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Letter to editor 10/13/08
  Contact: W. L. Myers, 2000 E Ramar #509, BHC, AZ 86442; 785/766/3045;

Understanding Mr. Bush's Math

In discussing our planned ’economic crisis,’ President Bush said “the fundamental problem is the downturn in the housing market.” Though the ‘downturn’ exacerbated the crisis, I suggest it didn’t cause it. Here’s why.

FACT - An 11/1/82 Dept. of Treasury letter states “the actual creation of money always involves the extension of credit by private commercial banks." i.e. we have no money in America; only debt as medium of exchange! A Treasury letter dated 1/6/83 says "money to pay the interest on borrowed money comes from the same source other money comes from." i.e., the interest must also be borrowed. By definition, money is to be a 'storehouse of value‘. A debt fails this test as it loses purchasing power over time.

FACT - The result of this ungodly, unconstitutional, and mathematically unsustainable monetary policy is that Americans now owe about $50 trillion in public and private debt and $45 trillion in unfunded obligations. The 'money' supply to service these obligations is about $6.1 trillion.”


1. Under our unconstitutional and ungodly monetary policy, there is no way to pay our debts as the sum of them cannot be made to equal their sum plus the average rate of interest on them times time.

2. Under present policy, it’s a mathematical certainty the owners of the Federal Reserve System (FED), a privately owned, deceitfully named banking system, must eventually hold title to all real wealth of their choice, a mortgage on the remainder and a claim on all future production.

3. We will continue to see financial crisis after crisis unless and until our monetary policy is honestly and responsibly acted on.

4. We urgently need an Economic Recovery Program having five key caveats; a non interest bearing medium of exchange; a redistribution of the tremendous concentration of wealth brought about by our present unconstitutional system of ‘money’ creation to the producers of the wealth; some existing debts expunged and others restructured; an overhaul of our tax system and the restoration of our American System of Economic Independence.

For more information on this and other acts thought to inspire thirty Republican governors to allege "Federal action has exceeded the clear bounds of its jurisdiction under the Constitution and thus violated rights guaranteed the people” on 11/22/94 see

Walter Myers

Bullhead City, AZ
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Walter L. Myers

Last Update:  07/11/2009 13:49:14
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