This article [published Aug. 5] is a great summary of the three factors which have destroyed the value of our money and may destroy our economy. When I worked in the U.S. Congress, my congressman, Larry McDonald, had Hans Sennholz (also from Grove City College), who wrote “Age of Inflation,” speak and his message was essentially the same. One thing worth noting is that Karl Marx in “The Communist Manifesto” enumerated 10 planks for making a country communist. This was written in 1848. Plank No. 5 states, “Centralization of credit in the hands of the State, by means of a national bank with State capital and an exclusive monopoly.” America adopted this program in 1913, although the bank is privately owned. The result? “Only the government can take a perfectly usable product such as paper, put ink on it, and make it absolutely worthless.” I can’t remember who deserves credit for that quote. Or, another thought to ponder—our money depends upon its value for the fact that our people don’t know that it has no value. We will find out the consequences of this soon.
Allen D. Rutledge