FTN 010920 - January 9 2020 - FTN278 American Mephistopheles Part 2
Welcome to empty and focus. Die in world history and geopolitics. Red Pills Command three. War, War Hello and welcome to FTN this very special FTN Focus thistles. The second part of a two part series that we're doing the ed alongside, of course, Jazz hands. It feels myself. James also and Borzoi joining us for this very special deep dive. Second part of a two part series examining the early life, the future life that were not future life but the career and the implications. Everything all wrapped up that goes along with Alexander Hamilton, one of America's most vaunted founding fathers. But unique in terms of er were prestigious founding fathers he and Benjamin Franklin, probably the only two that are held in such high regard that never went on to become president. And in today's today's episode, today's installment, the second part of the Siri's we're going to examine what Hamilton was able to do despite never becoming president and look at his legacy that he left behind. His interpretation of of ah, structures of the executive branch of the judiciary is somewhat novel for the time interpretations that have then led to very military ISS negative effects for us lasting On centuries later, we'll look at his unraveling, why he never became president and how he played an integral role in the establishment not only of America's first and second central banks, but also in this this ah cry turkey is the word I'm looking for in the cry turkey we find ourselves living under today. So begin by looking here at federalism for those in Real Ryan Lander or for those who we're more interested in doodling and carving their name into their desk in middle school. Civics, Federalism It was the great debate of the 17 seventies and 17 eighties in what would become the United States under the Articles of Confederation, which were the organizing Oh, are the proto that what led to the Constitution? We came before the Constitution. States were sovereign and had vast land claims the federal government could not levy taxes or regulate commerce. The inability to levy taxes meant military spending was restricted and dependent on states paying proportionally to the value of their land and improvements. There was no federal judiciary, nor a federal executive is looking to be for Hamilton and his many of his potential co ethnics. This is a very despondent, bleak situation. No judiciary to overrule the will of the people. What are we gonna do about it? Congress was granted considerable power. Congress had the power to conduct foreign relations, including making war and peace and alliances. Congress could maintain and operate. A Navy Congress could operate a mint and establish a postal service and regulate state disputes. But needless to say, a central bank was off the table. There was no central bank under the articles of Confederation as prescribed, and during the debate over ratification of the Constitution, there were these two factions, the Federalists and the anti federalists. The federalists were led by figures such as John Adams, John J. Alexander Hamilton. They supported the ratification of the Constitution. Anti federalists, broadly led by Patrick Henry and Thomas Jefferson, opposed ratification. Federalists supported the ratification of the Constitution because they believed in a strong central federal government tied integral E to commercial capital interests. You hear that bandied about a lot, but in today's program, rest assured, we will go into detail what that actually means. Specifically, this debt financed economy well, look at it with the implications of that are federal is also advocated for a scrutiny creation of a central bank. The anti federalists opposed ratification. It preferred a decentralized government with strong states and in agrarian economy. They were concerned about the presidency evolving into a monarchy and the development of an out of touch federal government divorced from the needs of the people, and they were similarly concerned about it. Overpower judiciary. And, of course, if you have not listened to part one of this series, you should go and do that. First you get a primer on Alexander Hamilton, who he is, his early life and the many of the other key subversive players involved in the American Revolution. Which was, of course, the context for all of this Now. Hamilton was the lead author of The Federalist Papers, alongside Jon Jay and James Madison. Hamilton wrote. The vast majority of them, J wrote, I believe in the single digits C five or six. Madison was the second place author, their writing a few of them as well. Hamilton became acquainted with John J. During his time at King's College, later became Columbia University in the mid 17 seventies, they would go on three of them would go on to author the Federalist Papers, which was a collection of newspaper essays on the question of federalism between October 17 87 and April 17 88. Essentially, they were lobbying for a lobbying to generate public and popular support for the ratification of the Constitution. These papers, like many others, were published under Roman names Hamilton against the pioneering Lar Per Hamilton wrote under the name Publius Key. Excerpts from Federalist Papers Federalist number 10 Madison discusses the importance of preventing a rule by majority. We can't let the rabble take charge of their own government there. They're unfit to rule. It must be left to the Republican elites such as us. In Federalist 78 Hamilton argues for judicial review the right of judges to overrule laws they feel are unconstitutional laws passed by by the polity in Federalist 84. Hamilton argues that a bill of rights is unnecessary, and that leads us to directly through the constitutional Convention, where Hamilton advocated what became known as the Hamilton Plan just quickly. It just occurred to me like the dark irony and this had to have been intentional on his part of the nature of the nom de plume that Hamilton Jones chose pluess, cause that means off the people. Yes, a man who can't get any figure disliked the people more than Hammond. Each O he chose, Puglia says, is its presence in this photo. Fellow whites is what it is. Yes, yes, exactly. That's exactly what I say. Hello, my fellow citizens, right? Because there was a lot of popular discontent, and this is something Jefferson was able t seize on all of this content and concern, especially among Revolutionary War veterans, Hamilton would later a really attempt to screw out of their of their life's earnings and among southern southern farmers among what you could be generally referred to as the working class. There was a lot of concern about centralizing power in Washington and centralizing economic control in the hands of a few, and Hamilton and the Federalists had to had to really make their case to the public that that this was not I mean, they had just lost thousands of men fighting for their independence, right, fighting against great Britain. And here along came Hamilton in the Federalist, proposing essentially, this is this top down government that many perceived as being ah suspiciously similar to the system they just revolted against. So they really had to put on the fellow whites fellow. Hello, fellow Agrarian Americans cloak and convince people that this is not that they were not just returning to the tradition they had revolted against. Right? So that brings us up to the constitutional convention? I believe so, yes. That brings us up to the constitutional Convention. We covered this somewhat in American coup d'etat little bit. But you know, we don't go into the details that we did then because we know what. We're going to do it later, Um and we're going to do it specifically about the contributions of each of these founding fathers as time goes on. And so you had what was called the Hamilton plan. Ah, the Hamilton plan Was this this Onley major speech of Hamilton's during the convention? It's kind of funny. Like Washington, Onley offers one opinion during the entire Constitutional convention, and Hamilton only gives one speech during the entire constitutional convention, and it's it's interesting they do it for different reasons. Washington. Because he didn't want to inject himself too much into the process and you know as much as we've made Washington out to be somewhat problematic, everything, of course it's nuanced with one thing that Washington did speak up about was about representation. There was an argument about whether each member of Congress should represent 40,000 people or 30,000 people, and there was an opinion raised to believe it was by Madison to do decrease the number from 40,000 to 30,000. And the only time Washington voiced an opinion on anything was to speak up and say he agreed with the reduction in the number so that there was a greater level of representation. Of course, today we have 700,000 people represented by each member of Congress, which is like, totally derailed from what they originally wanted. They were debating 40,000 or 30,000 and it was supposed to increase over. Time said that that that ratio would really never change. But of course that's not possible when you're creating an American, an American empire, as they have ended up creating Hamilton to, he only spoke very little in the one thing that he tried to inject was what was called the Hamilton Plan and The purpose of this was to reject both the New Jersey and Virginia plans for the new government some of this up very easily. Hamilton's plan was at odds with both the Virginia New Jersey plans. It called for the Constitution to be modelled on the British government in the British financial system, which will get to later. The bicameral Legislature included a lower house called the Assembly, elected by the people for three year terms. The people would choose electors who would elect the members of the Senate who served for life. Electors would also choose a single executive called the governor, who would also serve for life. The governor would have an absolute veto over bills. There would also be a national judiciary whose members would serve for life. Hamilton called for the abolition of states, or at least their reduction to sub jurisdictions with limited powers, extremely limited powers. And in fact, as we'll talk about later, he thought of them is Milly just corporations they should be have no real power at all. Some scholars have suggested that Hamilton presented his radical Hamilton plan in order to secure passage of the Virginia plan by making it seem moderate in comparison. The plan was so out of step with political reality as often, many things that Hamilton proposed were that it was not even debated. Hamilton would be troubled for years by accusations that he was a monarchist in an alien. It is tempting to speculate why Hamilton spent so much time on his 11 point plan and what impact he had. One bit of American mythology has Hamilton deliberately introducing such an outrageous plan to make Virginia, or rather, New Jersey plan, look more moderate. This story concludes, of course, by demonstrating that that the very next day the amended Virginia plan is adopted, and subsequently Hamilton leaves the convention back to New York. But there is no evidence that Hamilton's speech suede anyone to change their vote from New Jersey to Virginia. But he was there nonetheless to inject this into the convention. The importance of him go ahead. That's actually whether or not like that that was trimming. That's actually even brilliant, just from a Nakano. If you're gonna be Machiavellian about things, I mean, if you, if your vision already is, is something that extreme, but you're willing to work with whatever compromise people are willing to come up with and they always go off the extreme position because maybe on the object you'll get exactly what you want. You probably won't. But whatever they're willing to work with you on, well, the I can work with that. And it posits the idea in people's heads at a later date. Whether Hamilton was cognizant of the 100 year, 200 year, 300 year future, uh, deposits. This idea in is codified in what became, ah, this Hamilton sort of, ah, this following that has developed people that continue to push for his view. It sets a marker out there for people to follow. If he didn't come and present this planet all ah, then it wouldn't happen that way. And now, of course, they didn't go down the path of of necessarily doing explicitly what he suggested. But in another way, they sort of have. I mean, the the Legislature has just been concomitant, complete, controlled by monied interests. And so it's not necessary that someone serves for life. They didn't they weren't going to get something so explicit except in the judiciary. But what they've done instead is rather than have someone serve for life where they can control that person forever. They just have them served for 20 or 30 years, and then they control them financially. So it's really a distinction without much of a difference. Like what difference would it make? A this point? If you had the Senate elected for life rather than what we have now, what will the outcome with the outcome be any different Know these people would still be controlled? There would be more easily controlled. It would be better for the people who control them. You wouldn't have to have such an elaborate lobbying system or donor system. It would just really be focused on whoever got that seat for the rest of their life. That's why control of the court system is a far more simplified process than control of the Legislature and eso going on continuing on from here the importance of Hamilton speeches that it pushed the delegates but much later on to consider the true from the false definition of monarchy aristocracy. The false definition, says Hamilton, is longevity in office. The true characteristic is how you get into office and by the later state, latter stages of the convention, the delegates were willing to entertain a much more elevated form of government that Hamilton so brashly presented a couple of months earlier. So he's refined his points. He has grease the skids for what he wanted all along and has gotten them to accept a middle ground, which is maybe what Hamilton wanted. It basically laid the foundation for the pill pull to come. Hamilton's point is that the key to monarchy and aristocracy is that the officeholders inherit their position and are not elected by the people. This distinction is critical because it challenges the traditional Republican doctrine that small are Republican doctrine, that where annual elections end tyranny begins and that intrinsic to Republicanism in short terms, in office with provisions for recall on rotation. But, of course, we see how rare that happens, right? They built in all this apparatus into the into the Constitution. How often do we recall federal judges? How often do we recall members of Congress? How often do we impeach people for actual high crimes and misdemeanors? Not that often we impeach them for political reasons instead, and so the system has gone totally off the rails and in reality, Hamilton advocated for an elected monarch, if your life in an elected center for life. Privately, he stated that the officers should be hereditary, not elective. So this is an example of Hamilton's public versus private position. And then, in 17 86 Hamilton had been a strong proponent of soliciting Prince Henry of Prussia to become united king of the United States. This is something I did not know. A letter inviting Henry to assume this putative kingship was written incent. Henry wisely declined, and the letter was ultimately also recalled, as well as being not a good idea. But for Hamilton, although you know, kind of interesting look, how would America have failed? Sorry, fared under, um, you know, German kingship as opposed to ah, as opposed to the direction that it did go. There's right for some novelty. Potentially. They're thinking about that, I guess. Well, maybe never know who could certainly speculate. But Hamilton kept advocating for unconstitutional measures which would eventually transform the American presidency into essentially an elected monarchy. That's what it is for those politically strong enough to use the office to the full extent of its powers. Interesting how that's exactly what we've ended up with, Hamilton advocated for implied powers in the Constitution. This is a very important thing that we're going to get to shortly, Um, and that is that the general government could do anything that it wanted. It's important that people understand our listening audience understands that this this notion of the cry turkey, this notion of ah, of everything that we have today, where there's just this Ah, you know, you can make the Constitution mean whatever you want it to mean and that it's a living document that can just, you know, grow and changes. The country grows and changes and becomes just awful. Um, and Brown and in you, your birthright and everything gets tossed aside in favour of, ah, people from I don't know, Ethiopia or Afghanistan or whatever. Um, this this idea that the government would change and that things would be so malleable was just alien, like nobody wanted that. It was only Hamilton and a few others that were pushing for this, And this notion of implied powers deeply unpopular at the time of the convention was the fundamental basis for the cry turkey that we have today. Madison originally supported the idea of implied powers to allow the assumption of wartime debts of the several states, but understood that a constitutional amendment would be required to add them to the Constitution, legitimately absent a specific amendment empowering it implied powers required for the general government to assume the wartime debts were gonna get into this later. Someone to sort of let let this ride for a little bit and let James talk about it later. But Hamilton advocated for the reduction of the states to mere corporations removing the sovereignty entirely. All state laws, which contradicted federal laws, would be void. There would be a federal negative over state laws, greatly restricting the nature of state laws, which would be passed by the state legislatures. The state militias would be taken over by the general government. This was overwhelmingly rejected by the Philadelphia convention. Even the guys who were there to subvert the Yemen, for the most part, many of them the guys who were going to ignore the vote and who were throwing aside the articles of Confederation for something different. We're like, Yeah, we're not doing that, Though Toe Hamilton's proposals were not doing any of what you're proposing, it's insane. It's out of sorts. It's like, Why bother doing any of what we're doing at all? Um And so Hamilton repeatedly lied in the Federalist Papers that he authored, thinking that he would never be found out. We don't nobody at the time need to remind. Nobody at the time knew who Publius Wasit was an anonymous person. But it was Hamilton we know now. And he repeatedly lied in the Federalist Papers, claiming that there would be no implied powers whatsoever, that the states