Thursday, April 28, 1988

‘Dark Ages’ threat looms.

The continuing U.S. banking collapse and the unsustainable international debt bubble are historical signs of a coming worldwide economic depression. The resulting decline in public health and manufacturing has the potential to repeat the human tragedy known as the Dark Ages.

This looming crisis makes a citizen wonder why our political leadership consistently refuses to address the issue of what constitutes a proper increase in the money supply. The bulk of the increase in the money supply in recent years has gone toward financial speculation, commodities price speculation, real estate speculation, currency price speculation, hostile corporate takeovers, and other types of nonproductive gambling.

Industrialists, farmers, entrepreneurs, and state governments get almost nothing, except maybe a harsh tax and regulatory environment.

If Congress will repeat the successful policies of Washington’s Bank of the United States and Lincoln’s Greenback Currency Act we will prevent the banking collapse from turning into a depression. This can be done by issuing an initial one trillion dollars in low interest gold reserve currency loaned through the national banking system. Restricting these issues for production, infrastructure and import/export will prevent the debt pyramiding associated with our current policy.

The warning signals are clear, even to our cowardly political leadership; it is totally unnecessary to relive the Dark Ages.

Charles E. Duncan