US had no income tax and no Federal Reserve in 1912 and managed to generate a $3 million surplus
by James Quinn
And they still manage to run $600 billion deficits while extracting over $3 trillion in taxes from the American people. How is it that this country had no income tax and no Federal Reserve in 1912 and managed to generate a $3 million surplus? Within a few years of implementing the income tax and creating the Federal Reserve the country was running $9 billion to $13 billion deficits to fund World War I. It’s pretty clear that wars and depressions are good for debt peddlers and the beneficiaries of debt. See for yourself.