would never be subordinate to the general government. The reality is, is that he was scheming to accomplish all of those things. He knew that the Philadelphia Constitution would never be ratified by the states of his plan were known, so he supported positions in the papers, which directly contradicted his statements during the Philadelphia Constitutional Convention. Duplicity should be Alexander Hamilton's middle name. Hamilton deliberately lied in the Federalist number 32 33 claiming that the states would retain their sovereignty when he himself was actively working to undermine the states and reduce them to mere corporations because the Philadelphia convention was closed and because he wrote under a pseudonym. This duplicity was never uncovered until the present day. Most people had guest to the authors of the Federalist Papers were, but they could improve it. So this is the kind of he was called on the carpet eventually for a lot of this stuff. During the New York State Constitutional Ratification Convention in Poughkeepsie, New York, Hamilton was called on the Carpet by John Lansing, who's present in Philadelphia. Lansing and George Clinton stated that the deprecating that deprecating the states to mere corporations was political suicide. When Hamilton argued that the proposed Philadelphia Constitution would not do that, Lansing called him out is contradicting his statements at the convention. Lansing had been too delicate there to excuse me, he asked Robert Yates, who had been a delegate at Philadelphia who had taken contemporaneous notes to site from his notes to the assembled delegates there. Poughkeepsie and exposed Hamilton for the fraud that he waas Yates, trying to keep the peace, hemmed and hawed and didn't deliver the evidence. Lansing son. We know Yates and the goods of Hamilton's lying and duplicity because we have Yates notes intact. This incident almost led to a duel between Hamilton and Lansing, New York state was critical for the advocates of the Philadelphia Constitution. If New York hadn't ratified it, several other states probably wouldn't have either. Leading to its defeat. The New York convention eventually agreed to ratify pursuant to a bill of rights being passed by the first Congress, which was appeasement to the Yuman. That's a That's a great story, big guy. You deprecate in my state's. I saw I e get some. I got some more breaking research because the whole thing about the king of pressure thing are the Prussian scheme. You hear something like there's something more to this, and I gotta figure out what that is. So I looked into it. And so, uh, Prince Henry was the younger brother of Frederick the Great I could find in the views about Prince Henry's. OK, it's the younger brother he probably didn't like. Let's let's look into it looking, Frederick the great look see waving sticks out for me here, Uh, yes, and stuff stuck up for me here. The best known Jews and Fredericks favor were the Rothschilds of Frankfurt, who eventually attained the status of court bankers and Hesse Kassel in 17 95. So the so the younger brother of the current king of pressure, the underwear that that some people wanted to bring over to America to be the monarch. Six years later, the Rothschild would become the court bankers for that for that brother, for the For that that King's brother for Frederick the Great and Frederick the Great's policy was basically getting all of these Jews out of the out of the pale settlement out of these frontier areas of pulling because he considered, he believed that Jews our problem when they're in the hinterlands and you have to basically for assimilate them into your country and have them work towards your trade in order to for them to not be a problem. That was for Frederick the Great's policy. And so you have these people who Hurst, who are proposing Let's bring his younger brother over here and be king of America. Big time. I get big. I guess we don't have to speculate on what would have happened if the guy had become a king of America, and I mean, it's it's kind of interesting as well, because the rough child's, of course, were the ones who funded the French Revolution, which happened shortly after the US Revolution, which was also funded by Jews. And it's kind of funny. It's like they were at the center of all of this, and it's like every time that there's some sort of revolution in Europe or or in America, it's It's to change and reconfigure the government in a way that better suits them. And you can art like maybe you could have argued at the time. It's like a let's we'll see how this pans out. We'll see what happens Like we've seen what happens. We've seen how it panned out, and we've seen how it panned out in Europe. And we've seen how it panned out in the United States. And it's like the proof is in the pudding, especially when you look at a central figure like Alexander Hamilton. Fool me once, shame on you fool me 108 more times shape on these. Yeah, um, and it's just it's so awful. And of course, you know nobody. You can forgive some of the people some of the time back then for not knowing what we know now. Like virtually all of this, the only way that this could be explained is by pure hindsight. Very few people would have. No. Now, I'm not excusing or giving credit or whatever anybody from back then, um, because even part of the story would have known. And certainly they had Voltaire, as Adams was railing against before, but yeah. So what are you, James? I'm sorry. Boers. Oh, you want to talk about the financial influences and ideas of Hamilton? This is like the keystone of the whole thing, Absolutely. Speaking of reactionaries that are interested in how to build up your country financially, Ah Hamilton studied the history of European Jewish banking while fighting in the American Revolution and serving as George Washington's aide de camp, coming up with the idea to finance the American Revolution for credit. Hamilton had read prodigiously during the winter encampments, and one of the first books he read was Maliki, Maliki, Maliki, possible Thwaites, Universal Dictionary of Trade and Commerce, a two volume almanac. Possible eight was in advocate of manufacturing and mixed economies of government steering business and individual energies. In his notes, Hamilton was already speculating on economics and how to get in his words, foreign coin in 17 79 the value of the continental dollar had was continuing to sink due to inflation from the wartime shortages. In 17 80 the Continental Congress tried to reset the monetary order things by setting a new exchange value and end up wiping out the savings for many Americans. Hamilton started. They took tow, working in the shadows by writing Teoh accomplishment. We don't know who. But he wrote to a congressman about his ideas on currency, since he couldn't advocate for policy as a military man in the middle of a war. And this is a big thing you seek that comes up constantly throughout. The rest of his career is that he was always working behind the shadows. He would use newspapers to attack political opponents even while he was still while he was supposed to be an eight to camp to a general that he was acting as a politician while work while acting as a military man. You see him blend these two things a lot until it kind of reaches its ah need deer during the Adams administration. But Hamilton perceived the wartime inflation as a self perpetuating confidence problem that the currency was devalued because the people perceived it as devalued and thus acted accordingly. I kind of think of it as a proto MMT. Money is faking, gave you there was no confidence in their economy. And so, during the middle of the war, Hamilton proposed a 12 point program where in Congress would create a central bank that was half public and half private and which had the authority to issue money and make private and public loans. He was adamant on the foreign loan on the foreign loans and angle, stating that the necessity of a foreign loan is now greater than ever. Nothing else will will retrieve our affairs, just like okay, whatever you want. It's like this guy has just inserted himself into a I mean it ruin to describe Hamilton is an alien figure in American history, something that doesn't belong something that stands out, somebody that comes in and and essentially tries to proffer all these extreme, insane, radical ideas. I mean, I'm not advocating for this at all, but you are adopting this sort of point of view. But if you were to like, look at this period in history and if you like somehow surgically removed Hamilton from it all like we would be so much better off. And, you know, in an alternative timeline where Hamilton didn't exist, it might be we might be a much better country with the way that this these things were set up. Because if you removed all of the things that we've talked about so far, that Hamilton has proposed and we're about to be on the precipice of some of the most egregious and dangerous and damaging things that he has proposed and succeeded at installing, it's like it's almost like Hamilton. It's like, Wow, he's just inserted into this picture to, like, wreck everything and he really has. It's tough to argue that that that's not the case. I mean, you can. You simply cannot come back and look at this history and say, without Hamilton, it would have all ended up the same way anyway. Like there's just you can't do that and I'm not saying divorcing yourself from the absolutist thinking. You can also say that if it weren't for Hamilton, if you didn't have Hamilton there at all, everything would be great. It's not like two ends of the spectrum, but the things that his his legacy and the things that he put in this country far away over anybody else over anyone else's contributions over anyone else's mistakes over anyone else's damaging things like this guy's like the poison pill dealer of the American founding. And he's just like filling this thing up with the poison pills. And it's just, you know, I can't I can't say it enough when we start talking about this stuff. So if I were to write a fantasy Siri's that's got, like a country in there and then I have to create this character and I just use all of Alexander Hamilton's biographical information. All of his details, uh, and everything he did and I just transported reported that character into it. Without any reference to who that was, I would be accused of creating an anti Semitic character. Yeah, and you could even name him. You might as well just call him Alexander Levine. So Hamilton tried to get the superintendent of finance role in the Continental Congress in 17 81 but once again failed again, like this war still going on at the time. But the way you people need to also understand how the Revolutionary War was fought is like wars were fought in much more leisurely pace at the time. But and in 17 17 81 2 quick interjection he was 26 years old or 24 years old, depending on your estimate. So this is where you see in really specific terms why he was criticized by so many, including Adams and Jefferson and others, as being overly ambitious. Here he is in his in his early twenties early to mid twenties, trying to be in charge of this country's financial policy that the top five in the entire country, the relationship between Hamilton and George Washington just made me think of Jared and Trump. It is in a lot of ways. It really is on. But there are some. There are some differences, but yeah, it's it's like, but the Trump has sons. It's that that's the kind of thing. But but watch that makes Washington all the more likely to just fully embrace Hamilton Hamilton. And there's not even a marriage. They're it's all. It's almost as though he literally is the adopted son of of Washington. But yet it's amazing, like while a war is going on. This guy is trying to become the superintendent of finance in the Continental Congress, and it's important to point out like this is somewhat speculative. But given what we know about his relationships with Benjamin, no nous and hime Solomon in all these other guys that came to the United States at the same time, if you're gonna if anybody is going to sit there And no, it wouldn't be anybody in our listening audience but somebody, some historian or somebody else and trying to say that Oh, it's just a pure coincidence that this guy was interested in finance that he wanted be the superintendent of finance in the Continental Congress and also like, Oh, yeah, he has all those friends. But don't pay attention any of that. The idea that he isn't because why is that? I'm Solomon seeing this role because he would be rejected outright. Why is in Benjamin known a seeking this role? Because they would be rejected outright? Hamilton is the perfect person to insert into this process, to deliver what they all want. And Robert Morris is another one, which I think you're gonna talk about right here. Yep, Yeah, right. And so he tried to impress upon the man who did get the post, Robert Morris, with his ideas of what would give the new nation its power. In his 30 31 page letter, his 31 page letter to Morris Hamilton seize the power of all the great financial cities in Europe in their banks, which he believed was shored up by state power and made private commerce truly possible. He argued that the British Empire, the most powerful empire in the world, was militarily backed up by quote, a vast fabric of credit. Tous by this alone, she now menaces are intended. It's in the In this letter, Hamilton links financial and military power together by arguing that they didn't need to beat the British but just bleed their credit dry and wreck the confidence of British creditors to speculate on its future value. He would conclude this letter by advocating that America financially do everything Britain had done to develop its power by creating a national debt, calling it a national blessing and the powerful cement of our union. The only thing that is it cement into place is debt, slavery and permanent control by foreign powers is what that does. The power cement of powerful cement of our union. And even if you're gonna argue charitably that this debt financed economy that Hamilton is trying to set up, you could argue that Yes, Okay, it works, but only if you haven't ever expanding American Empire. Which is, of course, been the trajectory of the United States ever since. Because if you stop, the whole thing falls apart right? That's why we pointed out on many episodes of FTN. It's like there are no more places to expand into. We got rid of space travel. We stopped expanding. There are no more countries to colonize. There are no more places to go into the world. The dust is starting to settle in the world, and the population is beginning to implode. And the mayor? America has a financial system, an operating system, if you will, installed by Alexander Hamilton that the longer it's been in place longer, it's been installed. The harder, harder it is to uninstall it, the harder it is to get rid of it. He calls it a national blessing and a powerful cement of our nation. I call it a noose that is getting tighter and tighter as decades go by. And it allows in those ensuing decades for complete control of the country to take shape. And it's not just America with Seth been to it happened in Britain as well. Um, and look at the result of Britain and ah, yeah, I mean, this is it's sort of almost a natural quote unquote unnatural cycle at this point, Yes. So the timeline is gonna get a little wonky here. We're gonna be going back and forth a number of things. But it's kind of important to do that because we have to be able to lay the groundwork for both his ideas and kind of take each issue a little bit separately because that's actually like how Hamilton has always operated, where he basically just, like, does everything all at once, and leaves you confused and having to try to figure out where to start toe untangle his various schemes. So we're going to be jumping around a little bit here as we kind of get into, uh, when he wouldn't became secretary of the Treasury and where a lot of his ideas were coming from how he developed them and how he applied them. So is the country's first secretary of the Treasury, Alexander Hamilton, proposed a bold plan for the new federal government to pay all state debts incurred during the Revolutionary War at full value. This enhanced the prestige of the fledgling central government, but was wildly expensive. To fund his debt plan. Hamilton's Treasury issued securities bonds as well as a host of other financial innovations. So virtually every program Hamilton put together raised constitutional issues, and with his preference for laws being interpretive and interpretive, it functioned by his designed to basically do what he wanted and make the legal argument later. And so, with the public debt scheme Hamilton scheme on, that was, Do what do what Britain did. Back in the 16 nineties, the British had set up the Bank of England and enacted in excise tax on spirits and funded its public debt. It expanded again during the 18th century, forcing Britain to stay ahead of its debt by building up its Davey and fighting all over the world. In order to create a global commercial empire and remain flushed with enough resource is and capital to make good on its debts in order to pay the debt and boost the economy. The government issued bonds, which could, which could be used as collateral. The key to this, as Hamilton saw it, what as they is that they wouldn't be able to borrow money at attractive interest rates unless creditors could freely buy and sell bonds. Hamilton just want someone was cracking my knuckles in anger, Alison believed Hamilton believed confidence was at the root of the nation's economy and currency, and so for America to prosper into the powerhouse he believed it would become. It needed toe honor its wartime debts and allow people to buy and sell their bonds as collateral until enough liquid capital was created from America's resource rich potential that it could finally supply that deficiency. Now to manage that, to manage the debt revenue would pay off interest and principal debt at regular intervals in order to downplay the possibility of speculators trying to exploit America's attempt to stabilize its economy. Hamilton believed that as long as people were confident in America's good word that its appearance would keep the waters calm, Hamilton had reframed the issue of his funding scheme. However, as with the government guaranteeing repayment on the bonds, they would regain their full value. That meant the question of who was going to profit from this came up from when the bomb bonds had tanked. So just a little bit of concern context here, like the revolution was initially funded by the government. Basically issuing these I o U's to patriots who believed in the cause, you know, give us money will pay you back later. But what happened was, as it took some time for this Ah, for this war to be concluded for this independence to be secured and a lot of p. And we already told you about how the economy is wonky during this time, like a lot of people have their savings wiped out. A lot of people had to desperately sell