Money controls our every waking moment; it controls the value of our labour, our sweat and natural resources; and, has turned us into debt slaves;
so, we investigated what “money” is and how it is created; what you will find here is that banking and the creation of money is literally the opposite to what the people have been indoctrinated into believing;
The following 58 page essay gives all the facts that one needs to know about the history of banking; and, how the power of banking and the creation of money was taken away from we, the people to whom it rightfully belongs; and, to whom it must be restored back to if, we are to end man-made poverty and un-employment, for one; and, to rehabilitate the environment and society;
An Essay On The History Of Banking
A Historical Perspective: The Banking Monopoly
I. Introduction: The Federal Reserve Act of 1913
In 1913, the U.S. Congress passed a bill called the Federal Reserve Act. This bill allowed an independent, non-government group to privatize, and take control of America’s monetary system. The Federal Reserve Bank’s name was chosen by this group so as to deceive the American people into believing that the Federal Reserve was a branch of the U.S. government. This privately held monopoly continues even today to give enormous power to a handful of international bankers, non-Americans, to issue America’s money, to set interest rates, to finance endless wars, and to enslave the American citizens, and the other nations of the world in a state of perpetual debt. This debt based monetary system is what has destroyed the American economy, and has brought with it depressions, and recessions for several generations. This will continue, until the Federal Reserve, and the fractional reserve lending practices of the centralized banks ceases to exist.
Facts About the Federal Reserve
- The Federal Reserve is a privately owned for profit corporation.
- The Federal Reserve has no reserves.
- The name was created prior to the Federal Reserve Act, which was passed in 1913. This was done to make Americans believe the U.S. banking system operated in the public interest. The Federal Reserve is a private bank owned by private shareholders, and runs purely for private profits. The result has been the creation of a debt based monopoly that must be paid for by the American tax payer. As of this writing, the U.S. national debt is nearly twenty trillion dollars. See: The U.S. Debt Clock for an update as to how much this debt has ballooned.
- This privately held business pays no taxes on the trillions of dollars it makes.
The Federal Reserve was chartered by an act of deceit, when most of congress had gone home for Christmas holiday, on December 23rd, 1913. The Federal Reserve Act of 1913, had passed the house, but it was having difficulty getting through the senate. Regardless, no recess had been called, while nearly every senator had gone home. Only three senators passed the act with a unanimous vote of 3-0. There were no objections. If there had been one person present in the absence of a quorum, the bill would not have passed.
In 1923, Representative Charles A. Lindbergh, a Republican from Minnesota, and father of the famous aviator “Lucky” Lindberg stated, “The financial system has been turned over to the Federal Reserve Board. That board administers the finance system by authority of a purely profiteering group. The system is private, conducted for the sole purpose of obtaining the greatest possible profits from the use of other people’s money.”
Former chairman of the House Banking, and Currency Committee, during the great depression era, Louis T. McFadden stated in 1932, “We have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board. This evil institution has impoverished the people of the United States, and has practically bankrupted our Government. It has done this through the corrupt practices of the moneyed vultures who control it.”
Rep. McFadden also stated, “When the Federal Reserve Act was passed, the people of these United States did not perceive that a world banking system was being set up here. A super-state controlled by international bankers, and industrialists acting together to enslave the world. Every effort has been made by the Fed to conceal its powers, but the truth is it has usurped the government.” Those same bankers used concerted efforts to malign McFadden. McFadden lost his congressional seat in 1934. Even so, he remained in the public eye as a vigorous opponent of the financial system, until his death, which occurred on October 3rd, 1936. Prior to his death, there had been two attempts on McFadden’s life. The first was when McFadden dodged two bullets fired at him at close range. The second attempt was when McFadden was poisoned at a banquet. McFadden was in New York City visiting his wife, and son in September 1936, when he was taken ill at his hotel and died of coronary thrombosis. The circumstances around his death remains suspicious. The result of McFadden’s death was the most outspoken, and articulate critic of the Federal Reserve being silenced forever.
Senator Barry Goldwater, was a frequent critic of the Federal Reserve, “Most Americans have no real understanding of the operation of the international moneylenders. The accounts of the Federal Reserve System have never been audited. It operates outside the control of Congress and manipulates the credit of the United States.”
