17. Abe Lincoln

Think Punk 19. June 2024

Length: {16:23 minutes}

Abraham Lincoln:

In the context of the documentary’s discussion about Abraham Lincoln, several points are made regarding his role and actions during the Civil War, especially in relation to financial policies and the broader geopolitical context:

1. Jackson and the Central Bank:

The documentary notes that even though President Andrew Jackson successfully dismantled the Second Bank of the United States, he didn’t completely eliminate the practice of fractional reserve banking, which continued to destabilize the economy through numerous state-chartered banks.

2. Economic Instability and Expansion:

Despite the economic instability caused by fractional reserve banking, America experienced significant growth and expansion westward during the years leading up to the Civil War. Central bankers, however, sought to regain control and saw war as a means to create debt and dependency.

3. Civil War Origins:

The documentary suggests that while slavery was a cause of the Civil War, it was not the primary one. It argues that Lincoln, who initially had no intention of abolishing slavery where it existed, emphasized preserving the Union over the issue of slavery. This stance is supported by his inaugural address and subsequent statements.

4. Economic Factors and Tariffs:

Northern industrialists’ use of protective tariffs prevented Southern states from buying cheaper European goods, which led to Europe stopping cotton imports from the South. This created a financial bind for the South, contributing to the tensions that led to the war.

5. European Influence and Conspiracy:

The documentary posits that European financial powers sought to divide the United States to prevent it from becoming too economically independent. Otto von Bismarck, the Chancellor of Germany, is quoted as acknowledging this plan, emphasizing the threat a united and economically independent America posed to European financial dominance.

6. International Maneuvers During the Civil War:

During the Civil War, European powers like France and Great Britain took actions that threatened the Union. Napoleon III of France sought to exploit the conflict by seizing Mexico, while Britain moved troops to Canada, indicating a broader strategy to weaken the United States.

7. Lincoln’s Financial Strategy:

Faced with exorbitant loan offers from New York bankers, Lincoln turned to the idea of issuing government-backed currency. His solution was the issuance of “greenbacks,” currency printed by the federal government to finance the war without incurring debt or high-interest costs. This move was revolutionary and threatened the established financial order.

8. Reaction from Central Bankers:

The issuance of greenbacks was met with hostility from international bankers. An editorial in the London Times expressed concern that if such a policy succeeded, it would undermine the financial power of European bankers and threaten monarchies worldwide.

The documentary portrays Lincoln as a leader who not only fought to preserve the Union but also challenged the financial status quo, which had broader implications for American sovereignty and independence from European financial interests.

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Categories: theMoneyMasters Tags: Tags: Alternative currency, Bankers, Bill Still, Debt, Dollar, Economics, Euro, Fiat currency, History, Iceland, International banking, Money, Money reform, Politics (TV Genre), Private money

16. Andrew Jackson

Think Punk 19. June 2024

Length: {9:52 minutes}

The excerpt details a dramatic chapter in American history involving President Andrew Jackson and his intense battle with the Second Bank of the United States. Here’s a summary of the key points covered:

Jackson’s Veto of the Bank’s Recharter

1832 Veto: President Andrew Jackson vetoed the bill to recharter the Second Bank of the United States, arguing it was a monopoly favoring the wealthy and foreign interests over American citizens.
Veto Message: Jackson articulated his belief that the Bank posed a threat to American liberty and independence by controlling the nation’s currency and public funds.

Campaign Against the Bank

Re-election Campaign: Jackson’s 1832 re-election campaign prominently featured his opposition to the Bank, encapsulated in the slogan “Jackson and no Bank”.
Victory: Despite significant financial backing for his opponent, Henry Clay, from the Bank’s supporters, Jackson won re-election by a landslide.

Removal of Federal Deposits

Treasury Secretaries: Jackson encountered resistance from his own Treasury Secretaries, Lewis McLane and William J. Duane, who refused to withdraw federal deposits from the Bank. Jackson fired them both and appointed Roger B. Taney, who complied with Jackson’s directive.
Bank’s Reaction: Nicholas Biddle, the Bank’s president, retaliated by contracting the money supply, causing a financial panic and subsequent depression, which he publicly blamed on Jackson.

Political and Economic Fallout

Censure and Backlash: The Senate censured Jackson, the first time a President had been censured by Congress, exacerbating the political conflict.
Economic Manipulation: Biddle’s admission of using the Bank’s power to force economic hardship in order to secure its recharter revealed the lengths to which the Bank would go to maintain control.

Jackson’s Ultimate Victory

House of Representatives: In 1834, the House voted against rechartering the Bank and formed a committee to investigate the Bank’s practices, which faced obstruction from Biddle.
Final Payment of National Debt: On January 8, 1835, Jackson paid off the final installment of the national debt, a feat achieved only once in U.S. history, which symbolized his triumph over the Bank.
Assassination Attempt: Jackson survived an assassination attempt by Richard Lawrence, who later claimed European conspirators had influenced him.
Closure of the Bank: The Second Bank of the United States ceased operations as a central bank when its charter expired in 1836.

