MORAL WATCH: INDICATORS Part VIII
35 INDICATORS of America’s Moral Condition
This work focuses on 35 Indicators to show that direction in which our Nation is heading. The follow meter rating is for the purpose of following trends. Scale is each Moral Indicator (MI) is based on .1 to .9 with higher numbers indicating a worst condition – all multiplied by 3.176
Income Inequality: .86
According to Forbes (2016) there are 1,810 billionaires (down from a record 1,826 in 2015) whose aggregate net worth is $ 6.5 trillion (down from about $7 trillion in 2015). As for as the richest companies and banks, Forbes list the Industrial and Commercial Bank of China (ICBC = $3.4 trillion assets, but $200 billion market value) as the largest followed by China Construction Bank and then the Agricultural Bank of China; then there is JPMorgan Chase; the Bank of China and Wells Fargo who is currently in trouble from manipulating loans.
Fortune’s Global 500 reported that the world’s 500 largest companies generated $27.6 trillion in revenues and $1.5 trillion in profits in 2015. They employ 67 million people in 33 countries. Portland’s City Council (Oregon) voted in December 2016 to approve a first-of-its-kind tax on public companies that pay their chief executive officers more 100 times their median workers’ pay. Firms that exceed the 100-to-1 CEO-to-median worker pay ratio will face a 10 percent surcharge on their city tax bill. (Portland already levies a 2.2 percent business tax on net income.) Companies that pay their CEOs more than 250 times the median employee pay will pay a 25 percent surcharge.
According to the Economic Policy Institute, in 2015, CEOs of the 350 largest U.S. firms made an average of $15.5 million and took home 276 times more than the typical worker. While the CEO-to-worker compensation ratio was 20-to-1 in 1965 and peaked at 376-to-1 in 2000. The EPI reports in 2016 that CEO pay is up over 46% since 2009.
According to the UN unstats.un.org, in 1990, 35% of the world’s population lived on less than $2 a day; and 11% did by 2013. The World Bank estimates that about 800 million people live in extreme poverty (2015).
When in America the Walmart family, one family, becomes worth $100 BILLION ($100,000,000,000), while their workers are kept at part time to avoid health insurance and retirement benefits – and this before forced Obamacare (Affordable Care Act) then it is wicked, and if that is the essence or goal of capitalism – than it is wicked too. We have always taxed in America and fought for fair liberties, but what would the founders have called CEO’s who go to Bilderberg meetings and form regulations and agendas for their nations with their Congress? You say, most of them had slaves – yes, true; but that evil was rejected and overturned and even despised by many of them. Yet today in one of the riches countries in the world; average medium income families pay up to 100% of their income on their mortgage, car loan, phone bill, health insurance and utilities, before they can even by bread or life insurance, and rare a vacation – yes, most Americans are still slaves – now just to Financial Corporations and usury.
National Debt: .88
The American Revolutionary War lasted from 1775 to 1783. The United States Constitution was created September 17, 1787 through various committees, Plans and compromises by delegates at the Constitutional Convention in Philadelphia. However, it was not ratified until June of 1788 and not in force unto 1789. And April 30, 1789, former Commander-in-Chief of the Continental Army, George Washington, became the first President of the United States.
May of 1781, the Bank of North America was chartered by the Confederation Congress. The private bank opened in Philadelphia Jan. 1782, and service as a central bank. It sold shares of stock and was the first initial public offering in America. The bank made loans to both the public and private sectors. And by 1784, Alexander Hamilton in New York, and William Phillips in Boston, would also found commercial banks. The Bank of North America would have its first charter revoked and gain a second charter in 1786.
Before 1800, there were at least 28 Chartered National banks, including: the Bank of New York (1787 – capital $ 2 million), the Bank of New York (1784; 1791; 2007 Bank of N.Y. Mellon), the Bank of the United States (PA, 1791; $ 10 million capital), the Massachusetts Bank (1784; Merged with First National Bank of Boston 1903; 2004 acquired by Bank of America), the Bank of Maryland (1790), Union Bank (1792), Bank of Pennsylvania (1793; capital $ 3 million), and Manhattan Company.
