What is progress? “It seems that for the past 200 years what we have been doing has been essentially just more of the same : we are making faster machines with better tools faster and more performant than ever, but we’re still on the damn machines! T…
Surviving Progress (transcript) Courtesy of Michael Hudson Below are the transcripts from the film Surviving Progress I was a part of. The film can be purchased here. Canada FILM group on PROGRESS 2010: The Road to Debt Serfdom Cinémaginaire, ASHOP (USA): Interview with Michael Hudson – Tapes…
Max Keiser interviews Paul Craig Roberts, former US treasury official. He talks about the US student loan crisis, where the student debt has passed one trillion dollars but 50 percent of the young graduates are either jobless or under-employed.
Part six of a series: Billions for the Bankers, Debts for the People: The Real Story of the Money-Control Over America written by Sheldon Emry in the 1980s. We realize this small, and necessarily incomplete, article on money may be charged with oversimplification. Some may say that if it is that simple the people would have known about it, and it could not have happened. But this MONEY-LENDERS’ consPIRACY is as old as Babylon, and even in America it dates far back before the year 1913. Actually, 1913 may be considered the year in which their previous plans came to fruition, and the way opened for complete economic conquest of our people.
A DEBT-FREE AMERICA
With debt-free and interest-free money, there would be no high and confiscatory taxation, our homes would be mortgage free with no $10,000-a-year payments to the Bankers, nor would they get $1,000 to $2,500 per year from every automobile on our roads. [Of course, today these numbers are much higher than in the 1980s.] We would need no “easy payment” plans, “revolving” charge accounts, loans to pay medical or hospital bills, loans to pay taxes, loans to pay for burials, loans to pay loans, nor any of the thousand and one usury-bearing loans which now suck the life-blood of American families. There would be no unemployment, divorces caused by debt, destitute old people, or mounting crime, and even the so-called “deprived” classes would be deprived of neither job nor money to buy the necessities of life.
Criminals could not become politicians, nor would politicians become criminals in the pay of the Money-lenders. Our officials, at all government levels, would be working for the people instead of devising means to spend more money to place us further in debt to the Bankers. We would get out of the entangling foreign alliances that have engulfed us in four major wars and scores of minor wars since the Federal Reserve Act was passed, alliances which are now used to prevent America from preparing her own defense in the face of mounting danger from alien powers.
A debt-free America would mean mothers would not have to work. With mother at home, juvenile delinquency would decrease rapidly. The elimination of the usury and debt would be the equivalent of a 50% raise in the purchasing power of every worker. With this cancellation of all debts, the return to the people of all the property and wealth the parasitic Bankers and their quasi-legal agents have stolen by usury and fraud, and the ending of their theft of $300 Billion (or more) every year from the people, America would be prosperous and powerful beyond the wildest dreams of its citizens today. And we would be at peace! (For a Bible example of cancellation of debts to money lenders and restoration of property and money to the people, read Nehemiah 5: 1-13.)
Imagine a celebration sometime soon in the future: A celebration of Jubilee. Over 90% of the American national debt has been eliminated, through the American National Jubilee Act and International Treaty. Trillions of dollars of new debt-free credit for manufacturing, energy R&D, scientific innovation and advanced technologies to solve the pressing problems facing the world, has been issued by the government lawfully and debt-free. America is rebuilding its economy.
We realize this small, and necessarily incomplete, article on money may be charged with oversimplification. Some may say that if it is that simple the people would have known about it, and it could not have happened. But this MONEY-LENDERS’ consPIRACY is as old as Babylon, and even in America it dates far back before the year 1913. Actually, 1913 may be considered the year in which their previous plans came to fruition, and the way opened for complete economic conquest of our people. The consPIRACY is old enough in America so that its agents have been, for many years, in positions such as newspaper publishers, editors, columnists, church ministers, university presidents, professors, textbook writers, labor union leaders, movie makers, radio and TV commentators, politicians from school board members to U.S. presidents, and many others.
CONTROLLED NEWS AND INFORMATION
These agents control the information available to our people. They manipulate public opinion, elect whom they will locally and nationally, and never expose the crooked money system. They promote school bonds, municipal bonds, expensive and detrimental farm programs, “urban renewal,” foreign aid, and many other schemes which will put the people more into debt to the Bankers. Thoughtful citizens wonder why billions are spent on one program and billions on another which may duplicate it or even nullify it, such as paying some farmers not to raise crops, while at the same time building dams or canals to irrigate more farm land. Crazy or stupid? Neither. The goal is more debt. Thousand of government-sponsored ways to waste money go on continually. Most make no sense, but they are never exposed for what they really are, builders of “billions for the bankers and debts for the people.”
