"A proposal by the heads of President Barack Obama's debt commission to cut the budget by $4 trillion wouldn't wipe out the deficit for more than 25 years. Representative Paul Ryan, who's in line to become chairman of the House Budget Committee, predicts it will take a half-century. A panel led by former Congressional Budget Office chief Alice Rivlin that offered its own plan last week wouldn't even project a date."
"Its frightening. We'll be paying a trillion dollars in interest costs in 2020."
Erskine Bowles, US Debt Commission
We're on the road to paying a trillion dollars every year in interest alone by 2020 on the debt-money we are forced to borrow from a private banking cartel known as the "Federal Reserve." This amount alone in the budget will eliminate all domestic priorities. At that point we will have been completely robbed of our freedom and prosperity and crushed by banker imperatives ruling our lives.
The question is will we ever get off the debt-money road to bankruptcy and currency crash before we take back what was given to us by the founders - i.e., a Congressional purse power and national money and credit creation authority? Or, must we wait until complete economic chaos occurs and thereby risk a total takeover of our economy, lives, and freedom by unelected bankers, both foreign and domestic, who dictate the terms and conditions of money creation and destruction of credit - the classic fascist end-game.
The debate over, and movement toward, a public central bank should be here and now. Where is this national debate? Where are the Congress willing, Senate, and President willing to move on this vital purpose? What is emerging is a global movement of people against the bankers and we should be leading the charge to escape our debt-money straightjackets. The most representative bodies of every nation must act in concert against this tyranny, and now is the time. If not now, when?
Every nation needs to be freed from private central bank slavery and regain their economic and cultural freedom and effective democracy. The excuse of the "inevitability" of globalization and First World domestic decline is nonsense, and simply part of a decades-long ruling elite strategy to eliminate both economic independence and democracy via "harmonization" designed to produce global oligarchy and oligopoly enriching and empowering the few.
There is no need to pay interest on money creation. We can create money "out-of-thin-air" just as private bankers do, only without the interest charge and debt leading to inevitable bankruptcy and loss of control over one's economy and country - as well evidenced today by the chaos in Euroland where individual nations are trapped within the debt-money Euro currency regime and the demands of unelected foreign bankers and bureaucrats. If a country must pay for its profligacy then it will pay in its own currency value and not upset and ruin a common currency and unfairly punish other nations and economies.
In any case, money and credit from public state and nationally-owned banks and our Treasury can finance national and local economic activity, government and public infrastructure projects via both public and private concerns. There is no shortage of need or work to be done. But taxpayers are inevitably crushed by the interest accruing on their bonds and projects, money which would otherwise be available for productive employment and not add to a deficit requiring yet more debt-money borrowing.
Employment is also not a problem where is local credit creation is available. Every project and investment injects money into the economy which means more taxes are paid, more consumers are spending, less welfare is needed, and the state is not burdened with perpetual interest debt. This is the very prosperity environment our English colonial masters were determined to stop.