Money As Debt Page #5

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of the current situation,

we could imagine banking run as a

non-profit service to society,

disbursing its interest earnings

as a universal citizen dividend,

or lending without charging interest at all.

"I have never yet had anyone who could,

through the use of logic and reason,

justify the Federal Government

borrowing the use of its own money...

I believe the time will come

when people will demand that this be changed.

I believe the time will come in this country

when they will actually blame you and me

and everyone else connected with the Congress

for sitting idly by and permitting

such an idiotic system to continue."

~ Wright Patman. Democreatic Congressman 1928-1976

Chairman Commitee on Bankin & Currency, 1963-1975

[CHANGING THE SYSTEM]

If it is the fundamental nature of the system

that causes the problems,

tinkering with the system

cannot ever solve those problems.

The system itself must be replaced.

Many monetary critics clamour for a return to gold-based money,

claiming that gold has a long history of reliability.

They ignore the many scams that can be played with gold:

shaving coins, debasing the metal,

cornering the market,

all of which were abundantly practiced

in ancient Rome, and contributed to its fall.

Some advocate silver, it being more abundant than gold

and therefore more difficult to corner.

Many question the need

to bring back precious metals at all.

No one wants to go back to carrying

heavy sacks of coins to go shopping.

It is a certainty that paper, digital,

plastic or more likely biometric ID money

would be the real medium of trade with the same potential

for creating unlimited debt money we have now.

Beyond that, if gold again became the sole legal basis of money,

those who have no gold would suddenly have no money!

Other monetary reform advocates have concluded

that greed and dishonesty are the main problems,

and that there may be better ways to create

an honest and equitable money system than returning to silver or gold.

Inventive minds have proposed

a variety of alternative ways to create money.

Many private barter systems create money

as debt much as banks do,

but it is done openly and without charging interest.

An example is a barter system

in which debt is expressed as pledges of hours of work,

all work being valued equally at a dollar figure

that then allows hours to be equated

with the dollar price of goods.

This kind of money system can be set up

by anyone who can devise a way to do the accounting

and find willing and trustworthy participants.

Setting up a local barter money system,

even if it were little used now,

would be prudent emergency

planning for any community.

Monetary reform, like electoral reform,

is a big topic,

and one that requires a willingness to change

and to think outside the box.

Monetary reform, again, like electoral reform

will not come easily

because the enormously powerful interests

that benefit from the existing system

will do their utmost

to maintain their advantage.

Now that we have seen that money

is just an idea and that, in reality,

money can be whatever we make it;

here is one very simple alternative

monetary concept to consider.

This model is based on systems

that have worked in the past,

in England, and America,

systems that were undermined

and destroyed by the goldsmith-bankers

and their fractional reserve system.

To create an economy based on permanent,

interest free money,

money could simply be created

and spent into the economy by the government,

preferably on long-lasting infrastructure

that facilitates the economy,

such as roads, railroads, bridges,

harbours, and public markets.

This money would not be created as debt.

It would be created as value,

that value being in the form of whatever it was spent on.

If this new money facilitated a proportional increase

in trade requiring its use,

it would cause no inflation whatsoever.

If government spending did cause inflation,

there would be two courses of action available.

Inflation is equivalent in effect

to a flat tax on money.

Whether the money goes down in value 20%

or the government takes 20% of our money away from us,

the effect on our buying power is the same.

Viewed this way inflation in place of taxation

might be politically acceptable if well spent and kept within limits.

Or, government could choose to counter inflation

by collecting tax monies that it then takes out of use,

thus reducing the money supply

and restoring its value.

To control deflation,

which is the phenomenon of falling wages and prices,

the government would simply

spend more money into existence.

With no competing private debt money creation,

governments would have more effective control

of their nation's money supply.

The public would know whom to blame

if things went wrong.

Governments would rise and fall on their ability

to preserve the value of money.

Government would operate primarily on taxes

as it does now, but tax money would go much, much further

as none of it would be required

to pay interest to private bankers.

There could be no national debt if the federal government

simply created the money it needed.

Our perpetual collective servitude to the banks through interest payments

on government debt would be impossible.

"Money is a new form of slavery,

and distinguishable from the old simply by the fact that

it is impersonal-that there is no human relation

between master and slave." -Leo Tolstoy

[THE INVISIBLE POWER]

"None are more enslaved than those

who falsely believe they are free." -Goethe

What we have been taught to believe

is democracy and freedom has become,

in reality, an ingenious

and invisible form of economic dictatorship.

As long as our entire society remains

utterly dependent on bank credit for its supply of money,

bankers will be in the position to make the decisions

on who gets the money they need and who doesn't.

"The modern banking system

manufactures money out of nothing.

The process is perhaps the most astounding

piece of sleight of hand that was ever invented.

Banking was conceived in iniquity

and born in sin.

Bankers own the Earth.

Take it away from them,

but leave them the power to create money,

and with the flick of the pen

they will create enough money to buy it back again...

Take this great power away from them

and all great fortunes like mine will disappear,

and they ought to disappear,

for then this would be a better and happier world to live in.

But if you want to continue to be slaves of the banks

and pay the cost of your own slavery,

then let bankers continue to create money and control credit'."

~Sir Josiah Stamp - Director, Bank of England 1928-1941

(reputed to be the 2nd richest man in England at the time)

The inability of the Colonists to get power to issue

their own money

permantently out of the hands of George III

and the international bankers

was the PRIME reason for the revolutionary war."

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