So-called “economic experts” write syndicated columns in hundreds of newspapers, craftily designed to prevent the people from learning the simple truth about our money system. Commentators on radio and TV, preachers, educators, and politicians blame the people as wasteful, lazy, or, spend-thrift, and blame the workers, and consumers for the increase in debts and the inflation of prices, when they know the cause is the debt-money system itself. Our people are literally drowned in charges and counter-charges designed to confuse them and keep them from understanding the unconstitutional and evil money-system that is so efficiently and silently robbing the farmers, the workers, and the businessmen of the fruits of their labors and of their freedoms.
When some few Patriotic people or organizations who know the truth begin to expose them or try to stop any of their mad schemes, they are ridiculed and smeared as “right-wing extremists,” “super-patriots,” “ultra-rightists,” “bigots,” “racists,” even “fascists” and “anti-Semites.” Any name is used which will cause them to shut up or will at least stop other people from listening to the warning they are giving. Articles and books such as you are now reading are kept out of schools, libraries, and book stores.
Some, who are especially vocal in their exposure of the treason against our people, are harassed by government agencies such as the EPA, OSHA, the IRS, and others, causing them financial loss or bankruptcy. Using the above methods, they have been completely successful in preventing most Americans from learning the things you have read in this pamphlet. However, in spite of their control of information, they realize many citizens are learning the truth. Therefore, to prevent violence or armed resistance to their plunder of America, they plan to register all firearms and eventually to disarm all citizens. They have to eliminate most guns, except those in the hands of their government police and army.
TELL THE PEOPLE
The “almost hidden” conspirators in politics, religion, education, entertainment, and the news media are working for a Banker-owned United States in a Banker-owned world under a Banker-owned World Governments!
Love of Country and concern for your children should make you deeply interested in this, America’s greatest problem, for our generation has not suffered under the “yoke” as the coming generations will. Usury and taxes will continue to take a larger and larger part of the annual earnings of the people and put them into the pockets of the Bankers and their political Agents. Increasing “government” regulations will prevent citizen protest and opposition to their control. Is it possible that your grandchildren will own neither home nor car, but will live in “government-owned” apartments and ride to work in “government-owned” buses (both paying usury to the Bankers), AND BE ALLOWED TO KEEP JUST ENOUGH OF THEIR EARNINGS TO BUY A MINIMUM OF FOOD AND CLOTHING while their Rulers wallow in luxury? In Asia and eastern Europe it is called “communism;” in America it is called “Democracy” and “Capitalism.”
America will not shake off her Banker-controlled dictatorship as long as the people are ignorant of the hidden controllers. International financiers, who control most of the governments of the nations, and most sources of information, seem to have us completely within their grasp. They are afraid of only one thing: an awakened Patriotic Citizenry, armed with the truth, and with a trust, in Almighty God for deliverance. This article has given you the truth about their iniquitous system. What you do with it is in your hands.
Part five of a series: Billions for the Bankers, Debts for the People: The Real Story of the Money-Control Over America by Sheldon Emry, this section deals with the fact that money is a social construct, and that we can constitutionally provide the medium of exchange (money) needed by our people, debt-free money, by bypassing the bankers.
If we would have used the Constitutional way of “creating” the money needed in the nation, the Federal Congress would spend most of its time and study on the issuance and control of an adequate supply of stable money for the people. If an increase in population and production required an increase in the medium of exchange, Congress would authorize the “coining”, (i.e., printing) of the determined amount. Some could be used to pay current legitimate expenses of the Federal Government, with the balance paid directly to the citizens. Records for payment would be similar to social security records, except a citizen would be recorded at birth, instead of when he first goes to work. Each person on the records as of the date of the Congressional authorization would receive an equal amount just as if he were a stockholder holding one share. Just think– a payment of only $20 to each citizen would put $4 billion of debt-free and interest-free money into circulation.
Such a suggestion always scares the bankers. Their propagandists will immediately cry “printing press money” and warn that it would soon be “worthless” and would “cause inflation”.
