Category Archives: Interest

OVER 30 MPs debate #MoneyCreation and Society – #Cash vs #Credit – Governments vs #Banks

UK Parliament debated Money Creation and Society for first time in 170 years.  Here’s what they said – on this video – starting at 11:18:

London, 21st November 2014

On Thursday 20th November 2014 over 30 MPs took part in a debate in the House of Commons on money creation and society. This was the first time in 170 years, since the Bank Charter Act in 1844, that the topic has been fully debated.

 

Money creation affects almost every aspect of our lives, and is directly connected to almost all public policy, including public and private debt levels, house prices, and rising inequality, but it’s very poorly understood. A recent poll found that 7 out of 10 MPs believed that only the government can create money[1], when in fact 97% of money is created by banks as they make loans, as recently confirmed by the Bank of England[2]

 

MPs acknowledged the problem of their own lack of understanding of money creation [1]:

 

Peter Lilley MP stated that “A lot has been made of the ignorance of Members of Parliament of how money is created. I suspect that that ignorance…… explains many things, not least why we entered the financial crisis with a regulatory system that was so unprepared for a banking crisis.”

 

Zac Goldsmith MP was the first to admit at the debate that he does not fully understand the system, stating, “I suspect that most people here would be humble enough to recognise that the banking wizardry we are discussing is such a complex issue that very few people properly understand it.” Continue reading

MARGRIT KENNEDY – Author of Interest- and Inflation-Free Money – passes on

Margrit Kennedy wrote Interest and Inflation Free Money, Creating an Exchange Medium that Works for Everybody and Protects the Earth in 1987. She addressed the Forum for Stable Currencies many years ago.

„A feeble attempt would call it the feeling of being warmly embraced, deeply comforted, dearly cherished, profoundly appreciated, genuinely treasured, softly nurtured, profoundly understood, completely forgiven, wholly absolved, long awaited, happily welcomed, totally honored, joyously celebrated, absolutely protected, instantly perfected, and unconditionally loved
 – all at once. Releasing without the slightest hesitation or regret any and all sense, of individual selfhood, the soul moves into the Light.

Home with God – In a Life That Never Ends,
Neale Donald Walsch, p.227

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GERMAN Video with English Links about the New World Order

www.klagemauer.tv [wailing wall], a remarkable global news agency, published in Switzerland, that presents online news very smartly in mainstream media style.

This video contains the following stories [the links take you to different but English stories]:

  1. Rothschild’s $200 million bet regarding the demise of the Euro
  2. The Bank of North Dakota as a state-owned bank for the state’s citizens
  3. A few families rule the World
  4. Who rules money?

Fascinating are the differences in language, implied by German and English. I.e. the German word for ‘citizen’ implies the ‘guarantee’ for debts! The German for ‘debt’ is the same as for ‘guilt’. The German for ‘interest’ is very different from paying interest and having an interest.

  • Nice cartoons illustrate how 98% (rather than 97) Credit [created by banks at interest] and 2% (rather than 3%) Cash [created by governments interest-free] are the money in circulation.

Santa Claus creating presents from thin air – a video making fun of ‘economics’

As a mathematician and systems analyst, I have long claimed that economics is a ‘pseudo-science’. It was set up deliberately to camouflage what central bankers and other banksters are doing: create ‘money’ from thin air and charge interest for it that never gets created…

This becomes apparent when you learn that ‘money’ is never the subject of teaching at the London School of Economics, let alone the difference between Cash and Credit. When the daughter of the author of The Web of Debt wanted to write her thesis about the national debt, she was told “that is not capitalism”, i.e. it’s more a religion than a science!

Deck the Halls with Macro Follies is a video that makes fun of economic jargon and consumerist slogans – as a way of re-confirming those of us ‘in the know’ and possibly allowing some viewers to question what’s going on in terms of ‘Macro Follies’.

Evolution beyond Money: Money as Debt part III

Paul Grignon produced Part I and Part II of Money as Debt.