their bonds to speculators in order to get by. So there were a lot of people who had funded the war and had to sell off their bonds to somebody else. And now it was the person that they had sold it off to who was going to profit off of that. And there were a lot of people who did not like that this is like this was one of the first very controversial issues that face the new country. Was the Constitution been ratified? So I think I just lost my place there, Uh, let's see here, the only legal right here, Hamilton's. So should the original holders the soldiers essentially paid in I O U's benefit from the regained value? Or should the speculators who prayed and bought it off them profit off of it? Because now that the government is saying that, Hey, we're gonna honor the full value of this there was gonna be a windfall for whoever had those bonds. Hamilton cited with the speculators as he believed it was vital that the government kit can't retroactively interfere with a financial transaction, as that would shake confidence in the ability to buy and sell bonds freely and damaged America's open market credibility. This would be the defiant that this would be defining for America, as it meant that America would not side with patriotic citizens who blood for their country and often found themselves in poverty over foreign investors in order in order, not shake confidence in America's securities trading. And this would end up being the first major split between Hamilton and Madison Ladder having because medicine had during the constitutional convention, had backed Hamilton on debt questions. The federal government taking on all the steady state debts, by the way, because we're getting some terminology here. The federal government taking on all the state debts that was called assumption, while the government citing with speculators, uh, or the question of who should be paid off those bonds was called discrimination the discrimination issue. So for all this to be effective, the federal government needed to assume all the state debts in order to rob them of that power, uh, keeping it simple and efficient and invest bondholders in trying to preserve a single government over competing state government. So basically, he's creating a system that would be too big to fail. That would have the power to make adjustments it needed to make in order to effectively rule and focusing everyone's loyalties onto a single unit, believing that this would ensure the government's long term viability and survival, the states needed to be removed from this process as the incentive for them would be to try and compete for for revenue off of the off this whole debt system, and it would be robbing the federal government of essentially those powers if you allow the states that have any power whatsoever in that, so he wants. And as he want to honor these debts to their fullest, he create a menu of options for creditors to choose from in resolving it and set about drawing in revenue as quickly as possible through sin taxes. First, as you believe people could not choose, the level would live without these luxuries and follow the same British about because they excise the attacks on spirits as well. And this will get to the Whiskey rebellion later. But so when Hamilton introduced these proposals to fund war debts, he was attacked for having Jewish money, lending interest at heart. Hamilton's plan was risky, and it brought special ire from anti Semites. The in their book, The Presidents of the United States and the Jews. David David G. Dallin and Alfred J. Cole watch note that Hamilton was attacked for having Jewish money, lending interest at heart at the time. That book, by the way, is certain by two rabbis, Um, and it's ah, it's it's quite expensive book. It was more expensive before Christmas than it was after Christmas is, as many have noted, which is kind of interesting. But it is a book that was written about Jewish contributions to the United States and influence of Jews over president of the United States. But it only covers up through Bill Clinton because it's so funny. And I was reading and I was like, Wow, this is like this book is literally like You're not giving us enough credit for anything that we've done for you and it's like, Of course, this could only have been written in the 19 nineties, but it's not like this book would never have been published today. And it had a lot of ah rich context for a lot of things that we're discussing. Ah, which is one of these accusations. In fact, it was the only place that I could find this where ah Hamilton was attacked for having these Jewish money lending interests at heart. Um, so it's got a funny anyway, and and you're and you're about to see why, as we go from how the debt issue was resolved right into the panic of 17 92. So Hamilton and Madison. Madison had taken a long walk together in August of 17 87 during which they hatched a scheme to somehow Rangel assumption of the debt state debts by the general government once that government was in operation. Now both of them knew this was unconstitutional, but they were determined to push it through. Madison eventually had a change of heart. Hamilton was shocked when Madison betrayed him in 17 90 on the issue of implying Powers. But before we get to that, there is some new ones here to understand. Madison didn't actually fall out with Hamilton over assumption. That was the second punch of a double got punched a Hamilton. There were two separate issues at play, which I over to kind of lay it out. There was assumption, which was the feds taking on all the debt. But prior to that was that discrimination issue? Long story short, they sold I, O. U's soldiers and Patriots to fund the war. These people were desperate for money and often sold off their bonds to make enough money to get by. Since no one knew when the government would honor them, if ever the people who bought them marginally foreign speculators, since they're the only ones with capital to make the risk. At this point, Hamilton believe that the people who took the risk needed to benefit from the windfall once the capital spigot opened and the bonds were worth their full amount, as if they didn't then investors investors wouldn't trust America's word and wouldn't invest in it. So basically, they had exploited patriots who fought and bled and had nothing else to their name and wouldn't honor their initial risk on it. This was a bridge too far for Madison, who saw this as a betrayal of the Revolution because it means that all these men lost because it means about all these men lost everything and all they lost. A four was a profit windfall for foreign investors. So while you and you can follow Hamilton's line of argument of who should benefit, it should. But it shows that the people who try to make Hamilton out to be some American nationals are forced, ignored that Hamilton's nationalism was extremely incidental to the people who actually fought for it unless they had the capital. To help make America's big line go up, Madison attempted to prevent Hamilton's, UH, policy from being implemented by proposing a compromise solution instead of letting the speculators have everything the government needed to honor its promises to the Patriots. So he proposed. So he proposed that the current securities holders would be reimbursed at their purchase price. The profit that was made would be going in, that the profit that was made would go back to the original holders, and the government wouldn't needed. Probably it would need to make up any remaining difference. The plan was shot down in a vote 36 to 13 while while they while they were debating this plan, there were speculators in the in the capital gambling on what the outcome would be. Of course, of course, like I mean, these are the stories that that were not told. These are the stories that are omitted. This is again. This is, you know, maybe it's a novelty take, but this is one of the reasons why you're taught a very basic understanding of this American history at an earlier age, an age early enough where you can understand it, but not an age early enough where you're going to start asking questions and then, unless you're a PhD in American history, you're not ever going to revisit any of this stuff in the modern context or in a more adult context. So maybe that's a novelty take. But I I think that's one of the reasons why people have such a childlike understanding of what happened and is childlike unless you have the full context and you have the full understanding what was really going on at that point in time. Um, you really don't You don't really understand what was happening and actually going all the way back to the the genesis of this deep dive, which was Wicked game. The premise of Wicked Game, the podcast where he talks about the elections from from from year sorry from cycle to cycle in American history all throughout the current time. The whole premise of that podcast to see states is that a lot of people were shocked and amazed at how disruptive and divisive the 2016 election was, and he makes the very honest point, which is that, actually, no, it's it's been this way since the very beginning, and ah, in many ways it has been much worse. And so that is maybe the only glimpse that Norman's ever get into this is that well, elections have always been, you know, bloody and horrible things have been said about the other side. But you don't really get down to brass tacks about, like, actually know the corruption and the financial scheming and the subversion. And all of the usual suspects who have been involved had been there since the beginning. And they've been doing this and influencing this in the way that they have ever since the beginning. There wasn't this time where that didn't exist and this was just like men coming off of their farms to to set up this country for us, out of the goodness of their hearts, some of them. This is the nuance. Some of them that was their interest. That was their purpose. Others that wasn't it was it was about wresting control of this new nation. This new wealth of untapped resource is to put firmly into their control to make sure that it went in the direction that they wanted to. And that was Hamilton's purpose. That was why he was here, and all of the people that he surrounds himself with, You know, in the thing that triggered all this is like the speculators in the streets, like, you know, like speculating on which way this is gonna go. It's all it's always been like this, like insane anyway, what and what effect of that of this whole thing is that It also laid the groundwork for the future Democratic Republicans representing the more populous spirit of the people and its focus on a natural justice to prevent the country being given wholly over to speculators and northern industrialists, some of the first seeds of the Civil War being sown here more like this is like where you started, basically, but seems like the next, like 10 15 years is the Federalist versus Virginia. Because Virginia was the bulwark for all of this for all, for the for the Democratic Republicans against what the federal for doing. But yeah ends up becoming basically the Federalist versus Virginia because that's who most people who were voting against this or voting in favour of basically honoring these Patriot, the Patriots. That's that was the position that they had taken. But more importantly, Hamilton took this so you'll see the seeds of the first season civil war being some, but more importantly, Hamilton took. This is a personal betrayal, and this would serve as the ground work as well for the inevitable two party system in this country. Because that's that's how Hamilton responded to. It helped create that situation. But assumption became amore acrimonious issue as it went to the heart of where power would reside in how where would reside in how in the United States, having the federal government assume all the state debts didn't just mean the power over them that would unite the country further. It meant that states that had already resolved their debts that could Virginia, we're now on the hook to help those who hadn't through the taxes that would be imposed. The debate on the capital was also on. The location of the capital was also ongoing at this time because it's location mattered in terms of the kind of people that would be soaked up into it. The further north the capital was, the more power the industrial financial cities and the abolitionists would have. While the reverse would be true if it went south. So more populist, more agrarian mawr that like Southern aristocratic stuff. So unsurprisingly, Hamilton wanted the capital be in New York, with his detractors, calling it Hamilton Ah, Poulos. The assumption was eventually an unconstitutionally pushed through as part of a deal in which the southern states got the national capital in exchange for allowing assumption to illegally pass in the Congress and illegally be signed into law by George Washington. Now, Hamilton had attempted to use the issue of the capital city as a bargaining chip to get assumption through Congress by buying votes and offering a Pennsylvania as the location for the capital. This initial scheme failed, as Pennsylvania had already struck a deal with Virginia, which, as it entity was the biggest opposition to anything Hamilton was doing. The situation was resolved when Jefferson, who was then secretary of state, had misgivings but brokered the deal between Hamilton, Ah and James Madison, who Harrington was secretary treasury. Madison was was a member of the House. At George Washington's request, Virginia would get the capital and a final settlement on debt with the federal government. Hamilton got assumption had Jefferson known the trouble that the compromises 17 90 would unleash in terms of providing seeming legitimacy for implied powers, he never would have supported it. The compromise gave Hamilton the ammo. He needed to make his argument for the establishment of the central bank through the creation off those implied powers that they had just create by compromising. This is one. The few instances, instances. This is one of the few instances in which Jefferson acted shortsighted, Lee and that implied power situation would goes to the heart of everything created. It created this situation off the you know, how interpretive the Constitution can be, because without the powers being stayed in there and nobody to actually oppose, because power was now becoming much more centralized adjustment that well, we doesn't say we can't do it. So we're just gonna do it. Yeah, pretty. I mean, that's that lays the groundwork for everything that we have today, which we're gonna get into in the second half of this episode with, you know, from trannies tranny bathrooms and gay marriage to literally everything. Every interpretation, It's all it all comes from that The thing that we were told specifically would never happen. Yep. So getting into Ah, what happened after that? Leading up to the panic of 79 to and some or, you know, some or red pills here. So Hamilton's, uh, when Hamilton introduced where today, Let's see here. Okay. Right. I remember because I skipped around. So you got to go back internal where they go back up to the part underneath the Jewish money lending money, lending interest. Oh, yeah, yeah, yeah. So as I stated, the, uh, he was attacked for having Jewish money lending interest in heart at a time. The level because the level at which the system resembled the British had begun to alarm some people, especially as it seemed that through economics, Hamilton was titling was tilting power away from the House of Representatives and to the executive branch, which would be the least answerable to the people. Senator William McLay began t especially read Chernow's biography. Every time you see somebody was critical of Hamilton, it's it's McLay like he comes up constantly is that he had Hamilton's Hamilton's number. He knew what this guy was all about and he was very, very critical of him. McLay began to suspect that legislators were already becoming corrupt by it and dabbling in government securities, a fear that would later be in vindicated by the panic of 17 92. This villainous business, McLay concluded, will damn the character of Hamilton as a minister forever asthma Clay saw in New York financier financiers as satanic henchman in conclusion and killed in collusion with Hamilton to foster the most abandoned system of speculation ever broached in our country. Yep, whatever Iron Hamilton incurred, it was likely due to just how Inter tangled he was with these people in New York. Hamilton would have likely come into contact with these people due to the communities that existed in the Caribbean, but especially through his work with Beekman and Cruder, which was again, that was the Dutch trading post that he got his. That's where it all started for him, like that's where's career started. Beekman spoke frequently, a reminder Beekman Kruger were Dutch. Beekman spoke frequently about what the Jews were doing in the trade and how they were going going about it one way or another. Hamilton had made his connections because, despite there being let like the despite there being Bilek with 300 Jews in New York City at the time, at least four of them were shareholders of the Bank of New York. Would Hamilton founded it? Isaac Moses Hayman Levy, Salomon Simpson and Benjamin Sex sagas. Sixes. There is, Ah, possible fifth person Alexander Zones, but I said, I haven't been able to corroborate this yet, but it seems likely, given that zones and sexist We're both signatories of the Buttonwood. The Buttonwood Agreement, which is what create the New York Stock Exchange. Other Jews involved in the agreement were Ephraim Heart and Isaac Gomez. Isa Gomez. The first, the first plate. The first thing to go on the New York sucks the first thing to go on the New York Stock Exchange. The Bank of New York, of course, of course. They're all there at the right time, like so, if you were ever doubting anybody, any anybody who's doubting and still consider now, it's just purely a coincidence. The people out there who are We're gonna listen to this and potentially say, Oh, it's just a coincidence nobody from Alright, it's But you know, people who are not fellow travelers. Yeah, it's totally coincidence. Like, Wow, what? Who is at the foundation? Whose that the creation, who's at the genesis of all these things the New York Stock Exchange and everything else. And it's like the speculator problem. You could almost argue Ah, was was a problem, because this is the habitual sort of history that these people sort of. Here, too, is they create problems that they then have solutions for. Right, like this is, this is yet another example of this is like Oh, wow, this horrible speculation that's resulting in all these things. Oh, I know we'll just create a stock exchange and then we'll trade the Bank of New York got It's like, Is it this great? Is this wonderful? It's like working out. It's like win, win, win, win win every single time The creation of AH of the New York Stock Exchange or the Niecy came about because of Hamiltons Central bank scheme. The way