In other words if the US government's spending was limited to revenue from taxation and borrowing (bills, notes and bonds). >From 'Crashmaker' - by Victor Sperandeo and Alvaro Almeida: (it's not sold by Barnes and Noble or Amazon) Stillwell is head of the Fed. Dominic is a trader. They are at a money summit type event. Stillwell has given a presentation and taking questions. "Not necessarily, " Stillwell dodged Dominic's response, unable to contradict his statistics. "Inflation promotes economic growth." "At whose expense?" Dominic pressed his point. "When the Fed began in 1913, average wages were about two thousand two hundred dollars a year - payable in gold or silver and with no income tax. From 1934 to 1992, average wages increased to about thirty thousand two hundred dollars a year - but finally payable only in paper, and subject to tax." Dominic then worked his way through a labyrinth of statistics, finally concluding that, "under a gold standard, average wages would have risen to about five thousand seven hundred twenty dollars in gold, which would translate into sixty one thousand seven hundred thirty dollars in paper. The median income would be about double what it is today, with zero tax. So, obviously, working people have paid an enormous price for the Federal Reserve." http://www.tradervic.com/ Bob -- http://www.constructiongigs.com/ Use gold as money. It's easy. Create a free e-gold account here: http://www.e-gold.com/e-gold.asp?cid=101670 ConstructionGigs.com's PGP public key is here: http://www.constructiongigs.com/assets/DH-DSSkey.txt Fingerprint: 3C4D A63F 3C8B 2D7B 7E1A FFE8 9A2E 4D78 CAD6 66B7 --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
