“The refusal of King George III to allow the colonies to operate an honest money system, which freed the ordinary man from the clutches of the money manipulators was probably the prime cause of the revolution.” Benjamin Franklin

The Currency Act of 1764.

The Currency Act of 1764 was passed after the French and Indian War had ended. The act banned the use of paper money in all colonies. In passing this, the British government was attempting to have a greater amount of control over the individual colonies. Following is the text of the Currency Act of 1764. This was just one of a series of acts which led to greater discontent amongst the colonists. Eventually, this discontent would lead to the American Revolution.

“Let me issue and control a nation’s money and I care not who writes the laws.” Mayer Amschel Rothschild, 1790

But getting rid of Central Bankers did not create Utopia

The Second Bank of the United States was authorized for a 20-year period during James Madison’s tenure in 1816. As President, Jackson worked to rescind the bank’s federal charter. In Jackson’s veto message, the bank needed to be abolished because:

It concentrated the nation’s financial strength in a single institution,
It exposed the government to control by foreign interests,
It served mainly to make the rich richer,
It exercised too much control over members of Congress,
It favored northeastern states over southern and western states,
Banks are controlled by a few select families.

Following Jefferson, Jackson supported an “agricultural republic” and felt the Bank improved the fortunes of an “elite circle” of commercial and industrial entrepreneurs at the expense of farmers and laborers. After a titanic struggle, Jackson succeeded in destroying the Bank by vetoing its 1832 re-charter by Congress and by withdrawing U.S. funds in 1833. (See Banking in the Jacksonian Era)

The bank’s money-lending functions were taken over by the legions of local and state banks that sprang up. This increased credit and speculation. At first, as Jackson withdrew money from the Bank to invest it in other banks, land sales, canal construction, cotton production, and manufacturing boomed.[34] Then, in 1836, Jackson issued the Specie Circular, which required buyers of government lands to pay in “specie” (gold or silver coins). The result was a great demand for specie, which many banks did not have enough of to exchange for their notes. These banks collapsed.[34] This was a direct cause of the Panic of 1837, which threw the national economy into a deep depression. It took years for the economy to recover from the damage.[35]

The U.S. Senate censured Jackson on March 28, 1834, for his action in removing U.S. funds from the Bank of the United States. When the Jacksonians had a majority in the Senate, the censure was expunged.

Nullification crisis

Another notable crisis during Jackson’s period of office was the “Nullification Crisis”, or “secession crisis”, of 1828 – 1832, which merged issues of sectional strife with disagreements over tariffs. Critics alleged that high tariffs (the “Tariff of Abominations”) on imports of common manufactured goods made in Europe made those goods more expensive than ones from the northern U.S., raising the prices paid by planters in the South. Southern politicians argued that tariffs benefited northern industrialists at the expense of southern farmers.

The issue came to a head when Vice President Calhoun, in the South Carolina Exposition and Protest of 1828, supported the claim of his home state, South Carolina, that it had the right to “nullify”—declare void—the tariff legislation of 1828, and more generally the right of a state to nullify any Federal laws that went against its interests. Although Jackson sympathized with the South in the tariff debate, he also vigorously supported a strong union, with effective powers for the central government. Jackson attempted to face down Calhoun over the issue, which developed into a bitter rivalry between the two men.

Particularly notable was an incident at the April 13, 1830, Jefferson Day dinner, involving after-dinner toasts. Robert Hayne began by toasting to “The Union of the States, and the Sovereignty of the States”. Jackson then rose, and in a booming voice added “Our federal Union: It must be preserved!” – a clear challenge to Calhoun. Calhoun clarified his position by responding “The Union: Next to our Liberty, the most dear!”[36]

With the legalization of cannabis in Colorado and Washington we are having another nullification crisis. However, Alcohol Prohibition set the precedent. The Federal Government can enforce its laws but States are not required to do so.

So much for the opening of the video. The speaker than goes on to rant about GMOs (plant breeding with a laser like focus rather than the normal sacattershot method of selective breeding) and Global Warming caused by CO2. But there has been no global warming for 16 years and currently the trend is a very slight cooling. Despite rising CO2 in the atmosphere.

The speaker may have some points. But he is way off on others.