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 GATA article is a remarkable summary of the madness that has resulted from bankers going berserk in their greed and need for power and control: Goldman can “print money” faster than the European Central Bank – by using credit default swaps. These were invented by J.P.Morgan in the early 1990s.
So governments are not in the hands of central but private bankers! Both create money out of thin air and sell it as “financial products” for interest payments. Meanwhile, we the people, are supposed to believe economists that money is a medium of exchange to fuel the real economy whose “output” is measured by GDP…
GATA is one of the best sources of information and analysis one may find. And as professional gold investors they are powerful. That includes taking the Fed to court! Imagine us doing that with the Bank of England!… 🙂
Growth, GDP, inflation and other economic terms need to be demystified, if we want to enter an age of economic enlightenment. This includes questioning economics as a social or soft science altogether.
We are not alone in this. See – in chronological order:
Questioning Economic Development is a collection of papers presented at The Other Economic Summit in Houston in 1990
Autisme-Economie.org – English texts from the movement that emerged after French students began to question economic teaching in 2000
Post-Autistic Economics Network – the site that emerged from the original thinkers
Debunking Economics – the book by Australian assistant professor Steve Keen – published in 2001
Heterodox Economics Newsletter – 92 issues since 2004 – edited by a number of US professors, including a world-wide directory
In Economics Departments, a Growing Will to Debate Fundamental Assumptions – an article by The New York Times published in 2007
Priceless: How the Federal Reserve bought the Economics Profession – a leading article in the Huffington Post, the number 1 blog worldwide, on February 9, 2010
Posted in Economics, GDP, Growth, Inflation, Monetary inflation, Price inflation
Tagged Economics, exponential growth, GDP, Growth, monetary inflation, price inflation