This country has a long history of opposing central banks. the revolutionary war was fought to protect the nations ability to print interest free money.
In 1763, Benjamin Franklin was asked by the Bank of England why the colonies were so prosperous, and this was his responseÂ….
"That is simple. In the colonies we issue our own money. It is called Colonial Script. We issue it in proper proportion to the demands of trade and industry to make the products pass easily from the producers to the consumers.
In this manner, creating for ourselves our own paper money, we control its purchasing power, and we have no interest to pay to no one.”
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The Currency Act of 1764 ordered the American Colonists to stop printing their own money. Colonial script (the money the colonists were using at the time) was to be exchanged at a two-to-one ratio for “notes” from the Bank of England.
Later, in his autobiography, Benjamin Franklin explained the impact that this currency change had on the coloniesÂ….
“In one year, the conditions were so reversed that the era of prosperity ended, and a depression set in, to such an extent that the streets of the Colonies were filled with unemployed.”
In fact, Benjamin Franklin stated unequivocally in his autobiography that the power to issue currency was the primary reason for the Revolutionary WarÂ….
“The colonies would gladly have borne the little tax on tea and other matters had it not been that England took away from the colonies their money, which created unemployment and dissatisfaction. The inability of the colonists to get power to issue their own money permanently out of the hands of George III and the international bankers was the prime reason for the Revolutionary War.”
From....
41 Facts About the History of Central Banks in America
