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Print | The National Debt
Post Letter to the Editor - May 12 2011
by Post Editor : letters@portervillepost.com

Dear Editor,

Now that the Republicans have control of the House of Representative, we have heard lots of talk from them about how to cut spending and still pay the interest on the national debt; how we must increase the debt limit, and borrow more money to keep from defaulting on the national debt. Or from the White House, "0ne point three Trillion more for next years budget"!

The first thing that needs to be done is, tell your Congressman that you are smart enough to know that it is not necessary to increase the debt limit to ward off default on the national debt. There are plenty of other places the short fall can be transferred to like, --- foreign aid or any of the numerous other un constitutional departments of the Federal Government.

The second is to actuate the buyout clause of the Federal Reserve and put the control of the currency back in the hands of Congress, like the Constitution specifies. Most people don't know that the "Federal Reserve" is a private corporation charted in Delaware, and about half its corporate stock is owned by European banks. Or that the "money" that represents the principle of the national debt is created out of just paper and ink, and has no tangible worth.

I see no need to pay interest on it, we already paid for its printing. Originally U.S. money represented a specific amount of tangible gold or silver. Now it is a note, a piece of paper notifying you, a U.S. citizen, that you owe the Federal Reserve Corporation interest for borrowing this piece of paper.

Recently the Congressional Budget Office indicated that if we cut the budget by $500 billion a year for 10 years as some Senators proposed, we would only be right back where we started, Over 14 Trillion dollars in debt!

Glenn H. Rider -- cpalexander@cox.net from Hanford, Calif.

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