The Truth About Thanksgiving
The Market Ticker ® - Commentary on The Capital Markets
Posted 2010-11-25 10:49
by Karl Denninger
in Editorial
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The Truth About Thanksgiving
 

A reprise from my personal blog in 2006, before The Ticker began publication...

Ok folks, in commemoration of Thanksgiving, while I sit here trying to figure out how eating a plate full of turkey has suddenly made me feel like I gained 10lbs (it couldn't have been the stuffing, fixings and cookies, could it?) I thought I'd put this out there to dispel some of the myths surrounding this holiday.

As we are told, the first settlers to this country (from Europe, natch) faced a horrible first winter, lost many of their people, and the native Americans (aka "Indians") that were here helped them the following year and thus they were able to survive and ultimately prosper. They gave thanks for their harvest and invited their Indian friends to dinner.

Well, ok, that's part of the story.

Now let's talk about the rest.

The colonists did not have money, of course. Merchants in London paid for their journey, but this put each of the colonists heavily into debt - a debt which they intended to pay off through their fruits in the New World and, they hoped, through the discovery of gold.

There was no gold (well, not on the east coast anyway.) Before the colonists arrived in Cape Cod they penned the Mayflower Compact, which you can find at The Mayflower Compact

You might recognize some of the language in that document - it is strikingly similar to the writings of Carl Marx many years later!

In part, it read: "....And by Virtue hereof to enact, constitute, and frame, such just and equal Laws, Ordinances, Acts, Constitutions and Offices, from time to time, as shall be thought most meet and convenient for the General good of the Colony; unto which we promise all due submission and obedience."

The first winter was disasterous - nearly half of the Pilgrims died of starvation, pneumonia and tuberculosis. Many claim that Bradford's first wife perished that first winter, but that is not quite true - she actually fell off the Mayflower quite close to land and drowned, never making it to Plymouth (he later remarried.)

During the first two years the colony lived under what could only be called Communism, enshrined in the Mayflower Compact. Each person was accorded a "share" of the totality of what was produced at the colony, and each person was expected to do their part in working toward the common good. The land, and that upon it, was owned by the colony as a collective.

It not only did not work out, it nearly killed them all.

William Bradford wrote in his diary "For in this instance, community of property (so far as it went) was found to breed much confusion and discontent, and retard much employment which would have been to the general benefit and comfort. For the young men who were most able and fit for service objected to being forced to spend their time and strength in working for other men’s wives and children, without any recompense. The strong man or the resourceful man had no more share of food, clothes, etc., than the weak man who was not able to do a quarter the other could. This was thought injustice.”

After the second winter, realizing that the colony had survived only through the friendship and largesse of the native Americans, and would soon perish if changes were not made, Bradford tore up the Mayflower Compact. He instead assigned each family a plot of land to be their property, to be worked as the family saw fit, and with the fruits of that land to be their own. It was the beginning of private property rights in the New World.

The result? Again, from his diary: "It made all hands very industrious, so that much more corn was planted than otherwise would have been by any means the Governor or any other could devise, and saved him a great deal of trouble, and gave far better satisfaction.”

From the very day that Bradford tore up the Mayflower Compact, Plymouth began to prosper. Within a year the colonists found themselves with more food than they could eat. Flush with a bountiful harvest far in excess of their need for food and having bartered for all the goods they needed to get through the winter, they had a feast of thanks with their Indian trading partners.

Within a couple of years the colonists paid off their debt to the London Merchants and became, in fact, free men.

The story - and reason - for their success is not told in our government schools, for were every American child to be made aware of precisely why we have this nation today, and to understand just how close this country came to extinction 150 years before the Revolution, they would grow up understanding exactly how dangerous liberal and socialist thought - and the punishment of industry and capital through punitive tax policies - truly is.

