We are born into debt.
Private banks (not a public central bank) create our currency out of thin air (not out of savings or gold reserves) on a promise (loan, mortgage).
What this means is that in order for us to have our own currency in our economy, we have to borrow it from a private bank.
This currency is lent as debt at interest to us, corporations, and the government.
Debt means they have a claim on your assets. The bank started with nothing, created the currency for a loan, and now has a hold on your collateral with an income stream of interest payments (from nothing…).
It gets worse. The currency for the interest payments was not created (only the principal), which means that as we pay interest the currency supply depletes, leading to more and more loans (debt, and interest obligations), inevitably leading to bankruptcies and dispossession.
The same applies to governments, as more and more of our tax is being thrown at interest payments (already the largest item on the budget) on debt to finance government using our pensions, infrastructure, and national assets as collateral.
Eventually the collateral will be forfeited, which explains why banks lend to countries who can’t pay back. In fact no country can pay back or there won’t be currency in the economy. So either taxpayers keep paying more and more interest, or we lose our countries to the banks.
Boom/bust cycles accelerate bankruptcies and dispossession by artificially expanding/contracting credit, and manipulating interest rates.
The purchasing power of this created currency is an invisible tax on our wages and savings through the inflation of the currency supply (not CPI with includes the productivity stolen from us).
It is the access to this volcano of currency that empowers a small group to run corporations, bribe politicians, grease bureaucrats, influence courts, pollute our planet, dispossess and enslave humanity, and cause wars (the grandest of thefts).
This parasite will intimately destroy our society as it has done many times in history.
It is time to return our currency (not just notes and coins) to a public central bank, and the ill-gotten gains back to their rightful owners.
The reversion to public banking is easy – simply nationalise the debt and change bank bookkeeping to reflect paid off principals as assets available for new loans. The currency supply stays stable so no-one would even notice the change.
A 100% reserve requirement means banks become brokers of currency created by only the public central bank, distributed through government budget and/or citizens’ dividends (Basic Income).
But there is an even better way to have secure, private money, free of banks and bureaucracies.
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