What’s so dishonest about our money system?

Let me count the ways: Banks create Credit from thin air and dare to ‘sell’ it for ‘interest’, when they could provide an honest service. Governments borrow and pay interest and dare to charge us taxes, when they could issue interest-free Cash into the economy. “Credit” created by banks (and other financial institutions) from thin [...]

Why Spending Cuts are another variation of “institutionalised white collar crime”

Economist James K Galbraith gave a presentation to the Senate Judiciary Committee in which he speaks of “financial fraud” as the cause for the “crisis”. But that’s not enough: Central Bankers create “currency” as “public debt” from thin air, charge interest to the Government (in the UK as much as the military budget) and call [...]

Banks Create Credit out of Thin Air

This is an interesting post on an interesting blog by an interesting person: Jim Luke, a teacher of economics at a college in Michigan. He gives ‘evidence’ for the fact that banks do create Credit and thus money out of thin air. Isn’t it an extraordinary case of “the emperor’s clothes”? Isn’t it extraordinary that [...]

Four ways of “net credit creation”

Professor Richard A. Werner is a professor of economics at the University of Southampton. His letter to the FT explains that he coined the term “quantitative easing” and its true meaning: four ways of creating credit: increasing BANK credit increasing TRADE credit increasing CENTRAL BANK credit increasing credit created by the GOVERNMENT. We’ve been advocating [...]

Debt, Credit and Equity

These are ominous words behind which to hide stark realities, above all, of control. Debt and Credit are controlled by banks, equity is controlled by shareholders. Together, they form “institutions” that live longer than their people. They have mission statements, while we, the taxpayers, may be looking for a purpose in our lives. Money used [...]