“You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.” --Buckminster Fuller
Most legislation is formed in advance by “think tanks” funded by special interests, but nobody funds experts to think about how to reform the money system itself. Now, however, we have the Internet, where we can banter ideas about in “virtual” think tanks without funding. Getting anyone to pay attention, of course, is another matter; but before we even get to that stage, we need to agree on a plan. I’ve gotten a great deal of feedback on this subject by email, so am opening it up to blog comments. What should our money system look like and how should it work? Give your feedback here. Comments on the book “Web of Debt” and articles are also welcome!
Note: This page has gotten a bit long and unwieldy. Please keep entries short and to the point! Better still, please continue the debates using our new forum.
The citizens, YOU and I, are too scared of losing our money, of becoming a target of the hierarchy, as most of us are indebt to the banks and don’t want to upset the cart. We need to start a run on the banks, pull out all the money and do what they do in North Dakota, start commnity banks.
The govenments are just as scared of the banks as the citizens, which shows how desperate and warped the system is..
American banks should be set free. The FDIC should be disbanded and all government regulations regarding banks should be ended. The Fed should return to banks the gold bullion owned by banks and now stored by the Fed. Let banks establish their own monetary system, gold backed, silver backed or whatever. Let them do their own thing unencumbered and unsupported by the national government. Returning the gold to the banks will remove the only excuse for US Government printed money being created and given to banks. When there was “gold backing” the “bills” were paper showing how much gold a bank owed the bearer of the bill. When gold backing was removed and the printed paper became money the US Government, instead of giving paper to banks, were now giving them money. That practice should end. Ending “gold backing” totally changed the US monetary system and changed it in favor of banks and to the detriment of the interests of Americans. The Fed should not be disbanded but the tie between banks and the Fed should be totally severed. The Fed employs many shape people who understand monetary matters and they will continue to be needed in the management of the nations monetary system. The Fed organization should be put under the US Treasure and the regional Fed banks should be purchased from the banks that hold stock in them and placed under the US Treasure as well.
Every tax payer should be given an account in the Fed regional bank where they live and all post offices should be staffed to provide banking services. Citizens would be free to use private banks but without FDIC protection and without government oversight.
If private banks wish to use US dollars for their reserves then they can borrow dollars when they need them from the US Treasure at prevailing interest rates. The government of the people, by the people and for the people would no longer be in a position where the government prints money, gives it to banks then borrows it back from banks at interest and taxes citizens to pay interest to the banks. That practice would be ended.
I totally have to agree!
Everyone my be chipped by 2017? This may be the new money system. What do you people out there think? I think nothing good can come from it. It is control to the highest power. What happens when it goes haywire, like all electronics do, how will you pay for food or gas? Who or what will stop the government from suspending or deducting funds when you may not have them? Overdraft Fee’s automatic? At least now you can possess more than 1 account to fall back on. What backs this cyber currency? Your chip can be turned off?
Media only highlights what they want you to consider in this video. It gives the scenario what if your rushed to the hospital with no ID? Yes this can happen, but 99% of the time when i leave my home i have my drivers license or military ID. If i forget it, I turn around. If something were to happen in this span of time my registration and insurance card is in my glove box. Medical history is important, i know because i am allergic to penicillin. In September, prior to coming here to Afghanistan, I was issued a red dog-tag indicating my allergy. So its up to me to wear it in case i am knocked unconscious. So it boils down to PERSONAL RESPONSIBILITY!!! Medical records at a touch of a computer key? Give me a break…what is the problem with just typing my name in a database? I mean wen I go buy a car, they can pull up my financial history so why cant the hospital have the same capability with medical records?
And who’s great idea is the RFID chip? THE BANK!!! If you are on this blog im assuming we all feel the same about THE BANK.
Please comment im curious to Americas reaction.
The problem is not the banks. It’s not the Fed. It’s not Congress or the Administration. You see, we have always had these problems with money and by “we” I mean humanity throughout history. When will it occur to us that the problem is the nature of our money, not the individuals who use it, not the institutions we create to try to control it, not the evil in our hearts, but the very nature of the money itself.
See http://www.nopom.info/ for a fuller explanation and a complete solution.
I have read your solution which in theory sounds good but convincing a nation to go along with it is an issue of its own. There is no law stating we have to use the USD so we would have to break away from the US money system and start our own colonies with this new way of trade. My question is how would people travel across the country for vacation and to see family? How does that work?