This Part III is the most lucid of all. It points to:

  1. the main cause of paying ‘interest’
  2. the ‘interest’ not being generated by anybody
  3. the man with the money has enslaved the man without it – just like the real world
  4. ‘flow’ is the real measure of economic activity
  5. what is ‘flowing’, is credit or ‘promises to pay’
  6. money = promises of future productive work
  7. interest= reduced future spending power.

Money is lent twice.

  1. first we borrow ‘money’
  2. then we borrow ‘money’ to pay ‘interest’.

New Book on the Real Issue: A Guide to the UK Monetary and Banking System

Thanks to the remarkable net-working of the New Era Network, I received the announcement of a book that is long overdue:

Where Does Money Come From? A Guide to the UK Monetary and Banking System

I.e. This book looks at money and not economics as the pseudo-science that covers up what central bankers, banks and other financial institutions are doing, with the Government sanctioning it.

Amzon publishes customer reviews and here’s the one by Quaker James Bruges of the New Era Network:

He opened: “Spiralling inequality, chaos in the financial world and the Occupy protests force us to engage with economics. A Guide to the UK Monetary and Banking System is about money itself, a subject that has, surprisingly, received little attention and about which there is widespread misunderstanding.”

Selected extracts:

Tony Greenham, Richard Werner and Andrew Jackson, studied the implications of bank-created money through talking to key people in the City, including members of the Independent Commission on Banking, and referring to 500 documents from central banks and regulators.

On receiving a copy of the completed book, David Miles of the Monetary Policy Committee, Bank of England, said, ‘the way monetary economics and banking is taught in many – maybe most – universities is very misleading and what your book does is help people explain how the mechanics of the system work.’

Banks charge interest on loans, necessitating the amount of money in circulation to increase each year in order to cover this interest. The choice is either growth or recession. It was a Quaker philosopher, Kenneth Boulding, who quipped, ‘Anyone who believes in indefinite growth in anything physical, on a physically finite planet, is either mad or an economist.’

The government wants banks to finance the productive sector but ‘the government has in practice no involvement in the money creation and allocation process’. It is not surprising that little of the vast sums given to banks have been loaned to small businesses, which they regard as risky. The banks have invested most of their windfall in assets such as prime property, the value of which is enhanced by Russian oligarchs.

The book discusses financial instruments that ‘are increasingly traded in a money-like fashion, moving around the world at great speed and frequency by investment banks and hedge funds’. The financial elite, joined by African dictators and corporations, have salted away £3 trillion tax-free in secret locations, many – perhaps most – of which are UK protectorates or ‘British Overseas territories’, the City of London itself being one of them. The UK loses £70 billion in tax annually. The value of trade in financial derivatives is ten times the value of all goods and services in the world. No one knows what’s going on but these activities are the cause of global instability and deprive governments of funds to help those in need.

James concluded that the present monetary and banking system is at odds with Quaker testimonies to integrity, justice, equality, community and the environment and called on Quakers to help to develop an alternative to laissez-faire capitalism that relates to real life in all its local variety, provides social welfare, and encourages cooperation, creativity, relationship and play.

The full review is here.

A massive financial con trick foisted on the voters – by the dictators of the West

Robert Fisk would call a spade a spade in his article The bankers are the dictators of the West:

  • he asks his collegues in Wall Street why they don’t report ‘properly’
  • he blames Western governments for giving their power to banks, derivatives traders and rating agencies
  • he points to the “slovenly and dishonest coterie of experts from America’s top universities and think tanks”.

Maybe 2012 will become the year of enlightenment when enough people will realise the con tricks in operation, ever since the first central banks were created in Sweden and the UK:

  • the creation of “credit” from thin air that is being sold as “money” – but at interest
  • the deadly embrace between central banks and national treasuries
  • the complete con and illusion that governments are entitled to take “taxpayers’ money” in order to spend it.

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