Karl Denninger of Market Ticker fame, has an excellent analysis for what is wrong/broken with debt-based interest bearing, and inflationary, monetary systems in general (such as ours and most of the other countries in the world which have the privately owned central bank model). Per Karl, if you target inflation at a level higher than 0%, you are guaranteed to get the boom/bust roller coaster. Did you realize that the US Treasury has the power to issue non-debt backed currency? The Treasury does this in small amounts but the vast majority of money requires a loan to be created in order for there to be money. For almost every dollar printed is attached an interest payment we the American taxpayer must make to some bankster somewhere! Why do we purposely pay the interest surcharge on our own money which the Constitution actually allows us to print ourselves other than to enrich the international banksters who set up this self-serving scheme? An interview of Karl Denninger by Bill Still, award winning historian and documentary filmmaker shows Karl's view on the topic:
Interview with Karl Denninger by Bill Still
The FOMC made an astonishing statement yesterday (9/21/2010) that our inflation was actually too low and therefore they were more concerned about deflation than inflation. Traders took this to be a signal that it would be full speed ahead with the printing presses and guess what direction the US dollar took in response? Down. Does the Federal Reserve really serve we the American people or some other interest/power? Since the Federal Reserve's inception in 1913 we have had nothing but huge inflation, a devaluation of our dollar by almost 95 percent (per the US inflation Calculator site) and wild boom/bust cycles, not price stability, as is one of the Fed's mandates. Once the boom cycle is over and the bubble deflates, ordinary middle classed people lose their assets which are bought up by robber barons or banksters for pennies on the dollar. This is happening right now as it has historically. Middle classed people are losing their jobs and homes to bank foreclosures and small business entrepreneurs are being forced out of business. Meanwhile the multinational mega-corporations/monopolies are engaging in an M&A boom and consolidate their assets and power. Indeed only the big multinationals with their huge cash hordes or international mega-banks can survive Obamanomics. (Yeah that makes one question too, whose side President Obama on?!)
So how can this be fixed? Following is an excellent documentary by Bill Still which goes over an entire history of our money system and ends with how we might go about fixing the beast. The content of this video is better than the dumbed-down history I got in school, which was only comprised of useless dates, names and places and which taught wrote memorization or regurgitation of establishment propaganda only.
The Secret of Oz by Bill Still
Is it really a coincidence that North Dakota, which is the only state in the union to have a state owned bank which serves the interests of the people of that state, rather than serving private and/or shareholder interests as the Federal Reserve does (yes, the Fed was actually put in to place by a handful of powerful bankster families, who originally owned all of the private Federal Reserve shares, in order to get a monopoly on America's money supply, not for our benefit as is pretended) has a 1 billion dollar budget surplus and also has the lowest unemployment rate in the nation of 3.7% as of August 10, 2010?! [1,2,3,4,5] I think not. Note that I am not making an endorsement of public versus private ownership in all cases as obviously that is not the way to go but merely pointing out that who controls the money supply and for what purpose is the important thing.
After coming to the realization that we have been deceived and hoodwinked for a hundred years, I think it is still possible for us to save ourselves now if we can get the right people in to office to push forwards good ideas. Click here for how you can help or for more information.
Sources:
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1. What is North Dakota Doing Right? Rebecca Reisner, Bloomberg Businessweek
2. Web of Debt Ellen Brown
3. Get of of Pottersville: The North Dakota Model for Capitalizing Community Banks Ellen Brown, Huffington Post
4. The Growing Movement for Publicly Owned Banks Ellen Brown, Huffington Post
5. Job Losses in North Dakota? Not in North Dakota. A Stimulus Plan that Really Works Ellen Brown, Huffington Post
6. Towards a Solution to the Debt Crisis in California: The State Could Walk Away and Create Its Own Credit Machine Ellen Brown, Huffington Post
7. The Secret of Oz Bill Still
8. The Still Report Bill Still
9. The Market Ticker Karl Denninger
10. The Market Ticker YouTube Channel Karl Denninger
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