Hamilton schemes worked was by creating Byzantine levels of checks and balances where everyone's hands got dirty in the book never stopped on one single person or thing. If it started to unravel, he wanted the United States to have a central bank that would attract private investment for the benefit of public interest. The central bank would have eight million of its capital subscribed by private investors, with 3\/4 of it paid in government securities. There was little opposition to its charter except from southern Agrarians who were seeing the capital flow in one specific direction and being at risk at risk of being touched by hands that often work very American, though for them that usually meant British in the British banking system. It's hard to say toe what level These people were woke on it, but they like they knew it was foreign. They knew it was alien. They knew it was foreign. They knew that for certain that Hamilton wanted to hit the ground running by and by bringing in British manufacturing, British style manufacturing to the United States did not help their suspicions. Others weren't sure if it was even constitutional, thanks to the federal elasticity that Hamilton had built into the system and constantly banked on to get any any and all of its schemes through. When the central bank was thrown open on July 4th, 17 91 it led to a frenzied wave of speculation, which included 30 members of Congress, the secretary of war and the former assistant secretary of treasury, William Duer, who become the fall guy for all this, who had essentially started inside he had based. Once he left office, he basically started insider trading because he knew, how would the American he was the only guy who knew how the American Treasury work? So, uh, the whole thing crashed. A month later, Hamilton and Ah Hamilton had the Bank of New York by a $150,000 securities. While he set up, he set up correcting the market by persuading the banks to continue lending during the second wave of the crisis. That which was the panic portion in 17 92. Hamilton would appear to have set the precedent of creating the Treasury problem that you didn't get to solve yourself. The panic. The panic exposed, the kind of economic leviathan that Hamilton had unleashed. How America was now open to being swindled by people like William Door, who took the fall for most most of this and created an incentive for bankers to govern the securities, to govern the trading of securities and prevent it from happening again. That was the buttonwood agreement, and it was full of the same people who had been involved in this place. Of course. I mean, this is a story that has been written dozens, if not hundreds of times throughout our history, throughout European history. It's the same story again and again and again, and it's and it's one of the reasons, you know, in an abstract observation where the reasons why they have to shut down the Internet and everything today so hard because one of the reasons that they've been able to get away with this over and over and over and over again is because this is for many. For many of these people, it's like the first time having to experience this. And, you know, when people had short lives back then and so it's like things weren't written down in the same way some in some ways they were. I mean, we have a glimpse of what was going on, but we don't have the full picture. We don't have the complete picture, but we have enough. We have. We certainly have enough. And the lesson here, of course, is when you when you basically throw open the floodgates to the immigration and you float through, open the floodgates to the access to the financial markets and you allow the talons to be sink sunk into your back. You see what the result is? And this is this is in an era where there were no telephones, there was no internet. There was no anyway, like communication was written or verbal, and they were still able to accomplish something like this. Um, and and of course, the whole system was set up for this. And then, you know the problem, it once it becomes a problem and they have the solution, you have Dwyer. Duer, have your pronounce. His name becomes the fall guy. How many times have we had a fall guy like door for out throughout history? There's always gonna be somebody, right? So yeah, this is I mean, just incredible. And the guy running all these schemes owns his own newspaper and constantly uses his other friends newspapers to launch attacks on anybody who opposes him. This stuff is very, very complicated. It was quite a challenge for me to wrap my you know, my little, much more literature minded head around it, but it's it's just incredible the way that he's constantly able to just he does whatever he wants, and because he creates problems that are so complex and indescribable, he's going. He's only one who can fix it. And he gets to put himself in that position time in time and time again. And despite the fact that people were becoming wise to what he was doing. And we're losing patience with him constantly because he was able because he had that position of being Washington's favorite and being able Teoh squeeze into every nook and cranny he possibly could. It was impossible to extract this guy in the, you know, in the last decade, off the 18th century from doing any of the stuff that he wanted to do. It's it's just I don't know. I don't know what else to say about it because it's so hard to understand sometimes because you have to have a basic understanding of what the government's doing and finances, and you don't understand that it's very difficult toe, see how just how insidious this is. But to me, like the thing that marks the thing that you can understand this best that the he was quite content at leaving the common people who had fought for this country behind and that so many people willing to go along if it's just, like, speaks. Oh, yeah, That was the point that I wanted to make about the assumption versus discrimination. I mean, he the idea that, you know, maybe the people that fought and bled for the country should be paid back was so yeah, that's up for debate. But the idea that the foreign investors, the foreign loans, whom many early founders actually wanted to tell those people to go pound sand, Rightly so. I mean, it was it was you could have easily in that moment, said, You know what, Get out of here. Go pound sand and we're not gonna pay you back or we'll pay you back on pennies on the dollars. Now, Hamilton's argument was, No, you have to pay back the loans because it's gonna put us in a better standing to borrow more money in the future. Which is what, of course, Hamilton wanted. But many people did not want to do that. They'd weren't. They did not want to pay back these foreign investors And ah, the thing that Hamilton said was that it was our sacred honor to pay its our sacred honor. It's our sacred obligation to pay them back. And that was not up for debate at all one bit. And not only was it not up for debate, it was the the insanity of We're gonna pay them back Mawr and with interest. And we're going to do that without question. Now the argument is, Oh, yes. So it would make us look good so that we'd have good credit to borrow even more money, of course, which was Hamilton's plan was, but the people that fought and bled and died for the war No, we're going. That's up for debate. We're not gonna We're not going to follow through on that. And then, while we speculate on it and everything else we're gonna, you know, do insider training and a rich ourselves and so on and so forth, and it's just the never It's the never ending story, and this is This is part of what contributed to Hamilton's coming unpopularity and eventual unraveling, and the other angle to the assumption of state that's is that this would also then lend further impetus. It would worsen the federal budget shortfall because they were in millions of dollars of debt of the time and taking on the state debts would only compound that which would then increase. And and the states may be hesitant to seek outside investors. But Hamilton, while he's working the angle in the central banks in the foreign loans, well, that that fits together nicely, doesn't it? Because then you can take on all of these state. That's the states are no longer in charge of their own finances. They have to give up the autonomy of running their own, their own finances. And then the federal government is put in a position where they need to come up with millions upon millions of more dollars. And to whom are they going to turn to loan that money? The Dutch, the French, all the people that Jon Jay and Benjamin exactly were sent ago in her interact with and Benjamin Notice and everybody else that was set over there to secure these loans as well. I mean, and it never ends right, because then assumes you have that into place. Then you can make the argument because people didn't even want federalism like the debate didn't become about like anti federalism or federalism anymore. It was like whether we're gonna What are we going to do to make federalism better, right, Like that was Now the paradigm has shifted by shifting all the debts to the federal government. And then it's like, Oh, well, we can't let that fail. We can't let that fall down now, this is a permanent thing that can never go away. And, of course, there was an ensuing fight over the course of 100 years that culminated in the Civil War. Um, where they really attempted to put anti federalism to bed forever. But this is something that they have been dealing with all along. This is the yuman question. This is what to do with all of these people that, you know, Wouldn't the country, you know, in Hamilton size within the country be great if it was just us in these like robots, or like whatever, they didn't think of them in those terms, but just basically debt slaves in there, like people working that have no voice. This is the reason why they wanted to goto hereditary, um, versus elected, because it's like, well, these people, they just need to work. They just need to produce they just the same reason why they want to emancipate the slaves. We just need people to work to produce and eventually consume. And that's all we want them for. We don't want them for anything else. We don't don't want him that have political opinions. We don't want them to be injecting themselves in anything. And if they dio, we're going to squash that rebellion. They did it in the whiskey rebellion, which we're gonna talk about, and they did it with the Civil War, and they've been doing it for the past several 100 years in this country. Any time someone tries to stick their head up and say No, actually, this is not what we want And, you know, at one point in history, this is This is the way that I think you should look at it. It's the way I look at it. There were actually people within the government at one point in time during Hamilton's time that were advocating for your interest. There were people in the founding fathers in that group who were who did have our interests at heart, who did have the interests of the men out in the hinterlands. there, the farmers and everything else in there. They believed in them. They were fighting for them. Ah, but I don't It's really the idea that that exists today. No, it's been totally. It's been totally smashed and destroyed because they cut off all on ramps for anybody to get into that position in anybody who does, it's a matter of time before they become compromised. And that's what you see, what we have today bearing bearing fruit, it's it's Hamilton's government has been the one that has one out. What one ultimately wonders. What? Ah, what abolitionist Ah Alexander Hamilton, but would have thought about pictures that you give all kinds of loans to the freed slaves. How that would turn out. What if he thought that would be a good thing? Well, Bordeaux, actually, that is a great bit of foreshadowing for something not nothing was done with with with black slips, although I assumed that probably did happen as well. But that is something that one of Hamilton's key associates, one of his bank friends, was a very Fonda with his white slaves, which we'll talk about in the second and final section of this deep dive coming up in the next thing Absolutely well. Without further ado, we will be right back on ftn with the second half of part two of the Hamilton does your listening on the TRS radio network. Welcome back to FTN FTN Focus. Focusing on the life and times and activities and legacy of Alexander Hamilton. We've gone through everything up until the well I shouldn't say that cause the timeline we have, ah looked at various different corners and facets of Hamilton's activities. But now we're going to focus on Hamilton and his role in the foundation of the first Central Bank and the establishment of this debt driven financial eyes economy in fiscal policy that we have found ourselves wrangling with or now hundreds of years. We will then look at the unraveling of Hamilton's career is his end of his career and his life by at the hands of Aaron Burr and then looking at some of his legacy and the other the lingering effects of Hamiltonian politics that we now are dealing with. So looking at at the Bank of North America and Hamilton's bank friends and in his quest to establish a central bank and establish our that driven financial ized economy. Hamilton surrounded himself and formed alliances with a league of subversive financiers turned politicians. Many of them were of British origin, and we're recent emigrates to the United States in the 17 seventies, as was Hamilton. Some had established their their shipping and Mercantile Enterprises beforehand, but it is really uncanny to see how many of these people came to the U. S. And within just a few years we're playing central roles in shaping, shaping this. The nascent countries policy to the articles of confederation as we talked about before, gave Congress the power to mint bills of currency, but not to operate a central bank. Hamilton, alongside British born merchant financier and land speculator Robert Morris, were two of the most prominent advocates for the US to adopt a central bank. At one point, Hamilton actually worked as Morris's aid in his private enterprise, Hamilton quoted about a national bank, saying Morris has very judiciously proposed a national bank which, by uniting the influence and interest of the monied men with the resource is of government, can alone give it that durable and extensive credit of which it stands in need in 17 79 Hamilton wrote a letter to Robert Morris proposing the idea of a central bank secured by liquid assets instead of real estate. If you paper currency is too susceptible to depreciation, as the colonies had been experiencing and proposed a bank instead to take out loans from foreign banks, this is the debt driven economy. The constant influx of capital would be provided by seeking out loans and selling bonds to foreign entity and to private speculators as well. Now this Ah, this is sort of incestuous development of the idea of a central bank between Robert Morris and Hamilton went on for many years they would kick this idea from one to the other, citing one another, discussing how this was such a great idea until it became, until it became something that was being widely discussed and in fact became a proposal Hamilton was able to eventually sneak through or not see through. But more so ram through. During his time in the Washington administration, Hamilton's vision for a U. S central bank was privately owned but publicly secured. The bank would be a trading banking and lending corporation held privately but partly controlled and backed by the US government. It's that's, ah wonderful relationship if you are a financier, right, because as the private owner, you reap the rewards of owning the bank. But with the government securing and backing it, if it is to fail, you're guaranteed by the government. So it really is an advantageous place to be to be one of the owners of this. Back in one of the shareholder, Morris had been appointed superintendent of finance in early 17 81 adopted Hamilton's proposals that they had written about, ah, years before two years before and used them to prepare a report to Congress recommending the establishment of a central bank. In 17 81 the Treasury was $25 million in debt. So getting this cash infusion, this bag of cash washing ashore from foreign lenders and from domestic money changers, five financiers This was obviously appealing. This was obviously a get out of debt, quick, uh, possibility for them to pursue. As a result of Hamilton and Morris's lobbying with Washington's support, a Bank of North America was chartered as the first commercial bank in the U. S. In 17 81 by the Continental Congress Later that year, Congress granted the bag the authority to operate as the country's first national bank. Morris funded the Bank of North America with gold and silver, as well as loans he secured privately from France and the Netherlands. At public offering, he purchased 63.3% of all shares, effectively making him the sole owner of 2\/3 of the United States National Bank. Just like that, a swell as his the obligations he held to these foreign lenders, right? On September 13th 17 85 the Bank of North America's charter was revoked under suspicion of quote, alarming foreign influence and fictitious credit. The state banks of Pennsylvania of State Bank of Pennsylvania claimed that the Bank of North America was giving preferential treatment to foreigners. It was engaged in unfair trade practices. Morris would go on to a continued career in business and politics, even serving many years in a debtor's prison for unpaid debts accrued as a result of land. Speculation, however, is business partner and the first president of the Bank of North America, Thomas Willing, would go on to work intimately with Hamilton in further iterations of national central banks in 17 89 and this is where we're inching towards a central bank. George Washington appointed Hamilton as the first U. S Treasury secretary, and this was Hamilton's dream job. Hamilton at the time would have been 34 or 32 years old, depending on which which source you believe. And he had been dreaming about implementing his financial policies, his visions on a national scale since he was a teenager, Some of the reports and Hamilton, As you noted, Borzoi was keen to spend a lot of time with pen and head and do a lot of writing. He he wrote Steris Financial mysterious and reports some of the reports he authored and submitted to Congress while in office were the first report on public credit operations of the act laying Duties on Imports report on a national bank on the establishment of a mint report on manufacturers, and report on a plan for the further support of public credit. And if you look into the easy will see ah, good cross section of what Hamilton really wanted you here. In the first report on the public credit, Hamilton was insistent that foreign securities Excuse me, Hamilton was assistant that securities owned by foreign interests should be paid back in full. Many, including James Madison, himself a