears that some of the biggest Internet companies have been cooperating with the government in this data collection effort at least to a certain extent.  The following is from an article in the New York Times that describes how the U.S. government has been getting user data from major Internet companies…

The companies that negotiated with the government include Google, which owns YouTube; Microsoft, which owns Hotmail and Skype; Yahoo; Facebook; AOL; Apple; and Paltalk, according to one of the people briefed on the discussions. The companies were legally required to share the data under the Foreign Intelligence Surveillance Act. People briefed on the discussions spoke on the condition of anonymity because they are prohibited by law from discussing the content of FISA requests or even acknowledging their existence.

In at least two cases, at Google and Facebook, one of the plans discussed was to build separate, secure portals, like a digital version of the secure physical rooms that have long existed for classified information, in some instances on company servers. Through these online rooms, the government would request data, companies would deposit it and the government would retrieve it, people briefed on the discussions said.


The U.S. government has been hacking in to the servers of Microsoft, Yahoo, Google, Facebook, PalTalk, AOL, Skype, YouTube and Apple and has been taking their user data without their knowledge or consent.  According to the Washington Post, the information being stolen includes “audio and video chats, photographs, e-mails, documents, and connection logs”.  This program is known as PRISM, and it was first revealed by the Washington Post on Thursday.  Since the story broke, Director of National Intelligence James Clapper has admitted that PRISM exists and so has Barack Obama.  The Washington Post initially claimed that all of the Internet companies were willingly handing over their user data to the government.  Now we are learning that is NOT true.  In fact, all of the Internet companies named in the Washington Post story have denied knowing about PRISM or ever giving the federal government permission to directly access their servers.  So this means that the U.S. government has been stealing massive amounts of user data from the largest Internet companies in the world without their permission.  Of course this is highly illegal and it directly violates the Fourth Amendment to the U.S. Constitution, but you can bet that the Obama administration is going to do everything that it can to get the courts to “make it legal”.  Hopefully the revelation of this program will be enough to get the American people to realize that we are rapidly being transformed into a Big Brother police state that is descending into tyranny.

Barack Obama has described the systematic gathering of cell phone records and the Internet spying that the federal government has been doing as “modest encroachments” that we should all just accept as part of the price of living in a modern world, but if we allow the government to get away with this, where will it end?

Even if we had a total “Big Brother” society where the government watched everything that we did 24 hours a day, bad people would still do bad things.  There would still be terror attacks and great tragedies.  No matter how much the government intrudes into our lives, it can never guarantee us 100% safety.

Those that founded the United States understood this.  They did not want this country to be turned into a police state.  That is why they guaranteed us some very important protections in the Bill of Rights.  If the government wants to do a search, there are some very important procedures that must be followed first.

Unfortunately, the Obama administration appears to believe that the Constitution does not apply to user data on the Internet.  The NSA is apparently hacking into Microsoft, Yahoo, Google, Facebook, PalTalk, AOL, Skype, YouTube and Apple and taking whatever they want without ever getting permission from those companies.

You can bet that there are some very, very angry executives at those companies right now that are trying to figure out how to respond to these revelations.

All of these companies have vehemently denied that they were involved.  At this point, there is no reason to doubt their very strong denials.

For example, the following is what 

Dear Google users—

You may be aware of press reports alleging that Internet companies have joined a secret U.S. government program called PRISM to give the National Security Agency direct access to our servers. As Google’s CEO and Chief Legal Officer, we wanted you to have the facts.

First, we have not joined any program that would give the U.S. government—or any other government—direct access to our servers. Indeed, the U.S. government does not have direct access or a “back door” to the information stored in our data centers. We had not heard of a program called PRISM until yesterday.

Second, we provide user data to governments only in accordance with the law. Our legal team reviews each and every request, and frequently pushes back when requests are overly broad or don’t follow the correct process. Press reports that suggest that Google is providing open-ended access to our users’ data are false, period. Until this week’s reports, we had never heard of the broad type of order that Verizon received—an order that appears to have required them to hand over millions of users’ call records. We were very surprised to learn that such broad orders exist. Any suggestion that Google is disclosing information about our users’ Internet activity on such a scale is completely false.