Thomas Jefferson wrote, “I sincerely believe that banking institutions are more dangerous to our liberties than standing armies. The issuing power should be taken from the banks, and restored to the people to whom it properly belongs.”
James Madison, the main author of the U.S. Constitution wrote, “History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and its issuance.”
The Federal Reserve is now the most powerful privately owned central bank in the world. However, it was not the first.
What is Money?
The following is sufficient proof that money and banking is completely different to what we are led to believe;
Credit River Decision
In the 1968 First National Bank of Montgomery v. Jerome Daly wherein Plaintiff claimed title to the Real Property in question by foreclosure of a-Note and Mortgage Deed which Plaintiff claimed was in default at the time foreclosure proceedings were started. Upon hearing testimony from the bank representative, a banker, Judge Martin V. Mahoney and a common law jury found that the creation of this money or credit constitutes the creation of fiat money upon the books of these banks. The jury unanimously declared the Notes were without any lawful consideration and therefore void and Jerome Daily kept his home.
To quote from the Credit River Decision case: ‘When the Federal Reserve Banks and National Banks acquire United States Bonds and Securities, State Bonds and Securities, State Subdivision Bonds and Securities, mortgages on private Real property and mortgages on private personal property, the said banks create the money and credit upon their books by bookkeeping entry. The first time that the money comes into existence is when they create it on their bank books by bookkeeping entry. The banks create it out of nothing. No substantial fund of gold or silver is back of it, or any fund at all.’
Banks create money out of thin air. That was the verdict.
Download ruling: CREDIT RIVER DECISION original
Affidavit of Walker Todd
On the 20th of January in a Michigan Circuit Court for the County of Oakland, Mr Todd testified that he worked as an attorney and legal officer for the legal departments of the Federal Reserve Bank of New York and Cleveland. Therefore, he is an expert witness in the creation of money
“In a fractional reserve banking system like the United States banking system, most of the funds advanced to borrowers (assets of the banks) are created by the banks themselves and are not merely transferred by one set of depositors to another set of borrowers.”
Download affidavit: AFFIDAVIT OF WALKER TODD
Modern Money Mechanics
A Workbook on Bank Reserves and Deposit Expansion – Federal Reserve Bank of Chicago
…Who Creates Money?
Changes in the quantity of money may originate with actions of the Federal Reserve System (the central bank), depository institutions (principally commercial banks), or the public. The major control, however, rests with the central bank.
The actual process of money creation takes place primarily in banks.(1) As noted earlier, checkable liabilities of banks are money. These liabilities are customers’ accounts. They increase when customers deposit currency and checks and when the proceeds of loans made by the banks are credited to borrowers’ accounts.
In the absence of legal reserve requirements, banks can build up deposits by increasing loans and investments so long as they keep enough currency on hand to redeem whatever amounts the holders of deposits want to convert into currency. This unique attribute of the banking business was discovered many centuries ago.
It started with goldsmiths. As early bankers, they initially provided safekeeping services, making a profit from vault storage fees for gold and coins deposited with them. People would redeem their “deposit receipts” whenever they needed gold or coins to purchase something, and physically take the gold or coins to the seller who, in turn, would deposit them for safekeeping, often with the same banker. Everyone soon found that it was a lot easier simply to use the deposit receipts directly as a means of payment. These receipts, which became known as notes, were acceptable as money since whoever held them could go to the banker and exchange them for metallic money.
Then, bankers discovered that they could make loans merely by giving their promises to pay, or bank notes, to borrowers. In this way, banks began to create money. More notes could be issued than the gold and coin on hand because only a portion of the notes outstanding would be presented for payment at any one time. Enough metallic money had to be kept on hand, of course, to redeem whatever volume of notes was presented for payment.
Transaction deposits are the modern counterpart of bank notes. It was a small step from printing notes to making book entries crediting deposits of borrowers, which the borrowers in turn could “spend” by writing checks, thereby “printing” their own money.
