Did You Know…
Reacting to the Great Depression, Republican Herbert Hoover imposed one of the biggest peacetime tax hikes in U.S. history. The range of taxes was enormous. Wartime excise taxes were revived, sales taxes imposed on gasoline, tires, autos, electric energy, malt, toiletries, furs, jewelry, and other articles; admission and stock transfer taxes increased; new taxes were levied on bank checks, bond transfers, telephone, telegraph, and radio messages; and the personal income tax was raised drastically including surtaxes up to 63 per cent. Hoover, not Roosevelt, laid the New Deal groundwork, a program that, according to economists, extended the Great Depression by 7 years.
In 1791, George Washington signed a 20-year charter for the First Bank of the United States. In the first five years, the government borrowed $8.2 million and prices rose by 72%. Central banks such as our Federal Reserve, loan money (notes) to the government as bank currency. The government repays the notes with interest bearing bonds. The government pays the interest by borrowing more Federal Reserve Notes. The vicious cycle always leads to inflation.
The African Rock Hyrax, a small Guinea Pig-looking mammal, has rounded claws and incisors similar to elephant’s tusks. The elephant’s closest relative has acute hearing and can go for long periods without water.