Thursday, October 27, 2011

Occupy Boston- What Would Ben Franklin Say?

As the Occupy Wall Street moves across the nation, it is interesting to view the movement from a true New Englander's perspective. Founding father, Benjamin Franklin accounted for the new found prosperity of the colonies due to the lack of a central bank.

 "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."
Benjamin Franklin

In Response, The Bank of England influenced the British parliament to pass the Currency Act of 1764. This act made it illegal for the colonies to print their own money, while forcing them to pay all taxes to Britain in gold or silver. Franklin responded after its affects had taken place,

"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."
Benjamin Franklin

"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."
Benjamin Franklin's autobiography 



Now that Wall Street is occupied, now what? What specific issues would you like addressed and what courses of action would u like to be taken? My personal take is that the 99% is tired of corruption, from both Wall Street and government officials that has lead to the disparity of wealth in this country. There is shear systemic failure with conflicts of interest/power; even the notion of allowing corporations to fund government campaigns is suspect. Furthermore, our money supply is controlled by a PRIVATE central bank. Our government borrows from the Federal Reserve and other countries, inefficiently spends cash (due to monopolization), and then has taxpayers pay the interest. You think it's bad now? Our taxes keep being raised just to pay the INTEREST on these loans, how will we ever pay the principle back? Either way, we need an overhaul of the economic/political system.. and that will take time and effort. 


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