The Secrets of Oz
Foreclosures are everywhere, unemployment is skyrocketing – and this is only the beginning. America’s economy is on a long, slippery slope from here on. The bubble ride of debt has come to an end.
What can government do? The sad answer is – under the current monetary system – nothing. It’s not going to get better until the root of the problem is understood and addressed. There isn’t enough stimulus money in the entire world to get us out of this hole. Why? Debt. The national debt is just like our consumer debt – it’s the interest that’s killing us.
Though most people don’t realize it the government can’t just issue it’s own money anymore. It used to be that way. The King could just issue stuff called money. Abraham Lincoln did it to win the Civil War. No, today, in our crazy money system, the government has to borrow our money into existence and then pay interest on it. That’s why they call it the National Debt. All our money is created out of debt. Politicians who focus on reducing the National Debt as an answer probably don’t know what the National Debt really is.
Could it be that solutions to the world’s economic problems could have been embedded in the most beloved children’s story of all time, “The Wonderful Wizard of Oz”? The yellow brick road (the gold standard), the emerald city of Oz (greenback money), even Dorothy’s silver slippers (changed to ruby slippers for the movie version) were powerful symbols of author L. Frank Baum’s belief that the people – not the big banks — should control the quantity of a nation’s money.