Creating a Debt-Free America
With debt-free and interest-free money, there would be
no direct confiscatory taxation and our homes would be mortgage-free without
approximately $10,000-per-year payments to the bankers. Nor would they
get $1000 to $3000 per year from every automobile on our roads.
We would need far fewer financial "help" in the form of "easy payment"
plans, "revolving" charge accounts, loans to pay medical or hospital bills,
loans to pay taxes, loans to pay for burials, loans to pay loans, nor any of the thousand
and one usury bearing loans which now suck the life blood of American families.
Our officials, at all levels of government, would be working for the people instead of
devising capers which will place us further in debt to the bankers. We would get out of
entangling foreign alliances that have engulfed us in four major wars and scores of minor
wars since the Federal Reserve Act was passed.
A debt-free America would leave parents with more time to spend raising their children.
The elimination of the interest payments and debt would be the equivalent of a 50 percent
raise in the purchasing power of every worker. This cancellation of interest-based private
debts would result in the return to the people of $300 billion yearly in property and
wealth that currently goes to banks.
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