Robert Morris, a founding father of the U.S. (signer of Declaration of Independence, Art. of Confed., & Constitution), and Superintendent of Finance 1781-1784, obtained and owed about 60% of the shares of the Bank of N.A. Next to Gen. George Washington, Morris was called by some, ‘the most powerful man in America.’ He oversaw much of the Continental Navy, and was also called the ‘Financier of the Revolution.’ Morris served as a Senator of Pa. from 1789 to 1795. However, due to greedy land grab attempts during the Panic of 1796-1797 he went bankrupt in 1798.
The text Rise of the American Nation (1966) states, ‘Alexander Hamilton (1754-1804) was second only to Washington in his influence upon the new government in its early years. Only 32 years of age when he became Secretary of Treasury… was convinced that the federal government should be as strong as possible… Hamilton convinced Congress that a debt must be paid if the nation’s credit was to be established.’
In 1757, when Colonist and states were printing their own debt-free currency, Benjamin Franklin stated, ‘In the colonies we issue our own money. It is called colonial scrip. We issue it in proper proportion to the demands of trade and industry to make the products pass easily from the producers to the consumers. In this manner, creating for ourselves our own paper money, we control its purchasing power and we have no interest to pay no one.’
From 1781 to 1784, Solomon brokered at least 75 financial transactions for loans and funds to purchase ammunition, muskets, and cannons, as well as food, clothing and medicine. It is said that Solomon raised $ 3.5 million British pounds from the Sassoon and Rothschild banking houses. The Jewish-American Hall of Fame online, states in 1782, Madison acknowledged the ‘kindness’ of Solomon, who died at age 44 in 1785. Salomon was a member of Mikveh Israel Congregation in Philadelphia; he gave the bulk of funds to build its first building in 1782. Ben Franklin also gave a donation. Haym was buried at the Mikveh.
It has been reported that Mayer Amschel Rothschild got even richer by secretly funding both sides of the American Revolutionary War. One account tells that British funds occasionally did not reach America in time to pay troops; and at least on one occasion was lost. Mayer Rothschild, the oldest son of Amschel, learned his banking as an apprentice at the Oppenheimer banking house in Hanover. In 1763, after his father’s death, Mayer moved back to Frankfurt. In 1769 he was appointed court factor to Prince William.
The Bank of North America was granted the charter in 1781, and was funded in part through loans of gold and silver from financiers in Netherlands and France. Loans from the Bank of North America were used to finance the Yorktown campaign of October 1781.
According to Treasury.gov and the History of the Treasury, ‘On June 22, 1775 – only a few days after the Battle of Bunker Hill, Congress issued $2 million in bills; on July 25, 28 citizens of Philadelphia were employed by the Congress to sign and number the currency.’ Benjamin Franklin had acquired $ 2 million from the French government; and in addition to the funds raised by Morris, Salomon, others, in 1782 John Adams, with help from David Salisbury Franks, secured a loan from Dutch bankers.
The First Bank of the United States was chartered for a 20 year term from February of 1791 to 1811. It followed the Bank of North America as the nation’s central bank. It was supported by Alexander Hamilton, the first Secretary of the Treasury, who saw it as a way to improve the nation’s credit. Hamilton wanted the Bank on behalf of the Nation, to take over the state’s War debts; to raise money for the new government; and to create common currency. Hamilton proposed the Bank would be a private company, but subject to $ 10 million in stock capitalization and could not issue notes beyond that amount. In was said, that by 1791, interest on state debts was about $ 788,000 annually. Washington, of Virginia, initially was hesitant to sing the ‘bank bill’ into law.
Attorney General Edmund Randolph of Virginia stated that he felt the bill was unconstitutional. Thomas Jefferson, also of Virginia, was against Hamilton’s proposal as being against the spirit and the letter of the Constitution. The New York members with Hamilton and others, convinced Congress and Washington of the need; and in March 1791, Washington appointed 3 Commissioners to the Bank: Thomas Willing – its President, Samuel Howell (Merchant, Financier, and billionaire in 2016 $) and David Rittenhouse (Surveyor, Astronomer, inventor; he completed survey of Mason-Dixon line, was the first American to sight Uranus, discovered the atmosphere of Venus, and was the first director of the U.S. Mint).