THE MONEY MASTERS is a historical documentary that traces the origins of the political power structure. The modern political power structure has its roots in the hidden manipulation and accumulation of gold and other forms of money. The development of fractional reserve banking practices in the 17th century brought to a cunning sophistication the secret techniques initially used by goldsmiths fraudulently to accumulate wealth. With the formation of the privately-owned Bank of England in 1694, the yoke of economic slavery to a privately-owned “central” bank was first forced upon the backs of an entire nation, not removed but only made heavier with the passing of the three centuries to our day. Nation after nation has fallen prey to this cabal of international central bankers.
The truth is that their immense usury charges on their “created” credit (our debt) is the sole cause of “inflation”. All price on all industry, trade and labor must be raised periodically to pay the ever increasing usury charges. That is the ONLY cause of higher prices, and the money-changers spend millions in propaganda to keep you from realizing that.
The money-creators (bankers) know that if we ever tried a Constitutional issue of debt-free, interest-free currency, even a limited amount, the benefits would be apparent immediately. That they must prevent. Abraham Lincoln was the last president to issue such a debt-free and interest-free currency (in 1863) and he was assassinated shortly thereafter.
NO BANKERS PLUNDER
Under a Constitutional system no private banks would exist to rob the people. Government banks under the control of the people’s representatives would issue and control all money and credit. They would issue not only actual currency, but could lend limited credit at no interest for the purchase of capital goods, such as homes. A $60,000 loan would only require only $60,000 repayment, not $225,931 as it is now. Everyone who supplied materials and labor for the home would get paid just as they do today, but the bankers would not get $195,931 in usury. AND THAT IS WHY THEY RIDICULE AND DESTROY ANYONE SUGGESTING GOVERNMENT (CITIZENS’) MONEY WITHOUT INTEREST AND WITHOUT DEBT.
History tells us of debt-free and interest-free money issued by governments. The American colonies did it in the 1700’s and their wealth soon rivalled England and brought restrictions from Parliament, which led to the Revolutionary War. Abraham Lincoln did it in 1863 to help finance the Civil War. He was later assassinated by an agent of the Rothschild Bank. No debt-free or interest-free money has been issued in America since then. Several Arab nations issue interest-free loans to their citizens today. The Saracen Empire for bad interest on money for 1,000 years, and its wealth outshone even Saxon Europe. Mandarin China issued its own money, interest-free and debt-free, and historians and collectors of art today consider those centuries to be China’s time of greatest wealth, culture and peace.
Germany issued debt-free and interest-free money from 1935 and on, accounting for its startling rise from the depression to a world power in 5 years. Germany financed its entire government and war operation from 1935 to 1945 without debt, and it took the whole Capitalist and Communist world to destroy the German power over Europe and bring Europe back under the heel of the Bankers. Such history of money does not even appear in the textbooks of public (government) schools today.
Issuing money which doesn’t have to be paid back in interest leaves the money available to use in the exchange of goods and services and its only continuing cost is replacement as the paper wears out. Money is the paper ticket by which such transfers are made and should always be in sufficient quantity to transfer all possible production of the nation to ultimate consumers.
It is as ridiculous for a nation to say to its citizens, “You must consume less because we are short of money,” as it would be for an Airline to say “Our planes are flying, but we can’t take you because we are short of tickets.”
Money, issued in such a way, would derive its value in exchange from the fact that it had to come from the highest legal source in the nation, and would be declared to be legal to pay all public and private debts. Issued by a sovereign nation, not in danger of collapse, it would need no gold or silver or other so-called “precious” metals to back it. As history shows, the stability and responsibility of the government issuing it is the deciding factor in the acceptance of that government’s currency — not gold, silver or iron buried in some hole in the ground. Proof is America’s currency today. Our gold and silver are practically gone, but our currency is accepted. But if the government was about to collapse, our currency would be worthless. Also, money issued through the people’s legitimate government would not be under control of a privately owned corporation whose individual owners benefit by causing the money amount to fluctuate and the people to go into debt.
NO MORE BANKERS’ PLUNDER
Under the present debt-usury system, the extra burden of usury forces workers and businesses to demand more money for the work and goods to pay their ever-increasing debts and taxes. This increase in prices and wages is called “inflation.” Bankers, politicians and “economists” blame it on everything but the real cause, which is the usury levied on money and debt by the Bankers. This “inflation” benefits the money-lenders, since it wipes out savings of one generation so they cannot finance or help the next generation, who must then borrow from the money-lenders, and pay a large part of their life’s labor to the usurer.
