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: �Just get Congress to pass a bill authorizing the printing of full legal tender treasury notes . . . and pay your soldiers with them and go ahead and win your war with them also. If you make them full legal tender . . . they will have the full sanction of the government and be just as good as any money; as Congress is given that express right by the Constitution. �
The Greenbacks actually were just as good as the bankers� banknotes. Both were created on a printing press, but the banknotes had the veneer of legitimacy because they were �backed� by gold. The catch was that this backing was based on �fractional reserves,� meaning the bankers held only a small fraction of the gold necessary to support all the loans represented by their banknotes. The �fractional reserve� ruse is still used today to create the impression that bankers are lending something other than mere debt created with accounting entries on their books. 1
Lincoln took Col.