By December 1778, Continental currency was worth 1/6 its value, and by 1780 the bills were at 1/40 face value. One problem was with British counterfeiting. Nevertheless, before 1789, many colonists were content to leave their debts unsettled for years. By the time Washington became president, Americans began to see the economic need and ethical reasons for paying their debts on time. However, many elite bankers also took advantage of the times, taking positions in society that former British officers and Loyalist held. In 1790, the U.S. had 4 national or Commercial Banks; by 1800 the number reached 29, with about $ 27 million in Capital and $ 50 million in assets.
With Washington took office, the National Debt was about $ 65 to $ 70 million. In terms of 2015 dollars, a $ 65 million national debt in 1789 would equal about $ 1.6 Billion in 2015. The economic and purchasing power would be much more, but this figure is based on inflation. In U.S. Dept. of Finance began in 1781, and 1783, the debt was about $ 43 million. By some sources, France spent $ 1.3 billion livres, Spain spent over 1.15 billion reales, Great Britain spent about $ 250 million pounds, and the US spent $400 million on the war.
In 1796, former Southwest Territory, Tennessee, followed Kentucky (1792; previously part of N.Y. & N.H.) and Vermont (1791; previously part of Virginia) into statehood and joined the original 13 colonies as part of the United States of America. At that time the seat of government was still in Philadelphia; however it would soon be moved to the new capital city and approved land by the Potomac River. In 1800, as America entered the 19th century, the government entered their new offices on lands donated by Maryland and Virginia, which was called the City of Washington (1791).
Article One; Section 8 of the Constitution: Congress shall have the power to lay and collect taxes, duties, excises, to pay debts, provide for the common defence and general welfare, to borrow money on credit, declare war, and apportion land for a ‘District, not exceeding ten Miles square.’ Congress was divided in the North and South as to where delegates wanted the city. The Compromise of 1790 would be the first of many congressional compromises to keep the union together.
The Library of Congress preserved Thomas Jefferson’s ‘Account of the Bargain (written 1818)’ of the 1790, “it’s rejection endangered a dissolution of our union… compromise which was to save the union …there had before been propositions to fix the seat of government either at Philadelphia or at George town on the Patomac; and it was thought that by giving it to Philadelphia for ten year, and to George town permanently afterwards… and so two of the Patomac members agreed to change their votes, and Hamilton undertook to carry the other point.” Thus, in return for Hamilton getting the northern votes to set the seat of government on the Potomac, in part of Old Virginia; Jefferson and Madison got the southern votes to approve a National Bank that would assume and pay back America and its states War debts. And Washington would sign the bill under the compromise and be allowed to choose the land for the capital.
In 1793, the first year of Washington’s second term the debt with interest and loans reached $ 80 million. The government paid it down $ 1.9 million in 1794, and then added another $ 5.3 million before Washington left office. John Adams administration paid back the $ 5.3 in his first three years, but added back $ 4.57 million his last year; bring the National Debt to almost $ 83 million in 1800. Amidst difficult times, John Adams was a brilliant men and president. Nevertheless, with Hamilton, Jay, and others such as Captain Pinckney (US Minster to France; planter; brother Gov. of S.C.; Middleton: father-in-law second President of the Cont. Congress), Adams was aWhen Jefferson took office the January 1801 national debt was about $ 83 million. After his first 3 years, the debt was paid down almost $ 6 million, to $ 77 million in 1803. However, he ceased the opportunity of the Louisiana Purchase in 1803. He had agreed the Robert Livingston, minister to Paris, would offer Napoleon up to $ 10 million for the land. Federalist.