With an adequate supply of interest-free money, little borrowing would be required and prices would be established by people and goods, not by debts and usury.
If the Federal Congress failed to act, or acted wrongly, in the supply of money, the citizens would use the ballot or recall petition to replace those who prevented correct action with others whom the people believe would pursue a better money policy. Since the creation of money and its issuance in sufficient quantity would be one of the few functions of Congress, the voter could decide on a candidate by his stand on money, instead of the hundreds of lesser, and deliberately confusing, subjects which are presented to us today. And since money is, and would remain, a national function, local differences or local factions would not be able to sway the people from the nation’s (citizens’) interest. All other problems, except the nation’s defense, would be taken care of in the State, County, or City governments where they are best handled and most easily corrected.
An adequate national defense would be provided by the same citizen-controlled Congress, and there would be no Bankers behind the scenes, bribing politicians to give $200 billion of American military equipment to other nations, disarming us, while alien nations prepare to attack and invade the United States of America.
For more on this vital topic, check out these links:
You won’t hear this from orthodox economists and commentators for they do not take account of the way that money creation distorts the operation of the “free” economy. And they do not appreciate why … The usual reason given for the bank’s refusal is that they are worried they won’t get paid back. The real reason is that they …. In what other circumstance could democratically elected Prime Ministers be superseded by anonymous BANKERS virtually overnight! [Reply] …
The reason for this disparity is that they lack a “public option” in money creation. Having a Federal Reserve Bank or Bank of England that can print the money to pay interest or roll over existing debts is what makes the United …
Creating New Money: A Monetary Reform for the Information Age is a book written by James Robertson and Joseph Huber launched by the New Economics Foundation in 2000. … It reflects the values of a democratic civil society and the need for economic and financial stability. … However, we must never forget that “you can lead a horse to water, but you cannot make it drink”, so follow-up emails should be sent, to enquire as to whether or not they have read it. [Reply] …
In my book The Future of Money* I argue that the money system could be a possible mechanism for achieving a socially just, democratically administered, sufficiency economy – an economy that can meet people’s material needs to the …
In his interpretation of money as a promise, he notes that this would make the basis of fiat money the government’s promise to extinguish tax liabilities. He does not, however, …. Nevertheless, I think there will be a hierarchy in terms of how restrictive constraints are under different monetary systems for as long as those systems remain in place, and also a hierarchy in terms of how difficult (or costly) it is to relax or abandon the self-imposed constraints. For example, the …
Rep. Ron Paul sponsored this Congressional lecture on “What is Constitutional Money?”, part two of a three part series on the basic principles of money for Congressional staff. As a continuing educational tool this lecture was …
Article by Kevin Cox, Adjunct Associate Professor at University of Canberra, Australia, in which he propose some accounting changes to save on the price of homes. A good starting point, but falls short of a jubilee as it still preserves the banking system that we have. At one point he states that banks are unnecessary in order to transfer assets from one party to another…
Reducing the finance costs of housing will also reduce house prices. Flickr/kennymatic
Welcome to Safe as Houses, a series delving into a topic close to the heart of many Australians – property. This is not a series on where the market might be heading. Instead we aim to explore how we view property and float some alternative ideas.
But what if we could change the way we repaid our loans to pay less interest and enjoy improved home affordability? Adjunct Associate Professor at the University of Canberra, Kevin Cox explains how.
In The Conversation this week, Keith Jacobs argues that falling house prices would lead to positive outcomes for the Australian economy. Here I propose a way to reduce the cost of housing that will, over time, also reduce house prices.
A reason for unaffordable housing is that the finance costs of purchasing a house with a loan is at least twice as much as it needs to be. Reducing the cost of finance will reduce the total cost of purchasing a house. This will, in turn, reduce the pressure on house prices as it will reduce the financial profitability of traditional housing loans and direct finance to other more productive and profitable uses.
Most loans are used to transfer control of an asset from one person to another. The person receiving the loan agrees to pay rent for the use of the asset while ever they have the use of the asset. When they relinquish control of the asset they no longer pay rent on the asset. Let us assume the asset is a fleet of five cars. A borrower rents five motor cars and so pays rent on five cars. If they return one car they pay rent on the four remaining cars and they do not pay rent on the returned car.
