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General News    H3'ed 9/17/13

Still Report 97 - Turkey's Monetary Reform (vidoes)

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Bill Still in London
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Bill Still in London by Bill Still

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Monetary reformer, presidential candidate, and award-winning documentary film-maker Bill Still, was asked to give a keynote speech by the president of Turkey.  Here is his report on that meeting, though not his speech.  Although they have not yet fully embraced sovereign, debt-free money, he says: "The International Forum on Financial Systems in Istanbul, Turkey was quite a surprise. The President of the country spoke there and to my great surprise he is charting a course for his nation of national finance in the public interest."

Still has been reporting on progress in Iceland:

the potential for progress in Greece (don't mistake the current focus off of Greece for resolution.  It's likely the upcoming elections in Germany will put in power politicians who will simply stop supplying unlimited loans to Greece, which it can never repay with its austerity-induced shrinking economy.  Then, it'll be sovereign money, or nothing):

Perhaps Hungary is the furthest along and most promising in terms of sovereign debt-free money possibilities.  Says Still, "Hungary is pulling away from the European Union. It recently booted the IMF out of Hungary after it made the last payment on its IMF loans. It has decided not to abandon its national currency in favor of the Euro, but it still has a long way to go to completely escape the clutches of the bankers."

*** UPDATE 9/19/13 ***

This just in: Hitler's brief and aborted experiment with debt-free money did NOT lead to his monomaniacal attempt to take over the world.  In fact, turning back to debt-based money in 1934, may given him an additional reason to seize the assets of other lands to either pay the banks back, or to avoid repayment altogether by destroying them along with their host countries.  Bill Still explains:

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Of course, here in the U.S., despite the recent withdrawal of Larry Summers for Fed Chair, the private Federal Reserve and, just as importantly, the private banking system, remain firmly in control, at least until the next blow-up.  Then, the derivatives market - variously calculated as between $600T and $1.2Quadrillion, will at least partly collapse (it can't completely implode because it is full of counter-bets that go up on one side while the other side goes down.  However, even a 10% collapse would be equal or greater than world GDP, far larger than any government(s) could bail out, and indeed, Dodd-Frank makes that illegal to even attempt now, though the Cyprus style bail-in is neither more workable, nor better for depositors, whose deposits would be forcibly converted to bank equity then).

The only solution that will work in such dire circumstances should one, or more likely, all of the big four derivatives banks, which collectively control nearly all of the derivatives market, and have half the American GDP in assets, is to create sovereign, debt-free, bank-free, money, direct from Treasury, as the constitution's Article 1, Section 8 allows, and as was done by president Lincoln during the Civil War in 1862, when the newly created U.S. rose to become 40% of the currency for a while.  But, the time to prepare for this is now, not when all heck breaks loose.

Still has been sounding the warning bell since his seminal film, The Money Masters in 1996, and again in The Secret of Oz in 2010.  Still succinctly states the problem thusly for that film: "The world economy is doomed to spiral downwards until we do 2 things: outlaw government borrowing; 2. outlaw fractional reserve lending. Banks should only be allowed to lend out money they actually have and nations do not have to run up a "National Debt". Remember: It's not what backs the money, it's who controls its quantity."


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Scott Baker is a Managing Editor & The Economics Editor at Opednews, and a blogger for Huffington Post, Daily Kos, and Global Economic Intersection.

His anthology of updated Opednews articles "America is Not Broke" was published by Tayen Lane Publishing (March, 2015) and may be found here:

Scott is a former President of Common Ground-NYC (, a Geoist/Georgist activist group. He has written dozens of articles for (more...)

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