Title: Web of Debt - REVIVE LINCOLN�S MONETARY POLICY: AN OPEN LETTER TO PRESIDENT OBAMA
Headings: REVIVE LINCOLN�S MONETARY POLICY:
AN OPEN LETTER TO PRESIDENT OBAMA

REVIVE LINCOLN�S MONETARY POLICY:
AN OPEN LETTER TO PRESIDENT OBAMA
Lincoln�s Monetary Breakthrough
Building on a Successful Tradition
The Perennial Inflation Question
A Wake-up Call

Content: The government was submerged in a debt that has grown exponentially since, until it is now an unrepayable $11 trillion. For nearly a century, Lincoln�s statue at the Lincoln Memorial has gazed out pensively across the reflecting pool toward the Federal Reserve building, as if pondering what the bankers had wrought since his death and how to remedy it. Building on a Successful Tradition
Lincoln did not invent government-issued paper money. Rather, he restored a brilliant innovation of the American colonists. According to Benjamin Franklin, it was the colonists� home-grown paper �scrip� that was responsible for the remarkable abundance in the colonies at a time when England was suffering from the ravages of the Industrial Revolution. Like with Lincoln�s Greenbacks, this prosperity posed a threat to the control of the British Crown and the emerging network of private British banks, prompting the King to ban the colonists� paper money and require the payment of taxes in gold. According to Franklin and several other historians of the period, it was these onerous demands by the Crown, and the corresponding collapse of the colonists� paper money supply, that actually sparked the Revolutionary War. 2
The colonists won the war but ultimately lost the money power to a private banking cartel, one that issued another form of paper money called �banknotes. � Today the bankers� debt-based money has come to dominate most of the economies of the world; but there are a number of historical examples of the successful funding of economic development in other countries simply with government-issued credit.