Assumption was not solely based on strengthening the Federal Government of the newly formed nation. Those debts were individual to the Revolutionary War and the costs to each colony, and if you did this for a living you would know good and well that Assumption, did give this nation an outstanding credit rating globally but the central bank concept is a fail across the board.
And if you did this for a living, you would also know that everything I stated was the truth and nothing but.
Here, here is just some of the information pretty much packaged up for you.
http://www.usgovernmentrevenue.com/debt_deficit_historyNow, the reason I stated it was false, not that you lied, but that it was not being honest with the information in its full form, you can clearly see where interest comes into play. But, like I stated in my previous post, lets leave this for another day.
Ah, yes, you didn't think I looked at numbers like these all day? I'll tell ya what, I deal with financials all day, and deal with people you couldn't begin to imagine who they are and what role they play in the global economy. We also joust on this issue from time to time, political ideology is a moot point in those discussions and they are from both sides of the isle, and true to form, they also, all, every single one of them, happen to agree, that a balanced budget amendment, would indeed, suffice it to say, correct the current problem.
But its easier just to state that it cannot work and keep the status quo. I think your real failure to understand this is in the true understanding of the programs that would not exist with a balanced budget amendment "COMBINED" with a common sense tax policy. But once again, I digress, you cannot have one without the other, hence, once again, my comment that your statement that its not actual is false.
We could go into examples, such as, the interest accured and time parameters for such, also known as "Servicable Debt Association", in which this interest if beyond the cost of the principal from its inception. You know it as something else.
Here, I'll give you a simplistic example of this, the national defecit runs and you accumulate the national debt, but, if over 50% of this is interest (which it is annually) then some entity is accuring that money, who? The Federal Reserve, thats who.
It really is quite simple, if you put a balanced budget amendment into implementation, you force the government to coin its own money, thereby releasing it from those massive interest payments.
Now, who is going to loan the banks money without a central bank? Well, this is where obviously you and I differ, I believe in free market principals, let the markets set the rate of interest. The only regulation needed is that of fair treatment, i.e. no gouging.
Just so you know where I'm coming from, let me give you a taste of what I deal with almost daily, they are called trading platforms. I am a utility scale renewable energy project EPC, or development firm. I watch Billions of dollars being made every day for projects. None of them, not one, institutional or private equity lenders, use the interest system in play from the FED. As a matter of fact, they use a market driven system.
You'd be quite surprised at the amount of money moving, you think you have a handle on it, you have no clue as to just how much, and I only look at it from the developers side. I do lunch, have meetings, speak with investors every single day. Citigroup, BofA, Myrill, Pickens, Saudi Royal Family, Kuwaiti R.F., Soverign Wealth Funds, Hedge Funds, New York State Pension Fund and the list goes on. I deal with these people all day long and every single one of us, down to a man or woman that joust on this completely understand the methodology behind what a balanced budget amendment would encompass.
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Well thank you.