by Connie Park, Period 1
Borrowing Credit from the Bankers
The government needs credit to fund the New Deal programs.
Oh, we can definitely help you with that. *evil laughter*
Taxpayers Will Have to Pay
Why are WE always the ones who have to suffer till' the end?
The government is paying for the New Deal programs with credit from the bankers who left everyone bankrupt in the first place. "During the past two years our present Administration has borrowed approximately $8-billion from the bankers. It was used partially for public works, partially for paying men to pick up leaves, partially to sustain a questionable dole system."
The government is borrowing "money" that technically doesn't even exist, and is spending this fictitious money to pay for the New Deal programs. "...real dollars to that amount do not exist, there being no more than 5 billion currency dollars extant in the nation...It was $8-billion of credit money, of manufactured money, of fictitious money which never did exist in real currency."
Ultimately, the American people will be heavily taxed in order to cause real money to circulate in the system again. "Eventually we and our children must pay back to the bankers that $8-billion not with credit money but with real currency money...we are obligated also to pay them back $6,400,000,000 for interest, making a grand total of $14,400,000,000 which the taxpayers must produce in real currency that does not exist."
Explore Our Articles and Examples
Try Our Other Websites!
Photos for Class
– Search for School-Safe, Creative Commons Photos! (It Even Cites for You!
– Easily Make and Share Great Looking Rubrics!