federalist, were concerned by the idea of foreign states buying US securities. Hamilton insisted that forest or in purchasing of US securities was necessary to ensure a constantly expanding national budget and a debt driven economy. Revolutionary War veterans, as we noted, had been paid in promissory notes. Many of these notes were sold for 15 cents, 20 cents on the dollar to speculators Because of the crash that these i i. O. U's experienced in value, Hamilton was insistent that speculators should be able to cash these bonds, not the soldiers. After all, as Hamilton argued, the soldiers hadn't shown faith in the country's future, and for that they should be punished. Also, state debt should be rolled into the national debt for simplicity's sake, further consolidating federal power. And thankfully, this measure would go on to fail. In Congress, Hamilton had been plotting the establishment of a Central National Bank since at least 17 79 in 17 91. As secretary of the Treasury, he was in a position to take action. His proposal. Congress should charter a National Bank with an initial capitalization of $10 million. Eight million would come from private sources financiers like his friend Robert Morris and $2 million would come from Congress. But because Congress didn't have any money, it would borrow its share from the pig and repay the bank in 10 installments. The bank, Hamilton argued, was essential for establishing credit for the United States, making it able to borrow both domestically and overseas. So you see how this is shaping up right? Hamilton Art is arguing that in order to continue borrowing in order to continue digging ourselves into debt, we need to dig ourselves into debt. Madison challenge the establishment of the bank. It's unconstitutional again. Himself a federalist. Jefferson contended that the bank benefited wealthy merchants and financiers at the expense of regular people, especially those in the Agrarian South and burgeoning West. These objections were overruled. The bill passed the Senate and House with Washington's blessing and was signed into law. The first bank of the United States was chartered and became this the country's second de facto central bank. This banks first president was Thomas Willing, a Morris business partner and former head of the Bank of North America Willing is known by many historians as a fountain. As a quote or gotten founding father, he was Morris, his business partner for many years. Ian Morris engaged in trading textiles, weapons and slaves. One of will ings favorite imports. This is the guy that was tapped till toe leave the first central bank of the United States, the first officially recognised central bank. One of his favorite imports was white slaves from Europe, E first extended and collateralized collateralized credit in the human chattel trade. He imported or purchased large numbers of German, Welsh, Irish and English English slaves and sold their in dentures on bond in July, 17 55. Willing advertised a quote parcel of likely servant men and boys for sale. And here's the kicker. After they were released from chattel, Willing would come back to them and graciously extend to them personal loans with interest. I, who imported them to the US as slaves, would then come back and say, Well, you need to you need to get a place to live. Don't you need to buy some clothes and get yourself on your feet? So I'm here offering this service, which you can then pay back to me it at a at a gracious a pr wow again, Not only have we seen this take place all the way up through the present day in various sort of development way is not not limited to micro finance in all the other people that have come in. But this is why you see the calls for emancipation and everything else. Because, as I said before, they want to convert these people into from from slaves from from actually labor slaves to debt slaves and then have them become there. The note holders and the the the servants and the slaves essentially continue. Ah, they just now they haven't interests in this and they can be profited from other than from their labors. They've just figured out how to make the slaves mawr profitable is all that has changed about this in it. In It's in. It's so funny because it's like I see I see similarities with the Epstein story. Here is Well, it's kind a little bit far fetched, but it's like this guy is importing servant boys and everything else. It's a little bit speculative. We don't know really what was going on totally behind closed doors. But the fact that this is a recurring theme throughout history and it's happened many other times, it's like, Wow, wow, just wow. I mean, this is Yeah, I'm now It's my turn to be totally thunderstruck. You could feel the dripping contempt these people have as well. I didn't I was hearing Hamilton like lecturing. Like Hamilton, who married into the Skylar family. He married into money lecturing, lecturing farmer Virginia Farmer boys for having to desperately sell off their i. O U's like as not having faith in their countries, lecturing people who had no other choice but to do what they needed to do to get by while they wait for see if they were gonna have a country that they had fought for. As as he works alongside the financial interest in the financiers that are importing their labor competition because these are not the farmers that we talked about today, many of whom are are extremely wealthy living on this is not all farmers. Of course, there are still very many smaller family farmers that are truly working class, but the sort of like corporate all the Grappelli massive farming infrastructure. That's not really what we're talking about here. Many of these farmers were living harvest a harvest as it were, and and Hamilton is working intimately, with Thomas willing and there is, ah, astounding amount of correspondence between Willing and Morris and Hamilton. Hamilton is working with this guy and putting him in charge of the first sanctioned US Central Bank, this guy who was importing their labor competition, making it less profitable, making it difficult. No, I impossible for many to continue as being part of this working farm in class. And this is Hamilton's guy. And this is Hamilton's guy, who he lobbies to put in charge and who he selects to put in charge of the first central bank and willing, willing, ah, anti racist here, Thomas willing. It began importing Hyland slave anybody. Let's leave you if you're black. If you're white, doesn't matter to him. Hey, didn't see color. You began importing black slave. That's a joke. Obviously, it began importing black slaves after the French and Indian War, which made white servitude less profitable as white servants were off. Drafted into military service in the 17 nineties, will ings firm willing in Francis trafficked Opium into Asia and attempted to break into the Japanese market as well. The Japanese, to their eternal credit, refused these incursions. He became one of the first merchants to bring Asian products to American markets, and he sent his company, sent ships to Manila, Jamaica, Barcelona and attempted to trade in South America as well. There's a there's a little told, like I actually my it's going through the revision process right now, but the long essay on humiliation that I've been talking about for some time I actually have an extended piece on the on the Japanese. And it was the they they closed their themselves off the people like Thomas one, because they saw exactly what they did in China's. But the opium like through the conception of the Japanese, like just being gently distrustful of foreigners. They were basing that off. The fact that they look Dexter's ha, I don't think I want that to happen to us. Yeah, this is this is something that we've hit on before in the theme on on American Imperialism. It's something I mentioned in this very episode about this this debt financed economy being predicated on this ever never ending expansion or the whole thing falls apart. And it was part of this forcing open of these ports around the world because if we didn't have, like, this is ah thing that people need to understand. And James is hitting on this with the farmers is if these people didn't have a place to sell their goods, the whole thing was going to dry up to the country was growing at such a rate. People have to sort of wrap their heads around this because it took me a while to understand this as well. They was growing at such a rate that we eventually hit a point where we were producing more raw materials than we could sell at market. And if the prices of those raw materials started to drop, then you would start to have a lot of problems with with with the farmers and the people who ultimately were bringing those products to market and importing and exporting them and making an egregious profit on them, and the whole thing would fall apart in. So it resulted in this forcing up of these forcing open of these ports. Then you borrow more money to keep the thing going, and you can sort of see how this sort of spirals out of control and its continued all the way up into the present day. There's no point at which the stopped because, as I've said multitudes of times, if it stops, the whole thing falls apart like it. It has to keep going. It has to keep growing. And this is why you know, James and I have had on this with great regularity throughout midweek shows in the in the last three months. This is why the Fed is pumping billions and billions and billions of dollars in the market and liquidity to keep the whole thing going, because this is what it's built on. So I just want to make that very clear right? Right Willing profited greatly from this international trade. But as we noted, he faced resistance entering into some markets and he served as a proto example as as a as a muse, or that the typical type of person who would be benefited personally greatly benefited personally by the US military, kicking in these markets and forcing open international markets which we've seen happen through hard and soft power throughout the past several century, a couple of centuries. He's one of the first in a long line of international financiers that stood to benefit from this process, which furnished constant expansion. And again, this is Hamilton's design. This is Hamilton's design, a constantly expanding, constantly growing demand for credit financed by by constant economic expansion, never being content with with how things, how things are with the size of the market. He's one of the willing was actually one of the richest people in America at the time. And he, along with Morris and Hamilton, were, I would say, the Big Three in this integral football responsible for the U. S. Debt and expansion driven, poison pill economy that we are so blessed with blessed with today. As secretary of the Treasury, Hamilton acted Mawr like a British prime minister, less like a list like a departmental secretary, assume roles and responsibilities that weren't his on days when Washington was sick. You would even assume Washington's responsibilities as president. He undermined Jefferson with negotiating treaties in 17 93 engaged in direct trees it by attempting to negotiate a commercial treaty with Great Britain behind the back of Washington and after Jefferson had been appointed secretary of state behind Jefferson's back, without instruction into the contrary of the official policy of neutrality, United States had signed a treaty of perpetual friendship with France, France and Great Britain. Britain were at war. Washington was inclined to take a neutral packed here. Jefferson agreed with him. Hamilton, however, wanted the United States to sign a commercial treaty with Great Britain. Doing so would definitely anger the French and lead to the possibility of hostilities and conflict between the two. Interestingly, Hamilton was actually referred to in some writings by British diplomats as Agent seven, historian Julian P. Boyd in his book Number seven, published by the Princeton University Press, wrote Quote. Hamilton revealed secret Cabinet discussions, American Cabinet discussions to a British intelligence agent. They ought to inform Washington and Secretary of State Jefferson of his discussions with the British agent and finally under impact of the war crisis, informed them falsely. So he lied. The Washington and Jefferson. He lied to Washington, and this is guy, of course, he he disparaged behind his back. Washington made him write what Washington to a larger degree made. Hamilton If it were not for Washington's interference and promotion of Hamilton to a day camp, he would have been stewing in obscurity for much longer than he and he waas. Hamilton ultimately brokered the controversial Jay Treaty of 17 94 which seemed good to Hamilton at the time, but but led to this cascading effect and class of the Federalist Party. In Hamilton's career. J Trading was a wide reaching treaty with Great Britain. Federalist wanted to open new markets to trade and did so at the expense of Southern farmers. The results of the treaty were disastrous. Or the American working class. Ah yes, the British vacated forts near the western border of the United States. They opened up ports in the West Indies to American merchants and in return, Americans. This is the kicker Americans would have to pay all debts incur before 17 75 and the merchants, we're extremely wealthy. They could pay these any debts that had occurred or could negotiate to have them reduced. Or, you know, they had ways around this. But for many of these southern farmers who were near destitute, this was devastating. Many of them had incurred these old debts and had lost the slaves they had already paid for in these British raids on ships coming through the U. S. After taking out loans for merchants. Right. So they had loaned from taking out a loan from the financiers, the by the slaves from somebody the financier probably went to shul with. And then the British had taken both. And now they were being forced as a result of Hamilton negotiating the Jay Treaty. They were going to be legally bound to pay these old debts back. And this was disastrous or for many Southern farmers. And it led to lead to the total destruction of any federalist support in the South as little as there was at the time. And Bordeaux, I think you have some more notes on the Jay Treaty. Yeah, one of the driving reasons for the street. It was a way to smooth over the ongoing issues that the United States and Great Britain still had. Things would be issues that would continue on into the War of 18 12 and to realign toward what Hamilton saw as the inevitable strong horse. Many Americans were sympathetic to France because off Republican sympathies and goodwill. But France is being tort apart by revolution at this time and being invaded because I think that's the context for people to understand what was going on with great Britain at the time. The choir, that war with France is like they were basically invading France because of France's. What was going on the Revolution at the time. That's a whole hold the thing, great there. But Hamilton perceived that because of what was happening France, that Great Britain was the inevitable strong horse and be it would be smarter to align themselves with a special ones. That war would finally conclude. Um, and he wanted to also bring it American Mawr, in line with a nation that would maintain the economic and financial model that he had worked so hard to bring, because basically, the way he was designing everything was like, We're gonna make everything British style. It's gonna be British style finances, British style manufacturing. I've got to do this all British style, and it's not gonna be any good for us to live with France over Britain when the natural alliance in this case would be Britain going in from there as well, like This is where? Because this is where you start the these issues would go into a swell the quasi war before that, because I'm sure some people who are very familiar with Hamilton or workplace Why haven't we talk about the whiskey rebellion yet? Well, I'm gonna do that right now. So good. Before all that happened, this is where you see the more militaristic tendencies off Hamilton come out. Because Hamilton had advocated the excise taxes after previously previously promising during the Philadelphia Convention, that the United States would never levy excise taxes, which sparked the whiskey rebellion in Pennsylvania. Now just a reminder as well. He This is the exact same thing that happened with Britain when they created their, uh, their economic system that created the bridge empires that they create the central bank. And then they excise taxes on spirits, which is what they did here, but and are doing for the excise tax on whiskey and other domestic spirits. Hamilton put it at put it as it was. Either this or we need to put a land tax on farmers. Hamilton confessed washing, however, that he, Wando, lay hold of so valuable a resource of revenue. Before it was Gen generally preoccupied by the state government. Once again, Hamilton trying to beat the states to the punch and take and kind of revenue that might go to them to weaken them. As with assumption, he wanted to start the states of revenue. In short, the federal government. Western Pennsylvania at the time was a lawless hinterland and difficult to control. It was Appalachian, Appalachian, Scott, Scots, Irish territory and the state of Pennsylvania had tried toe text whiskey before and failed. Hamilton New. The Hamilton knew the reaction to this tax. Wouldn't Hamilton knew what reaction to this tax would be engendered and used it as a pretext to develop stiff enforcement powers? In the report on public credit, he had outlined sweeping powers for inspectors that allowed them to enter homes and warehouses at any hour to seize hidden spirits. He encouraged inspectors to visit distilleries at least twice a day and full fill out extremely extensive reports on the people they were inspecting. Some of the context for this is that moonshine was a huge part of the full tradition and culture off the Scots Irish people in the United States. This is this. He was also attacking the you know, the people's culture directly with all this. This was a very a targeted strike he was making, and he did this for a number of ulterior reasons. Hamilton was so zealous on this as he saw this as a necessity to restoring public credit, the federal government needed the ability to implement policies and taxes that would not be popular and would need to be able to respond to any form of non compliance, even if it meant crushing it totally in, As it turns out later on, that that was his preferred method of crushing everything. Totally. He'd been urged Washington to overreact militarily and saw military glory himself. In crushing the supposed rebellion. Hamilton egged Washington on to send troops, recommending that they call up 12,000 men to crush the rebellion. When it came to law enforcement, Hamilton believed that an overwhelming show of force obviated the need to employ it. Whenever the government appears in arms, it ought to appear like a Hercules and inspire respect by the display of