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To: JF Quinnelly who wrote (7640)	12/30/2002 3:49:21 AM
From: JBTFD	Respond to of 306849

publicdebt.treas.gov That article must be old. The debt is now 6.3 trillion. It's been growing at a rate of over 1 bil a day since last Sept.

To: JF Quinnelly who wrote (7640)	12/30/2002 1:07:21 PM
From: MSI	Read Replies (1) \| Respond to of 306849

It's not so easy to dismiss, when you look at the flow of funds through the banks creating large profits, unearned except by legislated proximity to fed gov't source of credit. Reading the 1913 debate, the reason in the first place for setting a federalized system was to manage bank debt instruments, not just to create federal debt. The author is one of many who pose the question of why Congress is constrained from not issuing additional money without debt as the Constitution specifies, and as was done previously, and organize bank-debt regulation problem separately. It's easy to believe the issuance of debt through the banking system became so lucrative that it has become the defacto creation of money. The way to test that theory is to determine the profits made by the member banks, compared to the alternative.