Finally, this episode confirms what we have long believed—there needs to be a more transparent approach. Google has worked hard, within the confines of the current laws, to be open about the data requests we receive. We post this information on our Transparency Report whenever possible. We were the first company to do this. And, of course, we understand that the U.S. and other governments need to take action to protect their citizens’ safety—including sometimes by using surveillance. But the level of secrecy around the current legal procedures undermines the freedoms we all cherish.

Facebook CEO Mark Zuckerberg has issued a similar denial.  He insists that Facebook never even heard of PRISM until Thursday…

I want to respond personally to the outrageous press reports about PRISM:

Facebook is not and has never been part of any program to give the US or any other government direct access to our servers. We have never received a blanket request or court order from any government agency asking for information or metadata in bulk, like the one Verizon reportedly received. And if we did, we would fight it aggressively. We hadn’t even heard of PRISM before yesterday.

When governments ask Facebook for data, we review each request carefully to make sure they always follow the correct processes and all applicable laws, and then only provide the information if is required by law. We will continue fighting aggressively to keep your information safe and secure.

We strongly encourage all governments to be much more transparent about all programs aimed at keeping the public safe. It’s the only way to protect everyone’s civil liberties and create the safe and free society we all want over the long term.

So how has the U.S. government been getting this user data if they do not have the cooperation of these large Internet companies?

They have been stealing it.

Is this the kind of society that we want to have?  Do we really want the government to be free to hack into the servers of Internet companies and take user data any time that it wants?

And guess what?

According to the Wall Street Journal, the NSA has also been gathering massive amounts of credit card data as well…

The National Security Agency’s monitoring of Americans includes customer records from the three major phone networks as well as emails and Web searches, and the agency also has cataloged credit-card transactions, said people familiar with the agency’s activities.

So if you ever bought something embarrassing with a credit card, there is a very good chance that the NSA knows about it.

If you don’t like where all of this is headed, then now is the time to stand up and say something about it.

Sadly, the truth is that most of our politicians see absolutely nothing wrong with our current system.  The following is what Barack Obama said in response to the recent revelations about the NSA

“You can’t have 100 percent security and also then have 100 percent privacy and zero inconvenience. We’re going to have to make some choices as a society,” he said. “I think that on balance, we have established a policy and a procedure that the American people should feel comfortable with.”

Do you feel comfortable with the fact that the NSA is hacking into major Internet companies and stealing their user data?

I know that I definitely am not.

I think that the journalist that originally broke the story about how the government is systematically gathering our phone records summed up what many of us are feeling right now pretty well

“There is a massive apparatus within the United States government that with complete secrecy has been building this enormous structure that has only one goal, and that is to destroy privacy and anonymity, not just in the United States but around the world,” charged Glenn Greenwald, a reporter for the British newspaper “The Guardian,” speaking on CNN. “That is not hyperbole. That is their objective.”

What do you think?

Is all of this government spying good for America or bad for America?

Please feel free to share your opinion by posting a comment below…


Top 1% Own 39% Of All Global Wealth: Hoarding Soars As We Hurtle Toward Economic Oblivion

Little Boy - Poverty In Africa - Photo by Herman PietersAccording to a study that was just released by Boston Consulting Group, the wealthiest one percent now own 39 percent of all the wealth in the world.  Meanwhile, the bottom 50 percent only own 1 percent of all the wealth in the world combined.  The global financial system has been designed to funnel wealth to the very top, and the gap between the wealthy and the poor continues to expand at a frightening pace.  The global elite continue to hoard wealth and heap together enormous mountains of treasure in these troubled days even though the economic suffering around the planet continues to grow.  So exactly how have the global elite accumulated so much wealth?  Well, one of the primary ways is through the use of debt.  As I have written about previously, there is about 190 trillion dollars of debt in the world but global GDP is only about 70 trillion dollars.  Our debt-based global financial system systematically transfers wealth from us and our governments into the hands of the global elite.  And of course the gigantic banks and corporations that the elite control are constantly gobbling up everything of value that they can find: natural resources, profitable small businesses, real estate, politicians, etc.  Money, power, ownership and control are becoming very, very tightly concentrated at the top of the food chain, and that is a very dangerous thing for humanity.  When too much money and power gets into too few hands, it almost always results in tyranny.

What will eventually happen when the global elite have ALL the wealth?

Will the rest of us work as serfs in a system that they have iron-fisted control over?

And what if they decide that they don’t really need billions of people working for them?  Will they decide to implement population control measures in order to reduce the number of “useless eaters”?  It is already happening in China and other highly centralized societies.