strength. The consideration of expense is of no moment compared with the advantages of energy for Hamilton, this was a way to get the Central Army that he believed the United States needed. These same tendencies would come out again during the quasi war, when he expected they would go to war France until John Adams was able to negotiate peace. The context for that was because the the state it was a number of things with the X y Z affair and also the governments of France changing, changing. So United States didn't want to pay its debts back because that was that the agreement they made with that current government. So there was hostilities that broke out. Had Hamilton got in his way, they would have seized all the Spanish territories that bordered the United States while flexing military might over any American citizen that might rebel or chaff at this newly reconstituted in modernized army he created for the federal government. To that end, Hamilton one to march through the southern states a clearly provocative gesture. So while he definitely wanted those territories more than anything, he just wanted flex military might over the state's little Milic were in charge. Don't even think about rebelling. We will crush you. The whiskey rebellion wouldn't have happened without Hamilton, he was appalled at the attempts toward and towards the quasi war as well. He was appalled towards peace attempts at peace on both issues. He wanted all the revolutionary tendencies within the United States to be rooted out, and he wanted the culprits to lose their homes or even be deported. In the case of the of the Whiskey Rebellion. Hamilton's hubris and this is a theme that I'm starting to see emerge here is hubris and taking everything so personally and inability to let things go let him to overreach. And that actually set him on a trajectory, which will talk about here in a moment that one could argue, actually lead to the end of definitely lead to the end of his political career, but even led to his death. Perhaps if you look at it through that lens, taking everything personally, never letting these feuds go and and this desperate attempt to come out on top in each feud he found himself in, ah, very destructive quality for for someone like Hamilton and it goes, it goes an honor thing as well, because honor still mattered a lot in in this time period. I mean duels were still very commonplace. There's a whole whole thing with that. But But him being, you know, being perceived as the son of a whore and a foreigner, an outsider in Alien. He had a chip on his shoulder about this stuff. Why he was so obsessed with the meritocratic angle he always pushed and why he was always he always took everything, extremely person. The funny thing is, it seemed like it seems like one night when I read Hamilton on this stuff. He turns it into a personal thing when it never was in the first place, so that he'll he'll over the top insult people. And then when they when they respond in kind and like he treats it like now. Okay, now, my honor has been businesses like you started it. I think this was not. This was not a reaction that needed to be made oftentimes by injecting himself in situations where he didn't need to be. As is the case with with Aaron Burr in 17 91 which we'll get to in a moment. So Hamilton leaves office in 17 95. Where did he go from there? He wanted to go straight to the presidency. He wanted to be the next president after George Washington, he wanted to be the second president of the United States. That didn't work out for him, though Adams was was seen as the obvious successor to George Washington, and this rivalry would spiral out of control. But before that, before, before the election, before 17 96 before 1800 there was the Reynolds affair, the Mariah Reynolds affair, which went from a simple affair to extortion to potentially something much more to potentially wide reaching criminal financial conspiracy. So in 17 97 Hamilton publicly revealed that for about a year, getting in 17 91 he had been having an affair with a married woman, Orion Reynolds, whom he had met in Philadelphia while he was Treasury secretary. As the official story goes, she had come to his home and asked for a meeting and presented herself as a battered woman trapped in a marriage with her abusive husband would run off on their family with all of their money to go live with another woman. She claimed she needed money to help her move her and her Children in with her friends in New York later that night. Hamilton claims he had no cash on him, so he had to go get cash. And then he visited her at her rooming house, basically a hostel where she was staying. She led him upstairs and, as he later wrote quote, it was quickly apparent that other than pecuniary consolation would be acceptable. You for miss speaking in euphemisms. Their of course. Their affair continued often at Hamilton's home while his wife was visiting her father in New York with their Children. Before long, though, all is not well and not happy in paradise. Hamilton is Excuse me. Hamilton is approached by James Reynolds, the husband of his new lover and a known con man who demands $1000 worth about $30,000 today. Or he will tell the press about the affair. Hamilton feared this would spell disaster for his image and for his presidential aspirations and his ability to continue the project. He had embarked on solidifying the U. S s burgeoning fiduciary policy, so he complied. The deal lasted for six months between January 17 92 through the summer. This became a brewing scandal when in the fall of 17 92. James Reynolds and an associate, Jake Jacob Klingman, were arrested after getting caught in a scam to steal Revolutionary War back pay spiritually, very much derived from what Hamilton was doing with the i. O. U's. Klingman had previously worked for Congressman Frederick Muilenburg of Pennsylvania. While on bail, Klingman went to Muilenburg, who was a Lutheran minister and son of German immigrants, and made the claim that Reynolds and Hamilton had been involved in illegal financial speculation. While Hamilton was Treasury secretary, this claim was investigated. Muilenburg, along with James Monroe, interviewed both the Reynolds is and Hamilton. Hamilton openly admitted to the affair unusually freely. He came right ord with it and showed Monroe in Muilenburg letters from James Reynolds, which Monroe made copies off and set to Jefferson at House Cork. Jeff Excuse me. House clerk John Beckley kept a copy as well. The scandal went public later, Ron when Alexander Hamilton, who wanted to be president, um, but he knew that beating anti federalist Thomas Jefferson and before that, overcoming the Federalist support for John Adams would be a great challenge in an effort to discredit Jefferson. And this is this is a great example of Hamilton's hubris and Hamilton overextending himself and getting him into the sticky situations in an attempt to discredit Jefferson in the run up to the 17 76 election season, that should be 17 96 17 96 election. Hamilton took the name Foschi on another Roman Larb and wrote a series of newspaper editorials. Or he attacked Jefferson's personal life and furthered allegations that Jefferson had father Children with his 25% black slave, Sally Hemings. This backfired bigly when journalist James Callender responded in kind by breaking this story about Hamilton's affair with Mariah Reynolds and the allegations that Hamilton had paid off James Reynolds using federal funds, not his personal wealth. Hamilton blamed Monroe, but no one is quite sure for certain how Calendar got the scoop. Speculation now is that he got the got the story and the documents from fired House clerk John Beckley like he had with Monroe and Muilenburg. Hamilton came out and admitted the affair in order to deny the charges of misappropriating funds and participating in illegal speculation, is thinking was that admitting to the affair which, while damaging to his reputation, would not be illegal would inculcated himself for inoculate himself. I should say against further investigation. People would think that if he admitted to the affair well, he's probably telling the truth about not double dealing and engaging in illegal speculation. We can't say for certain whether this alone and derailed Hamilton's presidential aspirations. But it's severely damaged his national reputation and his reputation within the Federalist Party and gave great credence to Thomas Jefferson's characterization of Hamilton as a duplicitous, untrustworthy elite. And it's important to remember that infidelity was not accepted. To the degree that it's presented today. It's still not accepted amongst common people, but it's very much washed over with political figures and celebrities today. Able to excuse me, Washington didn't care. E wrote that he held Hamilton in quote very high esteem after the affair, as he had before. And there's some some modern debate about whether the Mariah Reynolds affair ever took place or whether or not this was simply a an alibi and a smokescreen red herring, a supposed meant to distract from actual financial fraud that James Reynolds in Hamilton were engaged in. Many historians, for example, have cast doubts on the authenticity of Mariah's letters to Hamilton. Many historians presenting the possibility that that because Mariah Reynolds spells correctly, spells long, complex words but misspells short, simple words that these letters may in fact have been written by Hamilton or dictated by Hamilton to A to a woman to right. So there is some some speculation about the authenticity thereof. Now. This Mariah Reynolds affair played an integral role in Hamilton's unraveling. But not all of the not all of the factors here were necessarily within Hamilton's control and by 1800 partisan differences were intensifying. Anti federalists, with Thomas Jefferson as their candidate, were concerned about federalist tendencies towards monarchy or, at the very least, oligarchy. A warming of relations with Great Britain, they feared, would lead to a loss of independence and Hamilton's blatantly unconstitutional actions. At Treasury. The Jay Treaty was enraging too many, including Southern farmers, as were Hamilton's. Attempts to reward financiers were taking advantage of destitute Revolutionary War veterans. Federalists, led by Hamilton and Adams with Washington's support, decried the anti federalists now known as the Democratic Republicans as Franco Felix radicals that wanted to dissolve the United States. And I said that this is not these factors were not entirely within Hamilton's control, but actually let me, well, actually, myself. Most of the reason that Thomas Jefferson and the anti Federalists, the Democratic Republicans, were becoming so popular it actually was due to popular revolt against Hamilton's actions during the in the Washington administration Jay Treaty. This the screwing over of Southern farmers, the duplicity which with which he dealt with the Revolutionary War veterans. These were all Hamilton's programs. This was Hamilton's. This was a national rejection of a Hamiltonian federalism, and there was also a split in the Federalist block. A high federalists thought that Hamilton, now that the Adams was basically a pledge right, they wanted Hamilton. These were the elites of the elites. Hamilton likewise, not Adams was to moderate. You wanted to go full bore. While Washington had Hamilton effectively run the show behind the scenes Adams, the presumed successor toe Washington promised to be more active to take a more proactive role in governance. This was deeply concerning to Hamilton, who feared that his influence would be diminished under an Adam's presidency. You would no longer be given the latitude to basically run the show like Washington had given him and since 17 96 if not before Hamilton and Adams had not gotten along. Hamel Adams, as Boardman noted earlier, had thought Hamilton too ambitious, scandal ish and childishly ungrateful. Hamilton would make digs at Adam, making unfavorable insinuations, comparing these short and pudgy Adams to Washington in 17 96 Hamilton had war gamed and tried to act on a scenario that would, through electoral trickery, make Thomas Pinckney of South Carolina the president, and Adams the vice president. It didn't work. And so this going in. So then Adams becomes president. And during this, he Hamilton takes umbrage that Adams doesn't want to listen to him or like, tries to negotiate peace and not give into his his warmongering desires. And he takes this as a personal affront. You interfered with this man's election and his career at every turn. You could our use of inter surprised at the reaction you got right? Yeah, this is that that childish, ungrateful nous. And now that I'm is thinking about this, if you go back and read the farmer refuted, which Hamilton wrote when he was either a late teenager amid teenager or in his early twenties, this was the reputation of the anti federalist argument. He opens with what you have to scroll and scroll and scroll to get past the personal attacks. Because he basically opens by calling the guy an idiot by saying so. You don't know what you're talking about. Your your ally, just every negative connotation you can think of. Apple is using it to to try to personally attack this guy. And Hamilton doesn't really evolve personally past this inclination. He acts up until his death basically like it, like a spurned a child when he doesn't get his way. And Adams Adams took from him what Hamilton believed should have been hiss the presidency. And this is something he was never able to let go. And this is when you see the downward spiral start to start to Peyton with leading the way. There's also a little subtlety here is well, that with that ah Pickney scheme as well there that it's an incredible humiliation to do toe a statesmanlike Adams where I'm gonna keep you in second place. Like I am going to engineer this scenario because there's this natural progression. Okay, I was the vice president. Now I'm gonna take my shot at the presidency. No, I'm gonna take this completely unknown. Have him win over you and you get to be second place again. Like that is an incredibly humiliating thing to do to a statesman, right, Right? Absolutely, Absolutely. And Hamilton, you see him now getting impatient by 1800 by 1800 he is. He's out of time, right? Hamilton himself had pre had precluded himself from standing as a candidate by admitting to the Reynolds affair. But he wanted to continue exerting influence. He had also made himself persona non grata with many federalists, including Adams. After his 17 96 electoral scheme was exposed, Hamilton also wanted revenge against Adams, were reaching peace with France instead of going to war to seize further territory for the U. S. And flexing her new military might financed by debt and foreign loans. Charles Coatsworth Pinckney, a Federalist VP from South Carolina and brother of Thomas Pinckney, was a relative political newcomer and willing to defer mawr toe Hamilton. So Hamilton again schemed behind the scenes to nominate him for the presidency over Adam's. But this failed spectacularly and blew up in Hamilton's face. His 54 page attack on John Adams was leaked to Democratic Republicans, and this became a nationwide scandal. Hamilton had placed his Perth personal political fortunes over the good of the party and their nominee. Adams, resented Hamilton's attacks. He was disgusted by Hamilton's ungrateful expectation that he simply be handed power and authority like Washington decrepit performer president had done and the attacks made by the High Federalists, Hamilton's allies. Their feud lasted until Hamilton's death in 18 04 And really, you can't blame Adams for or anything you did hear. The final electoral tally was close, but the 18 04 popular vote was a blowout. Jefferson won 61% of the popular vote, and the Federalist Party was destroyed. But this wasn't Hamilton's Onley scheme in 1800 after the people made their decision. But before the electors cast their final votes, he injected himself into the fray to spite an old political adversary, Aaron Burr. Now Aaron Burr and Hamilton go back a ways you go back to at least 17 91 when Burr defeated Hamilton's father in law, Philip. Surely our shul shoulder. You're at the isn't it, Skylar? Oh, it might be well, I mean, like we could. We could pronounce it shoe earlier if we want really fit with him about this character in the race for Senate in New York. Ah, shoe earlier, Skylar, Whomever. And Federalist would have been another Senate rubber stamp or Hamilton's agenda at Treasury. Bir, an anti federalist Democratic Republican, opposed, opposed Hamilton's agenda. And the funny thing about this and the great irony is that Hamilton didn't need this Senate seat to accomplish most of his agenda. What he was advocating for his financial program passed oftentimes with a healthy margin. And when it failed, it failed with a healthy margin. So there weren't a lot of votes coming down to the wire. So this this extra Senate seat wasn't even necessary for Hamilton to secure most of his financial program. The faster you go ahead, a lot of a lot of it. Also, if it was because I don't know if you had it in here but the attack, there's a reason why the attacks really didn't step up until 1800. And that's because in 17 99 Birr founded the Bank of the Manhattan Company, which was a competing bank, Teoh Hamilton's Bank of New York so that I believe that's what really there the he is. Oh, he'd always been a political rival of sorts. But this interview, especially as Ah Hamilton's fortunes like political fortunes, were unraveling. Now you have probably, from his perspective, from Hampton's insult to injury, where Aaron Filler, this guy who he did not consider to be a very intellectual guy who got of ambition but didn't it, didn't have, like what he says, like the marriage crack, you know, to him now he's creating a competing bank and muscling in on his territory must like the way he probably probably took it personally. Is like somebody you know, somebody weaker than him trying to yeah, take advantage of his failing fortunes. Well, somewhat someone without his his lineage, someone without his prestigious background, right? Just horning his way in. And this upstart founding this bank Hamilton by 1800 Utkan, you can see through his eyes what he's seeing around him. You seeing his political futures crumble, you seeing his influence all apart. You seeing his his long shot hope of ever becoming the president is totally, totally gone at this point, and he's seeing his his financial interests starting to come under threat by Aaron Burr and these these competitors in the financial A sector So the world is slipping away from, and his marriages failed on this point as well. So you're seeing the world slipping away from Hamilton by 1800 now in 1800 Burr was the vice presidential candidate alongside Thomas Jefferson, who, as you know, crushed Adams at the polls because of how the Constitution was written. However, electors would not vote for the president. The and the second place choice. Oh, excuse me, electors would vote for the president, and the second place