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Letter: Americans do not realize amount of money we owe

Americans do not realize amount of money we owe

“When, in disgrace with fortune and men’s eyes, I all alone beweep my outcast state, And trouble deaf heaven with my bootless cries …” Shakespeare’s Sonnet 29 expresses the thoughts of Lady Liberty as she surveys our monstrous debt and fallen stature around the world.

While she can’t act, we can and the most dramatic, effective and simple step we can take is two-fold: end the Fed and restore the gold standard for our currency.

We owe nearly $18 trillion. Were you told that your government planned to withdraw that much from your treasury? Were you told how much your tax bill would increase to raise the $18 trillion?

You were not asked because your elected representatives suspected you would say no. They may have been of the mindset of the MIT professor who recently opined that you were misled about the details of Obamacare because you were too stupid to know what was good for you.

The Fed simply prints the money the government needs. With a gold standard inflation will end and prosperity will return. Today your dollar is backed by nothing. That is not good.

Jack Joyce

Buffalo