"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.
In effect, we have been hypnotized into believing that the only source of money and credit is via private banker's debt-money scheme. This is the scam of the ages and the very oppression the founders of this country sought to escape" by supplanting the Rothschild's "Bank Of England' tyranny and placing the money and credit purse powers in the hands of the most representative body of government - i.e., Congress, with representatives elected every two years to allow for radical turn around from any abuse, corruption and failed policies.
A nightmare world of global monoculture and neo-slavery awaits us unless we escape this trap. We are already too far down the road to total economic slavery given the undemocratic World Bank, IMF, BIS, and GATT-WTO bodies having removed domestic freedom and ability to refund and rebalance local economies via a nation's own money and credit creation powers, and currency manipulation. In addition, removing necessary tariff re-balancing powers has resulted in both economic imbalance and currency chaos.
Free trade has been a disaster for the First World nations, for the higher standard, and for human rights and democracy. Free trade has led to our massive debt problem and stag-nation by eviscerating the economy. Only free tariff tools enable re-balancing and both proper, and democratically-determined, relations to other trading partners. We have been forced to reward the greater-slave and nourish totalitarian capitalism, and we are beginning to see the grave mistake that forced trade has been.
Yet given the obvious decline, our debt interest dilemma, and the democracy problem "our" corporate media cannot be counted upon to even broach the subject, much less debate the public central bank issue. The well-paid hordes of corporate captive economists, lobbyists, and commentators pretend inevitability in order to induce powerlessness. They are part of a toxic force, of a private propaganda machine owned and controlled by the powerful few - all of whom are created and financed by the small coterie of bankers who sit atop the world's pyramid of wealth and power.
The reality is we've been dreaming for years about freedom and democracy. Today, however, around the world people are finally waking up to their dismal reality and "roach motel" status - currently, one of locked-in impotence and despair but now with greater knowledge of the real source of our problems. Now the task is taking our grievances to the streets, boycotting the big banks, and demanding real reform from our legislators - most of whom never dreamed they would be thrust into such a gridlocked position and dismal debt scenario.