IMF plan to stabilize economy, end gov't debt, and neuter bankers' power
Mayer Rothschild, uber-banker, once said, ""Let me issue and control a nation's money and I care not who writes the laws," and truer words were never spoken nor more accurately describe why we are in such a financial mess and why it is so impervious to political activism.
Private bankers make our money out of thin air by loaning money that they don't have that we pay back with the sweat of our brow both for our own debts and the debts of our government that has to borrow the created money from them too.
The ability to make money out of thin air means we could never hope to match their political campaign donations and certainly not offer politicians the kind of jobs they get working for the banks and Wall Street as lobbyists, consultants, lawyers, CEO's, and do nothing board members when they leave office.
Shouldn't banks be businesses like any other instead of our masters?
The history of debt in this article is must read as well.
The trick to this proposal is getting from here to there.
The conjuring trick is to replace our system of private bank-created money -- roughly 97pc of the money supply -- with state-created money. We return to the historical norm, before Charles II placed control of the money supply in private hands with the English Free Coinage Act of 1666.
Specifically, it means an assault on "fractional reserve banking". If lenders are forced to put up 100pc reserve backing for deposits, they lose the exorbitant privilege of creating money out of thin air.
***
The benign side-effect of their proposals would be a switch from national debt to national surplus, as if by magic. "Because under the Chicago Plan banks have to borrow reserves from the treasury to fully back liabilities, the government acquires a very large asset vis-à-vis banks. Our analysis finds that the government is left with a much lower, in fact negative, net debt burden."
FULL TEXT
= new reply since forum marked as read
