Let me count the ways:
- National Governments:
- borrow according to “Public Borrowing Spending Requirements” (PSBR) and pay interest.
- Instead, they could issue interest-free Cash into the economy.
- While ‘creating money’ is the sovereignty of nation states, banks have expanded their ‘habit’ of creating Credit and turning it into ‘financial products’ such that their ‘money’ virtually represents all money in circulation (estimated to be 97%, whereas, in the UK, it used to be 53% at the end of WWII).
- Governments are supposed to either borrow or tax as their income stream, when, in reality, they should create interest-free Cash (or Green Credit) rather than allow banks to create interest-bearing Credit ad infinitum.
- For governments to borrow AND to tax is an affront and insult to taxpayers. They should simply create interest-free Cash to spend it into the economy.
- Taxpayers are made to believe a system of annual budgets, while long term trends show the realities of
- inflation of prices
- inflated credit supplies
- and the continuous growth of Governmental interest payments on national debts.
- Central Banks:
- pose as national banks, when, in reality, they are privately owned, albeit well disguised. See Bank of England Nominees.
- manipulate gold and currencies internationally – always for the benefit of the ‘financial economy’ and the detriment of the ‘real economy’.
- create Credit from thin air
- dare to ‘sell’ it for ‘interest’
- invent ‘financial products’, when they could provide an honest service.
- The Camouflage of What Bankers are doing through Teaching Economics:
- Credit created by banks (and other financial institutions) from thin air, is turned into Cash, as if there was no difference.
- Creating Cash is the monopoly and privilege of a Nation State.
- Creating Credit is the monopoly of banks, central banks and other financial institutions.
- Nobody creates the interest charged for Credit.
- Ignoring exponential growth of compounding interest on interest and instead, promote the unsustainable notion of ‘economic growth’.
- The problems associated with ‘money’ depend on whether we talk about it as
- Cash in our pockets
- Credit in our bank accounts
- the Budget of a government
- or as the currency of a Nation where Central Banks are the global players.
- Honest Money is a challenge to banking in the day-to-day dealings of handling money as debt aka as credit
- We the People are all victims, since Central Bankers have been ruling, since the Bank of England was established in 1694 – albeit with the intention of avoiding the oppression of Their Majesties’ Subjects – which is why we ask for the Enforcement of the Bank of England Act 1694.
- The myth of Public Debts and their necessity is perpetuated, without spelling out the beneficiaries, teaching the damages or generally being open and transparent.
- In the UK, the deadly embrace between The City of banksters and Westminster of civil servants and politicians ensures that HM Partnership reigns with immunity to prosecution.
- As a result, ‘money’ is ‘toxic’.
- Healthy ‘mutual credit‘ would enable the flow of goods and skills through society.
- Healthy money would be like healthy blood in a body and clean water in nature: enabling and enriching.
- Instead, the issuing of ‘credit’ without issuing the interest required, ‘toxic money’ is oppressive, restrictive and controlling.
If only banks were made responsible or accountable, they could not expand their control, while politicians are already in their pockets.
But, they are entrusted with ‘self-regulation’, just as the legal profession which is equally derailed.
The dishonesty of money is, however, being challenged by the class action of Americans who are suing The Fed.
The book Dishonest Money, published in the US, explains the same principles.
Posted in Bank of England, Bank of International Settlements, Central Banks
Tagged Bahamas, Bank of England, Business, Cash, Central Bank, Credit, England, European Central Bank, Federal Reserve System, Financial Services, FinancialServices, Government, Mervyn King, Money, Money supply, Nation State, public debt, Their Majesties, United States, World War II
This video of 4.5 minutes is good fun. It shows how “the debt message” can be conveyed in a million and one ways and especially by quoting headlines…
I found these quotes on the Money as Wealth blog:
1. “…the actual creation of money always involves the extension of credit by private commercial banks.”
– Russell L. Munk, Assistant General Counsel, Department of the Treasury
2. “Money is created when loans are issued and debts incurred; money is extinguished when loans are repaid.”
– John B. Henderson, Senior Specialist in Price Economics, Congressional Research Service, Report No. 83-125 E
3. “Thus, the money that one borrower uses to pay interest on a loan has been created somewhere else in the economy by another loan.”
– John M. Yetter, Attornet-Advisor, Department of the Treasury
4. “Someone has to borrow every dollar we have in circulation, cash or credit. If the banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is. It is the most important subject intelligent persons can investigate and reflect upon.”
– Robert H. Hemphill, Credit Manager of the Federal Reserve Bank of Atlanta