Download annexure: Annexure – Modern Money Mechanics
Money Creation in the Modern Economy
To further substantiate the Bank of England 1st Quarterly Bulletin of 2014 named MONEY CREATION IN THE MODERN ECONOMY this article explains how the majority of money in the modern economy is created by commercial banks making loans. In the Conclusion on page 25 it states:
This article has discussed how money is created in the modern economy. Most of the money in circulation is created, not by the printing presses of the Bank of England, but by the commercial banks themselves: banks create money whenever they lend to someone in the economy or buy an asset from consumers.
This throws the theoretical basis for what the public think of as ‘lending’ out the window.
The mere fact that our currency is un-constitutional because it is not value-backed is sufficient good cause for investigation. This begs the question of: What are our natural resources going? For ‘paying’ fraudulent IOU’s?
Download original: MONEY CREATION IN THE MODERN ECONOMY
Download further commentary: The truth is out – money is just an IOU and the banks are rolling in it
Further Educational Reading
Why the whole banking system is a scam
Godfrey Bloom – MEP
The following are explanations by money experts:
Jeff Nielson is co-founder and managing partner of Bullion Bulls Canada; a website which provides precious metals commentary, economic analysis, and mining information to readers/investors. Jeff originally came to the precious metals sector as an investor around the middle of last decade, but soon decided this was where he wanted to make the focus of his career. His website is www.bullionbullscanada.com
Fractional-Reserve Banking is Pure Fraud, Part I – Jeff Nielson
…In the original form of our “fractional-reserve” monetary system, for every $1 that our central banks officially printed, the banking system created an additional $9 out of thin air via fractional-reserve fraud. Simply put: 90% of all the actual “money” in our monetary system and our economy was conjured out of thin air by private banks via fractional-reserve fraud.
…This is fractional-reserve banking presented as the naked fraud that it is: bankers “lending” not only more than what they possess, but lending out “money” which grossly exceeds the amount of capital in existence. Conjuring oceans of paper out of thin air. It is inherently criminal. It is inherently fraudulent.
…How can governments justify such financial oppression? While it is never explicitly acknowledged, the justification is entirely singular: to prop up a Ponzi scheme. It thus becomes necessary for governments to abandon the Rule of Law and legally prevent their citizens from taking possession of their own property as the only means of preventing the complete implosion of that system.
It automatically transforms our monetary system into an institutionalized Ponzi scheme. By definition, all “fractional-reserve banking systems” would automatically collapse if all depositors simply claim a tiny portion of their deposits at any one time.
…Not only were these “banks” lending funds which grossly exceeded their current assets, they were gambling with these funds, and at even greater ratios of leveraged fraud. The result of combining extreme fraud with extreme financial recklessness was the Crash of ’08. The Big Banks literally “blew up” the Western financial system with their extreme, reckless gambling – gambling which began with the deposits that they claimed to be holding as trustees.
Fractional-Reserve Banking is Pure Fraud, Part II – Jeff Nielson
Fractional-Reserve Banking is Pure Fraud, Part III – Jeff Nielson
In Part I, readers were presented with the inherent criminality and fraud of the crime-euphemism known as “fractional-reserve banking.” In Part II, readers saw how the banking crime syndicate has exploited the opportunities that this institutionalized fraud presents and turned our entire financial system into a teetering Ponzi scheme about to suffer its final collapse.
Yet despite the inherent criminality of fractional-reserve fraud and the overwhelming evidence of the economic carnage that it has produced, there are still legions of Apologists who will argue to their dying breath that we need all of this institutionalized fraud and the inevitable boom/bust-collapses it produces. These sycophants and zealots have been brainwashed with the economic mythology, produced by the banksters themselves, that such institutionalized fraud is somehow necessary for a healthy economy.
This will be the subject of Part III. First we will explore the implications of this mythology and expose its absurdity. Then readers will be presented with a model of economic sanity in order to compare and contrast the difference between the paradigm of economic fraud created by the Big Bank crime syndicate and true “economic health.”
Copying Japan: the Big Banks Confess – Jeff Nielson
“Quantitative easing” is even more overt fraud. It is literally a euphemism of a euphemism. What is quantitative easing (apart from being an absolutely meaningless phrase)? It is “monetizing debt.” What is monetizing debt? It is another euphemism, which is thus also absolutely meaningless. But what does it really mean?
