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Sunday, November 18, 2007

The money scam is the cornerstone of our slavery

When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is.

The money scam is so humongous that it's hard to conceive; it's the cornerstone of our slavery.
Money nowadays (i.e. the fiat currency we have learned to identify as money) is nothing more than debt.
And this for the mere reason that 95% of the money supply (i.e. the total amount of money in the economy) is created out of thin air by the commercial banks as debt whenever a new loan or mortgage is signed.

Banks don't lend money; they simply create it as debt.

However, it is much more significant to note that whilst the Bank of England is now state-owned the fact is that our money supply is once again almost entirely in private hands, with 97% of it being in the form of interest bearing loans of one sort or another, created by private commercial banks.

Indeed this is now where the real power resides -- with commercial banking.

The Bank of England is now essentially a regulatory body that supports and oversees the existing system. It is sometimes referred to as "the lender of last resort" in so far as one of its functions as the bankers' bank is to support any bank or financial institution that gets into difficulties and suffers a run on its liquid assets. In these circumstances, it is not obliged to disclose details of any such measures, the reason being so as to avoid a crisis in confidence -- confidence being something on which the current system is very dependent.

Joe Bloggs goes to borrow £1,000; when his loan is accepted, his account is credited with £1,000 generated out of thin air.
Joe will of course need to pay the principal plus the interest on his loan; but where will the money for the interest come from?
But from the overall money supply of the economy itself of course.

Note that at this stage the existing money supply needs to be increased for Joe to be accommodated, for the interest money does not yet exist.

Note also that there are many other Joe's chasing for other chunks of interest money that do not yet exist and need to be created.

All these Joe's need additional bank credit to be injected into the economy and increase the money supply or they will default on their loans.


Thus, our economies are absolutely dependent on new bank credit being injected into them as debt money by the commercial banks.
If the bank credit (i.e. new loans and mortgages) were to stop flowing, there would be a huge amount of foreclosures and a recession.

Thus the bankers hold the keys to our very existence.

No debt = no money.

It is a well known fact the 1929 US crash was caused by the Fed: the money supply was violently contracted by about 30% (i.e. no more bank credit was injected into the economy).

Ben Bernanke, Fed Chairman:

Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton (Friedman) and Anna (Schwartz):
Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again.

Sir Josiah Stamp, Director, Bank of England (1928-1941)

The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight of hand that was ever invented.
Banking was conceived in iniquity and born in sin.

Bankers own the Earth. Take it away from them, but leave them the power to create money, and with the flick of the pen they will create enough money to buy it back again.

Take this great power from them and all great fortunes like mine will disappear, and they ought to disappear, for then this would be a better and happier world to live in.

But if you want to continue to be slaves of the banks and pay the cost of your own slavery, then let bankers continue to create money and control credit.
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1 comment:

Anonymous said...

What has been written above is correct, even if hardly known by anyone.
Another take on this I am posting all over the web:
Here are some facts that you will not find in the media:
1. In the private bankers debt-based money system that we are made to use, 97% of our money is created as computer ledger entries by private commercial banks when we take out loans and mortgages. It has no tangible existence outside the banks computer systems because we withdraw hardly any of it in the form of Government created cash. This system is replicated in virtually every developed country, the world over.
2. No borrowing in the system would mean no money. When the commercial banks lend “money” its NEW NUMBER MONEY (existing as data only) created the moment the amount appears in the “borrower’s” account. No depositor is ever sent a letter saying their money is temporarily unavailable because its been lent to someone else. Meanwhile not one person in a hundred grasps the fact that our governments have all permitted private banks to create over 95 percent of our money supply bringing huge profits to them and endless debt to us.
3. Obviously there will not be enough money to pay the interest as the interest has to come from the same source. So national and personal debt rises and the overall interest due also rises with time. This is the real reason why we are told the economy always has to grow. Present UK government debt mostly to the private banks is £0.5 Trillion, up from £90 Bn in 1980 and £26 Bn in 1960.
3. For government, taxing the people helps pay the interest bill and that is why overall taxation is always rising. Much of our taxes go straight into the pockets of the super-rich international bankers to pay the interest on the "money" (data) they have lent and created out of thin air.
4. Banks are allowed to create money OUT OF NOTHING at virtually Nil cost to them and charge all borrowing individuals, businesses and governments interest on it. This is because it only circulates as data between banks' computers and not as cash which they would have to pay the government for. This freely created intangible data "money" circulates when you get paid by bank computer transfer or when you use your cards, direct debits, cheques etc. Look into "fractional reserve banking." Google "electronic money creation", "webofdebt", "prosperityUK".
I know its hard to get your mind round when none of our corporate media talks about it, hardly any MPs know about it and it goes against everything you've assumed or been taught. 99.99% of people assume that banks & building societies lend out money that their other customers have deposited. We demand of our government a fairer money system. Money creation must be taken out of the hands of the money masters and into the hands of the people, "where it properly belongs." (Abraham Lincoln)
If you don't believe me & you don't want to bother researching the sources I have quoted then for a succinct explanation visit http://www.basicincome.com/basic_banks.htm OR
Google "Money as Debt" to watch a 50 minute animated film.
Then act.

 
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