Today, we live in a society that is increasingly suspect of private property rights. We no longer own our property, we effectively lease it through ad-valorem property taxes. Our right to keep to ourselves or consume as we see fit the fruits of our labor is increasingly taxed away and given to others, who do not work for their rewards at all. Nearly half of all in the United States today can in fact "vote for a living", in that they pay no federal income taxes at all, and a good percentage are actually paid to exist through the Earned Income Credit.

When Plymouth Colony was founded, the population was small and the effects of such foolishness immediately apparent. When you only have 150 people, half of them dying is by no stretch catastrophic, and immediately obvious.

This evening as we eat our feasts, let us not forget what Thanksgiving is truly for giving thanks for. It is not that the Indians saved the colonists from certain starvation.

No, it is that one man - William Bradford - saw the wisdom of private property and free enterprise, and the folly of socialist society, and through his wisdom - far before the Founding Fathers - he took action to save his people and lay the groundwork for what would become America.

As we loll around the house this evening, plump with our turkey feast, let us hold in our hearts that much of what we have in this nation does not comport with this very basic, fundamental principle. Our Constitution, written by men far wiser than us, has been twisted, contorted and tortured to permit all manner of socialism and communist action in the guise of "the greater good", whether it be Social Security, Medicare, Welfare, government schools or prescription drug cards - and that it is our duty, as citizens of this great land, to do that which is necessary - and possible - to turn away from that which has, in the course of human events, been proven never to succeed.

Finally, make sure you tell your children the truth about Thanksgiving, for they are the future, and without the truth about the past, cannot be expected to make good decisions as they grow up in the world.

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User Info The Truth About Thanksgiving in forum [Market-Ticker]
Cash-out
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Green A True American Patriot!
Live Free or Die - NH
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A NH native is why Lincoln made it a Nat'l Holiday . ;-) >

Thanksgiving history: Sarah Josepha Hale biography
Thanksgiving became part of our history when Sarah Josepha Hale made it a national holiday. Find out how she did this and about her other endeavors.
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Sarah Josepha Hale’s name is not familiar to the millions of people who sing “Mary had a Little Lamb.” When most Americans sit down to Thanksgiving dinner, few think of Sarah Josepha Hale. Yet, she wrote the words to the nursery rhyme. President Lincoln was the first president to declare Thanksgiving a national holiday at the behest of Sarah Josepha Hale, who had spent 40 years writing to congressmen, lobbying five presidents, and writing countless editorials in her campaign to create an official day of thanks. These are only two of the many accomplishments of an extraordinary woman, unknown to most Americans, whose name is Sarah Josepha Hale.

Born on a farm in Newport, New Hampshire on October 24, 1788, Sarah Buell’s desire for an education was apparent from a young age. She went as far as a girl of that time could in gaining an education. With the help of her brother Horatio, she received a Dartmouth education in spite of the fact that she never entered Dartmouth’s hallowed halls. Each day when he returned from school, he would teach Sarah what he had learned and the two would study together. Dartmouth awarded a diploma to Horatio and he awarded a diploma to Sarah in which the Horatio Gates Buell College declared she had earned her degree in the Arts, Summa Cum Laude.

Sarah upset the prevailing wisdom of the world of education when, at the age of eighteen, she founded a private school and taught there as well. At that time, women were not accepted as teachers.

Her teaching career lasted a few years until she met a young lawyer named David Hale. They fell in love and were married. David’s love of learning matched Sarah’s and they spent their evenings studying French and botany. With her husband’s encouragement and support, she wrote short stories and articles which were published in local newspapers. Sarah was pregnant with their fifth child when David died suddenly. After a failed attempt to start a millinery business, Sarah resumed teaching and writing. The young widow struggled in her efforts to support herself and her five children.

However, her life was about to change. In 1827, Sarah’s book, Northwood: A Tale Of New England was published. Although it was fiction, it was the first such book to weave the issue of slavery into its plot. Reverend John Blake of Boston planned to publish a new woman’s magazine, the Ladies Magazine. After reading Sarah’s book, he offered her the position of editor. As the first female editor of a magazine in the United States, Sarah used her position to promote American writers. Until that time, many American magazines published the works of British writers. Eventually, the name of the Ladies Magazine was changed to the American Ladies Magazine to reflect Sarah’s editorial policies.

