If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the bankswill deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.
Thomas Jefferson, 1743-1826
"If the American people only understood the rank injustice of our money and banking system - there would be a revolution before morning..."
"I killed the banks!"
Andrew Jackson, 1767-1845
"The government should create, issue and circulate all the currency and credit needed to satisfy the spending power of the government and the buying power of consumers..... The privilege of creating and issuing money is not only the supreme prerogative of Government, but it is the Government's greatest creative opportunity. By the adoption of these principles, the long-felt want for a uniform medium will be satisfied. The taxpayers will be saved immense sums of interest, discounts and exchanges. The financing of all public enterprises, the maintenance of stable government and ordered progress, and the conduct of the Treasury will become matters of practical administration. The people can and will be furnished with a currency as safe as their own government. Money will cease to be the master and become the servant of humanity. Democracy will rise superior to the money power."
Abraham Lincoln, 1809-1865
There are many examples of American heroes opposed to giving the power of fiat currency creation to private banks. They forwsaw the events of today with incredible accuracy. We who do not learn from history are doomed to repeat it. I am not overly informed on the ins and outs of our financial system but from what I do know, there seems to be a good reason for concern.
Today around 90% of all money is created by private banks as debt. That money is lent to people at interest. I see this as fundamentally wrong, money creation is a necessary service, why is that power given to private companies only loyal to profit?
That aside, there seems to be more problems. If only principal is created but interest is demanded back on top of principal, then where does the interest come from? If money is destroyed when debt is repaid, then everyone repaying their debts necessarily means less money in the economy. Which leads to recession/depression. This can only be overcome by lending more money into existence and thus continuing the perpetual debt cycle. Please point out how this is wrong? If it is not, our governments and bankers have screwed us royally.
The money is created effectively by our promise to pay it back. It is backed by our future labour. Paying usurious amounts of interest to people who own bank shares when you aren't even borrowing THEIR money is theft as far as I'm concerned. Many great Americans risked and gave their lives to protect us from debt slavery, we owe it to them to stand up for change.
Hopefully there's something I'm missing and my concern is unwarranted. That's why I'm after the input of you fine people, please show me how it's not true!
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