Contrary, I strongly disagree with the statement suggesting “…the very nature of money itself” being the problem because it’s easy to point the finger to blame something other than self for our problems. Money is only a tangible possession really worth a small fraction of its face value. It is only worth the face value by law as “legal tender,” which to me means its worthless but honor it. The USD that was once backed by gold, now is backed by nothing more than law. So if the currency was to change tomorrow the only way you and I could get our worth is by the mercy of the new law.
Who let this travesty (a false, absurd, or distorted representation of something) happen? Money didn’t let this happen. We the people let this happen. Do not be inferior at things that have no meaning or things that cannot be held accountable. Money is another illusion set for us to blame as the problem instead of facing the true problem which is self. We are the problem. We have allowed this. Maybe not you and I directly, but we as a human race have allowed this to happen. We love money too much. It’s the thought of something able to set us apart from one another in terms of wealth, something to make us feel secure and safe, something to show others where we are in our society. This programming has allowed our money to be backed by nothing. We have let the gold standard slip from our hands.
Mr. Larry Mason you say money itself is the problem but all the problems in the reading does not point to money as the problem. Money is just paper and ink. Money would be the problem if while in your pocket the ink washed off. But the link you posted gives reference to all human characteristics which are outlined for you:
“…the local market became a place in which one found fraud, theft, taxes, monopolies, coercion, and all the other things…”
“bribes to local officials became part of the ordinary cost of doing business.”———–money does not bribe, people bribe——————-
“money items were small and valuable, just the thing for stealing,” ——————————money cant steal,people steal———————–
“…able to use force to coerce their fellow villagers to give them more money.”
“…the local police simply took the merchant’s goods…”
“The police had to merely take part of what the merchant had and leave enough for the merchant to still [make a profit]”
‘local police, being “on the take,” would allow some fraud by the merchants without doing anything to stop it”
The people, the people, the people! Money is nothing more than an illusion. To see it for what it is we must break this way of thinking. Turn off the TV (Tell-lies-for-us to Vision). Break the Tele(distant)-Vision Programming cycle. Think about it. Its not illegal…yet. We must look at ourselves 1st. Then we can break this way of thinking, then hold we must hold the Government accountable for their treason.
Your comment seems to have nothing to do with the solution I proposed.
Did you read the novel “Invisible Hand” all the way through or just some little essays at the nopom.info web site?
Your quotes above are from a description of how a money of physical objects makes possible our problems. Since our current form of money does exist and since we do have these problems, it seems obvious that our current form of money at least makes such problems possible. Since our current problems are the same kind of problems that every nation has experiences for all of history and since our form of money ( physical object money) has been in use in all those nations, it shows that it isn’t anything peculiar to the people who live today in our nation. It shows that no matter what people or what their beliefs about things other than money, the same problems occur.
You say that it isn’t money it’s people. But how would you explain the fact that no one was killed by gunfire before the year 1000 CE? People were people then just as now but no one was killed by gunfire despite the lack of gun control laws in the time of ancient Rome and Greece. Clearly the explanation is that gunpowder was not invented until after 1000 CE and thus there were no guns at those times. People only shoot each other when there are guns. The nature of our money is also an aspect of our environment (our social environment) which limits and makes possible a wide variety of behaviors.
Mr. Mason, you wrote, “See http://www.nopom.info/ for a fuller explanation and a complete solution.” So that’s what I did. I went to that site and read the entire solution.
And maybe it’s me but I do not understand your argument. The question is proposed “…how would you explain the fact that no one was killed by gunfire before the year 1000 CE?” as if the reason would be human morality or a non-physical currency system, and then you answer your own question with, “Clearly the explanation is that gunpowder was not invented until after 1000 CE and thus there were no guns at those times.” What does this mean? What are you trying to say?
“People were people then just as now but no one was killed by gunfire despite the lack of gun control laws in the time of ancient Rome and Greece.” THERE WERE NO GUNS! NO GUNS, NO GUN LAWS! Maybe they had arrow and spear control laws, idk. But people were still killed over currency.
“People only shoot each other when there are guns.” Exactly people shoot. Look man, I am all for a new way of life. But for this to happen the people have to be liberated. Have you ever thought about what people face in their lives to make them want to rob, steal, and kill for capital? So while people are the cause of these crimes, what causes the people to be driven to this point. Have you ever thought, maybe its not the person that is crazy, maybe its the environment surrounding the person is crazy.