Many female suffragists of the day scorned Sarah because she didn’t support the cause. While she didn’t feel that women should be involved in politics, she was a champion of women’s’ rights. She worked tirelessly to promote her life long belief that females should be granted the same educational opportunities as males. She supported the founding of Emma Willard's seminary in Troy, New York. Matthew Vassar was persuaded by his friend, Sarah, to hire a female administrator and many female instructors for his newly created college -- Vassar.

While in Boston, Sarah founded the Seaman’s Society to help feed, house, and provide job skills to destitute women to enable them to support themselves and their children. She also supported a woman’s right to become a physician. She supported Elizabeth Blackwell who would become America’s first female doctor.

Her interests included civic minded projects. She was instrumental in raising funds to complete the Bunker Hill Monument. In later years, she would begin a crusade to preserve Mount Vernon.

Difficult financial times forced the sale of the American Ladies Magazine to Louis Godey, the Philadelphia publisher of Godey’s Lady’s Book. He merged the two magazines and hired Sarah as the editor. They forged a highly successful partnership that turned Godey’s Ladies Magazine into one of the most successful of its day with 150,000 subscribers. She continued to support American writers and women’s rights. She used her platform as editor to profile successful women who otherwise may have gone unnoticed. She effectively called for the opening of the workplace to women. At the age of 89, Sarah retired and she died two years later.

This woman, editor, prolific writer, champion of women’s rights, promoter of child welfare, fund-raiser for civic causes, author of “Mary had a Little Lamb” and the person responsible for making Thanksgiving a national holiday was Sarah Josepha Hale, one of America’s unknown treasures.

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More prepared than ready.
Rubicon
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My colony has already gone Roanoke.

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Our government is the potent, the omnipresent teacher. For good or ill, it teaches the whole people by its example.
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We can either have democracy in this country or we can have great wealth concentrated in the hands of a few, but we can't have both.
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R2judge
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Zero hedge noted that insiders sold at a ratio of some 8,200 to 1 last week.
They would have loved the Mayflour compact. They get far more than their fare share of other people's labor.

Last time this sort of thing happened, we got the New Deel.
Mayorquimby
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I agree with the sentiments of this ticker (of course) but there aren't any jobs out there to be had and probably won't be for a long, loooooong time. The sheeple don't have the means to start businesses, farm or innovate since the vast majority live paycheck to paycheck.

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Gold is theft.
Darth
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One of the best Tickers ever!!!

You hit several home runs with this one!

What we saw back in Plymouth was as clear example as any of when it comes to how Socialism/Communism just doesn't work. It can't work. It defies all human nature. Not to mention, it's just morally wrong on so many levels.

Happy Thanksgiving to you KD, and the rest of the TFers out there.
Rocarocket
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Reno, Nv
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Agree with the idea that communism doesn't motivate people to work.
However, there is no more free land to be handed out to people without jobs.
U6 unemployment currently at 17%
Cutemloose
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The story of the Pilgrims sounds suspiciously like the account of the Golgafrinchams –by the late great Douglas Adams in his “Hitchhikers guide to the Galaxy” series of books.

“The Golgafrinchams decided it was time to rid themselves of an entire useless third of their population, and so the descendants of the Circling Poets concocted a story that their planet would shortly be destroyed in a great catastrophe. The useless third of the population (consisting of hairdressers, tired TV producers, insurance salesmen, personnel officers, security guards, management consultants, telephone sanitisers and the like) were packed into the B-Ark, one of three giant Ark spaceships, and told that everyone else would follow shortly in the other two.

The other two thirds of the population, of course, did not follow and "led full, rich and happy lives until they were all suddenly wiped out by a virulent disease contracted from a dirty telephone".