“Monetizing debt” is when a government is so close to bankruptcy that it can no longer even borrow enough money to (temporarily) pay its bills. Thus the regime simply conjures more “money” – completely out of thin air — and then uses this worthless funny-money to pretend to “pay its bills.”
Subsequent to this, the chart, and now even the data itself, have been falsified, rendering newer versions of this chart deceptive at best. What this chart shows is the hyperinflation of a currency (the U.S. dollar), past tense.
This is a picture of a classic, parabolic exponential curve. In simpler terms, it is the mathematical representation of the phrase “out of control.” Directly implied by that phrase, and a basic principal of any such extreme, exponential function, is that “control” can never be regained. What is the result when any nation has lost control (past tense) of its money printing – in the form of an upward spiral? Hyperinflation.
The U.S. dollar is fundamentally worthless. Indeed, it is fundamentally worthless based upon several, separate metrics . Other Western currencies, which are now mere derivatives of the USD, are equally worthless. The day that “quantitative easing” began was the day that Western governments began feigning solvency via overt fraud.
Usury, 0% Interest Rates, and Worthless Currencies – Jeff Nielson
How do we define “usury”, in a world where our Big Banks (and the billionaires who own them) receive $trillions upon $trillions – every year – and all at “0% interest” (i.e. literally free money)? The way we quantify differentials in proportionate terms is through the function of multiplication. What does multiplication tell us about 0% interest and usury?
For the Big Banks who get all their own money at 0% interest; charging even 1% interest on the money they lend isn’t merely a much higher rate of interest (in multiplicative terms), it is an infinitely higher rate of interest. This reflects the simple fact of arithmetic that multiplying anything by zero equals zero, thus the (multiplicative) differential between 0% interest and 1% interest is infinity.
Critics will argue that mathematical analysis of this nature (somehow) “distorts” this conclusion about the absurd differential between those who get their money at 0% (i.e. for free), and those who don’t. But such criticism would fail to acknowledge the concept (of logic and morality) which is illustrated by this ultra-extreme mathematical differential.
One tiny, privileged class (the Big Banks, and the billionaires who own them) gets all its money for free. Everyone else does not. For the Privileged Class; obtaining their money (for free) is always a privilege and never a burden. For everyone else; obtaining their money is always a burden, and never a privilege.
This represents not merely an “advantage”, or even a large advantage for the Privileged Class. Rather, it reflects a fundamental act of discrimination, in arguably its most (economically) heinous form. One class is given, for free, something for which everyone else is required to pay (in the form of a real, non-fraudulent, rate of interest).
Revealed by the function of multiplication; there can be only two, possible remedies for this fundamental, systemic, economic discrimination. Either everyone must receive their money for free, or no one can be granted such a privilege. The fairness of this point of logic (and usury) is not merely elementary, it’s tautological.
What Happens When $10 Trillion In Cabal Fiat Paper Debt Plus $80 Trillion In Global Debt Is Created In A Decade?
Posted on 27 Apr 2017
What happens when new currency [counterfeit = unbacked Foreign Federal Reserve Note] is created with few limits by central banks and commercial banks?
Far too much debt and currency are created.
Central Bank Balance Sheets have increased by $10 trillion in the last decade and $1 trillion YTD in 2017.
What happens when an extra $10 trillion in central bank debt plus another $80 trillion or so in other global debt is created in a decade?
Prices rise because each fiat currency unit purchases less.
Deflation Propaganda: the Great Perversion
The dynamics are elementary. In its simplest of terms; deflation represents a single economic truth: the “money” in our wallets steadily increases in value (something now beyond our comprehension). As this happens, we can choose to use this extra purchasing power to buy more goods, stimulating consumption (virtuous); or, we can devote this additional purchasing power to increased wealth – in the form of savings/investment (equally virtuous).
Furthermore, employees whose money is steadily increasing in value have little need/interest in pressing their employers for wage increases – since they are already getting wealthier by the day. Indeed, such increasingly affluent employees may be willing to (happily) accept a pay cut, in return for (perhaps) some modest improvement in working conditions.