Look all around you. The wealthy, not rich, the wealthy keep getting wealthier while the common and poor get poorer. Big Banks are owned by the wealthiest people on the planet. The same people who own the 3 Big Banks in America own the private corporation known as, The Federal Reserve.
We need to make new currency a part of the gov’t and get back to loving thy neighbor.
I invite you to watch this in its entirety:
http://www.esoterictube.com/thrive.html
If you did not read the entire novel “Invisible Hand” you did not read the solution. You could alternatively have listened to the entire novel via the MP3 copy of the text. The idea cannot be easily understood without reading the novel. Though the idea is less than one page in size it is so different from how we are used to thinking about money that it simply is not taken in by the mind easily.
There are also a number of essays at that web site which detail how any physical object money (POM) must have the consequences we see around us. Those are short and obvious and easy to understand.
Thanks for your time and attention.
Big Mother knows every move you make, she knows every breath you take. The introduction of the cashless society, the total destruction of free enterprise, the ability to do your deals in real dollars, is her greatest enemy, as it gives us some independence and ability to bargain.
With the cash card, whatever you call it, you will soon discover that you must tow the line, say what Big Mummy wants, bow to her every whim or you will not be able to buy or sell.
This fulfills Scripture, Rev.13:4-18, (for those who may be interested to read) and I provide three verses, that those without a Bible may get the idea.
vs.16:”And he causeth ALL, both small and great, rich and poor, free and bond, to receive a mark in their right hand or in their foreheads,; vs.17 and that no man might buy or sell, save he had the mark, or the number of his name.
vs. 18 Here is wisdom, let him that hath understanding count the number of the beast: for it is the number of man; and his number is Six hundred, three score and six.”
What this means is that the vatican will be, and is now in the process of establishing the new, one currency, one government world order, which she will run.
Unless you are a member of one of her denominations, (believe it, she now runs them all), unless you are submissive to her whims, you will forfeit your citizenship and will be cast to the dogs.
There were many alternatives, but, as has been commented by other contributors, at the bottom of all our economic problems are apathy, stupidity, irresponsibility, GREED and the refusal of the citizens to stand up against those who have illegally taken control of our money system, our media and our future.
It is not my desire to offend people, but it is still, for a short time, my right to express an opinion, to suggest that there is no longer resolution to our oncoming Perfect Storm, and to warn citizens to prepare for the chaos.
AMEN!!!
Right on bro. Money has no intrinsic value, it is purely a representation of work done, and, as you stated, the entire wealth of every citizen could be wiped out by the government changing one law. So here we have the conundrum; how does the community get the necessary information, the truth of our immoral, decadent, collapsing banking system, and the encouragement to do something about it?
Politicians don’t want to know, bankers don’t want to know, and they are those who hold the entire community by the short and curlies, as they can cut off your credit any time they like.
I have read your solution which in theory sounds good but convincing a nation to go along with it is an issue of its own. There is no law stating we have to use the USD so we would have to break away from the US money system and start our own colonies with this new way of trade. My question is how would people travel across the country for vacation and to see family? How does that work?
Contrary, I strongly disagree with the statement suggesting “…the very nature of money itself” being the problem because it’s easy to point the finger to blame something other than self for our problems. Money is only a tangible possession really worth a small fraction of its face value. It is only worth the face value by law as “legal tender,” which to me means its worthless but honor it. The USD that was once backed by gold, now is backed by nothing more than law. So if the currency was to change tomorrow the only way you and I could get our worth is by the mercy of the new law.
Who let this travesty (a false, absurd, or distorted representation of something) happen? Money didn’t let this happen. We the people let this happen. Do not be inferior at things that have no meaning or things that cannot be held accountable. Money is another illusion set for us to blame as the problem instead of facing the true problem which is self. We are the problem. We have allowed this. Maybe not you and I directly, but we as a human race have allowed this to happen. We love money too much. It’s the thought of something able to set us apart from one another in terms of wealth, something to make us feel secure and safe, something to show others where we are in our society. This programming has allowed our money to be backed by nothing. We have let the gold standard slip from our hands.
Mr. Larry Mason you say money itself is the problem but all the problems in the reading does not point to money as the problem. Money is just paper and ink. Money would be the problem if while in your pocket the ink washed off. But the link you posted gives reference to all human characteristics which are outlined for you:
“…the local market became a place in which one found fraud, theft, taxes, monopolies, coercion, and all the other things…”
“bribes to local officials became part of the ordinary cost of doing business.”———–money does not bribe, people bribe——————-
“money items were small and valuable, just the thing for stealing,” ——————————money cant steal,people steal———————–
“…able to use force to coerce their fellow villagers to give them more money.”