choice would become vice president. That's and that's just how it was. This was sort of a fluke in the writing of the Constitution. Jefferson's popular vote win was clear electorally, not so much. There was a problem. Jefferson and Aaron Burr. We're tied in the electoral vote because at the time the electoral votes did not distinguish between the offices of president and vice president, their joint ticket men. They received the same number of votes Hamilton dislike both men or their politics. But he hated Aaron Burr were stealing, stealing his father in Law Senate seat back in 17 91 and for introducing this competing bank in 17 99. Is fellow Federalist Sauber as an opportunist? Not It's not a serious threat. By contrast, they were deeply afraid of what be more ideological Jefferson could and would, and had promised to do to their precarious, burgeoning oligarchic project. Other federalists began plotting to shift votes from Jefferson Tuber, thus giving birth the presidency. They've uber is more controllable and less threatening, and Burb entertained the idea. He refused to publicly state that he would not accept the presidency. Now Enter Hamilton. You began writing to federalists in the house, describing Burr as wicked enough to scruple nothing and one of the worst men in the community. He warned that Burwood use the army to quote, demolish the miserable Constitution. The let's fund this guy like you friend, a march troops for Southern states. What are you talking about? All right, all right. Well, Hamilton feared that if the Federalist Co opted Burr, though, and this is where you see the personal animus come back. If they co opted Burr and used him for their interests, this would further preclude is already distant long shot of a political comeback, Jefferson one, ultimately, but unfortunately, it happened through capitulation. Representative James Baird, a Delaware federalist, proved to be the linchpin, according to biographer Ron Chernow. In order to secure buyers support, Jefferson had to ensure him that he would quote, preserve Hamilton's financial system, maintained the Navy and retain federalist bureaucrats below the Cabinet level. So on the 36 ballot, enough federalists had defected that Jefferson became president. Bir, as we're would within her, was then revealed to be an opportunist, much like Hamilton, and likewise became persona non grata in national politics. Hamilton came back, though four years later, to dig the knife in further when he campaigned for birds rival in the New York Governors race. Morgan Lewis Hamilton repeatedly defamed Burr in New York newspaper editorials, and later, at a dinner party attended by the Who's Who of New York politics, Hamilton taunted and insulted Bir. The two exchanged letters were demanded, an apology. Hamilton refused, and Burr requested a duel to which Hamilton agreed. Hamilton was a big sucker for duels. You never been on the firing line himself, of course. The guy lurking in the shadows as the actual firing and fighting is done. But he had been a second in many challenges, including in a duel against James Monroe. Incidentally, depending on who you believe, it also been involved in either one or two honor disputes with ER before to Matt. On July 11th 18 04 In Weehawken, New Jersey, two shots were fired. Hamilton fired above Bird's head and birdshot Hamilton above the right hip, severing several internal organs, and the bullet became lodged in his vertebrae and he died. He went on to die. Ah, Few days later, Hamilton had allegedly made a pre dual pledge not to shoot Burr. I have resolved, he wrote, if our interview is conducted in the usual manner and it pleases God to give me the opportunity to reserve and throw away my first fire and I have thoughts of even and I have thoughts even of reserving my second fire. Now, this was common practice, sometimes for do alors to waste their shot and fire into the ground, thus fulfilling their obligation to participate in the duel and leave both parties unharmed and honor intact. However, when dealers did this, they fired into the ground. What what Hamilton did was he fired right above Spurs head. So the most plausible explanation here is that Hamilton made the pre dual pledge. Then he changed his mind because of his deep personal hatred and animus for Aaron Burr and his inability to let these things go. But it was a bad shot, and he missed. Burr was absolutely in the right to shoot and kill him. Yeah, the idea that he was like he didn't want to shoot birds. Absurd. Because of holic guns at that time were not exactly pinpoint precision and third shots of To Say to say like, Oh, I'm gonna waste my shot and fire above somebody's had No, that's like that. You are actually risking killing that person even if you don't intend to. And you know that, right? Exactly. Exactly. And as as we know, as has been theorized before, um, Hamilton, if you look at, is the state of his life. Everything was falling apart around him. He had nothing else to live for, either. The onus is on someone, in my opinion, to prove that he did not intend to kill Burt because all of the evidence that we have available to us context. The actual forensics of the dual itself seemed to back this up. Now, in an interview after the duel, Birth stated, This is great birth stated you would have shot Hamilton clean through the heart if it were not for the morning mist impairing his vision. No rag Graetz, after spending some time in Georgia, were returned to D. C to finish out his term as vice president after killing the former Treasury. Treasury Secretary. Yeah. How dare you, James, How dare you make this claim that Alexander Hamilton did not act honorably in this situation? How dare you besmirch the reputation of this great man? Um, it is actually fitting, though, that this is the way that the story of his life concludes. However his legacy is living on. Even up to this day, we're going to be contending with the legacy of Alexander Hamilton forever. But a to least Aaron Burr put it out of its misery longer than it could continue because I think his I'm pretty sure that Aaron Birds wife if I was reading correctly and Aaron Burst Alexander Hamilton's wife actually lived another 50 years, Um and and she became an advocate in the abolition movement in yada yada yada. But, I mean, if if if Hamilton had lived a long life, I mean, just imagine. Ah, what what would have taken shape now from the position that we're sitting? And now it's like, you know, we're probably think yourself, What difference would it have made at this point? But they would have just hastened the decline potentially of what we already have today. But, you know, he was Berber. Is Thea preeminent anti Semite? Um, and he has He has really gone gone far. Now, the funny thing the observation that we made is that their politics, you know, they were political enemies, their politics, really in the grand scheme of things weren't all that different. I think boards, or you're saying that, um, Ber he could have been a fellow traveler of Hamilton, but Hamilton was just so ah, self absorbed in about himself and egotistical. I mean, he just couldn't stand for it. And, you know, this is thistles once again, this example of him over playing his hand in getting way out of control in it. In the end, it cost him his life and potentially um at the hands of a guy who could have been a great ally of his in a lot of ways. Um, Ber described it as you described this Paul Ryan shooting Mitt Romney, which I found hilarious eso before. You know, we say we sort of joke as you know Aaron Burr. Nothing wrong, but the people, the tendency of the absolutist thinking to be like, Well, Hamilton Bad Burger. Good. I love bird hate Hamilton like you can't do that in this situation because, you know, I said earlier that Hamilton one it was one of the original founding farm he was. He was a founding father who, one of the only founding fathers who represented Jews in the court's well, Aaron Burr is not considered a founding father. But Aaron Burr also represented Jews in the courts and also had a lot of the similar positions that Hamilton had on DSO. Yeah, this is the way you have to think of it. Is that that, like Paul Ryan, I got really upset one day in laid out Mitt Romney, and it's like, wow, Mitt, Mitt! Mitt Romney has has been assassinated by Paul Ryan, but you have Teoh steel yourself from going out and saying, Oh, well based Paul Ryan, It's like, No, this was just proto kosher sandwich at work. Um, and Burr was was more than willing. Bill Burr would have enthusiastically continued and built upon Hamilton's financial legacy had the Federalist given him the presidency. He was an opportunist in the in the same way that Hamilton was accepted. Hamilton being much more ideological than Burr was Berwyn. Burr was concerned with the naked pursuit of power. And one thing that we may never know we could know with a lot of forensic research would be to, you know, you have Burr and you have Hamilton, both representing Jews in the courts there, both from New York. We both have. You have a lot of Jewish population in Manhattan at that time, and so was it. A simple fact of they were just These guys were just well, in Hamilton's case, I think we know the answer. But in Burst case, it's when he is asked to represent these these Jews in the courts. Is it is it out of the goodness of his heart because he believes in the Jewish cause? Or is it because thes people are paying Ah, lot more than their gentile counterparts would Precisely Because no good lawyer no good gentile goy lawyer would represent them in courts where the Gentiles word was taken over the Jewish word. That's why that quote from Hamilton of what do you do, you disbelieve The evidence of the Jew was so ah, thunder striking at that period of time because, ah, the the correct assumption would be toe like, No, I actually have some prejudice against what this individual is saying in our courtroom, right? And so yeah, it's it's sort of you sort of have to wonder. It's like, Well, how opportunist Wasbir. I mean, we know Hamilton probably represented these people because thes air co ethnics in some ways, But Bir, it's like, Well, was it the dollar? Was that the Was it just the fact that you're in New York and this is the thing that you do as a lawyer? But, you know, we didn't go down that rabbit hole in the deep dive, and it would be interesting to see I mean, first of all, Hamilton represented everybody in the only synagogue in New York, so we've got that base covered. We sort of figure out how that works. There's only one synagogue, how many are there? And it's like Hamilton's representing all of them. It's like his birth picking up the rest. I don't know. We don't really know who the representatives were at that time, But given that the court system with was the way that it WAAS, chances are they would have had to have these sort of gentile attorneys representing them in court. Um, and I don't know. I'll admit that I don't know enough about, ah, the jurisprudence of that time and how things worked to sort of speak on it. But it's certainly worthy of, ah, diving into at some point. James, did you have anything else to say here about birth before I said You in tow? More judicial influences of Hamilton? Go ahead and take a look at the judicial influences because this is This is a very important story that we've touched on Hamilton's activities in the executive branch. But his one could actually argue that the end. It depends on how you look at it, what Hamilton's activity in propping up the power of the judiciary has has been. I don't want to compare one against the other, but they've both been extremely destructive, as we see with the effects. Ah, playing out of the crate are key to this very day. Yeah, they haven't. So we mentioned implied powers. We mentioned how he has pushed this. And we've We've mentioned how Hamilton has been effective in his own way with the financial system with with the Legislature. Ah, and in to some extent, the executive branch and now the judiciary. And these are the things that have played out after he died. These air, the debates that continued on these are the debates that centered around the stake in the ground that that Hamilton placed for others to follow this high water mark. And you have the sister entire system being pulled in this direction. So you have the influence of Alexander Hamilton on John Marshall John Marshall completely his unconstitutional insistence in the key of the landmark case, Marbury versus Madison, that it was the duty of the Judicial Department to say what the law is was based on this Hamiltonian loose construction off the constitution with the implied powers is instead is taking the place of in supplanting the correct originalist interpretation of the Constitution. And again, my position is that the entire Constitution was illegally supplanting what were very workable articles of confederation. That would have been better for us in the long run. Better for people who wanted to have, ah, strong state power, strong local government and weak federal government Just now. Then the argument shifted to be like, Well, what should we do with the strong federal government? See how this works? So this completely unconstitutional and directly contradicted the insurance of James Madison and Alexander Hamilton himself and others in Philadelphia that the judicial branch wouldn't become a cry Turkey. It would be, in fact, the weakest branch of the general government. Judicial Review was supported by the delegates of the concept of the Philadelphia convention Onley in the sense that the Supreme Court could review decisions of any inferior federal courts established by Congress. And, of course, the Supreme Court was the only court established by Congress or the Constitution. So, on a technical basis on Lee, would the Supreme Court weigh in on errors of process, not on determinations of fact and law, but this the system that we've all grown up with. It's the system that our fathers have grown up with. It's the system that our grandfathers and great grandfathers have all grown up with this ever since this decision in the early 18 hundreds, this was normal. But two people prior to the 18 hundreds and to the founders themselves, and in some cases even Alexander Hamilton had to come out publicly in state. It would never be this way. What they said would never happen has become the norm. And that is why we have the cry turkey that we have today. Justice John Marshall further unconstitutionally degraded the 11th Amendment state sovereignty of immunity while at the same time pushing a deliberately overweening interpretation of the Constitution supremacy clause. His reasoning was exclusively based on Hamiltonian, loose construction and implied powers. Nonsense, Hamilton was continuing his distortion of the Philadelphia Constitution and the federal government from the grave. This continued with the codification of implied powers from with McCullough v. Maryland in 18 19 which may be totally a historical argument that the Philadelphia Constitution had been ratified by the people of the United States rather than the states themselves. The Constitution was and is a compact between the states, which preceded the federal government established by the Constitution, and it was ratified on a state by state basis. Marshals conclusion instead, was this unconstitutional Hamiltonian argument, which was used by Abraham Lincoln to justify his illegal and unconstitutional war of Northern aggression in 18 61. This is a straw man argument that codified implied powers in the Constitution using this unconstitutional interpretation of the supremacy clause and the necessary and proper clause, and it allowed them to wage war. It not only allowed them to wage war on our own people, which is what the civil War was. They were intended to grant the general government the power to do whatever it wanted. And that's that's how they've interpreted the cry turkey and the cry. Turkey has evolved to give itself virtually unlimited power to say whatever they want. This is why the Constitution has become meaningless. This is how we've gotten desegregation. It's how we've gotten gay marriages, how we've gotten trannies and girls bathrooms. It's all due to Alexander Hamilton's insane theories of implied powers, which again I'll beat this and keep beating it over and over again. it was something that they all promised would never happen because they knew the risks and an Alexander Hamilton himself even had to lie about it and while advocating for it in the federal. I mean, it's just the whole thing never ends. And so, UM, you have Cohen's versus Virginia. 