In such an environment (with robust consumption and no “wage inflation”), the companies producing goods and services for our economies will be able to steadily reduce prices. And they can do so without resorting to the (highly destructive) Big-Box cannibalism which we have seen in our own retail sector, most-exemplified by (monopolistic) corporate predators like WalMart, who destroy jobs at an appalling rate.
According to newly uncovered information in the gold market, it provides additional evidence of why the Fed, Central Banks and the IMF were forced to RIG the gold market. Not only was the dropping of the Gold-Dollar peg going to release a great deal of pressure on the manipulated gold price, but forecasts of a massive increase in gold demand was going to totally overwhelm supply.
Thus, this new information provides clear evidence that the gold market was being assaulted on “two fronts.” Not only was the gold market suffering from a decades of price suppression schemes via the Fed and Central Banks, but also that surging gold demand in the jewelry and industrial sectors was going to lead to severe shortages in the gold market.
WHO REALLY CONTROLS THE GOLD PRICE??
The Answer is Quite Surprising
Switzerland: A Rebellion Is Brewing Against the Bankers’ Shenanigans
Posted on April 12, 2016 by merahza; Strategic Culture; by Valentin KATASONOV
Late last year, the Swiss Federal Chancellery was sent a petition with 110,955 signatures, demanding another national referendum. That referendum was spearheaded by activists from the Sovereign Money Initiative. The goal of the referendum is to ban the creation of money by private commercial banks and force a return to the use of actual, tangible money.
The «money multiplier» con game
In economics, when a commercial bank is allowed to create money by extending credit in excess of the cash reserves it holds, this is known as fractional-reserve banking. For example, banks can accept deposits of 1,000 units of legal tender from depositors (which is «real» money, in the form of central bank banknotes), yet based on these reserves, lend out 10,000 units of legal tender, which is ten times more. And that credit will be issued in the form of what is called deposit money, which is in itself a kind of abstraction, because it cannot be used to settle the claims of depositors in actual banknotes. This flagrant duplicity does not end well, eventually culminating in a run on the banks, followed by their collapse.
In economics textbooks, this manufacture of money by commercial banks is called a «money multiplier», and the maximum value of the «multiplier» is set by a financial regulator (usually the central bank) in the form of a reserve requirement (which is the percentage of deposits that must be held in a special reserve fund). Incidentally, these requirements are being abolished in many countries today. It used to be that producing fiat money was viewed as an act comparable to counterfeiting, but now it is simply called a «money multiplier».
A victory for the alliance of bankers and corrupt politicians
The fractional-reserve banking system has developed gradually over the last three hundred years. The alliance between the bankers and the politicians they corrupted triumphed over public opinion. This chicanery was partially concealed by the establishment of the central banks, which are often called the lenders of last resort. Central banks could extend a lifeline to private commercial banks in the form of various «emergency», «remedial», and «stabilizing» loans. In the twentieth century, state and quasi-state agencies were created in order to insure bank deposits. However, both the «lenders of last resort» as well as these agencies have proven useless during major banking crises.
In the twentieth century, people stopped thinking about how the monetary system is structured or about the roots of the banking fraud. The «aha moment» only hits once there is a massive economic, financial, or banking crisis.
One example of this sudden burst of insight occurred in the 1930s, when the West was stricken by the worst economic crisis in the history of capitalism. In 1933, a group of prominent economists led by Irving Fisher began to draft a report that was later to be known as the Chicago Plan. The final version of the report appeared in 1936. The report identified the causes of the economic crisis (the Great Depression). The fractional-reserve banking system was primarily to blame, as it had flooded the economy with an enormous supply of fiat money. This money was not legal tender and was issued in the form of credit, which created a debt pyramid.
This lack of restraint on the part of private creditors stood in contrast to the rules for issuing legal banknotes by the central banks. What they could issue was limited to the size of their holdings in gold. And it’s true that before the onset of the crisis, a number of European countries (particularly Great Britain and France) had restored the pre-war gold standard, which in the US had not been abolished even during WWI. The Chicago Plan concluded that first and foremost, private banks must immediately return to a full-reserve banking system (by holding 100% of demand deposit accounts.)