“…the local police simply took the merchant’s goods…”
“The police had to merely take part of what the merchant had and leave enough for the merchant to still [make a profit]”
‘local police, being “on the take,” would allow some fraud by the merchants without doing anything to stop it”
The people, the people, the people! Money is nothing more than an illusion. To see it for what it is we must break this way of thinking. Turn off the TV (Tell-lies-for-us to Vision). Break the Tele(distant)-Vision Programming cycle. Think about it. Its not illegal…yet. We must look at ourselves 1st. Then we can break this way of thinking, then hold we must hold the Government accountable for their treason. -
Most people on this blog are from the USA.
In common with many other areas of the world that call themselves democratic your democracy has one overwhelming problem.
It is not democratic, probably nowhere is, in the accepted meaning that is put on it by those who benefit most from the existing system.
You have an elected oligarchy. Without being a millionaire or having the backing of millionaire(s) or VERY large amounts of money nobody stands a chance of getting anywhere meaningful in national or state government. Your press and television is overwhelmingly Republican, witness the hostility to your present and past Democratic Presidents
And yet the majority of voters believe these poisons and vote accordingly. This is the problem you and the rest of the world face when trying to change things, particularly anything to do with the existing monetary or economic systems
Too many people know what to think, not HOW to think.
The rich pay less and less for more and more finally paying nothing for everything
The poor pay more and more for less and less finally paying everything for nothing.
That is the poisonous system we have to face.
Good thoughts, Brian. The best thing I’ve read on this is James Galbraith’s book The Predator State, which I recommend to all. The good news is that the neoliberal economic agenda of austerity, while feeding the rich, does NOT work for society, either in the USA or anywhere else in the world. It creates chaos and misery. Frankly, statism (a stigmatized word!) — with government planning and proactively working for the benefit of the people as a whole — is what works. It worked in the New Deal era of the U.S. and created a golden era of prosperity, with rapacious finance capital subdued with regulations like Glass-Steagal, and corporations and the wealthy paying a fairer share of taxes. The Reagan ( &Thatcher) revolutions reversed this, and it’s been downhill since then. Interestingly, the 2008 financial debacle was a culmination of these anti-social economic policies. Bubble economies create billionaires. Inequality — badly skewed income distribution — creates unemployment and destroys democracy. How to get money out of politics? The super-wealthy control finance and banking, the commanding heights of the economy. As long as they do, these oligarchs will be in power, not the people. Public banking is a way to pry this power away from them and reverse things, starting local, as Ellen Brown is leading us.
Right___There is TWO kinds of DEMOCRACY___The – Representative – (fake USA anti-social neoliberal style by the oligarchy) — And___The – PARTICIPATIVE – social-democracy, (which needs citizens comittees, municipal or regional, participating in all important government decisions, including military, by vote or referendum, and presenting candidates for elections) Scandinavian style.____As long as this fake one will exist , the Law of Sarkar will apply in this world, Being — Alternatively in Power ___The Intellectuals (religious or other) ___The Military ___The Worker-Laborer (communism) ___The Accumulators (actual oligarchy).
In a real democracy (if in existence somewhere) ___The TWO main goals of the Elected would be ___Make the Country self-sufficient (imports-exports)___and__Redistribute the riches (so that the basic nessessities lodging, health-care, water, food,education, are available also for the low earner and poor)___In actual US with the wild privatizations, low or no taxes for the rich (fiscal heavens) and the middle and poor taxed to the hilt, Anything Social is called Charity. On the long term, America this way is doomed.____What is needed IS apply the social-credit theories of Economist Clifford Hugh Douglas, plus the Tobin tax, prohibit fiscal heavens and hedge funds (registered in no-tax heavens), make the fed public, limit the salaries commissions bonuses of banksters lobbeyists traders brokers multinationals leaders and casino type speculators to return to a real productive type economy.__But this will never happen as the private banksters and oil companies leaders will always oppose to it, Profits first the country and its people last.
Since the Reagan era, even the employees pension funds and unemployment insurance funds disappeared or were lost in the new casino type economy.
