By Bob Livingston
“This is a staggering thought: we are completely dependent on the commercial banks. Someone has to borrow every dollar we have in circulation… If the banks create ample synthetic money, we prosper; if not, we starve… When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is. It is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and its defects remedied very soon.”
This was written by Robert H. Hemphill, former credit manager of the Federal Reserve Bank of Atlanta, Georgia, in 1934, as part of the foreword to 100% Money by Irving Fisher. Fisher was a Yale economist whose proposal for monetary reform lost to Keynes’ deficit spending plan during the Great Depression.
It raises the question of why this practice of issuing debt as money is allowed to continue? It would require a legislative process to change the laws. Sadly, most legislators are parasites and benefit from the monetary system. Do you get the picture? Their well-paying conflict of interest is solidly entrenched.
Do you think that tax accountants want to get rid of our complicated tax system? Why do surgeons perform cancer and open-heart surgery many years after their official literature states there is no benefit to the patient and that many die much quicker after being subjected to operations? It’s money. It’s vested interest. It’s scandal. It’s the human condition, the world over.
Most now look to the Fed to solve the credit/debt crisis. Can it? The answer is, of course, no. It would be impossible as the Banksters created it. All this subprime lending and collateralized debt was a scam from the beginning. There is no added value anywhere. Everything in America is paper shuffling. It’s a paper bubble empire backed by paper fiat money. It has to eventually shake itself out. If not this time it will come later, during most of your lifetimes.
A hundred years ago the industrial leaders in the United States produced tires, machinery, steel, chemicals, etc. etc. Now corporations make money on money, debt and leverage.
Money-printing central banks have created a paper bubble world economy. This has caused the global financial sector to grow disproportionately large compared to the real economy. There is no added value. It is all hot air. Corporations profit from buying back their own stock — which increases the value — and then selling it again. These are primary reasons to own gold and silver.
Gold and silver will always be going up against depreciating paper money. The public will become keenly aware of the difference. Think of gold and silver as commodities for barter. At one time in France, during the Assignat paper money collapse, the government decreed the death penalty for anyone trying to use anything but the wasting paper money. The people used their silver coins anyway. Most people had only the worthless paper money, and many starved. So we learn to barter the same as if we swapped a cow for a horse.
In Greece, the age-old practice of bartering for goods and services experienced a renaissance as the nation endured its almost decadelong debt-driven economic meltdown. Bartering meant the difference between starvation and survival for some Greeks. Americans ought to have taken note.
Why? Because, in the U.S. today, mainstream economic thinking and government denial that economic collapse would never happen will make a bartering seem a cumbersome alternative to fast-moving fiat currency.
In the U.S., you can bet that a barter economy would be much slower to grow any semblance of mainstream acceptance following an economic meltdown. One problem would be that the federal government would do anything in its power to shut down barter networks as the economy worsened, like the French did. After all, businesses’ and individuals’ abandonment of the dollar would represent the ultimate proof that fiat money has no value beyond propping up those who control its distribution.
But there’s an even bigger problem. Most Americans today can imagine no scenario in which the U.S. would reach point of economic turmoil that would ruin the dollar. But it will happen unless we embrace a few necessities, as outlined in Money, The Root of All Evil by Barney McCoy:
It is necessary to return to the American people all the remaining wealth and property which were stolen from them with bank credit. (Refer to: The Great Money Myth, by Merrill Jenkins, Sr. M.R.)
It is necessary to re-establish a system of universal barter using uniform increments of storable wealth (any universally valued hard assets or metals like platinum, gold and silver).
It is necessary to strictly prohibit, under penalty of death, thievery by bank “credit” or by bogus “money” of any kind, or by the practice of usury.
It is necessary to restore the law to its proper function of protecting the lives, liberty and property of all the people, equally.
It is a necessity for true Million-Man Marches upon every state capitol, if need be, in order to convey the will of the people to the various state legislatures and prod them uncompromisingly to provide these dire necessities without delay.
Will Americans stand thoughtlessly on the apathy platform giving their silent consent to slavery by bankers’ fraud (Perpetual pretended debt)? Silence implies consent!
At stake is nothing less than the very foundation for the freedom and security of this generation and all those that follow.
