by Richard C. Cook
www.richardccook.com.
"Note that all the banks of the Western world are ultimately private institutions owned by the world’s super-rich. The international banking structure is operated by and on behalf of the world’s monetary elite primarily for their own profit.
Just below the banking system are the giant corporations of the global economy which derive capital from and funnel profits into the financiers’ empire. Bringing up the rear are the populations and debt-serfs of the no-longer-sovereign nation states, including those of the United States, whose participation in the system as consumers is essential, but whose jobs continue to disappear as manufacturing is increasingly automated."
Because we here in America are still an empire, or an extremely vertical power-concentrating patriarchal organization, we still concentrate money at the top. And then the rich who are not wise enough to handle all that power ( most people at the bottom would not be wise enough either ) are mismanaging it. It is up to the people to take back the power they allowed to float to the top where it is being abused. You can only do that with a qualitative, home-grown, local, human-to-human, rich, monetary-plus level of interactions. And that ain't easy to achieve.
If Banks Can Pull Money Out of Thin Air Can We?
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Mr Cook tells us how money is created...
"It is done through the process of bank-created credit.....When a loan is made it is issued as a liability on the bank’s ledger. When it is repaid, the liability is canceled. With today’s computer systems, all transactions are digitized, of course. The bank keeps the interest on the loan as its combined administrative fee and profit. The money that is lent had no prior existence."
Let me repeat that one more time "The money that is lent had no prior existence."
If the financiers can pull credit and therefore money out of the clear blue sky we here at the bottom had better find a way to stablize this lopsidedness by creating our own money.
It is only as we at the bottom repay the loan that real value and real wealth is created. The "funny money" that was created to make a loan is not a thing of any value until the people at the bottom translate it into value. When a debt is repayed to a banker he then gets real value and real wealth from our hard work.
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