When all of the economic rewards of a society go to a very small handful of people, it tends to be very destabilizing.  We have seen this again and again throughout history.

When people have everything taken away from them and they have nothing left to lose, they tend to become very desperate.  And right now we are rapidly hurtling toward a time of great global instability.  Anger and frustration are growing all over the globe, and the rate at which the gap between the wealthy and the poor is widening seems to be accelerating.  Just check out these numbers…

-The wealthiest 1 percent of the global population now owns 39 percent of all the wealth on the planet.

-According to a report that was released last summer, the global elite have up to 32 TRILLION dollars stashed in offshore banks around the planet.

-According to a study conducted by Credit Suisse, the bottom two-thirds of the global population owns just 3.3% of all the wealth.

-A study by the World Institute for Development Economics Research discovered that the bottom half of the world population owns approximately 1 percent of all global wealth.

-It is estimated that the entire continent of Africa only owns approximately 1 percent of the total wealth of the world.

-Approximately 1 billion people throughout the world go to bed hungry each night.

-If you can believe it, more than 3 billion people currently live on less than 2 dollar a day.

In the world that we live in, money equals power.  And the more money that the top one percent accumulate, the more power they will accumulate as well.

So exactly who are the top one percent?  I discussed this at length in my previous article entitled “Who Runs The World? Solid Proof That A Core Group Of Wealthy Elitists Is Pulling The Strings“.  The global elite are absolutely obsessed with power and control and they have been working to implement their agenda for a very long time.  In the end, they hope to unite the entire planet under a monolithic global system that they control.  They are actually quite open about this – it is just that most people do not want to believe it.

The gap between the wealthy and the poor is rapidly growing in the United States as well.  Sadly, this means that the middle class is steadily disappearing as the ranks of those that are living in poverty continues to increase.

But of course not everyone is doing badly in the U.S. right now.  In fact, those that own stocks have had lots of reasons to celebrate in recent months.

So who owns stocks?

Well, the wealthy do of course.  In fact, approximately 60 percent of all individually held stocks are owned by the top 5 percent of all Americans.

During the last recession, Americans lost 16 trillion dollars of wealth.  Since then, about 45 percent of that wealth has been “recovered”, but the vast majority of that “recovery” has been due to rising stock prices.  The following comes from a recent Washington Post article

From the peak of the boom to the bottom of the bust, households watched a total of $16 trillion in wealth disappear amid sinking stock prices and the rubble of the real estate market. Since then, Americans have only been able to recapture 45 percent of that amount on average, after adjusting for inflation and population growth, according to the report from the St. Louis Fed released Thursday.

In addition, the report showed most of the improvement was due to gains in the stock market, which primarily benefit wealthy families. That means the recovery for other households has been even weaker.

“A conclusion that the financial damage of the crisis and recession largely has been repaired is not justified,” the report stated.

Once upon a time, the United States had the largest and most thriving middle class in the history of the world.  That was a great thing.  But now the middle class is being destroyed and government dependence has surged to an all-time high.

The following are some of the incredible statistics that show how wide the gap between the wealthy and the poor in America is becoming…

-The wealthiest 1 percent of all Americans now own more than a third of all the wealth in the United States.

-In the United States today, the wealthiest one percent of all Americans have a greater net worth than the bottom 90 percent combined.

-According to Forbes, the 400 wealthiest Americans have more wealth than the bottom 150 million Americans combined.

-The six heirs of Wal-Mart founder Sam Walton have as much wealth as the bottom one-third of all Americans combined.

-On average, households in the top 7 percent have 24 times as much wealth as households in the bottom 93 percent.

-Between 2009 and 2011, the wealth of the bottom 93 percent of all Americans declined by 4 percent, while the wealth of the top 7 percent of all Americans increased by 28 percent.

-The poorest 50 percent of all Americans collectively own just 2.5% of all the wealth in the United States.

-The top 0.01% of all Americans make an average of $27,342,212.  The bottom 90% make an average of $31,244.

For much more on how poverty is rising and the middle class is being destroyed, please see my recent article entitled “22 Facts That Prove That The Bottom 90 Percent Of America Is Systematically Getting Poorer“.

Obviously we have a huge problem here.

With each passing day, poverty is rising and more people are becoming dependent on the government.

So what is the solution to this mess?

Please feel free to voice your opinion by posting a comment below…

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