This is the argument in Hogeland’s forthcoming book, Founding Finance—a title in “Discovering America,” the series that I edit for the University of Texas Press.

MCM

How Radical Economics Led to U.S. Independence
By William Hogeland

Big historical events often come to seem inevitable, and little today seems more inevitable in retrospect than America’s declaring independence on July 4, 1776.

So it can be startling to recall that well into the spring and early summer of that year, the Continental Congress meeting at the State House in Philadelphia was by no means committed to declaring independence. Until the last minute, powerful men in the Congress still hoped to negotiate a settlement with England.

Even more surprising may be that without a crew of lower-class Philadelphia organizers, collaborating secretly with independence-minded gentlemen in the Congress, the declaration never would have occurred. Most outlandish of all: Those down-at-the-heels outsiders had ideas about economics and finance — some today would call them “socialist” — far more radically democratic than anything espoused by better-known founders.

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One Comment to “How radical economics led to US independence”

  • The following information is very interesting and may affect school/university/city/state/federal pensions public property, austerity programs and more. Carl Herman from Harvard has some unique reporting on CAFR. I don’t know if his bias toward State Banks slants the material in any way. I should note that I have a bias towards monetary reform for a debt free, interest free public government money as described at http://www.monetary.org/ and http://www.monetary.org/2012-conference.

    http://www.washingtonsblog.com/2012/07/cafr-so-called-pension-funds-engorge-wall-streets-biggest-banks.html


    July 12, 2012 by Carl Herman

    
I documented that California’s so-called “pension fund” of $460 billion contributed just $1 billion (4%) of the state’s $27 billion pension cost, and the total $600 billion in retained taxpayer assets are lied-in-omission removed from the $16 billion budget deficit claimed as “forcing” austerity.


    Now Clint Richardson has hit another home run in documenting California’s Comprehensive Annual Financial Report (CAFR) as funding Wall Street’s biggest banks by the billions, including $2 billion directly into the very same mortgaged-backed and asset-backed securities that were fraudulently created, fraudulently marketed, and fraudulently rewarded through taxpayer so-called bailouts.


    And remember the big picture: the state’s CAFR is dwarfed by ~14,000 various intra-state government agencies, whose data-sampled CAFR data reveal $8 trillion in total surplus taxpayer assets. This figures into a staggering $650,000 of retained assets per California household.


    So we now know how Wall Street’s biggest players get their positions of power: they work to overtax the 99%, call it “investments” mostly into a “pension fund,” and thereby transfer trillions into their own corporations.


    I see three obvious solutions that will require on Occupy-like victory. So far, law enforcement told me CAFR fraud is not a crime, and my state representatives after five weeks of opportunity are lying and resorting to “no comment.

    ”
I’ll see if local media interest will help persuade our state representatives to make an ethical response in public service, rather than act as 1% minions.


    ……


    http://www.examiner.com/article/cafr-summary-why-can-t-a-600b-fund-fund-27b-pension-16b-budget-deficit


    CAFR summary: why can’t a $600B ‘fund’ fund $27B pension, $16B budget deficit?


    Politics


    June 18, 2012


    By: Carl Herman
…

    ……..

    http://www.washingtonsblog.com/2012/07/phone-assemblymember-portantino-on-no-comment-for-cafr-600b-taxpayer-surplus.html

    Phone Assemblymember Portantino on ‘no comment’ for CAFR $600B taxpayer surplus
    Posted on July 11, 2012 by Carl Herman

    ……..

    
Link to see:


    …Clint Richardson has hit another home run in documenting California’s Comprehensive Annual Financial Report (CAFR) as funding Wall Street’s biggest banks by the billions, including $2 billion directly into the very same mortgaged-backed and asset-backed securities that were fraudulently created, fraudulently marketed, and fraudulently rewarded through taxpayer so-called bailouts.


    http://realitybloger.wordpress.com/2012/07/10/cafr-school-how-corporations-are-funded-by-taxpayers/


    The answer to these questions, in this authors perspective, would be the final nail in the 4-decade long efforts to completely privatize our government. It would mean that those stock certificates that are held by each of these pension funds would either be transferred into private hands, or they would be sold off for pennies on the dollar in a false-flag depression scenario to the worst of either these private corporations or to some other individual or country. In short, it would mean the largest transfer of wealth out of the public’s hands in recorded history, including real estate, foreign currencies, stocks and bonds, precious metals, and the many other assets within.


    But that’s not all folks… for all of those corporate bonds would also change hands, being transferred or sold off – possibly to the very private banking institutions that were the beneficiaries of those corporate bond and securities-type loans in the first place. In other words, the debts would never come back to the pensioners/taxpayers that loaned it in the first place (the public), but instead would be paid back by the corporations to the corporations themselves, ultimately equating to a grand theft of massive proportions via the loss to the taxpayers as the corporations pay themselves back for the debt against themselves as owners of their own debt… a paradox, and yet quite reasonable to these organized criminals.


    This would be no different than the Public Private Partnerships (PPP) happening all over the country now, where parking garages, toll-roads, bridges, and other public infrastructure has been sold or “privatized” into the hands of banks and other private corporations – who now operate and collect the tolls and taxes for the infrastructure that was built by our forefathers and our children.


    snip

    
For it would not take much at all to accomplish this feat. For federal pensions, as part of the Executive branch, a simple executive order might be signed by the president directing the liquidation of the pension system to pay for the “national debt”. On the State and local levels, simple bankruptcy proceedings would do the job, and the people and pensioners would be left out in the cold.

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