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Forum Post: It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.

Posted 2 years ago on Jan. 6, 2012, 9:29 a.m. EST by jeivers (278)
This content is user submitted and not an official statement

It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. - Henry Ford

Banks do not lend money. They simply create it from debt! In other words, if there was no debt, there would be no money! Our current financial system is dependent on us being in debt to bankers.




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[-] 2 points by ZenDog (20662) from South Burlington, VT 2 years ago

It is a bad plan, and needs complete revision.

Money is a medium of trade for our labor - it has no value of itself, it is only a perception, and all the rest is nonsense.

[-] 0 points by jeivers (278) 2 years ago

Look up how Germany instituted a new monetary policy based on "an hours wage" that was totally disconnected from international banking and moved the country from mass UN-employment to almost full employment within a year - and they bartered their goods directly with other countries. (I am of course in no way endorsing anything else the Nazi's stood for or did - but this was an effective way to rebuild a country and tell the International Bankers to go fuck off!)

[-] 1 points by zymergy (236) 2 years ago

Here is another way to look at debt: a physician cures her patient’s common cold, this process creates a debt that the patient owes to her. The patient rushes home and writes a note of appreciation and attaches it to a box of garden fruit, which the patient returns to the physician. The physician accepts the fruit as payment for the debt. Where does money enter into the process? During winter the patient catches a second cold and once again the physician cures it. This time, because it is winter, the patient can only offer a note of appreciation without the fruit. To get the physician to accept the second note the patient has to promise to provide the fruit when it becomes available once again, thus indeed the note clearly represents debt, and if the physician is wise, she will not destroy the note. If enough people trust the patient’s ability to produce fruit, if even periodically, the notes of appreciation (now promissory notes) can be traded as currency and the physician could use them to get other things she might need. However, the patients ability to produce fruit is not a very sound basis for a currency (the patient after all gets sick quite often). If my community is large enough, and has a diversified industrial economy, a common note of indebtedness could be printed by the governing institution and issued throughout the economy. Who would first get these notes? Of course it would be those people who provided some products or service to the community through government-sponsored public works and projects, earning the community’s debt (represented by the governing institution). Such people might be teachers, road builders, firefighters, soldiers, and bureaucrats. The governing institution can simply print its notes of appreciation for distribution without the need to promise any material exchange value for them, as the patient had to do earlier. This would be what is called fiat money.