Bank of america consolidating debt

02-Apr-2020 07:25 by 2 Comments

Bank of america consolidating debt

When the crisis is mostly economic, the culprit is always the private sector, and the guilty parties are usually big shots who got swept away with avarice.With a lapdog media clamoring for "reform," politicians pass more laws and flood the airwaves with rhetoric about how their new legislation will crush the forces of greed.

From that point on, both Republicans and Democrats were promoting more statism as the miracle cure for ills it had breeded.This is mercantilism, the system we rejected in 1776.By the early 20th century, we were neck-deep in Progressive propaganda, and there was no viable group opposing government takeover of our lives.Though the 12 reserve banks are officially "private" institutions, they're little different than government agencies, as Murray Rothbard noted. [8] "Wealth then moves to those market participants who gain early access to this newly created fiat money," who are usually politically connected. The Theory of Money and Credit, Ludwig von Mises, Yale University Press, 1953, p. ================================================== Col. House, who Wilson called his "alter ego," because he was his closest friend and most trusted advisor, anonymously wrote a novel in 1912 called Philip Dru: Administrator, which revealed the manner in which Wilson was controlled.In this manner government seized what Rothbard called "a crucial command post" of the economy, and therefore of the American society. The ones on fixed incomes or without close government connections bear the cost of higher prices later, as the money injection passes through the economy. House, who lobbied for the implementation of central banking, would now turn his attention towards a graduated income tax.Amid all the maneuvering and proposals, Morgan banker Henry Davison organized a duck hunting trip at Jekyll Island, Georgia in December, 1910.

The ducks they took aim at were not the web-footed kind, but the unsuspecting American citizen who had always thought of money as gold.

We show the sources of small business finance, and how capital structure varies with firm size and age.

The interconnectedness of small firm finance is discussed along with the impact of the macroeconomic environment.

In 1913, Carter Glass, a Democratic congressman from Virginia, used the Jekyll Island scheme as the basis for the Federal Reserve Act.

[6] The Act created 12 regional reserve banks ruled by a board of Washington bureaucrats, including the Treasury secretary and presidential appointees. "Through the purchase of [usually government] debt by a bank, fiat money is injected into the economy," Gary North writes.

Corruption flourished, and overextended banks occasionally failed, causing panics in 1873, 1884, 1893, and 1907.