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Since Congress changed it, all money is now created by private commercial banks as loans of principal to business and individuals and to Congress. Yes. Congress borrows, while at the same time, having the authority to create money.

In the Land of the Free, Presidential administrations, federal and state senators and representatives allow government and citizens to be forced into debt so that money can exist. Besides forcing us to borrow; there is a math problem. Every loan of principal has an interest debt never created as money. This non-money debt grows with time. Loan principal payments destroy money.

Now, unlike in our American past, money is always debt, but debt is not always money. The debt must constantly grow and can never be paid with more debt. Current American public and private debt is near $100 trillion including the M-2 money supply of $20 trillion. The money supply only grows with more borrowing; more new debt.

Enabling this debt increases the costs of living, reduces purchasing power, makes it harder and harder for most to make ends meet and to save, and creates a citizenry growing more and more dependent on government. This debt is the cause of most of the economic problems and needs the government believes it is attempting to help with and the destruction and loss of our nation.

Our “leaders” shine with pride in their efforts to deal with the debt consequences; consequences they’ve caused. They “appropriate” money for all kinds of special interest needs that appear to be “warm and fuzzy.” This group. That person. That group. This person.

Yet, this “bill passing” and ‘help’ is not what our ‘misleaders’ swore an Oath to do as both actions serve special interests. Neither promotes the general welfare. Forced indebtedness is the antithesis of our American Intent, a violation of our 13th Amendment protection against Involuntary Servitude; a destroyer of freedom and independence.

Debtonomics has made slaves and fools of Americans who were intended to be free and who think they are. We must restore the principle of a debt free medium of exchange, whereby all money is created and spent into circulation in lieu of debt and taxation as a payment for the increase in production we do that promotes the general welfare.

Gregory Soderberg

Austin, MN