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OpEdNews Op Eds    H2'ed 7/6/15

Economic Democracy vs Bankster Plutocracy

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For these crimes against international banksterism, Libya, Iraq, Iran and Syria are being vigorously prosecuted. Saddam (certainly no saint, but that's irrelevant) -- who defied the dollar regime by selling oil for euros -- was murdered by the 'liberators' of Iraq. Gaddafi, perhaps the most successful of the political leaders who used their national wealth to the benefit of their citizens, was murdered by the dollar-wielding banksters' enforcement arm -- NATO. Libya's people-serving economic infrastructure was carpet bombed back to the Stone Age. Hillary's Heroes came, they saw, and Gaddafi died.

Successful social-economic democrats who oppose or ignore the neofeudal ambitions of international banksterism are relentlessly smeared -- by Western politicians and mass media -- as brutal dictators who display no reverence for "the free market". The brutal dictators are guilty of resisting the seductions of the banksters' economic hitmen who offer personal wealth for selling out the nation; guilty of governing their nations in the interests of workers and citizens instead of "makers".

The banksters are indeed -- in the very literal sense -- the "makers" of "money". Private bankers create the world's money. A banker who makes loans or buys bonds very literally goes to work every morning and "makes money". Treasury Secretaries are not permitted to make money. They make bonds that bind their nations in debt bondage, and sell bonds to bankers who make the money to buy the bonds.

Treasury Secretaries still make money in the form of coins: pennies, nickels, dimes, quarters. How many oil contracts can you buy with a bag full of government-issued nickels? A banker can create a billion dollars at a pop, simply by writing numbers in bank account ledgers. Numbers in bank accounts "are money". The kind of money that buys all the real stuff. Government-issued pocket change is, well, pocket change.

Commercial banks are where all the "money supply" comes from in the first place. The money supply is "created" by banks and 'loaned' to government bond-issuers and private sector debt-issuers. Banks create money to buy interest-bearing debts. That is the business of "banking".

We do not live in a barter economy where we 'trade' truckloads of turnips for tankers of oil. We live in a money economy where all the turnips and oil are bought and sold, for money. The offer to pay money is the ENTIRE demand side of every demand-supply, buy-sell economic transaction. The real economy produces all the supply side "stuff". Banks create all the demand side "money". The bankers' made-up money buys all the economy's real stuff.

You wonder why -- despite the luxuriant abundance of real stuff in the world -- the whole world is drowning in debt? Complex economies require money to function. Everybody must take on debt in order to get some bank-issued money. Commercial banks, in cahoots with money-serving central banks, enjoy a near-absolute monopoly on the issuance of money. In a Guardian article about the ongoing eurozone debacle, Greg Palast begins,

"The idea that the euro has "failed" is dangerously naive. The euro is doing exactly what its progenitor -- and the wealthy 1%-ers who adopted it -- predicted and planned for it to do."

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Derryl Hermanutz Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

I spent my working life as an independent small business owner/operator. My academic background is in philosophy and political economy. I began studying monetary systems and monetary history after the 1982 banking crash that was precipitated by (more...)

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