When Nathan Rothschild permanently established his banking business in London in 1809, one of his first major transactions was the investment of £550,000 of the Elector’s funds in British government securities and bullion… the success of this business laid the foundations for the Rothschilds’ rise to prominence… (Later) politician Randolph Churchill (1849-1895) the father of Winston Churchill was an intimate of the Rothschild family…’
‘September 1810, Mayer… and three sons, Amschel… Salomon… and Carl, became partners… Nathan… made his first home in Manchester, the centre of the English cotton trade, and set up a cloth wholesale business… by 1811 he had wound up the Manchester wholesale business to concentrate on banking from his base at New Court… James, the youngest of the brothers, went on to found the French business… James… was in Paris from the age of 19 (1811), coordinating the purchase of specie and bullion for Nathan.”
One of the famous sayings of Mayer Amschel Rothschild (1744-1812) was, ‘let me issue and control a nation’s money supply, and I care not who makes its laws.’ Yet, 1811, the year before his death, America was threatening the banks life-blood – its influence over the government as a central bank and its ties to international banking. Benjamin Franklin and Thomas Jefferson had made their arguments against the bank when the nation was young, Madison would not have it any easier. And though the charter was up in 1811, and there was still opposition to a central bank, rather than state banks, the national debts were in the tens of millions and war was on the horizon.
In 1810, Napoleon and Madison could not reach a mutual agreement, and in 1811 when the banks charter was denied, it was the last straw for the Rothschild backed powers of the government in Britain.
At that time, Major General Andrew Jackson said, ‘If Congress has a right under the Constitution to issue paper money, it was given them to use by themselves, not to be delegated to individuals or corporations.’ And about that time when the bank charter was not renewed, Nathan Rothschild, head of Rothschild banking in England and financier of wars, threatened with an ultimatum, ‘Either the application for renewal of the Charter is granted, or the United States will find itself in a most disastrous war.’ Andrew Jackson’s response to this was, “You are a den of thieves vipers, and I intend to rout you out, and by the Eternal God, I will rout you out.” Nathan Mayer Rothschild’s reply to that being, “Teach those impudent Americans a lesson. Bring them back to colonial status.”
Between 1816 and 1824, there was only one political party. So John Quincy Adams took office in 1825 with the Democratic-Republican Party. Before 1808 he was a Federalist and after his term he would join the Anti-Masonic Party and then the Whig Party. Though Adams was anti-slavery and predicted a civil war over the issue, he would not live to see the War. However, Adams sought to make a better American economy, lowering debt at the same time. He reduced the debt each year of his one term from about $90 million to about $ 67 million.
So due to war, both the Second Bank of the United States and national debt rose; but in post-war years the debt was reduced and the Bank was again challenged. Shortly after Nathan Rothschild’s threats and the War of 1812 the Second Bank of the U. S. was chartered in 1816.
Nevertheless, the Andrew Jackson administration would accomplish something no other administration before or after has – no National Debt.
The war and amendments may have released 4 million slaves to their freedom, but it would take another hundred years and more civil right acts to bring racism and hatred to its knees.
Just as there were great battles in Congress over the rights of all citizens, there were struggles over taxes and reconstruction efforts. By the end of 1864, the National Debt was about $ 1.8 billion. A year later to pay for Union debts it reached $ 2.6 billion. The next two years it remained level due to higher taxes. And in 1867 to 1868 the deficit was reduced each year, leaving the debt unchanged from the $ 2.6 billion 1865 level.
Most federal revenue was nevertheless raised by tariffs between 1866 and 1913. It would take until 1892, for Congress to pay off about two-thirds of the $2.7 billion Civil War debt.
When McKinley took office in 1897 the National Debt was about $ 1.77 billion. He would increase the debt over 18% in his third and four year to over $ 2.1 billion in 1900. Part of the increases were $ 50 million towards a stronger military, and investments into annexing Hawaii and support for Cuba. McKinley supported the gold standard signing the Currency Act of 1900.
When Roosevelt took office in 1901 the National Debt was just over $2.1 billion; and through his first five years had only a slight increase in the debt, his last three increased the debt about $350 million to over $2.6 billion – nearing the post Civil War high of 1866.
