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Restoring Our Financial Sovereignty: A New Monetary System
Money is not a commodity. It is a symbol of value. Any two people can transfer whatever they like as a medium of exchange. We agree as a group to use one medium of exchange to simplify transactions. The purpose of inventing a medium of exchange is to sustain the flow of goods and services circulating in an economy. If we agreed to use gold or feathers as tokens, the medium of exchange would be finite and too scarce to meet everyone's needs ~ and finite physical commodities have historically been monopolized by individuals who constrict the flow of goods and services that are needed by everyone in society. Paper is plentiful. In theory, we agree to the fiction that paper money and computer credits have value in order to produce and exchange the commodities we need. But they have no intrinsic value.
The pieces of paper and computer entries that are fabricated by private corporations, what we call money, can and should be created and regulated by a legitimate government agency. It is irrational to transfer this vital social function to private corporations that thrive on usury and destabilize economies by expanding and contracting their fabricated credit. Usury is not a fact of life, an inherent condition one finds throughout the natural world. It is a human contrivance used by parasites that eventually kill the host.
Money and credit can and should be used to keep the economy flowing, facilitating the exchange of real goods and productive services that meet the needs of society ~ without fabricating debilitating and fictitious debt. This, in fact, was the intention of Article 1, Section 8 of the United States Constitution that authorized only Congress to coin money and regulate its value. The founders of our nation understood that a government does not need to borrow its money from a private corporation. It has the power to create its own money. We are that government and that power belongs to us.
Our government was designed with the constitutional authority to create money and issue credit without ever charging interest or creating debt. It can directly spend interest-free money into circulation and extinguish excess currency to prevent inflation. Moderate interest rates on government loans could be used to finance the operations of city, state and federal government in lieu of taxes. Publicly-owned community banks could charge a moderate interest rate that is returned to depositors as dividends, or it could be used to generate revenue for implementing worthwhile social projects. Monetary science comes equipped with mathematical formulas to achieve permanent monetary equilibrium through a set of principles that balance the money supply and maintain currency stability, eliminating recessions, depressions, inflation and deflation forever. Debt-free monetary systems that function as a public service are described by Stephen Zarlenga in "The Science of Money." The mechanics of maintaining monetary equilibrium have been understood for centuries.
All that is required is social consensus.
Geraldine Perry has suggested that if banks are to remain privately owned they must be required to operate as independent businesses with 100% reserves and use their own (legitimate) capital for loans, not fictitious accounting entries and not other people's money. A public Monetary Authority would issue the national money supply. Attorney Ellen Brown's, brilliant book, "The Web of Debt," proposes sound mechanics for a new monetary system, using interest-free constitutional money and credit issued by the government. Richard C. Cook explores creative possibilities that truly liberate the mind and demonstrate the possibilities of a compassionate monetary system. These three visionaries all endorse the Monetary Reform Act conceived by Stephen Zarlenga.
All that remains is public demand for this reform.
Existing debt to the central bank syndicate disappears in an instant when it is recognized that fictitious accounting entries do not constitute lawful "consideration". Nothing of value has been borrowed. What a bank "lends" is the borrower's own promise to fabricate interest for the bank, an absurd fraud.
Completely abolishing the privatization of national money and credit would end world poverty and liberate human energy to create worldwide abundance in which every human community could produce and exchange the goods and services it needs without ever being enslaved by fictitious debt.
What is most essential to liberating humankind from centuries of covert suppression is financial sovereignty. Political freedom without economic freedom is meaningless. The self-induced implosion of a corrupt financial system provides our generation with a precious (and brief) opportunity to secure the blessings of liberty envisioned by our ancestors and to finish the American Revolution.
[i] World Research Library, "Global Banking: The Bank for International Settlements", August Review. The following is a sample of BIS immunity:
embassy-type immunity for all buildings and/or offices operated by the BIS
no oversight or knowledge of operations by any government authority
freedom from immigration restrictions
freedom to encrypt any and all communications of any sort
freedom from any legal jurisdiction
inviolability of all papers and documents
[ii] BBC Time Watch documentary, "Banking With Hitler" (YouTube)
[v] Michael Hudson, "Super Imperialism: The Origin and Fundamentals of US
World Dominance"
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