The problem is inflation and the lack of understanding of precisely how it affects people. Everybody should know this formula:-
I think one of the biggest problems is that Americans don’t value their own money. Every day, I am surrounded by people who earn $50,000 to $75,000 per year and they give away literally every single penny. Not only that, many of them owe the banks many times their annual salary. It would be one thing if they were purchasing the bare essentials to survive, but without exception, these individuals are running out and buying new trucks, motorcycles, RVs, jewelry, big expensive houses, etc. When they get a raise, they go out and purchase more things for the house, a new television, new car stereo, etc. Then they all tell me how they are “just getting by.” We have a problem with our consumer psychology. When we start to value our own money, then money will start to increase in value and the value of goods and services will start to decrease. Unfortunately, I think such an event is called an economic depression!
Sadly our society, from the top echelon down, are motivated by greed, selfishness, unGodly, immoral and dictatorial attitudes.
The concept of equality is an horrifying thought to those born into money and the thought of SHARING is tantamount to treason.
Our politicians, (or excuses for them) have no interest in doing anything but feathering their own nests; church leaders surely have no idea of the principles Christ expounded, with various denominational cults being amongst the wealthiest organizations on the planet.
Realistically, we are now observing the dirt hitting the fan, as we move into the final stage of world financial collapse.
We will shortly see the introduction of the cashless society, and you watch how quickly the gold standard is re-introduced, to make destitute slaves of all but the mega rich.
No, people do not comprehend they have the right to rebel, as the media machine and the un-education system has turned the masses into mindless clones, who are unaware they have the right to tell the government, our employees, to do our will instead of the will of those who control the media and the immoral, illegal banking system.
As for the Douglas credit banking system; that would be the single greatest enemy of those who control the present filthy system under which we are enslaved, and is too intelligent, to moral, too simple for the morons at the top of the ladder to comprehend, It terrifies them.
No, there is no form of democracy anywhere; as Douglas stated in his many works on economics, criticizing the immoral banking system to which we are globally enslaved;
‘Power corrupts, Absolute power corrupts absolutely.’
Man has, since the time of Adam, sought someone to blame for his problems, has not had the courage to stand up and fight those who have illegally claimed the right to dictate our way of life, and we have wilfully forfeited every responsibility, every right to live prosperously, seeking, as goats to the slaughter, some other idiot to follow instead of jumping off the railroad to destruction and death.
Has anybody yet considered the impact of 3D printing on the economy, society, and money?
It will be profound.
THINK about it.
Oh, what will be some of the profounder effects of 3d printing ?
Look up 3D printing on google. If you cannot see what future it could bring you obviously have not learnt to THINK. It will affect many industrial processes for a start, making many factories redundant – keep thinking there’s more!
Oh, okay, you must be quite the Expert Thinker. Maybe you should write a book about thinking, printed in 3d, of course.
Wow that’s harsh!! You don’t have to be a genius to look at Google where the concept of 3-D printing is set out in layman’s terms. There are many examples from the simplest system to the most complex and it has been rightly described recently as the new industrial revolution.
This is not a super ink jet printer, in fact, the term 3-D is probably misleading. It is just that the technology is similar, but much more complex and is now capable of producing an aircraft wing. This is where I say that the economic, social and particularly monetary and labour market implications are profound. Apparently, bench-top models have been developed costing around $5,000-10,000. I also understand that home versions are close to production, but what the cost will be, and how materials will be sourced, I have no idea.
And, I say again, that new ideas regarding money and economics are urgently required. The same tired old system we have now simply won’t work, except by throwing millions of people out of work.
What is your opinion?
Okay, thanks for the info re 3d printing. Will look into it and form an opinion when i get the time. As for new ideas regarding money and economics, I recommend this article: http://majorityrights.com/weblog/comments/the_japanese_economic_model_as_a_refutation_of_neoliberalism/. Grok on it! I also recommend Warren Mosler’s MMT site.
Thanks for the information I’ll look it up.
meanwhile there is an excellent piece on the British magazine “The Economist” about 3D printing and it’s implications. I think it was for the 12th February this year so it is very recent.
How many here are acquainted with Modern Monetary Theory? This is theory of how a sovereign government creates fiat money unbacked by anything except the full faith and credit of the government and the nation. It is about the monetary system we now have. And unlike previous monetary theories it asserts that many common beliefs about what our government should do with its money are unfounded, false, and myths. For example, consider these myths and misconceptions
as applied to our government:
Government should be forced to have a balanced budget.
Deficits are intrinsically bad.
Government needs to tax to spend.
Governments that spend, spend, spend will become bankrupt.
Governments that print money will cause hyperinflation.
In a depression we should save and stop spending.
Government finance can be understood as being like household
finance, business finance, or state government finance.
