Bernanke forgets some of America’s monetary history

March 2, 2011 by · Leave a Comment
Filed under: Opinion 

Wow, Mr. Benanke really got handed his a** by the Senator.   We have had a period in our history where did not have federal debt and we did need to issue debt to have a currency.  Bernanke admitted it is possible for a country to operate in this manner as well.  He also admitted that in our current monetary system, we would not have any currency without the issuance of U.S. Treasuries (debt).  This proves that we are in a debt-based system and any talk of growth really means a growth in debt. I would like to see the day where we do not need to have debt to issue currency and we issue Treasuries only when we need to in special cases.  Your thoughts?

Sidenote: I did take a little break from updating Bank REO and now I am back and it will be much more regular.  Thank you for your support and patience.

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