The greatest legacy of the United States has been to declare sovereign authority over all powers requisite for nation state development: to develop national resources through strategic mining, infrastructure, and large scale water diversion and storage projects, to increase food production, to apply cutting edge scientific discoveries in the form of power, transportation, and industry, and above all, to create a national financial system which facilitates these aims.
The videos and articles on this page discuss the path to reclaim these sovereign powers, stretching from the first declaration of economic sovereignty by the Massachusetts Bay Colony, to the formation of the Constitutional Credit System of Alexander Hamilton, Robert Morris, Benjamin Franklin, and others, through to its revival by Abraham Lincoln and the new industrialization under Franklin Roosevelt.
On the trail of the fuller story of FDR's Hamiltonian credit plan which I am currently writing, I have come across a very important find: a 1939 proposal for a permanent industrial loan corporation, similar to FDR's earlier proposed structure of credit banks. The document further reveals Franklin Roosevelt’s plan and intention to establish a true return to a full Hamiltonian credit system.
The 113th Congress is reconvening this week and on their agenda is the fallout from the budget agreement made prior to the winter recess. The budget, as passed, fails to address virtually all of the nation’s underlying economic problems--from unemployment and an increasingly unqualified workforce, to physical economic deficits, an overall lack of productivity, and the looming disaster of the financial system under the post-Glass-Steagall system.
"FDR's Credit Principle," a video lecture first published on larouchepac.com on August 2, 2013 is now available in an edited transcript format in four parts. "FDR's Credit Priniciple" investigates the needed transformation of the relations between direct lending institutions and government power, and debt and budgeting.
Having now thoroughly discussed the credit principle and its relation with the authority of government, and also the correct understanding of debt in the American credit system, I want to conclude with a review of how Roosevelt’s chief credit institution came to obtain the powers of direct lending, and why this is the most essential function to understand.
In Roosevelt’s Budget Addresses of 1934-1940, he is presenting the true understanding of debt upon which the Bank of the United States operated. And it becomes clear that Roosevelt generated increased productivity through that correct understanding.
Each of Roosevelt's credit lending institutions, like the national bank, operated on the principle that they were to provide the possibility of a loan or the back up an active agreement between the public and private sector.
Today I am going to be speaking to you about Franklin Roosevelt’s Credit principle, and how he brought the United States out of the depression through re-establishing an approximation of the Hamiltonian Bank of the United States Credit System.
Michael Kirsch presents the key concepts from his recent class series on the American Credit System.
Franklin Roosevelt's credit principle is presented, as expressed in his use of the Reconstruction Finance Corporation, which evolved from his broader plan to re-instate a credit system of economy, as was facilitated by the first and second Bank of the United States.