LETTER: Creating our money

Why is all the world struggling to meet basic obligations and failing to live within their means.

Why is all the world, from households to governments, struggling to meet basic obligations and failing to live within their means, and still being unable to maintain current standards of living?

There is a root problem that started about 3 1/2 centuries ago that has become the four horsemen plague we call life on planet earth today. It all revolves around who controls, and how the life blood of society and commerce, money and credit are created.

The money creation system (monetary system) is totally absurd if you consider the “greater good” a positive, but the reverse if you’re a banker.

Bank(er)s create about 97% of our money supply when governments, businesses or citizens take out a loan from them. A loan is a debt repayable with interest to the bank. Our money supply then is created as debt with interest due. That $20 bill in your purse or wallet denominates $20 of debt owed by someone or some entity somewhere. It’s not really money, but rather a debt certificate you trade for goods.

So if our money supply equals the total amount of debts, owed by governments, businesses and citizens, for all debts to be paid off would be to extinguish the money supply.

Bankers garnered this omnipotent power of creating money from governments with special charters to essentially counterfeit a nation’s money by making loans.

Bank(er)s create money with a few keystrokes by entering the amount borrowed beside your name on a bank account. That’s it. No cash is switched from one account to another. The amount borrowed, with interest due, is simply created from thin air. Nice gig if you can get it, creating money from thin air that is charged interest. And you thought only God could create from the void.

Two questions arise. Why would any government borrow at interest, putting the citizens in very serious hock, that which they could create debt free themselves? You’ll have to ask the politicians the answer to this one!

The second question is; if bankers create our money supply, equalling just the total sum of loans (principal), where does the money come from to pay all the compounding interest also owed on those loans? The answer to that is through more loans/debt having to be continually taken out to expand (create more) money in a never ending cycle. A ponzi scheme you say.

Yes, one that demands an ever expanding economy to absorb more loans/debt on a finite planet. If you look into the future you can see where this all ends with the bankers eventually foreclosing on everything and owning the whole world. And this my friend is our monetary system and our biggest problem in a nutshell.

The remedy is a simple one. Money issued debt free in just the right quantity by governments to meet the needs of all commerce. This has been done but the bankers tend to stop at nothing to stamp it out.

 

Brad Fuller

Just Posted

Nelson Leafs’ win marred by dangerous play

Nelson is undefeated through the first five games of the season

VIDEO: SPCA ushers in new era with Castlegar facility

$2.69-million project had ribbon cutting on Friday

Slocan seniors’ housing hosts grand opening Sept. 27

The society wants to give the public a glimpse before tenants move in and the weather changes.

LETTERS: Tom Fletcher analysis is as outdated as the Edsel

Dona grace-Campbell takes issue with columnist Tom Fletcher’s column on the carbon tax

VIDEO: Lydia Kania is here to skunk you

The Vallican track athlete has turned to cribbage in her senior years

Whitecaps see playoff dreams fade after 2-1 loss to FC Dallas

Goal in 87th minute seals Vancouver’s fate

B.C. students send books to displaced students of Hornby Island school fire

Maple Ridge elementary school teacher says students learned about acts of kindness

WHL: Kootenay Ice drop Calgary Hitmen 5-3 in home opener

Youth take centre stage as Kootenay explodes for three second-period goals

Trump drains oxygen from Trudeau foreign policy with PM, Freeland bound for UN

A lot has changed since the Liberals came to power in Canada in 2015

B.C. man fined $15,000, barred from trading securities for fraud

Larry Keith Davis used money from an investor to pay personal bills

Emergency crews investigate small sulphuric acid spill in Kootenays

IRM states a small volume of less than one cup and three dime-sized drips were leaked from carrier

Family, friends of B.C murder victim want killer sent back to max security facility

Group wants convicted murderer Walter Ramsay sent back to a maximum security facility

Most Read