To: RJA_ who wrote (34543 ) 5/7/2008 1:52:24 PM From: pogohere Read Replies (1) | Respond to Excellent find!the abolition of private paper currency ; the diminution of the volume of legal means of payment ; and the credit bar." [emphasis added]the foreign groups who had sold the dollars demanded payment in money which was legal tender, and the German dollar purchasers were now unable to comply." [emphasis added] "Legal tender" means the government will accept the payment tendered for payment of taxes. The fiat created by the Confederacy during the Civil War was not legal tender. The Greenbacks issued by the North was legal tender.private interests were ruthlessly ignored in the interests of the community as a whole. My victory did not make me popular . . . Even the experts did not always grasp my methods, which contradicted every classical theory, and the great mass of the people naturally failed to understand the significance of what was taking place. . . It was in this period that the press first dubbed me a ‘Financial Wizard’, because in money matters in particular the simple and the natural is the most difficult to grasp."e.g. , absorb the Fed into the US Treasury) for the general welfare, rather than privately controlled for private gain. The financial deregulation that took place under Bush the elder and Clinton freed up the market to behave as markets do, and we now see the result. Free market advocates ignore these facts. Schacht explains this quite clearly. His "wizardry" consisted of understanding the science of money.
