We hold these Truths to be self-evident...
"At first blush, a man is not capable of reporting truth; he must be drenched and saturated with it first." – Henry David Thoreau, I to Myself.
As I’ve previously written, the interest payment on the national debt is now ~$450 billion every year, there is no plan to ever repay the debt (we only pay the interest), and our monetary system only and always creates money as debt: condemning us to perpetually increasing debt for ourselves and our posterity.
This debt-based monetary system was institutionalized through the Robber-Baron Federal Reserve in 1913. It takes the money-creation power of the US and transfers it to banks, that then create money as debt and lend it to us. Because the government gave away this power, they have to borrow their own money. The solution, as advocated by many of the America’s brightest historical minds, is to merely transfer the money-creation power back to the people. The idea is supported among US third parties, and growing factions among the Republican and Democratic parties. The most well-known current journalists/advocates on this topic that I know of are Ellen Brown, Bill Still, Paul Grignon, and Stepen Zarlenga.
What this policy change means is to transfer power to the peoples’ representatives, government, which will require a concurrent (and unimaginable) transformation of transparency and accountability. As we know, when our government and so-called mainstream media lie about policy of such magnitude as military invasions that kill millions, you can count on their lies with trillions of dollars. A political strategy of state-level, rather than national, might be a better starting place (and here).
The following 5-minute video from Stefan Molyneux is a realistically-focused theme that our government “leaders” choose to perpetuate our debt-based monetary system at the expense of our labor. They sell our labor as one would sell the labor of a slave, a peon, an animal. Warning: video shows cattle being stunned; what happens prior to slaughter. Our government "leaders'" lies of commission and omission perpetuate our debt-slavery when the alternative solution, as documented here, is elegantly simple in structure.
Please let that idea sink-in. Please reflect on how the person you’ve always wanted to be would respond. Please find the courage to act consistent with your beautiful, powerful and unique self-expression.
From time-to-time, members of Congress speak for the public. Dennis Kucinich, Ron Paul, and Alan Grayson are among them today in demanding the end of the Federal Reserve system. Previous House Committee on Banking Chairs have also done so, and failed because of their parties' "leadership" to keep Americans in perpetual debt. The following revealing comments come from two Chairpersons of the House Banking Committee, totaling 24 years of service in that position of comprehensive insight into American banking. Louis McFadden (1876-1936) was Chair from 1919-1931, and Wright Patman (1893-1976) was Chair from 1963-1975.
“Mr. Chairman, we have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks. The Federal Reserve Board, a Government board, has cheated the Government of the United States and the people of the United States out of enough money to pay the national debt. The depredations and iniquities of the Federal Reserve Board has cost this country enough money to pay the national debt several times over. This evil institution has impoverished and ruined the people of the United States, has bankrupted itself, and has practically bankrupted our Government. It has done this through the defects of the law under which it operates, through the maladministration of that law by the Federal Reserve Board, and through the corrupt practices of the moneyed vultures who control it.
Some people think the Federal Reserve banks are United States Government institutions. They are not Government institutions. They are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and predatory money lenders. In that dark crew of financial pirates there are those who would cut a man's throat to get a dollar out of his pocket; there are those who send money into States to buy votes to control our legislation; and there are those who maintain international propaganda for the purpose of deceiving us and of wheedling us into the granting of new concessions which will permit them to cover up their past misdeeds and set again in motion their gigantic train of crime.” – Rep. Louis McFadden, June 10, 1932. Source: Congressional Record, June 1932, pg 12595-12603.
“When our Federal Government, that has the exclusive power to create money, creates that money and then goes into the open market and borrows it and pays interest for the use of its own money, it occurs to me that that is going too far. I have never yet had anyone who could, through the use of logic and reason, justify the Federal Government borrowing the use of its own money... The Constitution of the United States does not give the banks the power to create money. The Constitution says that Congress shall have the power to create money, but now, under our system, we will sell bonds to commercial banks and obtain credit from those banks. I believe the time will come when people will demand that this be changed. I believe the time will come in this country when they will actually blame you and me and everyone else connected with this Congress for sitting idly by and permitting such an idiotic system to continue. I make that statement after years of study.” - Wright Patman: excerpts from September 29, 1941, as reported in the Congressional Record of the House of Representatives (pages 7582-7583).
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Comments
Sorry Carl, your understanding of how our financial system works is alarming for someone with access to the bully pulpit. Remember, before Bush's 1st term we had a budget surplus and the national debt was going down at a rate of 12% annually. The national debt started growing again circa 2001 (Afghanistan, 9/11, and the end of the dotcom bubble). Those events fueled 8 years of massive government spending. In 2003, debt growth sped up even more with the war in Iraq.
I also like how you use a quote from a representative during the Great Depression- when it was totally fashionable to bash banks in order to secure votes. And the other representative you cite as being anti central bank, was in office during the stagflation of the 70's- another time when banker bashing was in vogue.
