Caroll Quigley (Bill Clinton's mentor, historian for the Council on Foreign Relations) quotes

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent private meetings and conferences. The apex of the system was the Bank for International Settlements in Basle, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations.
Each central bank sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world.

The growth of financial capitalism made possible a centralization of world economic control and use of this power for the direct benefit of financiers and the indirect injury of all other economic groups.'' (Book: Tragedy and Hope 1966 pag. 325,338,950)


The problem of public debts [1] arose from the fact that as money (credit) was created, it was usually made in such a way that it was not in the control of the state but was in the control of private
financial institutions which demanded real wealth at some future date for the creation of claims on wealth in the present. The problem of public debt could have been met in one or more of several fashions:
a) by increasing the amount of real wealth...
b) by devaluation...
c) by repudiation...
d) by taxation...
e) by the issuance of fiat money and the payment of the debt by such money.
Efforts to pay the public debt by fiat money would have made the inflation problem worse.
(ibid pp 330)

[1]:
Belgische staatsschuld stijgt met 800 euro per seconde http://www.demorgen.be/dm/nl/3324/Economie/article/detail/793371/2009/03/25/Belgische-staatsschuld-stijgt-met-800-euro-per-seconde.dhtml
As of April 7, 2009, the total U.S. federal debt was $11,152,772,833,835.89 US National Debt or this Debt Clock http://www.brillig.com/debt_clock/