Money loans work differently. Let us assume that the rent on five units of money is one unit of money. If one unit of money is returned then rent is continued to be paid on five units of money – not four. We treat money loans differently from other asset loans because we create money with an interest coupon attached at the time of creation. This gives money a value over time by the way it was created. Money when it is saved should have an interest coupon attached. Money when it is created should not have an interest coupon attached.
Most people think banks take in deposits and lend the deposits. Unfortunately this is not the way the system works. When a bank gives a loan the bank creates new money to lend. This money is deposited in the borrower’s account. There was no deposit lent or money saved – instead the bank created money and deposited it. This newly created money immediately attracts interest. This is the underlying reason why, in the above example, rent continues to be paid on five units not four because banks have to pay interest on newly created money.
Because we create money with an interest coupon and because interest itself attracts interest then the amount of money needed to keep the system operating compounds. In the ancient world the Sumerians, Babylonians, Jews and Romans understood the unsustainable nature of debt and periodically they had a debt jubilee to remove the excess debt. Muslims and Christians tried to solve the problem by banning interest.
There is another solution. We can change the rules on how to repay loans. We continue to pay rent (interest) on money but pay no interest on accumulated interest.
Using existing loan repayment rules, if we have a loan of $100,000 with a yearly interest rate of 20% and we repay $20,000 each year then the loan is never repaid. Each year the $20,000 repayment does not reduce the capital on which interest is paid and it means we pay interest on the money that has been repaid. The new proposed rules of repayment are for repayments to come off the principal and no interest is to be charged on unpaid interest.
At the end of the first year, with these new rules, the borrower still owes $100,000 but the amount of money on which interest is paid in the next year is $80,000. This means that at the end of the second year the amount owed is $96,000. Each year the amount owed will reduce until finally the debt is repaid. With both sets of rules the same amount has been paid so the economic outcomes are the same. The difference is that the new rules extinguish the debt.
Supplied by Kevin Cox
Click to enlarge
This simple change to repayment rules could make a dramatic change in the cost of capital goods financed through loans. For example, the interest charges on a home loan of $500K at 7% over 30 years is about $611,000 while the total interest charges on a loan with revised rules with the same size repayments is $225,000.
If the approach is adopted it will mean that housing in Australia will become affordable without a collapse in house prices.
In systems terms the positive feedback mechanism of interest on interest has been removed. In most systems positive feedback almost always leads to instability. Removing mechanisms that cause positive feedback means the system has a better chance of stabilising. What this means for house prices is that the inflationary pressures will be reduced.
For banks, it means they will find it more profitable to lend existing deposits for housing rather than create new deposits with new money. However, money still needs to be created so banks will have deposits to lend. (I describe one way to do this in a previous article. )
In summary, the issuing of credit through the creation of interest bearing money leads to a compounding of debt, which unnecessarily increases the cost of credit.
By changing loan repayment rules, the cost of credit is reduced which reduces the cost to transfer capital assets to the benefit of both the buyer and seller.
This is the fourth article in the Safe as Houses series. Read the other instalments here:
Part four of a series: Billions for the Bankers, Debts for the People: The Real Story of the Money-Control Over America by Sheldon Emry, this section deals with gambling, debts and war. This book was written in the 1980s, many years before the great awakening that is occurring now.
FOR THE GAMBLERS AMONG MY READERS
To grasp the truth that periodic withdrawal of money through interest payments will inexorably transfer all wealth in the nation to the receiver of interest, imagine yourself in a poker or dice game where everyone must buy the chips (the medium of exchange) from a “banker” who does not risk chips in the game, but watches the table and every hour reaches in and takes 10% to 15% of all the chips on the table. As the game goes on, the amount of chips in the possession of each player will go up and down with his “luck.” However, the TOTAL number of chips available to play the game (carry on trade and business) will decrease rapidly.
The game will get low on chips, and some will run out. If they want to continue to play, they must buy or borrow them from the “banker.” The “banker” will sell (lend) them ONLY if the player signs a “mortgage” agreeing to give the “banker” some real property (car, home, farm, business, etc.) if he cannot make periodic payments to pay back all of the chips plus some EXTRA ones (interest). The payments must be made on time, whether he wins (makes a profit) or not.
