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"Traditional money systems depend on faith
and
general ignorance to stay afloat." - Jason Rohrer
"The truth is that no bank lends as much as a penny
of the money deposited with it.
Every bank loan or overdraft is a
creation of entirely new money (credit) and is a clear addition to the amount
of money in the community.
It is no more than
a record in a bank ledger or
computer and is actually the creation of new money out of nothing." - Jane
Birdwood
"The bank-debt currency system we have today is
founded upon interest.
That's the
motivation for
banks to create money in the
first place.
Creating money is only a side effect, irrelevant to the
commercial bank, of their main purpose of earning a profit.
Another
side effect is the necessity of perpetual economic growth and, consequently,
the conversion of all common
wealth into private monetary
wealth." - Charles Eisenstein
"It started
with goldsmiths.
Early bankers initially provided safekeeping services
by making a profit from vault storage fees for gold and coins
deposited.
People would redeem their "deposit receipts" whenever they
needed gold or coins to purchase something, and physically take the gold or
coins to the seller who, in turn, would deposit them for safekeeping, often
with the same banker.
Everyone soon found that it was a lot easier
simply to use the deposit receipts directly as a means of payment.
These
receipts, which became known as promissary notes, were acceptable as money
since whoever held them could go to the banker and exchange them for gold and
coins.
Then, bankers discovered that they could make loans merely by
giving their promise to pay, or bank notes, to borrowers.
In this way,
banks began to create money.
More notes could be issued than the gold
and coin on hand because only a portion of the notes outstanding would be
presented for payment at any one time.
A fractional reserve of gold and
coin had to be kept on hand to redeem whatever volume of notes was presented
for payment.
Transaction deposits are the modern counterpart of bank
notes.
It was a small step from printing notes to making
book entries crediting deposits of
borrowers, which the borrowers in turn could "spend" by writing checks." -
Chicago Federal Reserve, Modern Money Mechanics
Banking families intermarry and keep to themselves building
international dynasties of banking
families.
Frederick Soddy defines banks as: "Institutions which pretend to lend money, and do
not lend it, but create it, and when it is repaid to them, de-create it and
have achieved the physically impossible miracle thereby, not only of getting
something for nothing but also of getting perennial interest from
it."
The money changers soon discovered that their control of this
fraudulent paper promissary note
money supply, as there was more paper in
circulation than in deposits, gave
them control over the economy and the assets of many of those who had borrowed
money.
The money changers exacted their control of the economy and
their wealth accumulation by manipulating the money supply - easy
money and tight money - economic contraction and expansion.
Economists,
financial marketers,
refer to "the business cycle," "boom and bust," "recession," "depression",
"tech bubble" and "housing bubble" in order to
confuse and
distract - even
so "bubbles" are real.
In a
fractional reserve banking system, such as the
fiat paper money/fungible asset system used
internationally, the debt has to
continue to climb until, at some point, it must be forgiven.
The
debtors can never aquire enough capital to
fully pay off their debt.
In a closed
fractional reserve system money is only printed through loans like the ones
granted by the BIS today.
When $10
is deposited $100 is loaned out.
Assume an annual interest rate of 10%.
The borrower is required to pay $110 back to the bank, but $10 is still
held as reserves by the bank and only $100 has been put out into circulation.
Where does the extra $10 to be paid as interest come from?
"Imagine the first bank which prints and lends out $100.
For
its efforts it asks for the borrower to return $110 in one year; that is it
asks for 10% interest.
The bank has created a mathematically impossible
situation.
The only way in which the borrower can return 110 of the
bank's notes is if the bank prints and lends more.
The result of
creating 100 and demanding 110 in return, is that the collective borrowers of a
nation are forever chasing a phantom which can never be caught; the mythical
$10 that were never printed.
The debt in fact is unrepayable.
Each time $100 is printed, the nation's overall indebtedness to the
system is increased by $110.
The only solution at present is increased
borrowing to cover the principal plus the interest of what has been borrowed."
- Roger Langrick |
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