Legacy

Jackson’s Pride: Jackson considered the destruction of the Bank his greatest achievement, a sentiment famously encapsulated in his statement, “I killed the Bank”.
Long-lasting Impact: Jackson’s dismantling of the Bank delayed the establishment of another central bank in the U.S. for 77 years until the creation of the Federal Reserve in 1913.

This period in history underscores the profound impact of Jackson’s presidency on the American financial system and the enduring struggle between governmental authority and financial institutions.

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15. Second Bank of the U.S.

Think Punk 19. June 2024

Length: {1:20 minutes}

In Chapter 15 of Bill Still’s documentary, the focus is on the establishment of the Second Bank of the United States in 1816, just a year after the Battle of Waterloo and the alleged Rothschild takeover of the Bank of England.

The Second Bank of the United States was modeled after its predecessor, with the U.S. government owning 20% of its shares, paid for by the Treasury. This initial capital allowed the bank to leverage fractional reserve lending to provide loans to private investors, who purchased the remaining 80% of the shares.

The primary shareholders of the bank remained anonymous, but it was known that about one-third of the shares were sold to foreigners. This led to observations that the bank had strong ties to Britain, potentially as deep as its American connections. By 1816, it is suggested that the Rothschilds had significant influence over both the Bank of England and the newly established Second Bank of the United States.

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14. Waterloo

Think Punk 19. June 2024

Length: {6:05 minutes}

Bill Still’s documentary highlights the Rothschild family’s strategic and financial acumen during and after the Battle of Waterloo.

Following Napoleon’s escape from exile and subsequent defeat at Waterloo in 1815, Nathan Rothschild capitalized on his advance knowledge of the battle’s outcome. Rothschild had a network that provided him with the news before the British government, allowing him to manipulate the British stock market. By initially selling off his holdings and causing a market panic, he then bought up devalued bonds at a fraction of their worth, significantly increasing his wealth and influence.

This episode exemplifies how the Rothschilds used their intelligence network and financial strategies to gain control over the British bond market and potentially the Bank of England.

By the mid-1800s, the Rothschild family had become the wealthiest family in the world, dominating government bond markets and various industrial sectors. Despite their immense wealth, the family maintained a low profile, with most of their enterprises not bearing the Rothschild name.

The documentary suggests that their financial power has likely continued to grow, even as they have cultivated an image of reduced influence.

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13. Death of the First Bank

Think Punk 19. June 2024

Length: {2:10 minutes}

In 1811, a bill to renew the charter of the First Bank of the United States faced intense debate in Congress. Both Pennsylvania and Virginia legislatures passed resolutions urging Congress to terminate the bank, and the press heavily criticized it, labeling it a “great swindle” and “vulture.”

Congressman P.B. Porter warned that renewing the bank’s charter would embed a dangerous entity within the Constitution. Despite alleged threats from Nathan Rothschild predicting a disastrous war if the charter wasn’t renewed, the bill was narrowly defeated in the House and deadlocked in the Senate. Vice President George Clinton cast the tie-breaking vote, ending the bank’s charter.

Within five months, the War of 1812 began, but due to Britain’s ongoing conflict with Napoleon, the war ended in a stalemate in 1814. Although the bank was temporarily defeated, it was reestablished two years later, stronger than before.

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12. Napoleon’s Rise To Power

Think Punk 19. June 2024

Length: {2:41 minutes}

Napoleon’s rise to power saw him establishing the Bank of France in 1800, akin to the Bank of England. However, Napoleon distrusted bankers, believing they held more power than governments. He sought to liberate France from debt and famously stated that bankers, driven solely by profit, lacked patriotism. Napoleon’s stance led to conflicts with established financial powers.

Meanwhile, in America, President Thomas Jefferson negotiated the Louisiana Purchase with Napoleon in 1803, providing him with $3 million in gold. This gold enabled Napoleon to build an army and embark on extensive European conquests. The Bank of England countered by financing opposing nations, leading to massive debts and wars.

Despite initial successes, Napoleon’s campaigns eventually faltered, particularly with the failed invasion of Russia. This led to his abdication and exile to Elba. Financial maneuvers, particularly by the Rothschild family, played a crucial role in the broader geopolitical conflicts of the era, including financing the Duke of Wellington’s opposition to Napoleon.

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11. First Bank of the Unites States

Think Punk 19. June 2024

Length: {4:20 minutes}

Summary of Chapter 11: The First Bank of the United States

In 1790, less than three years after the Constitution was signed, Alexander Hamilton, the first Secretary of the Treasury, proposed a bill to establish a new privately owned central bank, the First Bank of the United States (B.U.S.). This proposal came at a time when Amschel Rothschild declared his famous dictum about controlling a nation’s money.

Hamilton, seen as an instrument of international bankers, wanted to create the B.U.S. Interestingly, his early career included work with Robert Morris, head of the Bank of North America. Hamilton believed that a manageable national debt could be beneficial. After extensive debate, Congress granted the First Bank of the United States a 20-year charter in 1791.

The First Bank of the United States, located in Philadelphia, had a monopoly on issuing U.S. currency. Although 80% of its stock was held by private investors, the U.S. government purchased the remaining 20%, ostensibly to provide the capital for private owners through loans, reflecting a fractional reserve lending scheme.