The national debt needs to be capped, otherwise it will place
too much of a burden on our children and their children.
Imports are bad, Exports are good.
When banks are bailed out it is by the taxpayers.
What makes these wrong in a society with fiat money is that unlike
individuals, households, businesses, or state governments our
Federal government has the power to create the money and determine its value and the value of foreign money with respect to it.
Individuals, households, businesses, state governments have to get their money from elsewhere. They cannot create it, issue it.
A government with fiat money can create unlimited amounts of money out of thin air.
That means our government which has fiat money can wipe out the
national debt without taxpayer money; it can redeem the IOU’s
of the Social Security Trust Fund.
And none of this would be inflationary or devalue our dollar.
How?
The Secretary of Treasury is authorized by Congress in the US Code to create and issue a platinum coin in any denomination and in any number as he deems necessary.
So he could create a “megacoin” whose denomination is $10 Trillion.
Let us say he has 5 such coins minted by the Bureau of Printing and Engraving. He next takes these 5 coins to the Federal Reserve Bank and deposits them in a Treasury account there. The Fed then credits his account in Federal Reserve dollars for $50 Trillion. (The Fed must do this by law. The coins are bone fide US money, authorized by the Congress in the US Code. The Secretary of Treasury has this authority under the Code.
Next, the Secretary withdraws from this Treasury account at the Fed an amount (about $1.6 Trillion) equal to the national debt to the Fed.
He gives this to the Fed to pay off the national debt to the Fed.
In one swell swoop the debt vanishes, as does the $1.6 Trillion.
And this is not inflationary because no money has entered into circulation; it has not been spent in circulation. The vanishing of the
debt is just a transfer from one column in a spread sheet to another that wipes out what is in the second column. The Treasury account loses $1.6 Trillion in value. This is just a way with fiat money to reset the debt meter without taxpayer money and creating inflation.
Next the Secretary can go to the Social Security Trust Fund and redeem the IOU”s Congress left there when Congress raided the fund for its deposits to conduct deficit spending. The IOU’s will return to the Treasury and be destroyed, leaving dollars in their place in the Trust Fund. Dependent upon the economy, whether it is in inflation or not, this will not be inflationary in most instances. We are not now in inflation, despite gas and corn prices prices. It will not be now inflationary because the dollars left at the Fund will not yet be spent into circulation. Only when the Social Security payroll taxes do not yield enough money, will supplementary amounts be drawn from the Fund to pay Soc. Security benefits. That amount of money introduced into the economy will not likely be enough to create inflation.
At another time, I will show how the government needs no longer borrow from the Fed to deficit spend in Federal Reserve dollars.
I will show how the government does not need to tax to spend,
although taxes will be used to manage inflation and deflation.
Raise taxes in inflation; lower taxes in deflation. Learn about
Modern Monetary Theory (MMT), now being discussed by professors of economics in colleges and universities and by
investment advisors who work with money all the time. Google or Yahoo it.
They have a system of central banks the world over that maintain the system we have today. They INVENTED banks…..then, they invented central banks and here we are.
Treasury and congress will NEVER mint the trillion dollar coin and nothing about the federal government will change. Go to DC. It is a system and it is supported and fed by itself.
The list of corrections you have given us would be fine if they had a chance of happening.
The chance of influencing the government of an individual state seems better than achieving anything in Washington. They have the currency monopoly, why the he$$ would they give it up? A century has gone past and the federal gov’t's contribution to GDP is 48%.
A state bank will have it’s own currency monopoly. The municipalities will no longer be bankrupt. The real estate market will stabilize and there will no longer be the threat of restricted liquidity. Stable credit facilities within an individual state will mean stable economic conditions. My state will be just like the federal government, there will be enough money for everything, the roads, the employees, the pensions, the student loans etc.
Long shot? Definitely. Federal government going to reverse itself? I am in a little state. I have met our senators. I am sticking with the state bank approach.
I disagree. The monetary system can be changed. It has been changed many times over the life of the nation. Counting quickly, we have had about five different monetary systems here in the USA and the colonies prior to the revolution. Three of the five were central banks, copied from the British Bank of England example. The nominal life time of a monetary system has been less than 100 years and the Fed will be 100 next year. The first two central bank systems were short lived under national charters. Tobacco was the longest life monetary system used here.
We are living in a very different America now and our monetary system is very much in need of changes. We suffer greatly from a broad based ignorance of what money is. Everyone knows what you can do with money; few understand what it is.