The B-Ark was programmed to crash-land on a suitably remote planet on one of the outer spiral arms of the galaxy, which happened to be Earth, and the Golgafrinchan rejects gradually mingled with and usurped the native cavemen, becoming the ancestors of humanity.

A lot of them didn't make it through the winter three years prior to Arthur Dent's reunion with Ford Prefect, and the few who remained in the spring said they needed a holiday and set out on a raft.

History says they must have survived.”

Much of the problems encountered by the Golgafrinchams was a direct result of some misguided economic decisions. For example, they decided to make the “leaf” their legal tender. In this way they would banish poverty forever because it was literally true “money did grow on trees”.

They quickly descended into a period of crippling hyperinflation, eventually resulting in the decision to pursue a massive program of deforestation with the aim of “re-valuing the leaf”.

It’s a funny read, Adams was a genius.

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Disclosure: I am of the Austrian school, of Rothbardian persuasion. I believe in minimal government. Spent 5 years and possibly $1million to see if business can be run on this basis (leaderless). Good news for me is that it can, and profitably, bad news is that it only works with responsible people.
Popothebright
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Here's one woman who managed to make a statement on the way to Thanksgiving dinner. Lol. Happy Thanksgiving.

WOMAN WEARS BIKINI THROUGH AIRPORT SECURITY
http://abcnews.go.com/Travel/t/video/wom....

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String
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What kind of property rights did the "Indians" have ?
What was their economic system?
Seems like they we're doing pretty well until the Euros came along.
What right did Bradford have to dole out land as property in the first place?
Funny how we seem to be able to gloss over these little details so easily.
Blurtman
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And the European colony ultimately grew by taking resources through fraud and violence. Plus ca change,...

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Joejohns
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....and thus full and happy in the fruits of their righteous labors, the descendants of those who had been given welfare in support of their discovery of the "ONE WAY" then turn toward the acquisition of others' property by any means available .............and thus it goes.


Happy T-day with just a modicum of fraud closure mixed in:)


Mangoelvis
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GMA just ran a quick clip about this, saying it's a myth perpetuated by conservatives. They claim the Mayflower Compact wasn't repealed until 3 years after the first Thanksgiving feast, and that the story has become just another political football.

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Genesis
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Yeah, Bradford's actual diary (which HAS been preserved) is bull****.

Uh huh....

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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
Hihoherewego
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Speaking in general of what's good for 'the colony', this is a much watch.

Get a load of this..............

http://www.youtube.com/watch?v=Fyq7WRr_G....



..................
http://www.usdebtclock.org/

Josephiklein.com
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st.louis
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perfectly said
question clement Greensburg noted that the delay in addressing Nazi germany was that Fascism is the natural outcome in preserving capitalist. this accounts for the no reaction of england and france early on to Nazi aggression for in order to rally there citizens the propaganda necessary was precarious as it would expose there own Capitalist elite in fact the Global elite shared more with Hitler then with there own subjects and only threw general Propaganda of the culture and not the politics of Germany did they avoid this outing. Socialistic/communistic academic thought originates early on from the german mind well before Max.
Village-idjit
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Thank you Karl for a great ticker! I am grateful to people like you who have the gift of writing and speaking to issues of freedom and liberty in America, both in a financial and cultural sense. You are definitely on my list of people and things I am thankful for on this Thanksgiving!
No1ninja
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Very good story and a poignant example. Happy thanksgiving to everyone.

What if Bradford said all this land is mine, you guys go uproot some trees somewhere else. I have a feeling those people would have all died, including Bradford. They were given land, and a means by which to be productive.

Private property in itself did not do that, but the idea, that ALL in the colony had private property did. There was an equality about the distribution. Those without property would have died.



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Elcope
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Montana
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I'll have to second Village-idjit, Karl you are the Paul Revere of our era. God bless you and your family. Enjoy the fruits of your labor on this day of thanks.

Ed

Hiho, great video find.
Andyc
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Great, that one clueless buyer ruined my insider sell to buy ratio of infinity call from the other day!

