How Andrew Jackson Freed America From Central Bank Control… And Why It Matters Now

https://www.zerohedge.com/economics/how-andrew-jackson-freed-america-central-bank-control-and-why-it-matters-now

After Jackson succeeded in ending the Second Bank of the United States, anything associated with a central bank became deeply unpopular with the American public. So, central bank advocates tried a new branding strategy.

Rather than call their new central bank the “Third Bank of the United States,” they went for a vague and boring name. They called it “the Federal Reserve” and managed to hide it from the average person in plain sight. As a result, over 100 years since its founding, most Americans have no idea what the Federal Reserve is or what it actually does.

And that is precisely what the Federal Reserve and the central banking system has enabled the US government to do.

It took 146 years after Jackson fully paid off the debt in 1835—or until 1981—for the US government to rack up its first trillion in debt. The second trillion only took four years. After that, the next trillions came in increasingly shorter intervals.

Today, Congress has normalized multi-trillion dollar federal spending deficits. It’s politically impossible to even slow the federal spending growth rate, let alone cut it.

As a result, the US federal debt has gone parabolic.

The US federal government has the largest debt in the history of the world. And it’s continuing to grow at a rapid, unstoppable pace.

The debt will keep piling up as the US government continues to pay for political promises regardless of who sits in the White House. It’s virtually inevitable.