Great essay by Geraldine Perry:
Free trade, debt and war are all part of the same package, each feeding off the other. They are – each of them – rackets in their own right and they are all symptoms of the same problem. That problem has to do with the fact that our government – along with the rest of the world – has entirely forgotten the basic concept of how a national economy actually “earns” its way to prosperity.
The American colonists understood this in a very visceral way. For example, Benjamin Franklin once remarked that there are only three ways a nation can become wealthy. (1) It can engage in war and war profiteering. (2) It can reap unearned profits through exploitation of wage and price differentials, under cover of “free” trade. OR (3) It can create new, earned wealth through a balanced domestic exchange economy.
Franklin, like the other colonists, knew whereof he spoke, having witnessed firsthand the shenanigans of the British East India Company, which not only began using slave labor for its operations by the 1620’s but which required England to continually bail it out, heaping extra debt on the English people and forcing England to look for tax revenue from her increasingly disgruntled American colonies.
But bailing out the East India Company was not the real reason why England was in debt. That state of affairs must be attributed to the fact that England had, in 1666, relinquished her prerogative to issue the nation’s money – a prerogative sanctified by the world famous Mix’t Moneys case of 1604. Instead of maintaining that prerogative for the benefit of her people, England was persuaded, through bribery, intrigue and various forms of subterfuge to surrender that prerogative over to private hands – those hands being those of the British East India company, through the Mint Act of 1666.
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If we don't fix this problem, we are toast. And from the looks of things, we don't have much time left.