William Taft was a Secretary of War, the 10th Chief Justice of the U.S., and 27th president. Like Roosevelt, he was a Republican. During his first year in office, Congress passed the 16th Amendment in 1909, permits the levying of an income tax; yet, it would not be until his last year, and last days in office that the amendment was ratified – 1913. Taft was greatly involved in foreign policy throughout the world, even supporting a loan to Nicaragua and trade with the Philippines. However, like Teddy Roosevelt, he opposed immigration from China and Japan. Also, like Roosevelt, he fought against monopolies using the Sherman Antitrust Act – 70 cases in 4 years, Roosevelt had 40 in 7 years. One of the big break ups was Rockefeller’s Standard Oil Company in 1911.
In 1872, the marginal income tax was 2.5% for married filing jointly incomes over $2,000. There were no income taxes 1873 to 1893; in 1894 the rate was 2% on family income over $4,000. Then the Supreme Court declared income taxes unconstitutional in 1895, and there were no income taxes until 1913. Through the Amendment passed in 1909, it was not ratified until 1912 and in 1913 the rates on married couples was 1% of the first $20,000; 2% from 20,000 to 50,000, and increased until 7% on portions of income above $500,000. Those rates did not change until after the Federal Reserve and the beginning of World War I.
So when Woodrow Wilson took office in 1913, America and much of the World was in great transition. At that time, America’s national debt was nearly $ 3 billion.
December 23, 1913, as many in Congress had left for Christmas break, Wilson signed the Owen-Glass Act or Currency Bill, which is called the Federal Reserve Act of 1913. It passed the Senate with a 43 to 25 vote (68 of the 100 Senators). The Act created a privately owned central banking system.
The Reserve Bank issued shares to Banks like National City Bank (Rockefellers major share holder), Chase National (Rockefellers and Chase), First National Bank (Morgan), Rothschild Banks of London and Germany, Warburg Germany Banks, Goldman Sachs Bank, etc. Senator Nelson Aldrich was chairman of the Monetary Commission that led to passing of the bill. Aldrich’s grandfather was Nelson Aldrich Rockefeller.
Paul Warburg became a naturalized US citizen in 1911; in 1914 the German banker was on the first Federal Reserve Board, and in 1921 would be a founding member and director of the Council on Foreign Relations (1921) founded by Wilson’s advisor, Colonel Edward House.
William McAdoo, secretary of Treasury, became the first Chairman of the Federal Reserve Board. He owed J.P. Morgan for bailing out his Railroad Company. He was a campaign manager to Wilson and married Eleanor Wilson in 1914 (later divorced). In 1914 he arranged the closing of the NYSE for several months to protect his banker friends. He was a co-founder with Wilson of the League of Nations.
In 1919, McAdoo wrote an article for The OUTLOOK entitled ‘The League of Nations.’ He said ‘our isolation has been destroyed forever. Three thousand miles of the Atlantic are no longer a protection… (yet) No League of Nations can be created without America.’ The League of Nations was created in 1920, and would lead to the United Nations and towards Global Governance.
So the Central Banks were in full swing with the Federal Reserve ready to fund WWI (1914-1919); look past the tanks, bombs, artillery and machine guns killing over 30 million people and war was great for central banks, economies and big business. And taxes would mostly pay for it – of course we would and never will pay off the National of course: Debt; by the end of the War, in 1919 – Wilson’s seventh year in office – the debt climbed to over $ 27 billion. Remember it was under $3 billion when he took office. Andrew Jackson decreased the debt 100%, but Wilson increased it over 800% – it being nearly $26 billion when he left office in 1920. But worst, now Central Banks cover the world, tie into the United Nations World Bank and IMF, connected to the Bank for International Settlements (BIS), and knowing no borders and few masters, such as the Rothschild and Rockefeller families who own interest (often controlling interest) in dozens of Central Banks worldwide.