It is easy to see that no matter how skillfully they play, eventually the “banker” will end up with all of his original chips back, and except for the very best players, the rest, if they stay in long enough, will lose to the “banker” their homes, their farms, their businesses, perhaps even their cars, watches, rings, and the shirts off their backs!
Our real-life situation is MUCH WORSE than any poker game. In a poker game none is forced to go into debt, and anyone can quit at any time and keep whatever he still has. But in real life, even if we borrow little ourselves from the Bankers, the local, State, and Federal governments borrow billions in our name, squander it, then confiscate our earnings from us and pay it back to the Bankers with interest. We are forced to play the game, and none can leave except by death. We pay as long as we live, and our children pay after we die. If we cannot pay, the same government sends the police to take our property and give it to the Bankers. The Bankers risk nothing in the game; they just collect their percentage and “win it all.” In Las Vegas and at other gambling centers, all games are “rigged” to pay the owner a percentage, and they rake in millions. The Federal Reserve Bankers’ “game” is also rigged, and it pays off in billions!
In recent years Bankers added real “cards” to their ‘game. “Credit” cards are promoted as a convenience and a great boon to trade. Actually, they are ingenious devices by which Bankers collect 2% to 5% of every retail sale from the seller and 18% interest from buyers. A real “stacked” deck!
YES, IT’S POLITICAL, TOO!
Democrat, Republican, and Independent voters who have wondered why politicians always spend more tax money than they take in should now see the reason. When they begin to study our “debt-money” system, they soon realize that these politicians are not the agents of the people but are the agents of the Bankers, for whom they plan ways to place the people further-in debt. It takes only a little imagination to see that if Congress had been “creating,” and spending or issuing into circulation the necessary increase in the money supply, THERE WOULD BE NO NATIONAL DEBT, and the over $4 Trillion of other debts would be practically non-existent. Since there would be no ORIGINAL cost of money except printing, and no CONTINUING costs such as interest, Federal taxes would be almost nil. Money, once in circulation, would remain their and go on serving its purpose as a medium of exchange for generation after generation and century after century, just as coins do now, with NO payments to the Bankers whatever!
MOUNTING DEBTS AND WARS
But instead of peace and debt-free prosperity, we have ever-mounting debt and periodic wars. We as a people are now ruled by a system of Banker-owned Mammon that has usurped the mantle of government, disguised itself as our legitimate government, and set about to pauperize and control our people. It is now a centralized, all-powerful political apparatus whose main purposes are promoting war, spending the peoples’ money, and propagandizing to perpetuate itself in power. Our two large political parties have become its servants, the various departments of government its spending agencies, and the Internal Revenue its collection agency.
this is a 21 minutes montage of an original 52 minutes special report by John Pilger that you can find if you google for WAR BY OTHER MEANS editing and upload done January 3rd 2011 original program dated late 1991
Unknown to the people, it operates in close cooperation with similar apparatuses in other nations. which are also disguised as “governments.” Some, we are told, are friends. Some, we are told, are enemies. “Enemies” are built up through international manipulations and used to frighten the American people into going billions of dollars more into debt to the Bankers for “military preparedness,” “foreign aid to stop communism,” “minority rights,” etc. Citizens, deliberately confused by brainwashing propaganda, watch helplessly while our politicians give our food, goods, and money to Banker-controlled alien governments under the guise of “better relations” and “easing tensions.” Our Banker-controlled government takes our finest and bravest sons and sends them into foreign wars with obsolete equipment and inadequate training, where tens of thousands are murdered, and hundreds of thousands are crippled. Other thousands are morally corrupted, addicted to drugs, and infected with venereal and other diseases, which they bring back to the United States. When the “war” is over, we have gained nothing, but we are scores of billions of dollars more in debt to the Bankers, which was the reason for the “war” in the first place!
