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Colonial America's success is explained below. An earlier chapter discussed Lincoln's achievements, reviewed again below. Brown's "Web of Debt" also covered early 20th century Australia under its publicly-run Commonwealth Bank. Like others, it created money, made loans, and collected interest at a fraction of what private bankers charge. It worked well enough, in fact, for the country to have one of the highest global living standards at the time.
However, once private bankers took over, Australia became heavily indebted, its living standard falling precipitously. It showed benefits possible by government created credit compared to privatized banking power destructiveness - Australia one of several examples of what works best. "Web of Debt" explained them, including:
-- colonial America;
-- Lincoln's achievements;
---- the Middle Ages, falsely portrayed as a backward and impoverishing era saved only by industrial capitalism; in fact, under its banker-free tally system, it prospered for hundreds of years;
-- China did for thousands of years before the privatized banking, and today because Beijing directs The People's Bank of China (its semi-independent central bank) to grow the nation's economy and create millions of jobs for its burgeoning population; and
-- Venezuela under its public service mandated quasi-public/private system, a topic a previous chapter explained about a far more stable/responsible system than America's predatory Fed-run one.
Imagine the possibilities under public banks:
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