During the life time of the Fed the change from commodity backed bills and notes to fiat money has produced a change few recognize. The Fed did a great service by supplying a uniform set of bills and notes to commercial banks; bills and notes that were just paper stating how much money a bank owed to the bearer. Prior to the Fed banks printed their own notes and bills causing confusion across the country. When gold and silver backing went away and fiat money appeared, the US Government was then printing money, real money, and giving it to banks rather than just supplying them with a uniform set of paper bills.
Fiat money is here to stay but the practice of the government printing money and giving it to banks has to stop. Instead of printing money and giving it to banks the government should print it and spend it or loan it at interest while managing the money supply in the same way as is done now with the very competent staff of the Federal Reserve. This is a perfectly reasonable change in the system and would be functionally easy to accomplish.
House of lords bomb. See here under heading ‘ intel’: http://www.veteranstoday.com/
Fiat currency is as good as the collateral put up when it is issued into circulation.
Fiat currency is as good as the collateral used to back it when it is lent into circulation
If we are looking for a replacement for the gold standard we have missed the point of the exercise.
Money is a commodity which can be manufactured at will, by the treasuries of any nation.
It represents energy, work done, having no intrinsic value of its own. It represents our work, our initiatives, and we need recognize we can produce however much money we like, to achieve specific goals, and then, when the reason the money was manufactured is achieved, the money is already absorbed into the economy.
Contrary to the vain ramblings of the imbeciles who are supposedly economic experts. (mostly bankers protecting their own power source and profits) this is not inflationary and continually strengthens our economy.
Such POSITIVE financing provides an upward economic curve, as money, which was made to finance the planned work, building roads, hospitals, schools, etc., is absorbed into the economy, producing sharply upward curves in financial graphs which strengthen the economy.
Such financing creates empoloyment, which in turn changes the mental and sociological condition of the community, as, when people are working, paying their bills, they are intrinsically more happy, content and keen to keep the ball rolling.
The social ills of long term un or under employment is apparent in the skyrocketing crime rates, suicides, family break ups etcetera, and this is actually a controlled attack on the community, in the last few steps toward the introduction of the global socialist state.
Note America’s financial mess, America is bankrupt, financially destitute, which is why she is launching wars all over the place, preparing to establish herself as the NEW WORLD ORDER, the mother of the socialist state.
America is over forty years behind in the interest payments she owes, and that spells bankruptcy in anyone’s language.
That China is booming is because they are using credit banking principles to finance their phenomenal expansions and is exactly why her economy, contrary to the Wall St. gurus, the dishonest, white trash financiers predictions, is on a continuous upward curve.
Our media, education system, governments have denied citizens the right to know what is going on. We have been kept behind the 8 ball, as people in debt are far easier to suppress and keep under horrific social control.
Now we are witnessing the oncoming Armageddon.
By looking at China we can see how effective credit banking is, as it is exactly that system China is employing, and, sorry white man, you blew your economic credentials with your immorality, greed and sheer stupidity.
The global economic system is in the final stages of collapse;, there is no option, and all your fairytale fantasies about America riding in, on the white horse, to rescue the struggling maidens are exactly that.
We, the citizens, through apathy and ignorance, allowed the bankers to set up what is basically a self destructive financial dream, all at the citizen’s cost, and now we are paying the piper.
Yes, the bankers will try to paper over the cracks, but be warned, they are interested only in their own profits, power.
We, the citizens, through our lack of interest, our indolence and apathy allowed this to manifest and now we pay the price.
Well said. One would think that the imbeciles who we are allowing to control our economy, would have a sufficiently high level of intelligence to work that out.
Just as a matter of interest, and this I would love an answer to; How did banks get the right to claim ownership of the community’s money?
This is the fundamental flaw as the banks do NOT own our money, they are there purely as means by which financial transactions may be facilitated, aren’t they?
The idea that money is a commodity is insane. The value is always the collateral never the money. By attributing the representation of wealth (money) the value of the wealth you destroy money’s attribute of measure.
To better understand this see look here:http://www.bibocurrency.org/English/The%20Scam%20short%20form.htm
As automation enters a more advanced AI phase, we should have businesses convert to revenue sharing for their employees. If they get laid off or let go, they take their company shares with them. As robotics advance…American families can live off the labor of their robots via stock. Under this economic their the ‘save’ class becomes the artificial intelligence. The upper classes become humans with a small middle class. The poor are transferred to stock holders handled by book keepers as finds are funneled to their lower class estate for living. Just a concept we can think about. What you end up with is Americans moved to a form of theirinvestor class while machines do the manufacturing and productivity.
