Strangely enough the Fiscal Cliff, so much talked about in recent weeks, began as a Fiscal Slope in December 1913, by legislation called the Federal Reserve Act.
The Federal Reserve had been brought into being by a group of bankers three years previously in a meeting on Jekyll Island, Georgia, in 1910.
In its simplest form the Federal Reserve could be termed a banking cartel.
Up until 1913 it was a federal law that only CONGRESS had the right to print money, but this massive prerogative was given over to the Federal Reserve by an act of Congress.
From then on the fox was in charge over the chicken house.
In 1939, after the Bretton Woods conference, America abandoned the gold standard and free rein was given to the Federal Reserve to print and loan paper money.The slope had just got steeper.
Further legislation, in the early 70's, ushered in the era of deficit budgets which, in forty years, have angled the slope into a Fiscal Cliff of 17 trillion dollars of debt.
In three weeks time congress will vote for a further 2 trillion dollars of debt which will transform the cliff into a Fiscal Free Fall.
I have some advice.
Pay off your credit cards.
Jubilate
P.S. The Creature from Jekyll Island recommended as a great read.
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