Over the past few weeks I have been seeing article after article about how Barack Obama looks towards Abraham Lincoln as a model President.
For Obama, Lincoln was model president
Obama will also be the first president to use the Lincoln Bible for his inauguration since Lincoln used it in 1861. Inauguration organizers have
said Obama's inaugural theme, "A New Birth of Freedom," was inspired by Lincoln's Gettysburg Address.
"There is a wisdom there and a humility about his approach to government, even before he was president, that I just find very helpful," he
The media seems to be playing along....
It is the season to compare Barack Obama to Abraham Lincoln. Two thin men from rude beginnings, relatively new to Washington but wise to the
world, bring the nation together to face a crisis. Both are superb rhetoricians, both geniuses at stagecraft and timing. Obama, like Lincoln and
unlike most modern politicians, even writes his own speeches, or at least drafts the really important ones—by hand, on yellow legal paper—such as
his remarkably honest speech on race during the Reverend Wright imbroglio last spring.
If Barack Obama TRULY
looks at Abraham Lincoln as an example President, will Obama follow in Lincoln's wisdom? Will Obama take the same steps
Lincoln did in those dark days of American history?
Obama is presiding in dark times now, just like like Lincoln presided during dark times then.
Abraham Lincoln had to deal with far more serious problems in his day. He had entire states leaving the union and an enemy that was able to fight back
on its own soil. The nation was tearing itself apart.
To fund the Civil War, Congress under Lincoln's leadership passed Legal Tender Act of 1862.
Soon after the war began, the federal government began to run low on specie. Several proposals involving the use of bonds were suggested. Finally,
Congress began printing money, which the Confederate government had been doing since the beginning of the war. The Legal Tender Act allowed the
government to print $150 million in paper money that was not backed by a similar amount of gold and silver. Many bankers and financial experts
predicted doom for the economy, as they believed that there would be little confidence in the scheme. There were also misgivings in Congress, as many
legislators worried about a complete collapse of the nation's financial infrastructure.
These notes, called "greenbacks," worked much better than expected. It allowed the government to pay its bills and, by increasing the money in
circulation, greased the wheels of northern commerce. The greenbacks were legal tender, which meant that creditors had to accept them at face value.
The same year, Congress passed an income tax and steep excise taxes, both of which cooled the inflationary pressures created by the
Abraham Lincoln printed fiat money to finance the Civil War and did a good job with it.
What does this have to do with Obama?
It seems that the government today is printing a ton of money to jump start the economy yet we all know that there will be huge inflation, and
mountains of debt with interest all over the place. Government back then didn't have that same problem, they funded the war and were able to fund
reconstruction efforts while maintaining manageable debt levels. How is the government printing money back then different then today?
Both United States Notes and Federal Reserve Notes were parts of the national currency of the United States and both were legal tender. Both were
used in circulation as money in the same way. However, the issuing authority for them came from different statutes. United States Notes (like the
later Federal Reserve Notes) were fiat currency, in that they were never redeemable explicitly for any precious metal. The difference between a United
States Note and a Federal Reserve Note was that a United States Note represented a "bill of credit" where the currency was transferred into
circulation free of interest. Federal Reserve Notes are based on debt, and thus bear interest to bank with stockholders which serves as a lending
intermediary between the Government and the citizenry.
The Lincoln Greenback, which I shall call the United States Note from now on, is not put into circulation by having some bank purchase treasury bonds
that the government has to pay back with interest.
THIS IS THE ONLY DIFFERENCE BETWEEN THE U.S. NOTE AND THE FEDERAL RESERVE NOTE
Now this should be simple. What what happen to the U.S. economy if all money in the system did not have to be paid back with interest as it does in
the current system? We are an economy where our currency is debt, is it a surprise that we are in debt up to our eyeballs?
What if the government (which means us) did not have to pay billions in interest to the Federal Reserve just to have liquidity in the economy? That is
instant savings and who knows what longer term benefits that will bring?
For those who think the United States Note is some antiquated currency not meant for the modern economy....
Both United States Notes and Federal Reserve Notes are parts of our national currency and both are legal tender. They circulate as money in the
same way. However, the issuing authority for them comes from different statutes. United States Notes were redeemable in gold until 1933, when the
United States abandoned the gold standard. Since then, both currencies have served essentially the same purpose, and have had the same value. Because
United States Notes serve no function that is not already adequately served by Federal Reserve Notes, their issuance was discontinued, and none have
been placed in to circulation since January 21, 1971.
that is right a .gov website says this.
Even the U.S. treasury says that both the U.S. Note and Federal Reserve Note hold the same value!!
Now this goes back to Obama.
Does Obama truly look at Lincoln as an example?
If Obama really wanted to follow Lincoln's footsteps, this is the perfect time to back up his words and the media's words with true action.
Obama can do what Lincoln did, issue American currency directly from the government rather than the Federal Reserve. Obama can even keep his IRS going
with this plan (yes I hate income taxes but proven systems trump that).
This would be THE CHANGE that we need as Americans.
Our economy relies on our dollar. It is our economy. Our dollar is based on debt, and we as a nation are suffering from debt. Entire industries are
drowning in debt. Our very economy forces us to go into debt.
What if our dollar was not based on debt? AT the very least we wouldn't be paying interest to print money and there are existing means to control the
supply and inflation.
Obama has real weapons to attack this economic crisis and change our system for the better. These are proven weapons and have worked in the past. He
can follow one of our greatest presidents and in turn be one of our greatest presidents.
All Obama has to do is use his political capital and stay away from theaters.
But in conclusion... I have to ask the question once more.
Does Obama truly look up to Lincoln? Will Obama truly follow Abraham Lincoln's wisdom?
Or is that more hot air that suckered the American public while the problem really is not meant to be solved unless the very reasons and people that
put us into this mess are allowed to continue to exist and hold power?