The bank’s name was chosen to obscure its private control, similar to the Bank of England. Its investors’ identities were hidden, but it was widely believed that the Rothschilds were influential behind the scenes. The bank was promoted as a means to stabilize the banking system and curb inflation. However, within five years, the U.S. government borrowed $8.2 million from the bank, leading to a 72% increase in prices.

Thomas Jefferson, as Secretary of State, lamented this borrowing and wished for a constitutional amendment to prevent such federal borrowing. Many Americans today share this frustration, watching the government accrue debt. The First Bank of the United States was not the first privately owned central bank in America, as it followed the pattern of the Bank of North America, where government funds kickstarted a private banking venture, a setup considered a scam by critics.

The chapter concludes with a segue into the story of how a single man in Europe managed to manipulate the British economy during the Napoleonic era.

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10. The Constitutional Convention

Think Punk 19. June 2024

Length: {2:51 minutes}

Summary of Chapter 10: The Constitutional Convention

In 1787, colonial leaders met in Philadelphia to replace the Articles of Confederation. Thomas Jefferson and James Madison opposed a privately owned central bank, aware of the issues caused by the Bank of England. Jefferson warned that private banks could control currency through inflation and deflation, ultimately depriving people of their property.

During the debates on the monetary system, Gouverneur Morris criticized the motivations of the Bank of North America’s owners. Morris, who had written the final draft of the Constitution and had previously supported the Bank of North America with Robert Morris and Alexander Hamilton, expressed concern over the potential for the rich to dominate and enslave the rest of the population. In a letter to Madison, Morris stressed the need for government power to keep the wealthy in check.

Despite Morris’s defection, Hamilton, Robert Morris, Thomas Willing, and their European backers convinced the majority of Constitutional Convention delegates not to grant Congress the power to issue paper money. The delegates, wary of the inflation caused by paper currency during the Revolution, overlooked the success of colonial script before the war. The Constitution’s silence on the matter left an opening for the money changers, ensuring that America would not print its own money again.

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9. The Bank of North America

Think Punk 19. June 2024

Length: {2:35 minutes}

Summary of Chapter 9: The Bank of North America

Towards the end of the American Revolution, the Continental Congress, desperate for funds, authorized Robert Morris, their financial superintendent, to establish a privately owned central bank in 1781. Morris, a wealthy man who had profited from trading war materials during the Revolution, founded the Bank of North America. This bank was modeled after the Bank of England, allowing it to practice fractional reserve banking, which meant it could lend money it did not have and charge interest on it.

The bank’s initial capital was supposed to come from private investors, but when Morris couldn’t raise the money, he used gold loaned by France to America. He then lent this money to himself and his associates to buy shares in the bank. The bank was granted a monopoly over the national currency, but the value of American currency continued to fall. As a result, in 1785, the bank’s charter was not renewed.

William Findley of Pennsylvania, a key opponent of the bank, criticized it for being driven by greed and seeking to control all wealth, power, and influence in the state. Despite this setback, the proponents of the bank, including Alexander Hamilton, Robert Morris, and the bank’s president Thomas Willing, did not give up. In 1791, Hamilton, then Secretary of the Treasury, and Morris successfully established a new privately owned central bank, the First Bank of the United States, with Willing again serving as its president. The key figures remained the same; only the name of the bank had changed.

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8. The American Revolution

Think Punk 19. June 2024

Length: {6:30 minutes}

Summary of Chapter 8: The American Revolution

By the mid-1700s, the British Empire, despite nearing its height of power, was burdened by substantial debt due to four costly wars in Europe. To finance these wars, the British government had borrowed heavily from the Bank of England, leading to a significant national debt. Consequently, Britain sought to raise revenues from its American colonies to make interest payments.

In contrast, the American colonies were not yet affected by the concept of a privately owned central bank and faced a severe shortage of precious metal coins. This scarcity prompted the colonies to experiment with printing their own paper money, known as Colonial Scrip, which proved successful. It provided a stable medium of exchange and fostered unity among the colonies. Benjamin Franklin was a strong proponent of this system.

Franklin, during his stay in London, explained that the colonies’ prosperity was due to their ability to issue their own currency. This debt-free money, printed in the public interest, was not backed by gold or silver, making it a fiat currency. The Bank of England, feeling threatened by this, influenced the British Parliament to pass the Currency Act of 1764, which restricted the colonies from issuing their own money and required taxes to be paid in gold or silver coins. This move forced the colonies onto a gold or silver standard, leading to economic depression and widespread unemployment.

Franklin argued that this economic strife, caused by the loss of their ability to issue currency, was a fundamental cause of the American Revolution. By the time of the first shots at Lexington in 1775, the colonies had been drained of gold and silver, forcing them to print money to finance the war. This led to severe inflation, rendering the Continental currency nearly worthless by the end of the war.

The chapter highlights that while the fiat currency of the colonies had been effective during times of peace, it became problematic during the war due to over-issuance. This historical period is often used to argue both for and against fiat currencies and the gold standard.

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