The original thirteen colonies printed their own currency, and it worked very well at empowering commerce and turning the young America into a powerful growing economy, free of the poverty and unemployment that even then crippled London.
But the bankers of Europe, long used to private banks issuing the public currencies, were horrified by the American approach and saw it as a threat to their deeply cherished religious belief that the gods intended for he bankers to have all the wealth of the world.
So, the Bank of England lobbied King George III to impose the Currency Act on the colonies, which forbade the colonies to use their own money and required them to borrow their lawful tender from the Bank of England, at interest.
Within a few short years of the Currency Act, the colonies were gripped with the same poverty and unemployment as London. It was the rage from the effects of the currency act that fueled the drive towards revolution.
But because the Congress in 1913 sold us back into the same style banking system, present-day schools seldom mention the currency act, preferring to lay the blame for the revolution on the Tea act and the Stamp Act, which were rather mild offenses by comparison.
Previous Presidents have resorted to their constitutional authority to issue government currency to challenge the primacy of the bank notes, Abraham Lincoln and John Kennedy, both of whom were killed and their currencies removed from circulation immediately following their deaths.
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