Happy Thanksgiving All

Here, enjoy a FREE TURKEY courtesy of Lord Blankfein

http://www.sunipix.com/food/Fried%20Chic....

Admittedly its not much of a turkey but Lord B says we don't DESERVE much

Get back to work!

: )
String
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Chicago
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How was the land Bradford's to give in the first place ? Seems that the whole notion of private property is based on an initial falsehood and/or a theft. (don't make the mistake of thinking I'm a socialist or a communist).
Just take a look at the assumptions that must be made in order for this initial system to work.
1. The land was Bradford's to give.
2. The original inhabitants had no rights or claim to the land.
3. The rule of law was somehow ordained onto Bradford and again, did not take into account the native inhabitants.
Seems to me that the problems we have today (debt based money etc.) all stem from these initial falsehoods.
If you start with a premise that is false, any and all answers thereafter will be wrong.
Bagbalm
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Just North of Detroit
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"The sheeple don't have the means to start businesses, farm or innovate since the vast majority live paycheck to paycheck."

Mayor the sheeple are actively blocked from taking care of themselves.

Read somebody who is a third generation American brag about how his ancestor came here and sold things door to door to get started.
Not in my town you don't. You need a license and they are not issuing any.
Bake cookies and sell them at farmer's market? Let's see your commercial food kitchen.
Start up a high tech business in your garage? The old lady across the street will have the zoning board and HOA on your butt.
I sold worms to fishermen as my first business at 11 years old.
Now I'd be an environmental terrorist stripping the ecology of needed organisms.
Bill1102inf
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Connecticut
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I truly wish this somehow made me feel, or think, better.

Fact of the matter is this, there are practically no Americans who can 'produce' because you can not just start a farm here, they are all corporate. You can not 'make' anything, China makes it 10x cheaper. Its an interesting story, but we have ALREADY lost America. I am sorry my friends, but that is just the way it is.

Should the US blow its 'last bubble' which would, could, and should be SPACE EXPLORATION, that path will be COMPLETELY DIFFERENT than anything anyone has ever seen. Think for a minute if STAR TREK was 'REAL'. Seriously, why not? Its only logical that it happen.

Now, could you imagine what type of 'government' or 'compensation' was provided aboard a 'star ship'? According to you capitalists, the Captain would be rich beyond the dreams of every single other person on the ship, would own an entire deck of the craft, etc etc. This is MORONIC. Should this day come, every person will be compensated fairly, which will be equally. Much more like communists.

Funny, when you think about it, marxism/communism/etc only do NOT WORK out well when things are very, very, very tough. But when your rich, rich, rich, why wouldn't it work out?

It works out across america with EMPLOYEE OWNED COMPANIES which are really 'socialistic', funny how they have the highest satisfaction of ANY companies in America.
Bobinator5000
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Illinois, USA
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You should write an article elaborating on this. 3 Million Federal employees plus the jobs the federal government employs plus tax breaks for specific groups, seems like it could add up but I'm not so sure.

"Our right to keep to ourselves or consume as we see fit the fruits of our labor is increasingly taxed away and given to others, who do not work for their rewards at all. Nearly half of all in the United States today can in fact "vote for a living", in that they pay no federal income taxes at all, and a good percentage are actually paid to exist through the Earned Income Credit."

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If (rate of inflation) * (total unencumbered currency) > (total unencumbered currency) per year; the difference is guaranteed to default per year. Covering the difference via debt causes exponential inflation; Interest reaches unsaleable levels, monetary base contracts, then collateral values and banks collapse.
Icanhasbailout
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Green A True American Patriot!
Imaginationland
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You know, perspective is an amazing thing. After reading this inspiring Thanksgiving story, I was treated to a HuffPo article with an identical title.

http://www.huffingtonpost.com/richard-gr....

On the planet in which some people live, Thanksgiving is about celebrating a successful mission to kill innocent Indian women and children. I have to wonder if it is possible for people of such diametric opposite points of view to coexist in the same country.


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