This article is a guest contribution that illustrates how the language of personal debts is camouflaged when talking about national debts:
- the repayment by personal debts is legally enforcible
- the repayment of national debts doesn’t matter as long as interest payments reach the bank accounts of those with ‘vested interests’…
Now, however, as people are beginning to wake up to the impossibility of ‘growing debt’ forever, ‘debt ceilings’ are used
- either to bankrupt governments or
- at least to reduce public spending.
Hopefully more and more people see how money has become a tool to control and has ceased to be a medium of exchange, let alone a store of value…
Maybe the ease with which ‘money’ is created as debt should be kept separate from controlling a nation’s money supply? Continue reading
Posted in Banks, Central Banks, Credit creation, Currencies, Dollar, Federal Reserve, Government debt, Monetary inflation, National debt, Public debt, Sovereign debt
Tagged Barack Obama, Bipartisan Policy Center, Congress, Jay Carney, Treasury, United States, United States public debt, White House
Here’s my Santa Letter that I put here. Will you add yours?
Dear Bank of England,
For Christmas, it would REALLY be nice if ALL of your employees were invited to remember how you were created in 1694: the Bank of England Act foresaw a punishment for TRADING, to avoid the SUPPRESSION of Their Majesties’ subjects, at TREBLE the value of the trade. See http://bit.ly/fgU3Ps
Hence my biggest wish is that you stop selling ‘bonds’ or any other papers or currencies to the Treasury as “public debt”, only for us the taxpayers to pay interest every year, in every budget, no matter who’s in government.
My next biggest wish is that you stop listening to the Fed, the IMF and any other American economists or bankers. Think your own thoughts! And think about what is good for the people in the UK and not just the global financial elite. Could you please put your allegiance where it is supposed to be, and not with whoever wines and dines you best?
And then I do wish that you supervise all banks propoerly, for self-regulation does NOT work. With the internet it’s easy now. Get proper statistics together! Just as everybody gets hit and hurt when ZERO is reached in an account, so please hit and hurt your fellow bank(st)ers:
- when there is too much Credit and not enough Cash in the money supply
- when short, medium AND long-term inflation figures become unacceptable
- when banks get bailed out WITHOUT victims of financial exploitation and legal oppression being compensated for white collar crimes committed by people in your institutions.
What a lovely 2011 it would become!!!…
Yours gratefully in advance,
Organiser, Forum for Stable Currencies
Web Publisher, Victims Unite!
Posted in Banks, Campaigning, City of London, Currencies, Economics, Federal Reserve, Inflation, International Monetary Fund, Monetary inflation, Price inflation
Tagged Bank of England, Federal Reserve System, IMF, International Monetary Fund, Money supply
This video is a good summary of the essence of
- money created from thin air – as national debts
- the impossibility of paying back national debts
- the farcical games that governments and central banks make us want to believe.
One of the problems seems to be that people don’t think “currency”, but “money”.
Another problem is that the few who know run the risk of being murdered when they know too much. See Christopher Story’s story.
This video is a great way of illustrating the absurdity of debt-based economies in general and national debts in particular.
This excellent article gives a good overview of what’s happening in American power games between Wall Street and Washington, just as between the City of London and Westminster.
Written for MarketWatch, the author Paul B. Farrell is the author of nine books on personal finance, economics and psychology. He was an investment banker with Morgan Stanley, executive vice president of the Financial News Network; executive vice president of the Los Angeles Herald Examiner. He has a Juris Doctor and a Doctorate in Psychology.
It’s always been unpleasant to imagine the kind of scenarios that Michel Chossudovsky, Canadian professor of economics, describes in his excellent video The Global Financial Crisis.
But the statistics of the UK Budget figures over the last 10 years paint exactly that picture, if only one has eyes to see it, it seems:
- bankruptcy of the real economy
- spiralling public debt
- centralization of corporate power
- concentration of wealth
- globalization of poverty.
Historic US budgets tell another story on top of confirming the increase in indebtedness through a rising budget deficit.
I always refer to money as the stuff in my pocket or on my bank account. Having lived in Geneva for many years, I was, of course, used to a lot of different currencies.
But I learned about the real difference between currencies when I discovered LETS and professional barter companies with as “private” currencies vs the “national” or “public” ones we are used to.
This article goes at length into the difference between money and currency and ends by saying “central banks erode – and in some cases destroy – the value of their currencies.
To me, that is the purchasing power of a currency. The money that I save for my pension while I’m in my twenties is worth much more than what I get when I’m old enough. That is the long term effect of compounding interest on interest via National or Public Debts that must be called a “generational crime”.