Does anyone in the know get on & edit Wikipedia here – http://en.wikipedia.org/wiki/Central_bank ? It looks rough & dated (but I am not qualified to edit the subject). Surprised too that I have no recollection of a reference to “seigniorage” in Web of Debt..?
It’s very simple. Back the dollar with gold and silver. Period.
Period? You mean like in “end of conversation”?
Read Web of Debt and find out why that hasn’t worked and won’t work.
Sounds like a simple solution, though not as simple as introducing the CREDIT BANKING SYSTEM, which costs nothing, will protect everybody’s financial position, and drive the economy forward.
What is going to happen now, as the gold standard is re-introduced, is that the One World Bank, suggested by the Vatican, will come into power, with the Vatican providing the GOLD to back it.
Then comes the New World Order, which the Vatican has also kindly volunteered to run for us. Yippee!
Welcome to socialism, slavery and get ready to forfeit all, to Big Mother.
This is by far the most concise presentation of the facts in the best format I have seen up to this point. Keep up the good work.
Ellen, have you ever thought that the Treasury doesn’t need to come
up with money to buy back the Treasury securities bought by the
Fed? The very act of buying them from a private bank/owner of the
security, using money made up out of thin air by the Fed, invokes a
power delegated to the Fed by Congress to coin money and regulate
the value thereof. That makes the Fed in this instance an agent of the government, and since no money already in circulation was directly transferred to the Fed, and no money was taken from the private banks of the Fed in buying the securities, the government’s liabilities in the securities can be viewed as having been redeemed by the government. There is no intergovernmental loan to redeem
the securities, as might apply say to the Social Security Trust Fund
where Congress took FICA tax money deposited in the Trust to avoid deficit spending. It is just an illusion that the Fed and the Treasury
are distinct entities. They are arms of the government in these
matters.
So, who do we sue to stop this charade that we owe a national debt
to the Fed? And who can sue?
The amount of money in circulation varies not. The amount of fantasy, fairytale money the bankers produce at the flick of a computer key fluctuates at the whim of whoever is in power, but the reality is that money, unless tied to a physical commodity, such as gold, uranium, whatever, is valueless.
The game of moving money around, conning the sadly delusional and trusting public into believing the global economic collapse is not an engineered manouver to put all nations into horrific debt, is blatantly obvious to anyone who thinks outside the square.
This controlled exercise in global domination is presented, through the mogul controlled media, as beneficial for the ‘little’ people,
It is a planned ponzi scheme which legitamizes the establishment of the one world bank, one world monetary system and the implementation of a global socialist government, the New World Order as so cunningly depicted in George Orwell’s 1984.
To implement change we would have to nationalize all banking systems, and introduce a totally different format, where money would be created as a CREDIT to the community, not a debt, and I am sure none of the bankers or global leaders would allow that.
Funny though, I don’t understand yet how the banks managed to illegally claim ownership of our money? Any thoughts on that?
Money is just IOU’s — tokens, tickets — the MMTers at Billyblog have good convincing explanations of that.
So why don’t we nationalize the banks, centralize credit creation in the hands of the Government, instead of the bankers, and recognize that debit banking is self destructive?
It’s time to change the system, not just the names of the greed driven mongrels who are running it.
It’s still OUR money, not theirs,
The bankers have illegally claimed ownership of our cash.
Money is purely a means, a tool to represent our hard work, our ingenuity, our intellectual property; how come the banks claim ownership of it and then, for irrepayable interest, loan it back to we who own it?
Time for revolution in thinking.
Maybe that’s why Obama purchased all that illegal ammunition, in preparation for people standing up for our rights?
It seems the governments are for the bankers, NOT the people, who are their employers.
Well done, exactly what I have been thinking for some time now. We just have to DO something. Only thing is what and how. All the organs of publicity are in the hands of the establishment except perhaps Facebook etc. At the age of 73 I am not aware of many alternatives- you younger ones might be!
Part of the problem is that money creation is centralised and governed by a few it matters not if they are private bankers or public officials. Money when understand scientifically is simply a means for recording the measure of value and its divisions, that can be specified in a stable and inert fashion so that there be no need for any centralised control.
See http://www.bibocurrency.org, money need not be a thing of value that needs to be guarded and rationed by an authority. If such authority is required then the technical spec being invoked for money is wrong.