Forum Post: 2 Things that will stop the economic downfall
Posted 13 years ago on Sept. 28, 2011, 2:38 a.m. EST by FirstCircle
(9)
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The world economy is doomed to spiral downwards until we do 2 things: outlaw government borrowing; 2. outlaw fractional reserve lending. Banks should only be allowed to lend out money they actually have and nations do not have to run up a "National Debt". Remember: It's not what backs the money, it's who controls its quantity.
This video by Bill Still: The Secret of Oz, breaks down the problems and solutions in an easy to understand manner. A must see for all those who are concerned about the current state of the economy and what can be done to save it. http://www.youtube.com/watch?v=U71-KsDArFM
It would not be necessary to outlaw government borrowing if the government owned the Fed. The Fed is owned by a private banking cartel. In pursuit of their profits they have wrecked our economy. The have no right to own the Fed and to create our money. The government should own the Fed. Then the government could create money as needed to give us jobs. If the Fed can create trillions of dollars to buy up bad loans the banksters have made, doesn't it make more sense for the government to own the Fed and to create money to do productive things?
Until watching this video, I was unaware that the banksters had actually been beaten in their attempt(s) to undermine the monetary system. If history shows they were beaten before, they can be beaten again.
An educated public along with officials who have the wherewithall to pass laws that prohibit fractional reserve lending AND revert to a "controlled" printing of currency free from debt (interest payments to FRB) to pay for expenditures that congress authorizes.
Check out the Bank of North Dakota. They're on to something
Fractional reserve lending is just one of the tricks employed by the greedy wealthy bankers to make more money. They have many more tricks in their hats. As long as their greed is under check through progressive very high taxes they behave properly. But once taxes are lowered, they make these huge mistakes of endangering economy through gambling.
Sure. Fractional reserve lending should be outlawed.
if only it was just that simple. You also must transform over to a geothermal centered energy infrastructure and all electric cars, or the problem of limited and finite resources and the grim reality that we hit peak oil in 2004 and peak coal in 2005 eventually means that our mass distribution and energy and transportation network fails. Its not just as simple as the money itself, its the valuations of garbage in order to create the bubbles which grease the gravy train. all of those bubbles are fictions, the rich do nothing for society but parasite on it.