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Birthday of “The Continental” Currency – vs. Today’s Surrender to the Barbarians and Looters

1st American Reserve wants to share this historical item with our readers that on June 22, 1776, Congress issued $2 million in new bills, known as “Continentals.” The new paper currency featured the likeness of Revolutionary soldiers and the inscription, “The United Colonies.”  Unbacked by gold or any other assets, the bills led to immediate inflation. As George Washington noted in 1778, “A wagonload of currency will hardly purchase a wagonload of provisions.” The highest full-year inflation rate in U.S. history was 29.8% in 1778 – not eclipsed in the last 242 years. The Continental left our young nation with a heavy war debt. Chastened by that inflationary experience, America minted gold coins in the 1790s and resisted the urge to issue new paper notes until the dawn of the Civil War.

On June 15, 1775, George Washington was named Commander in Chief of the Continental Army, and the U.S. Flag was born June 14, 1777. For over six years, General Washington fought a defensive campaign in mud, ice and heat against a far superior British force – just as he had done against the French in the Seven Years War. He was so popular with his troops and the public that he was the only man they wanted to become our First President. He served eight years as President when he would have far preferred retiring to run his coastal Virginia farm. Then he retired from power, as few world rulers had ever done.

Last week, Flag Day was observed in America, then George Washington’s statue was toppled and burned after being wrapped in a U.S. flag in Portland, Oregon, on June 18. Nobody seemed to care to defend him (Joe Biden’s campaign certainly didn’t) and the national media disturbingly seemed mostly silent about it.

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