BUT WAIT… THERE’S STILL MORE
The profits from these massive debts have been used to erect a complete and almost hidden economic and political colossus over our nation. They keep telling us they are trying to do us “good,” when in truth they work to bring harm and injury to our people. These would-be despots know it is easier to control and rob an ill, poorly-educated and confused people than it is a healthy and intelligent population, so they deliberately prevent real cures for diseases, they degrade our educational systems, and they stir up social and racial unrest. For the same reason they favor drug use, alcohol, sexual promiscuity, abortion, pornography, and crime. Everything which debilitates the minds and bodies of the people is secretly encouraged, as it makes the people less able to oppose them or even to understand what is being done to them. Family, morals, love of Country, the Christian religion, all that is honorable is being swept away, while they try to build their new, subservient man. Our new “rulers” are trying to change our whole racial, social, religious, and political order, but they will not change the debt-money economic system by which they rob and rule. Our people have become tenants and “debt-slaves” to the Bankers and their agents in the land our fathers conquered. It is conquest through the most gigantic fraud and swindle in the history of mankind. And we remind you again: The key to their wealth and power over us is their ability to create “money” out of nothing and lend it to us at interest. If they had not been allowed to do that, they would never have gained secret control of our nation.
|How true Solomon’s word’s are:
“The rich ruleth over the poor, and the borrower is servant to the lender”
God Almighty warned in the Bible that one of the curses which would come upon His People for disobeying His laws was:
The alien who lives among you will rise above you higher and higher, but you will sink lower and lower. He will lend to you, but you will not lend to him. He will be the head, but you will be the tail. Deuteronomy 28:44-45
Most of the owners of the largest banks in America are of Eastern European ancestry and connected with the Rothschild European banks. Has that warning come to fruition in America?
This week Max Keiser and co-host, Stacy Herbert, talk about the European penny drops as more banks need more bailouts while the public debt clock ticks up to $40 trillion. In the second half of the show, Max Keiser interviews Michael Betancourt about…
Ezra Pound studied the banking system and Federal Reserve for 30 years. He commissioned Eustace Evans to write the first history of the Fed. He told Eustace that bankers create wars to put nations into debt and that’s how they make money. An illuminating interview…
Filed under Business Advice, Culture + Politics, Economics, Finance, Investing, Philosophy Tagged with bankers war profiteering, banking laid bare, carnegie, civil war profiting, j.p morgan, mellons, rockefeller, standard oil, …
Part three of a series: Billions for the Bankers, Debts for the People: The Real Story of the Money-Control Over America, by Sheldon Emry, which was printed in the 1980s: this section deals with money creation and the fact that the interest portion needed to pay the debt is never created. Thirty years later many of the debt slaves are waking up to the truth about how money is created. A few economists are now waking up as well. 2012 will be the year of the great awakening. A better world is coming, free from the tyranny of Babylonian banking. Constitutionally correct interest-free money will lead to prosperity unimagined under the debt-money system of looting and enslavement.
Money As Debt is a fast-paced and highly entertaining animated feature by artist & videographer, Paul Grignon. It explains today’s magically perverse DEBT-MONEY SYSTEM in terms that are easy to understand. Check out his website: www.moneyasdebt.net M…
THE INTEREST AMOUNT IS NEVER CREATED
The only way new money (which is not true money, but is “credit” representing a debt), goes into circulation in America is when it is borrowed from Bankers. When the State and people borrow large sums, we seem to prosper. However, the Bankers “create” only the amount of the principal of each loan, never the extra amount needed to pay the interest. Therefore. the new money never equals the new debt added. The amounts needed to pay the interest on loans is not “created,” and therefore does not exist!
Under this kind of a system, where new debt always exceeds the new money no matter how much or how little is borrowed, the total debt increasingly outstrips the amount of money available to pay the debt. The people can never, ever get out of debt!
An example will show the viciousness of this usury-debt system with its “built-in” shortage of money.
IF $60,000 IS BORROWED, $255,931.20 MUST BE PAID BACK
When a citizen goes to a Banker to borrow $60,000 to purchase a home or a farm, the Bank clerk has the borrower agree to pay back the loan plus interest. At 14% interest for 30 years, the Borrower must agree to pay $710.92 per month for a total of $255,931.20. The clerk then requires the citizen to assign to the Banker the right of ownership of the property if the Borrower does not make the required payments. The Bank clerk then gives the Borrower a $60,000 check or a $60,000 deposit slip crediting the Borrower’s checking account with $60,000.
The Borrower then writes checks to the builder, subcontractors, etc., who in turn write checks. $60,000 of new “checkbook” money is thereby added to “money in circulation.”
However, and this is the fatal flaw in a usury system, the only new money created and put into circulation is the amount of the loan, $60,000. The money to pay the interest is NOT created, and therefore was NOT added to “money in circulation.”
