Re: Hitler Printing His Own Money
Hitler bypassed the private international bankers in 1933 and printed a type of money called Labor Treasury Certificates which he used to pay for a massive public works program. Essentially they were a receipt for labor and were not backed by gold, but they were eagerly accepted as money in a destitute Germany which had been bled dry by the Treaty of Versailles. No longer at the mercy of internationl bankers and foreign governments within two years Germany had an amazing economic recovery.
The U.S. Constitution provides for the U.S. Government to issue it's own debt free money instead of borrowing money from a privately owned central bank like the FED. The interest expense on the U.S. national debt in 2010 exceeded $400 billion. The last U.S President to issue debt free money through the U.S. Treasury was JFK (Executive Order 11110).
Last edited by studslanagan : 06-12-2011 at 05:21 PM.