But the Chicago Plan’s recommendations were ignored. Even in the US, where President Franklin Roosevelt managed to rein in the appetites of Wall Street bankers, full-reserve banking was not resurrected. American banks were more powerful than the president.
Very few economists even remembered about full-reserve banking after WWII. References to it were removed from economics textbooks and «money multipliers» were portrayed as the norm. Among Western economists, the Austrian School of economics was perhaps solely responsible for keeping alive the memory of full-reserve banking, and Murray Rothbard was a particularly bold spokesman for that cause.
The return to the Chicago Plan
In its scope and devastation, the 2007-2009 financial crisis was comparable to the Great Depression of the twentieth century. And suddenly the memory of Irving Fisher’s Chicago Plan resurfaced. In August 2012 two IMF economists, Jaromir Benes and Michael Kumhof, published a paper titled «The Chicago Plan Revisited.» The paper correctly states that the restoration of a 100% reserve requirement would make it possible to dramatically revive the world economy. Gone would be the causes of inflation, the breeding ground for the «bubbles» in real estate and the financial markets, and no longer would pyramids of public and private debt arise. However, by 2012, the world had already returned to a position of relative financial and economic stability, and only a few financial experts took any notice of the brochure written by the IMF economists.
But 2015 was another story entirely. Dark clouds gathered over the global economy once again. The second wave of the global financial crisis threatened. Economists from various countries began to spend more time pondering the idea of full-reserve banking. In March of last year a report titled «Monetary Reform: A Better Monetary System for Iceland» was drafted by an economist named Frosti Sigurjónsson at the direction of Iceland’s prime minister. Some sources claim that Iceland is preparing for a monetary reform that will include abolishing the system of fractional-reserve banking (according to other sources there will be a dramatic increase in reserve requirements.)
The Swiss oppose «gray» money
One recent event related to the restoration of a normal monetary system is the preparation for a referendum in Switzerland. To a large extent the results of the referendum will depend on how the questions on the ballot are phrased. Of course it is quite impressive that over 100,000 people in that small country were found to sign the petition demanding the referendum. However, given the fact that for many decades the reserve-system problem was a taboo topic, it is difficult to imagine that a few million Swiss will be able to make sense of what is involved. Looking at a sampling of Swiss articles about the upcoming referendum, it is clear that even journalists do not always grasp the issue. For example, some think that the referendum involves a choice between paper money and a cashless system. Others believe that this is a question of backing money with stockpiles of gold or commodities.
Recently a referendum was held in Switzerland about potentially increasing the country’s central bank gold reserves. Most citizens of the Alpine republic rejected the idea that there was a need for such an increase. However, in their comments about the results of the «gold» referendum, many experts pointed out that the respondents did not fully grasp the real question. There are fears that the same could happen with the new referendum.
So once again let’s pinpoint the crux of the matter: this would entail a ban on the creation of fiat money by private banks. The right to issue legal tender should be granted only to the central bank. That bank issues money primarily in the form of banknotes. Commercial banks will turn into financial intermediaries in the traditional sense, which merely draw money into their accounts and then disburse it into the economy in the form of loans and investments. In this manner, real control over monetary circulation will be concentrated in the hands of the central bank. The risks of various types of economic imbalances and crises will drop sharply, because private banks will be stripped of the right to create their own credit funds.
Of course, some problems would inevitably arise during a return to full-reserve banking. For example: what should be done with the huge supply of money that was created by commercial banks? In some countries, the supply of such «gray» money is many times greater than the supply of legal tender issued by the central banks. And this «gray» money can’t just be suddenly erased, because it is fueling the economies of almost every country in the world today. In addition, the proposed Swiss monetary reform is completely at odds with the prevailing trend for not only commercial, but also central banks to increase the money supply. This is happening under the guise of the «quantitative easing» programs pursued by the US Federal Reserve, Bank of England, Bank of Japan, and ECB.
A careful, gradual monetary reform is needed, which will minimize the risk of corporate bankruptcies and sharp rises in unemployment. In addition, one must not forget that any radical monetary reform would deal a blow to the plans of the global financial oligarchs to displace paper money with cashless systems. After all, cashless systems are based on the very same «gray» money that the sponsors of the Swiss referendum are vowing to fight.
Jail the Banksters?
