Perpetual - continuing or enduring forever; everlasting
Debt - a liability or obligation to pay or render something
"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”
The above statement was in a letter written by one of our founding fathers, and U.S. President Thomas Jefferson back in 1802. The letter was addressed to then Secretary of the Treasury, Albert Gallatin.
Even then, our founding fathers knew that creating a central and private bank would destroy the lives and freedoms of the people.
Thomas Jefferson also stated:
"I place economy among the first and most important republican virtues, and public debt as the greatest of the dangers to be feared. To preserve our independence, we must not let our rulers load us with perpetual debt."
To understand this phrase, we also need to understand what perpetual debt actually is, and how our money system works. There are a few videos you can watch on YouTube. There are 5 in all that describe how the financial system works in this country. They are very well done, and worth the time to sit back and watch.
http://www.youtube.com/watch?v=vVkFb26u9g8
What should bother people the most about how our financial system works, is the fact, that all Federal Reserve Notes are backed by the power of congress to lay tax on the people. In Section 8, on the U.S. Constitution, congress has the power to coin and regulate money. Congress can also coin money without interest. To sum it all up, the government asks the Federal Reserve to borrow money. The Federal Reserve prints notes. These notes are traded with government bonds to be paid back with interest.
With the perpetual debt scheme that we have been following for almost 100 years, our money supply really never expands, and the interest can never truly be paid back. So we borrow more money, with more interest, tacking on even more debt to pay back the original debt. To give a better example, think of a high interest credit card, no matter what you pay down, the balance continues to go up.
Does this mean that the United States is caught up in the largest credit card scheme ever?
On June 4th, 1963 President John F. Kennedy issued Executive Order 11110. The purpose of this order was to print silver certificates without interest, and thrust the power back to U.S. Treasury. This order was never directly reversed, but on September 9, 1987, Ronald Reagan enacted Executive Order 12608, The Elimination of Unnecessary Executive Orders and Technical Amendments to Others, thus placing us back into perpetual debt.
So why do we still follow the Federal Reserve Act?
Would our national debt finally come down?
Would we finally be able to live the lives our forefathers pictured?
Would we continue to pay almost half our life for a home at 3 to 4 times its purchase value?
Now that’s change I can believe in!