A Hamiltonian Credit System for Development

the following is Chapter 7 from this report and is applicable to every country worldwide

re posted from           LAROUCHEPAC


A Hamiltonian Credit System for Development

We will generate the investment credit necessary to carry out the job creation program outlined in this proposal through the American System of economy, rather than continue with the suicidal policy of trying to bail out a $1.8 quadrillion speculative bubble with endlessly increasing quantitative easing and other bankers bailouts at taxpayers’ expense.

The American System is founded on the knowledge that human invention and creative ideas are the source of wealth; they represent the human capacity to understand the laws of the physical universe and to act on them, more powerfully with every new discovery of those laws. The American System of economy appeared as early as the 17th Century Puritan colonists of the Massachusetts Bay republic. It directly opposed the British free trade system which destroys us today, which teaches that wealth comes from advantage in trade (buy cheap, sell dear) and financial speculation; the Physiocratic system, which peddles the superstition that wealth is simply ownership of land; and the socialist idea that wealth comes simply from physical labor.

No, said the brilliant first American Treasury Secretary Alexander Hamilton: Wealth is the product of human invention which has been provided with credit to become new machinery, a new form of power or chemical process, a new tool. Hamilton’s idea that the purpose of banks is to “put the savings of the nation in the hands of those able to use it most productively,” created commercial banking in America. His creation of national banking enabled a bank, acting between the government and private banks, to leverage the savings of the nation for years into the future, as national credit for manufactures and infrastructure. Hamilton’s Report to Congress on Manufactures was the first appearance in America of the full intention that the United States would become a great manufacturing nation, not a playground where European financial speculators prey upon impoverished American farmers.

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