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Trace debt to origin

Congress shall have the power to coin money and regulate the value, according to Article 1 of the U.S. Constitution. Before 1913, various forms of money were tried. So in 1913, the Federal Reserve Act was formed. Many members of Congress were away for the Christmas holidays and the appointed board was made up mostly of bankers.

The national debt was just over $1 billion. By 1920, after World War 1, the debt had risen to $24 billion. By 1960, after World War II and the GI Bill, the debt had reached $284 billion.

The Federal Reserve system had never been audited, so during April 1975 hearings, a bill (HR 4316) to require an audit was introduced in Congress. Many favored this resolution, but with a great deal of pressure from the banking lobbyists it was not passed.

By 1981, our federal debt had passed $1 trillion and was growing exponentially as the interest rates tripled.

By 2012, our federal debt has reached $15 trillion and is growing at a rate of $1 trillion per year. Wow!

Gerald W. Ray

Spokane

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