Every country in the world separates their central bank from the gov't to prevent massive changes in monetary policy when gov't control shifts to a new party.
I didn't create the debt, therefore I'm not responsible for the payment of federal or private debt. Only those responsible for the creation of any debt are the responsible parties for the payment of that debt. The creation of fiat currency is also banker's creation and not mine. The bank that lends the money is responsible because they created a debt from nothing. The more people know the angrier they get, the more restless the powers that be get. Remember that debt is created by the banks for their own profit, PERIOD. Therefore they are responsible for the payments of that debt.
Anon:
First, we’re talking about a nation’s monetary system, not financial system. Second, we’re talking about a design structure of creating money as debt that will never be paid off. Third, we’re doing a cost-benefit analysis comparing banks creating money as debt and then lending it to us for their profit versus government creating money for the direct payment of taxes for public goods and services.
You are so off point, Anon. The point is a monetary policy for the public ends a national debt forever. The point is saving the American public $1 trillion (and that’s ultra-conservative) every year. Do you concede the cost-benefit analysis, Anon? Address that before anything else, if you care to respond.
You are also wrong: national debt did not go down in nominal dollars at the end of Clinton’s term – look it up.
The only reason the national debt appeared to be going down is do to the fact the entitlements were being robbed to make it look as if the debt were being paid down. Bush Jr. actually visited the so called Social Security Trust fund and found nothing but an empty IOU. This article is spot on. The national debt can never be paid down, unless and until everyone wakes up and sees what is happening here.
Rail against the Fed to your heart's content, if they hadn't printed mad amounts of money this last year, the whole apparatus probably would have folded up tight. Had they let er go like that, you would have seen stuff that would put the Tea Partiers waaaay over in the corner.
People aren't happy with being in debt, but reform for all that start on a personal level, doing things like refraining from entering into debt obligations if/when humanly possible. But, you can't get blood out of a turnip, and you can't get a lexus out of a minimum-wage job, either. I think lending should be reformed, I think people should be ineligible for credit if they don't have a certain minimum income level, and soup is good food, and renting isn't the end of the world, either. Don't get suckered into buying stuff you can't afford by media hype, either. And, don't blame The Government for something you've honestly done to yourself.
The bankers and the politicians simply do not know what they are doing. They have inherited a system that they do not understand technically and there are many wrong arguments to explain things on both sides.
If you want to know exactly how this system or any money system works, googel BIBOcurrency and click on passive bibo currency rationale)
Just as a teaser, many believe that printing debt free money with no collateral creates inflation. But not necessarily. Why? because it will disappear to canceling interest bearing debt. This balances things and prices will stay the same or even be lowered. To understand this, you need to keep in mind lessons 1 (Money creation) AND 2 (Money destruction) of the passive bibo rationale doc.
Please circulate the bibo link as it is the most accessible (i.e. most anyone can understand) explanation of money and money matters around. The BIBO standard of money can be implemented by anyone and immediately solves the whole economic quagmire.
Bert: You miss the point right there in the title! For those who have invested the time to understand how our money is created, thank you. For those who haven’t, please invest the few hours it takes to work through the links in the article to learn. It’s one of the few trillion dollar issues competent citizens must master.
Once you understand how money is created and the cost-benefit comparison between bank-created money as debt and debt-free government-created money for direct payment of goods and services, then choose. Either we continue as debt-slaves forever under the banksters’ and their pimp politicians’ system, work animals living under Orwellian propaganda to lick the hand of our “masters” in gratitude for saving the “apparatus” from “folding up tight,” OR we learn and demand a system that serves the public.
You’re ready to learn this; I’m among hundreds of writers trying to teach it. I promise the links will walk you through. The videos in the articles are very helpful
@BERT,
I don't pretend to know all that Cerl knows on this subject. But listen a little. You and I and the rest of the citizens of this country even those unborn as yet, will have to pay back ALL of this. Not only the first criminal Bailout under Bush/Paulson ALL subseguent monies since then...numbering in the TRILLIONS. I and my partner have very good cash flow, we are debt free including mortgage. And have been for a little over 20years. We Saved and invested...although I do like very good beerand 44 has gone there.lol. But We and you are going to have to be responsible for the deadbeat mortgages AND the money lost by the likes of Goldman Sacks, US Treasury, the FED etc.. And to top it off all of our and your and all responsible peoples savings is being INFLATED away as we speak...And WE didn't do ANY of this over buying or shaddy CDS' or what have you. In other words even the folks who did it right are being punished. By a corrupt Banking system and it's Congressional Support.
Right on...support HR 1207 and S 604.
Your article is very informative the facts are presented very well. Thank you for having the courage to make the information known.
Thank you, alcar70 :)
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