18 21. Justice Marshall. Yeah, right. Justice Marshall ruled on a case of two Jewish brothers who had been selling Washington D. C. Lottery tickets in Virginia, which was elite, which was which was illegal in Virginia and Virginia is a lot bigger back then, um and so the Coens had been convicted, and the Virginia State law said that cases of this nature couldn't be appealed to the Supreme Court of Virginia. The Coens unconstitutionally appealed to the federal courts. Virginia correctly pointed out that it couldn't be sued in the federal court unless it consented due to the 11th Amendment. Its original interpretation, Marshall Justice Marshall unconstitutionally interpreted the 11th Amendment to force Virginia to appear in federal court. And although Marshall eventually found in favor of Virginia, he used the case to a pine well beyond the bounds of the case. On his a historical and nonsensical theories that the American people had made the federal courts the final referee for all court cases, which is not true at all. He tied this to Hamiltonian idea. Sorry, he tied this to the Hamiltonian idea that somehow the Philadelphia Constitution had been a construction of the citizens of the United States when it was clearly a compact between the states and the ratification process, as we discussed in American coup data often excluded or didn't even consider the say of the people in those states, and they railroaded the whole thing through. Cohen's versus Virginia may well have been a moot case intended to give Marshall a forum to espouse thes destructive Hamiltonian idiocies on the record in a Supreme Court case where they could be cited later, again and again. And it wouldn't be the first time was sorry. This may have been the first time that this kind of a case was put in the courts, but it certainly would not be the last time. Do you guys wanna weigh in on this board? So we had quite a belly laugh on the D. C lottery tickets. It's just so ridiculous, isn't it? Like it all just becomes so clear at this point, and we're not. We're not seeing what we want to see just because we want to see it this way. In many cases, I'm seeing this through the very first time. And I'm sure many in our audience, uh, our asses well, it's to say it's the same store. It's always the same story. They just ADM or words toe obvious Keita Each time it happens. Yeah, yeah, yeah, it's like I mean, do you really think that these coin's set out across the Potomac to sell their lottery tickets simply for the profit? I mean, maybe they did. Maybe they did, and somebody else saw the possibility for pimple. But that's exactly what they did. And, you know, we don't have enough information here to speculate. Uh, who, um, who is in Marshall's pocket? Right? Like we didn't We don't know who is who is putting money in his pocket. We don't know what was going on, but but when you see just, it's like, you know, Hamilton didn't get what he wants. Hamilton didn't get what he wanted. He gets shot by Aaron Burr and then less than a decade later, he gets everything that he wants codified by the courts. It's like you give these people a single foothold in your government, and this is what you have in in a matter of decades, with no television, no Internet, no telephone, everything on paper and everybody on horseback and they get it in like, 10 years. It's just it's amazing. In some ways it's it's it's something to marvel it for about a second. So then you have Joseph Story, who was appointed by James Madison to the Supreme Court. This became John Marshall's right hand man. He was initially a sound originalist jurist, became seduced by the Hamiltonian vision of the unlimited cried Turkey v implied powers as promoted by John Marshall. Where have we seen this story before? We're told these people that are putting on put on the quarter strict in originalists. These are people who are going to interpret the Constitution as it was originally intended by our founding fathers. And what happens they become, you know, they become enticed by this Hamiltonian unlimited power and you see this happened. This is why there really isn't never a shifting in the balance of the court to the right. It only stays neutral for a time until it eventually moves. Continue moving to the left, no matter who is appointed to the bench. So this guy Joseph Story wrote a historical, totally nonsensical commentaries on the Constitution. The United States, which among other laughable claims, asserts that the union of the state's somehow mystically preceded both the articles of confederation and later, the Philadelphia Constitution, which we labor under today. Let me just spell that out for you. This guy is saying that the states themselves, which were originally sovereign nations that came together under the loose confederation and later under the Constitution, which never should been there, he says that they were confederated all along. They were together all along. It was always one nation from the beginning, and anybody who says otherwise is just looking at a very distorted view of history. This book that he wrote commentaries on the Constitution promotes thes Hamiltonian implied powers doctrine via the living textual ism form of constitutional interpretation. It's a living document, right, rather than the factually correct originalism approach. It appears to be the only book on the Constitution that Abraham Lincoln actually read all the way through. He never really read any books and certainly never read any Ah, you know, Greek and Roman philosophy and was the basis for his insane on unconstitutional notions about the origin and nature of the federal government, which Lincoln used to justify the illegal and unconstitutional war of Northern aggression. Unbelievably, this garbage is still studied in law schools. Today. It is the siren call of unlimited power via Hamiltonian fable of implied powers, and is the main recruiting tool an ongoing false justification for the tyranny of the Cry Turkey in the United States. And all you have to do is look at it everything that's happened since Donald Trump was put into office with our with our judiciary of these nationwide injunctions have become the norm. I mean, this is this is a very much an evolving process, but it all if you go if you want to trace it all back, at least in its American genesis, it's right here, and it's right with Alexander Hamilton, and it's just it's marveling toe Look at from the 40,000 foot view through history. But man, you have to do it. Otherwise, you keep wanting to go back to this place that just never existed. It could have been something different. That's the truth. But there is no place to go back to. We're only going forward. Yeah, absolutely, Very well said I do not. I do not like this man. Also well said also well said Yes. So Ah, this is just quickly the Hamiltonian. Ah, hagiography these air some things that have been written in more recent times. This is really quick. And then I will kick it to Mr Alsup for the conclusion. Esso in 1979 Forrest McDonald, the historian who unfairly and incorrectly attacked Charles Beard's economic interpretation of the Constitution of the United States, which a lot of American coup d'etat discussed where it was really an economic document. It was a document for installing a financial system, which is really hard to debate, that it wasn't at this point. Um and then also this guy was someone who attacked Ah, the truth of FDR's scheming to get the US into the Second World War, wrote an admiring biography of Alexander Hamilton in 1979. So, you know, here's a guy who says, Yeah, the Constitution was totally not about financial control. And you know, FDR did nothing wrong by getting us into the Second World War. Also, I love Alexander Hamilton. Love for us McDonald Ah, George Will George Will wrote a column praising Hamilton in The Washington Post in 1992. In 1997 Bill Kristol and David Brooks cited Hamilton and their Wall Street Journal op ed in calling for a national greatness conservatism. Also in 1997 Josh writer Michael Lind published a book, Drawing in approving line from Hamilton through Lincoln Toe LBJ. In 1999 National Review columnist Richard Brookhiser married to a Jewish Jewess, wrote a hagiographic biography of Hamilton, essentially a remake of McDonald's 1979 book. In 2002 Stephen not wrote a book correctly asserting that the U. S entry into the Second World War, the Open Borders movement and desegregation were all due to Hamilton. And then in 2004 Ron Chernow wrote another hagiography hagiographic biography of Hamilton, which, of course, is we've sighted throughout. This Deep Dive was a best seller and became one of the inspirations for the idiotic and a historical Hamilton black Rat musical which I was so far removed from what the Hamilton musical was all about. I actually learned that the musical was black people wrapping. I actually thought it was like a really gay, effeminate musical of like the Founding Fathers and whatever. I did not realize that the entire thing was a black rap. Actually, actually, I mean, but the fact that it's black rap does not preclude it from and excavated. It actually made it care for people who are familiar with like I mean, they could probably have heard of Hamilton like some of the things about it. So all of the actors, all the characters are played by POC, except for King George, the third who's always kept as a white male in all the productions of it. And the the funniest thing about this is it's a masterful stroke of how likely managed to basically use media to retrain people's brains on this stuff because liberals embracing Hamilton makes no sense whatsoever on the face of it, because he's this reactionary. Ah Mahn are, ah, guy with monarchy, a monarchical tendencies, a complete hatred of the people and like, you know, like he's pursuing this aggressive financial capitals. But then they start to make sense when you realized OK, now that the way to cast this is this is four people for POC, social climbers and the people and the white people who want to have those POC social climbers like them, like this is for people, for an aspiring elite that are going to form the bulwark of the of the Janice very bureaucratic element of this class of the system were. Basically, anybody who opposes the system needs to be stamped that needs to be crushed entirely and completely. And the best way to agitate those people is through the one issue that animates them constantly with his anti whiteness and hatred of the CEO manic they have, they were able to create a whole group of people in the terror class of people that have absorbed Hamilton's feelings towards the common folk of the United States and to activate them in in this absolute just bloodlust hatred for them. And it's like you can see this express with how, um, fanatical these people are towards the Hamilton musical. I I watched it. I listen to it before we did this. It's it's amazing how much it just appeals to these people's sense of self and the mythologies that they create for themselves in the way that Miranda had to create. It was basically just making a bunch of stuff up. Yeah, and it's profitable for them to. But they would make this play that this play is gonna be there forever, and they would make it a loss. I mean, and the other thing about Hamilton and the reason why he's really perfect for them as an avatar for this sort of thing from the nation's founding is that he is one of the only founding fathers that I can think of who's positions can transcend history and the changing and culture and everything else up there the present day. Like what? What position of Hamilton's can you go back to and find fault with, as as some sort of person from the left, like he wanted to create black battalions, you know, he he fought for for, ah, abolition. He fought for ending the slave trade. I mean, all the on surface things that he did. You really have to dig down into the surface below the surface to to see some of the problems that that presents in some of the contradictions. But as a whole, like there are no positions that they have to apologize for, that he held and in fact, many of their people the people that comprise both the left and the right wings of the kosher sandwich. These people are all Justus, corrupt as the people is, as Hamilton himself, These people are all complicit in ripping, despite their words. And despite the things, the the rhetoric would would sort of indicate how they care about the people and what not they don't they don't and in and the proof is in the pudding. No matter where you look it. Hamilton's actually perfect for them, because when they when they look at Hamilton, they see themselves. They see the You know, this alien, power hungry social climber that has self mythologized as the good guy who needs to crush all of these evil, normal people that populate United States and our putting it in letting up moving in the wrong direction. That's like he fits perfectly. He ever behind every social climbing liberal is the spirit of Alexander Hamilton. Yeah, and he put the United States on this course. This this course that we're on today where you see this this need for in American Empire to continue to expand or it collapses. This the subversion of the will of the American people. They don't even have to consider it. Um, and when they do consider it, they usually ah, there they do so unwillingly, and then try to erase whatever effect it might have. Ast time goes on. And so this the system that he has installed and put us in this course that he's put us on ultimately, when the thing comes unraveled, do you think they're gonna blame Hamilton? You think Hamilton is gonna be the one holding the bag for this? No, It's gonna be another William Duer. It's gonna be another person, Another gentile of the goi, Another group of people. It'll be the American people who are the ones who win the winning. If the American experiment becomes so transparent in its failure, we will be the ones blamed for all this. When in reality, Hamilton is playing, has played the lead role and continues to play the lead role in this experiment. And it's ah, it's encroaching demands on on our country and what is ultimately going to lead to Ah, it's it's unraveling. It's already. I mean, you know, the the idea that that this is it is a slow collapse, right? I mean, this is the thing that you you talk about frequently. Borzoi it's it's this cattle bolic collapse, and this is a lot of that is Ah, the blood is on Alexander Hamilton's hands. Absolutely. And and he is, ah, responsible. Along with his cadre of people, he was working intimately with the time this could ball of financiers and and wealthy, extremely wealthy international merchants for installing this poison pill in the American firmware. And, you know, tech people may object to my use of the metaphor there, but but it's true it this these ah conditions that we're dealing with now are not the result of some necessarily mean the subversion that have taken place in the 21st century, 20th century, 19 century, all of them important, all of them important. But we can't preclude ourselves from looking at the way this constitution was written at the way the Constitution was foisted upon the people over the objections of many and in the way that Hamilton and others like him and ah, his potential co ethnics were exerting influence on establishing this American system. And when we look at Hamilton's legacy, historian Robert E. Right noted that access to capital and credit, as pioneered by Thomas willing and instituted by Hamilton on a national scale while Secretary of the Treasury is responsible for eliminating the conditions that led to anti capitalist sentiments throughout much of Europe. And he has a what I thought to be a very, very good quote here or, he says, quote. Creating a faceless cash marketplace and promoting a political economy. Protective of new market entrants kept the A capitalistic ideologies and cultures historians have detected in early America from becoming powerful. The proliferation of bank money created a stable and ample medium of exchange and store of value. This increased net consumer demand. Besides drawing more people into the market economy, the liquidity of bank money made it easier to pay one's debts and hence served to protect new market entrants. The banks did not keep people from going bankrupt, but the liquidity they engendered directly and indirectly helped debtors avoid insolvency. In other words, will ings banking policy. One implemented nationally by Hamilton, prevented what became as the banking systems destabilized during the War of 18 12 a major contributor to the popular popularization of a capitalist ideologies, the apparent injustice of forced sales during economic downturns. In other words, when you get people hooked on spending with money they don't have when you can insulate people from the negative effects of a fundamentally insolvent economy by simply pumping money into the system and keeping people spending, you prevent them from questioning the foundations on which the economy rests as a whole and Europe throughout the throw the same time period experienced. They did not experience this in the same way the United States did, and as a result you see, you see the what historian Robert E. Right refers to as a capitalist ideologies at a capitalist tendencies are commonplace. They're the norm there, nearly universal in Europe, of course, the globalists and the elites are doing their best to change that now. But Europe has historically been much more hostile to rampant, out of control capitalism that America has because of much of this insulation that took place in the United States against negative that adverse economic conditions, spending money you don't have and repaying it to finance years with interest sure is a hell of a drug. People in the United States air learning that on a personal, national and national level. Now, at this stage in American history. And they got they got somewhat of a taste of it during the economic downturn, recession, whatever you wanna call it of 2000 and eight and they got also got a taste of it in 1929. There've been a number of major points in history where the whole system kind of falls apart in each time it comes back. Of course, certain people profit, most people lose. And, you know, we now have one of the longest runs in ah, bull market in history. Now I think in American history without some sort of a recession. And so, yeah, we've been insulated from it. In each time there is a collapse, it's It's almost like the system comes back even more resilient and even stronger, but only for the people who preside over it. And how long can that continue? Don't really know, can't really speculate on it, but we're identifying the inherent weakness in such a system and the fact that because we don't have the same recent memories of Europe and in some of the things like that, we are people are walking blindly actually into this, and why would they bother to pause to understand it? Ah, there's a new thing to buy. There's a new loan to get theirs, you know, just the money. The money is, uh they're making it rain, easy credit, and that keeps people busy. It hits all of the synapses in their head and ah fills up all the dopamine rush is that they need and and why bother questioning this? This feels good. Why would you question anything that feels good? There's no reason to do so. And ah, yeah, it's It's what's going on. As people are distracted by the field goods, it's it's really insidious. So I think we'll leave it right there. This is one hell of a deep dive. Gentlemen, thank you for all the work that you put into it. I mean, this has been a long time coming. Ah, and it has been really fantastic and thank you to ethnic as well. Who contributed some of the notes as well. To this, especially the judicial section, Um couldn't have done it without ethnic, But this has been great having you do this. Borzoi and men, this turn went from one episode into two. And I am feeling fully satisfied with how we're leaving it. Always more to discuss, always more to go on. A lot of this is setting things up for future deep dives as well. But this has been great. So thank you for the contributions. And thank you for having me on. It's been ah, been a long time dream of mine ever since I was a wee lad. Yes, well, And James, as always, the deep dives continue. And you played a huge role in this as well. So thank you very much. Course One. Thank you, everybody who, of course, signed up to Teoh before the Paywall. Because if you're hearing this the first time around, this is, of course, a paywall show. And you are helping us to be able to do these and to provide these these perspectives into American history into 7\/18 century. I mean, who else is talking about this at this point And who else has talked about this from this perspective. And I don't think we are are in the wrong to say that this is one of the first, if not the very first look at Hamilton from this perspective in this in this way. So we absolutely and love and enjoy doing this. And make sure you tell your friends about this and have them sign up for the Paywall as well. So they can hear this and every future and past deep dive so they could go listen to previous perspectives on presidents in history and the very good deep dive that companions this well, which I guess is now in ftn focus, which you can hear outside the Paywall. But of course, they should still sign up. That is, of course, the sellout nation You dive, which chronicles the sentiments of the polity at the same time as all of this was unfolding. Yep. All right, gentlemen. Thank you very much, And we will catch you guys later."}],"