Iceland’s jailed bankers ‘a model’ for dealing with ‘financial terrorists’
By jailing four top officers of Iceland’s failed Kaupthing Bank, the country showed the world the right way to deal with the people largely responsible for the 2008 financial crisis, said Charlie McGrath, founder of news website, Wide Awake News.
The US and other nations must take it as a model for the next time the too-big- to-fail corporations screw things up and ask for a bailout with taxpayers’ money, he added.
Corrupt Bankers in Iceland sentenced to 74 Years in Prison
Iceland sentenced their 26th banker to prison in January 2016 for his part in the 2008 economic collapse. The charges ranged from breach of fiduciary duties to market manipulation to embezzlement: http://www.sott.net/article/310629-26-corrupt-bankers-in-Iceland-sentenced-to-74-years-in-prison
Another Bankster Bites The Dust: Ireland Indicts And Extradites Elite Bankster From United States For Role In The 2008 Derivative Financial Crisis
Icelandic Anger bringing record debt relief
Since the end of 2008, the island’s banks have forgiven loans equivalent to 13 percent of gross domestic product, easing the debt burdens of more than a quarter of the population, according to a report published this month by the Icelandic Financial Services Association.
“You could safely say that Iceland holds the world record in household debt relief,” said Lars Christensen, chief emerging markets economist at Danske Bank A/S in Copenhagen. “Iceland followed the textbook example of what is required in a crisis. Any economist would agree with that.”
All countries could provide much the same remedies because it is one global financial system;
Debt Relief Works
PBS Newshour reports:
Idea of paying citizens a yearly stipend is gaining support in Switzerland
PAUL SOLMAN: Schmidt and friends gathered 126,000 signatures, more than enough to trigger a referendum, which, if adopted, would become part of the Swiss constitution. Radical, you say?
Well, it turns out the idea has supporters here in the United States as well, both left and right. It was a long-ago favorite of conservative guru Milton Friedman and remains appealing to libertarian Charles Murray, who proposed a minimum income in a book called “In Our Hands,” says $12,000 per person per year in today’s dollars, tax-free up to a total of about $30,000.
CHARLES MURRAY, American Enterprise Institute: You have a system whereby, every month, a check goes into an electronic bank account for everybody over the age of 21 that they can use as they see fit. They can get together with other people and then combine their resources. But they live their own lives. We put their lives back in their hands.
No formal education needed
In the words of Milton Friedman, not formal education, but ‘creative act of inspiration, intuition, invention’:
“Progress in positive economics will require not only the testing and elaboration of existing hypotheses but also the construction of new hypotheses. On this problem there is little to say on a formal, level. The construction of hypotheses is a creative act of inspiration, intuition, invention; its essence is the vision of something new in familiar material. The process must be discussed in psychological, not logical, categories; studied in autobiographies and, biographies, not treatises on scientific method; and promoted by maxim and example, not syllogism or theorem.” – Milton Friedman – The Methodology of Positive Economics; V. Some Implications for Economic Issues; Source: Essays in Positive Economics (1953) publ. University of Chicago Press.
Download pdf: ESSAYS IN POSITIVE ECONOMICS – FRIEDMAN 1953
Further reading: MILTON FRIEDMAN’S ECONOMICS AND POLITICAL ECONOMY
More on Milton Friedman at: http://www.heritage.org/research/reports/2006/11/milton-friedman-the-father-of-economic-freedom
Remedies will require implementing as many different forms of barter, currency, exchange or trade as possible. We have started identifying on-the-ground working models at: https://giftoftruth.wordpress.com/community-banks/
Further reports such as: TACKLING ILLICIT FINANCIAL FLOWS FOR ECONOMIC TRANSFORMATION at: https://giftoftruth.wordpress.com/reports/
Whistleblowing on the banksters: https://giftoftruth.wordpress.com/banksters/
How & Why Your Mortgage is Nothing More than Legal Fiction – Part 1; by Adventures into Sovereignty – Researcher Ken Dost to Explain How & Why Your Mortgage is Nothing More than Legal Fiction…
How the Banking System Works and How It’s DESIGNED to COLLAPSE! by The Money GPS ~ Author Exposing the Truth