To the Editor:
Re: Stewart Epstein’s Tax on Wealth, Jan 18. Mr. Epstein is fed up with the Democrats (who isn’t?) because they’ve abandoned their traditional concern for the welfare of the little guy, and have become just another greedy corporate protect-the-rich party while America’s many needs go unmet. The only way to get the money to meet those needs, he says, is to tax the rich. I would agree with him, if we lived in a country that didn’t have a wise Constitution. But we do have such a document, which states, in Article 1, Section 8, that “Congress shall have power to coin money and regulate the value thereof.” This Article is in the Constitution because the Colonists fought the Revolution to free themselves from the debt-tyranny of the Bank of England. That bank was conceived in sin by William Paterson in 1694. It enticed rich investors with this promise: “The bank hath benefit of interest on all moneys which it creates out of nothing.”
America has such a bank now, charging interest on money which it creates out of nothing, called the Federal Reserve. It isn’t “Federal,” it’s owned by international bankers, and it has no “reserves,” only a printing press. The Federal Reserve Act was passed in 1913 by a corrupt and bribed Congress (some things never change) and was signed into law by Woodrow Wilson, who on his deathbed confessed, “I have ruined my country.” That may be the only truth this President, who led us into WW1, ever told.
So, Mr. Epstein, we don’t need to soak the rich to get healthcare for all, free education, good roads and infrastructure; all Congress needs to do is repeal the Federal Reserve Act and issue its own debt-free dollars. It won’t be easy because Congress is still “the best that money can buy,” and the bankers are so powerful that they rebuff any effort by a few honest members of Congress who attempt to audit them. This international cabal, a law unto itself, does as it pleases. In the last recession, they printed 16 trillion dollars to bail out foreign banks while Americans lost their homes through foreclosure.