Ole Bjerg is an Associate Professor of Copenhagen Business School. He identifies beautifully the critical aspects of the creation of money:
- the difference between
- Paper Money [Cash – about 5% of the money supply] and
- Electronic Money [Credit – about 95% of the money supply]
- the negative consequences:
- banks issue money when the economy is booming and hold back otherwise;
- interest is a ‘tax’ on money
- with growing inequality based on the level of interest rates
- concentration of power
- how much money?
- at what price?
- for what purpose?
- Hence politicians appear to be impotent, as decisions are made in board rooms of banking institutions – outside democratic institutions.
- the smart solution is an update of what Central Banks do with respect to PAPER money to INCLUDE electronic money;
- all citizens should have accounts with Central Banks!
- Commercial banks continue to
- take deposits and lend it
- as a LINK between people who save and who borrow.
- This is a SOVEREIGN system of money creation – reminding citizens to
- understand the creation of money
- participate in the political process of deciding WHO creates money.
This interview with Clif High illustrates an ‘interesting’ state of knowledge or the absence of understanding the essence of the original purpose of ‘currency’ as ‘money’ to facilitate trade:
- accumulating material wealth is priority;
- ‘currency’ is not a medium of exchange but a ‘store of value;
- electronic ‘coins’ are being created for that very purpose – preferably by web bots.
This article was published by the Social Creditor in 1989.
It refers to Anatole Kaletsky writing in The Times and highlights the fundamental problems that have NOT been addressed since either:
- unelected Central Bankers rule by controlling currencies and their relative values;
- national governments BORROW at INTEREST from private bankers;
- government bonds are one of the financial tools that provide passive income.
As a consequence, money has long ceased to be a ‘medium of exchange‘ but has become a ‘tool to control‘ as part of everything that’s dishonest about our money system.
Financial markets and their customers have become clearly more influential than elections and their voters – in the general hype of the media, where the goal is deception just as in George Orwell’s 1984. Continue reading
The WordPress.com stats helper monkeys prepared a 2013 annual report for this blog.
Here’s an excerpt:
The concert hall at the Sydney Opera House holds 2,700 people. This blog was viewed about 8,700 times in 2013. If it were a concert at Sydney Opera House, it would take about 3 sold-out performances for that many people to see it.
Click here to see the complete report.
Posted in Bank money, Banks, Financial products, Government money, Money, Treasury money
Tagged Annual report, List of concert halls, Oceania, Publishers, Sydney Opera House, Tools, WordPress, WordPress.com
English: HM Treasury Crest (Photo credit: Wikipedia)
This Early Day Motion is the 13th in our close to annual attempts of reminding Parliament that ‘treasury money‘ is the better way than accepting the slavery imposed by ‘bank money‘.
The text reads:
That this House notes that the hundredth anniversary of the Bradbury Pound on 7 August 2014 is a welcome reminder of the historic precedent for public credit as the sound basis for debt-and interest-free Treasury money and therefore the sound alternative to the national debt and interest-bearing bank money; congratulates the Forum for Stable Currencies for having promoted the public credit since 2002; and urges HM Treasury to follow John Bradbury’s model and address social, economic and political issues across party lines in one fell swoop and avoid wholly unnecessary austerity cuts.
Given the scandal about the falsification of crime statistics by the Police and the three court hearings that illustrate how our ‘child protection’ system is an international scandal, I’d like to add:
The 100th Anniversary of the Bradbury Pound coincides with the centenary of World War I. Re-visiting history will be enlightening on many levels!
The list of EDMs since 2002 is on http://www.forumforstablecurrencies.org.uk/
Posted in Austerity, Banks, Bradbury Pound, Financial products, Government debt, Money, Money Supply
Tagged Bradbury Pound, Demand deposit, early day motion, Forum for Stable Currencies, Government debt, HM Treasury, John Bradbury, White-collar crime
This is a remarkable event with a most necessary agenda: The People’s Assembly against Austerity.
And they don’t even know about the obvious solution, for people in general simply don’t understand the complexity – because ‘economics’ has been created to camouflage what bankers and central bankers are doing:
- what money is: Cash and Credit
- that bankers [who issue the Credit] determine what happens in an economy
- that governments have ‘forgotten’ about their monopoly to issue Cash as interest-free money
- that the budgets of governments always have a large component to pay ‘interest payments’
The solution is the Bradbury Pound that was issued 99 years ago as a precedent for what should have been happening ever since.
A campaign to bring back the Bradbury Pound for its 100th anniversary has begun.
Posted in Austerity, Banks, Bradbury Pound, Financial products
Tagged Austerity, Business, Central bank, federal reserve system, London, Money Management, Quantitative Easing, United State