essays

Banks create money out of nothing. Governments and large financial borrowers spend it first. By the time it reaches the worker and the saver, its value has been greatly diluted. This is not conspiracy — it is law, and it has been law since 1694. This essay names the mechanism, traces its history, and shows clearly why no political reform will restore the middle class until this single privilege is revoked. If you believe in a republic of the consent of the governed, this essay is a must read.

For more than three centuries, a privilege granted by government to a small number of licensed lenders has been quietly draining your wealth — legally, invisibly, and by design. It is the power to create purchasing power out of nothing. Around this privilege a system developed that Karl Marx awkwardly called capitalism, a name its beneficiaries embraced with satisfaction, using voluntary free markets as cover for monetary grand theft. Those closest to the source grow rich; those more distant grow poorer. Nearly everyone has been drawn in. This essay names the system, explains how it works, and proposes the constitutional amendment that ends it — restoring the middle class and rebooting the American, and eventually the global, economy.