Even so, this Borrower (and those who follow him in ownership of the property) must earn and TAKE OUT OF CIRCULATION $255,931, almost $200,000 MORE than he put IN CIRCULATION when he borrowed the original $60,000! (By the way, it is this interest which cheats all families out of nicer homes. It is not that they can’t afford them; it is because the Banker’s usury forces them to pay for 4 homes to get one!)
Every new loan puts the same process in operation. Each borrower adds a small sum to the total money supply when he borrows, but the payments on the loan (because of interest) then deduct a much LARGER sum from the total money supply.
There is therefore no way all debtors can pay off the money-lenders. As they pay the principal and interest, the money in circulation disappears. All they can do is struggle against each other, borrowing more and more from the money-lenders each generation. The money-lenders (Bankers), who produce nothing of value, slowly, then more rapidly, gain a death grip on the land, buildings, and present and future earnings of the whole working population. Proverbs 22:17 has come to pass in America. The borrowers have become the servants of the lenders. No wonder God Almighty forbids interest on loans.
SMALL LOANS DO THE SAME THING
If you haven’t quite grasped the impact of the above, let us consider a small auto loan for 3 years at 18% interest. Step 1: Citizen borrows $5,000 and pays it into circulation (it goes to the dealer, factory, miner, etc.) and signs a note agreeing to pay the Banker $6,500. Step 2: Citizen pays $180 per month of his earnings to the Banker. In 3 years he will take OUT of circulation $1,500 more than he put IN circulation.
Every loan of Banker “created” money (credit) causes the same thing to happen. Since this has happened millions of times since 1913 (and continues today), you can see why America has gone from a prosperous, debt-free nation to a debt-ridden nation where practically every home, farm and business is paying usury-tribute to some Banker. The usury-tribute to the Bankers on personal, local, State and Federal debt totals more than the combined earnings of 25% of the working people. Soon it will be 50% and continue upward.
THIS IS WHY BANKERS PROSPER IN GOOD TIMES OR BAD
In the millions of transactions made each year like those above, little actual currency changes hands, nor is it necessary that it do so. 95% of all “cash” transactions in the U.S. are by check, so the Banker is perfectly safe in “creating” that so-called “loan” by writing the check or deposit slip, not against actual money, but AGAINST YOUR PROMISE TO PAY IT BACK! The cost to him is paper, ink and a few dollars in salaries and office costs for each transaction. It is “check-kiting” on an enormous scale. The profits increase rapidly, year after year, as shown below.
THE COST TO YOU? EVENTUALLY, EVERYTHING!
In 1910 the U.S. Federal debt was only $1 billion, or $12.40 per citizen. State and local debts were practically non-existent.
By 1920, after only 6 years of Federal Reserve shenanigans, the Federal debt had jumped to $24 billion, or $226 per person.
In 1960 the Federal debt reached $284 billion, or $1,575 per citizen and State and local debts were mushrooming.
By 1981 the Federal debt passed $1 trillion and was growing exponentially as the Banker’s tripled the interest rates. State and local debts are now MORE than the Federal, and with business and personal debts totaled over $6 trillion, 3 times the value of all land and buildings in America.
If we signed over to the money-leaders all of America we would still owe them 2 more Americas (plus their usury, of course!)
[Now in 2011 National Debt is over $15 Trillion dollars]
However, they are too cunning to take title to everything. They will instead leave you with some “illusion of ownership” so you and your children will continue to work and pay the Bankers more of your earnings on ever-increasing debts. The “establishment” has captured our people with their ungodly system of usury and debt as certainly as if they had marched in with a uniformed army.
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CONFIRMED: The Trillion-Dollar Lawsuit That Could End Financial Tyranny
It could be the biggest, most explosive story in modern history. We are just starting to put the pieces together and understand what is going on in the occult financial geopolitical scene, and how a 117-nation alliance is working to free the Earth from financial tyranny.
In classic Orwellian terms — such as “War is Peace, Freedom is Slavery, Ignorance is Strength” — the mainstream media’s “Global Financial Collapse” cry of doom may very well be the best thing that’s ever happened to us.
At least in any known, recorded history.
A VERY MYSTERIOUS, VERY QUIET AND VERY LARGE-SCALE FINANCIAL SCANDAL
You are about to dive into a story that, for quite some time now, has been nothing but a great-sounding idea — a wonderful “what if.” Almost nothing of this story could be found in the mainstream media.