In efforts to repay the Federal Reserve loan for the war and National Debt, when Wilson entered office the 1913 Income Tax on Married Filing Jointly was 1% on the first $20,000 and increased to 7% on portions over $500,000. In 1916, it double to 2% on portions up to $20,000; 12% $500,000 to $1 million; and 15% over $2 million.
By 1917, it was full on: 2% on the first $2,000; 7% $10,000 to 12,500; 12% $20,000 to $40,000; 31% $100,000 to $150,000; up to 67% on portions over $2 million. In 1918, income tax was 6% up to $ 4,000; 20% – $18K to $20K; and 77% over $1 million. In great part due to public outcry for raising from 1% to 20% on $20K in 6 years, in 1919 and until Wilson left office in 1921, taxes were reduced slightly: 4% on the first $4K; 16% – $18K to $20K; 68% for portion $200K to $300K; and 73% for over a million.
Though WWII would both end the Great Depression and skyrocket our national debt, FDR did enact several ‘New Deal’ programs to create jobs and aid Americans.
During WWII under Roosevelt it rose about 89% in 1943 and over 500% from 1941 to 1946. The National Debt was $ 22.5 billion at the end of Roosevelt’s first year in office – 1933; it climbed to $ 136.7 billion in ten years in 1943 mid-WWII; by the time FDR died in office in 1945 the National Debt was over $ 200 billion. His programs and the War would cause another $ 50 billion in 1945 alone during Truman’s first year.
Our National Debt began in great part due to the Revolutionary War; ending at $ 83 million when Washington left office in 1796. The year after the Louisiana Purchase in 1803 (affecting 13 states, over 820 sq. miles, less than 3 cents an acre) the National Debt increased 12% to $ 86 million. During the War of 1812, which actually lasted until 1815, the Debt increased from $ 45 million to $100 million by the end of 1815 and 27% in 1816 to over $ 127 million. Victorious over Central Banks, Jackson was able to pay off the National Debt in 1835. That would be the last time in history. Due to the Civil War the Debt would rise nearly 500% (479%) in 1862 and over 113% in 1863. In total, from 1860 to 1865 the debt would increase an astronomical 4000% – from less than $ 65 million to almost $ 2.7 billion. It would not be until Wilson and WWI that the debt rose again 155% in 1918. On July 1, 1862, Congress passed the Internal Revenue Act and the first income tax, 3% on annual incomes over $600 but less than $10,000 and 5% on incomes over $10,000. With taxes and tariffs Grant was able to reduce the debt over $ 300 million to less than $ 2.2 billion in 1876. And for the most part, Congress paid down debt until 1898 – $ 1.8 billion; this was the year the Spanish-American War began and a time of territorial expansion. Income taxes started again in 1913, the same year the Federal Reserve was founded.
Civil War – Lincoln 1863 (first time over $ 1 billion); WWI – high in debt Wilson, $27 billion (1919); FDR took office with $27 billion and would be the first president to have the National Debt reach $50 billion (early 1942 WWII), $ 100 billion (1943), $ 200 billion 1944 and dying in office early 1945. Truman inherited FDR’s New Deal programs and WWII spending but managed to keep the National Debt level at about $258 billion.
National Debt in 1836 under President Gen. Andrew Jackson: Zero; Debt after the Civil War in 1865: $2.6 billion and reduced below and held to less than $2 billion by 1900; after WWI and the loans from the Fed. Reserves Central Banks 1919 $ 27B – reduced and held to less than $17B – even during the Great Depression; by WWII about $40B when Germany invades Poland (1939) to $270B in 1946. About 42 years later the Debt reaches the ONE TRILLION mark in 1981. The Reagan administration listening to Trilateral Commission type republicans reduced taxes on the top brackets and in 8 years increase the national debt by 187%. Bush 1 in 4 years by 56%; Clinton 40% over 8 years; George 2 77% in 8 years; and Obama more the 100% in 8 years – doubling the debt. National Debt 1990 before entering the Gulf War over 26 years ago: $ 3.2 Trillion and now $ 20 trillion. And likely will increase to $ 25 trillion regardless whether HRC or Donald Trump is elected.
The above is from: History & Politics of National Debt