FOR IMMEDIATE RELEASE
W Ketchup™ Applauds the Tea Party’s Efforts to Slay the Leviathan
Andrew Jackson, running on a hard money platform, revoked the bank’s charter. Nicholas Biddle, the bank’s president, called the revocation a “manifesto of anarchy.”
After the bank lost its charter the money supply contracted and by 1839 the country’s societal debt level had become unmanageable. But, according the 1982 Minority Report of the U.S. Gold Commission, authorized by Ronald Reagan:
The people were quite willing to have the states repudiate their debts outright, demonstrating an astute perception of the reckless course the states had taken. . . . The implication was that the disappearance of foreign credit to the states would have the healthy effect of cutting off their wasteful spending—as well as avoiding the imposition of a crippling tax burden to pay for the interest and principal.W Ketchup™ Chairman Bill Zachary commented: “The solid Americans of the 19th century were simply not willing to work for decades to pay off debts incurred by profligate politicians enabled by corrupt bankers. After some sharp, quick economic pain, the country benefited enormously. The debt was gone, and the states had such poor credit ratings that no one would lend them money.”
In 1913 the Congress charted a new central bank, the Federal Reserve. Over the past few decades the United States government has saddled its citizens with the largest debt ever contemplated in human history. Just the official federal debt, at over $14 trillion, computes to more than $46,000 per American. Various analysts have calculated the net present value of the promises made by federal entitlement programs to be over $200 trillion, exceeding $650,000 per American.
Conservative members of the House of Representatives are currently blocking the Democrats’ plan to push the country deeper into debt. Without an increase in the debt ceiling the Treasury will be forced either to default on existing debt or to cut spending dramatically.
Last week Citigroup’s chief economist, Willem Buiter, said: “Default would be an act of collective insanity.” Steven Roach, head of Morgan Stanley in Asia, agreed the debate on the debt ceiling exhibited: “astonishing recklessness.” Andrew Garthwaite, head of strategy at Credit Suisse, called missing a debt coupon payment “horrible” and “unthinkable.”
Dan Oliver, CEO of W Ketchup™, reacted: “In 2011 we see the same cast of characters as back in the 1830s: greedy bankers who thrive on government debts to defraud the industrious public. A default would, indeed, cause immediate financial dislocations, but the long-term benefits of extracting parasites always outweigh any short-term unpleasantness. Moreover, anyone storing wealth in Federal Reserve Notes or government bonds supports a corrupt system and deserves to lose all of his capital.”
Senate Majority Leader Harry Reid called the Republican stalwarts the “radical right wing.” Socialist Senator Bernie Sanders accused Republicans of “blackmailing the American people.” Paul Krugman, left-wing economic commentator for the New York Times, wrote that conservatives have “taken America hostage” and threaten to “disrupt the essential business of government.”
James Madison wrote in Federalist Number 63: “If such a revolution [as the government’s becoming a tyranny] should ever happen from causes which the foresight of man cannot guard against, the House of Representatives, with the people on their side, will at all times be able to bring back the Constitution to its primitive form and principles.”
Oliver noted: “Contrary to the shrill cries from the Left, the system is working exactly as intended by the founders. The public is appalled at the debt accumulated by politicians, not to mention the now 4,500 federal crimes contained in over 27,000 pages of federal code. It is past time to end this abusive system.”
Congress spent $28.3 trillion over the past decade. The Congressional Budget Office recently forecasted that under current law Congress would spend $45.8 trillion over the next decade. The $2.4 trillion in cuts outlined in the current proposal refers to a reduction of the increase in federal spending from an extra $17.5 trillion to an extra $15.4 trillion. Federal spending would rise by 54% instead of by 62%.
Oliver continued: “We support the efforts of the Tea Party to starve the Leviathan by cutting it off from taxes, debt, and seigniorage. We call on conservatives to vote against any increase in the statutory debt ceiling.”
W Ketchup™ urges its customers to convert at least some of their Federal Reserve Notes into delicious W Ketchup™ while they still have value.
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Founded in 2004, W Ketchup™ is a private company that makes ketchup