A bank in France, celebrating its 375th anniversary, has cancelled the debts of many of it poorer customers, reports good.is Hurray for another bank that has caught a bit of the Jubilee spirit. Was this just a good PR stunt or a little bit of a scrooge-like conversion to generosity on the part of the lenders? As far as banks go, the Crédit Municipal de Paris, also known as the “Mont-de-piété,” or the bank of the poor, is one of the best. It functions in a fair manner towards the poor in the midst of a debt based system that normally only loots them or offers them no help at all. This bank in Paris was operating much like a pawn shop to help those in dire straits, offering an alternative to loan sharks.
Getting rid of debt is a good thing.
But even better than eliminating the debts of a few poor people would be the elimination of all fraudulent debt. Operating within today’s fiat money debt-based system, banks don’t loan out depositors’ money. They merely create debt out of thin air by pushing a few buttons on their computers, creating credit from nothing. This nothing they have created then entitles them to charge interest. They didn’t loan out anything of substance, they merely obtained a promise to repay while they handed out counterfeit money. The collateral of the debtors is the only real value in the equation.
Some years ago when I applied for a home mortgage at my local credit union, the manager told me:
“Don’t think the banks are doing you a favor when they loan you money for a mortgage. You are the only one paying. The home is the only item of value in the equation. You are the only one at risk. The banks are putting up nothing, and they are the main beneficiary of the arrangement.”
Ah, an honest banker. If only they were all totally honest they would stop playing their little Babylonian creation of money games. They would shut down their usurious system. And return to real capitalism where risk comes before reward, where the lenders place real assets on the line, earning from investment profits rather than speculation and robbing the poor.
Charles Hugh Smith this week writes an excellent article on the counterfeiting Federal Reserve and the banks: Counterfeit Money, Counterfeit Policy
What is the difference between printing money and counterfeiting? There is none.
Counterfeiting is illegal because it is the false creation of value. The counterfeiter takes low-value paper and turns it into high-value money, which is fundamentally a claim on the real productive value of the economy that issues the currency and recognizes it as a proxy means of exchanging that productive value.
Counterfeiting is illegal because the counterfeiter creates no additional value–he creates only the proxy for value. Creating real value–adding meaningful goods or services to the economy–is tedious, hard work. How much easier to simply transform near-worthless paper into a claim on actual goods and services.
If this is illegal, then would somebody please arrest the Board of the Federal Reserve for counterfeiting? The Fed has blatantly printed money without creating any real value to back up their added claims on productive value. Hence they are counterfeiting, pure and simple. A government based on rule of law would arrest these fraudsters and cons at the earliest possible convenience.
Don’t listen to millionaire/billionaire politicians, talking heads and central banksters. They are slowly destroying the US Constitution with more corrupt tyrannic control of our society. The Bailouts passed against the will of the People. The Bankst…
“The Founders felt pretty strongly about counterfeiting. I don’t — I wouldn’t call it treasonous, but I would call what our Federal Reserve does morally equivalent to counterfeiting because they create money out of thin air and they give us our prob…