Richard Murphy is now approving of this sort of stuff for he has actually published it:
An excellent story that explains a real example of state money creation and the banking world’s reaction to it.
In the US Civil War Abraham Lincoln was running out of money to pay the troops. He went to the Rothschilds and other bankers who would happily lend him the money at an interest rate of 24% to 34% which was going to put the Union side in debt to the banks forever.
Modern Monetary Theory frees us from the Joos therefore!
How did the banks react?
The Rothschilds were outraged. From the Times of London in 1865:
“If that mischievous financial policy, which had its origin in the North American Republic, should become indurated down to a fixture, then that Government will furnish its own money without cost. It will pay off debts and be without a debt. It will have all the money necessary to carry on its commerce. It will become prosperous beyond precedence in the history of the civilised governments of the world. The brains and the wealth of all countries will go to North America. That government must be destroyed, or it will destroy every monarchy on the globe.”
So there we have it. MMT is the democratic solution to funding our civilisation, but it is hated by the banks, monarchs, authoritarians and all those who want to use debt as a tool to maintain their dominance at your expense.
Yep, the Jooos!