By Sumiitra Yiohan Sooriaarratchi
If all the debts in the world were paid-off then there would be no money left in circulation. That’s because money equals debt and debt equals money. In the current financial system that we subscribe to; the only way to create money is through issuance of debt – this makes the banks very powerful as they have a monopoly on the creation of money. Fiat money does not have any intrinsic value and is created via debt where the fiat money isn’t backed by something real like gold or silver. This process happens whenever a government “prints” money under what is known as the fractional-reserve banking system.
There are many arguments both for and against this system. The United States of America in particular has had a colouful past with many different forms of the Federal Reserve Bank a.k.a the Fed. In the past U.S politicians like Andrew Jackson and John F. Kennedy have challenged the Central Bank and The Fed. Andrew Jackson succeeded but John F. Kennedy could not complete his work as he was assassinated.
In my own experience working at banks for ten years including the treasury department of a Southeast Asian bank; what I realized was that even bank employees don’t really understand how money is created. The funny thing is that banks don’t really bother to educate the employees on the origins of the system that they work for. The people of the world including bank employees truly are blind unwitting slaves of the system that preys upon them. Its no surprise that both governments and banks treat the public with utter contempt as they know that most people are easily duped, manipulated and distracted by the facade of everyday life. The people just don’t have the time to read or understand anything of any importance.
I have covered this topic in a previous article The American Dream & The Story Of Your Enslavement about how the system affects and enslaves you.
In this interesting speech Peter Schiff goes through what the Fed is all about and the Feds policies created the economic mess of 2008.
Peter Schiff can be really funny sometimes. One funny quote from the video below is – “Former Fed Chairman Ben Bernanke is going around promoting his new book -The Courage To Act- I mean how much courage does it take to print money? The real title of the book should be -A Cowards Way Out. You see that book at the airport bookstore. If you see that book you should move it to the fiction section”. 🤣🤣🤣🤣🤣
This video below is a part of the Zeitgeist film trilogy that focused a lot on the finanical crisis of 2008 or the Great Recession.
Memes by Don Mashak (@DMashak) Twitter