Thursday, February 14, 2013

Was Henry Ford Right? 
Would Americans Revolt
If They Knew
Who Controls Their Money? 
The Economist essay looks at money .. "MOST of what we call money is actually short-term debt created by banks when they make loans. This means that banks are the stewards of our savings and manage the payments system. As a result, they have a privileged place in our society: governments never deliberately choose to liquidate the banking system. It always appears preferable, in the short term at least, to preserve the incumbent institutions and personnel through bail-outs .. Bankers thus have every incentive to become as 'systemic' as possible and to take as much risk as possible—they know that they can almost always get these bail-outs when they need them." .. also see Pragmatic Capitalism link below that says: "The government has essentially outsourced money creation to an oligopoly of private entities." .. [Cliff Comment: The 2 essays below deal only with the everyday practical workings of our monetary system. Most money is created when banks issue credit. Therefore, banks would still exercise a great deal of 'control' over the quantity & quality of money, EVEN IF the government & the people retained 'oversight'. It is the 'forfeit of oversight' that we most often write about. More than just the bank's everyday practical control of money, formal control has been granted to a private 'cartel' to control the nation's banks & our nation's money. We have been saying that the 'outsourcing' of formal control of America's $ is contrary to the U.S. Constitution - Article I (not an Amendment that was attached later, like an afterthought .. Article I). When will America realize that Federal Reserve 'Notes' are not acceptable as money according to the U.S. Constitution? In the U.S. Constitution, only Congress has the right to coin money .. YET today Congress does not even have the right to audit the private group that issues & controls America's $ .. OUR MONEY is not controlled by the government or the people. It is controlled by the same people who 'gamed' the system for their personal profit at the expense of the 99%. Will there be any real change coming from either political party? Not while banks formally control the money that operates the government that sets the rules to run the system.]
LINK HERE to commentary by Pragmatic Capitalism

1 comment:

romeman said...

Pragmatic Capitalism is redirecting to a Go Daddy web space "parking" page. Hmmmm....