As we survey the world scene of worsening poverty and the growing enslavement of entire peoples to corporate power, several common denominators emerge from this heaving sea of human misery. Greatest of these is the prevalence of debt. Most people, most businesses, are in debt. Possibly all major corporations can only appear solvent by voraciously plundering assets. Virtually all governments are so overwhelmed by national or Third World debts; they see no hope of ever becoming solvent.
The bigger the nation, the more heavily mortgaged it seems to be. The United States’ combined debt to the banking institutions is around $22 trillion – many times all the dollars in its economy. Virtually every nation is in a similar condition and the total world-wide debt to these banks is many times the amount of money in existence.
The debts can never be paid off! Any nation that resolved to settle its debts would have to transfer all the money in its economy into the accounts of the lending institutions, plunge its people into poverty and bring its economy to a catastrophic standstill – and it would still wind up with an unrepayable debt. Look at nations such as Argentina, Peru, Brazil, Mexico or Guatemala, this is precisely what happened.
How debt makes nations subservient
In a world dominated by debt at every level, the world’s creditors and those they favour become the dominant powers. We witness a growing subservience of governments to interwoven and co-ordinated corporate and banking powers.
The lender is senior to the borrower. The former retains claim of ownership upon the borrowed money and the latter uses it temporarily, subject to the lender’s permission. The borrower must also pay a charge for its use – interest. The borrower is not free whilst an obligation to repay is outstanding; someone else has a claim over their endeavours and the fruits of their labour.
When those debts cannot ever be discharged, except by further borrowing, amassing further debt, then the power held by the lender is permanent, pervasive and almost absolute.
How debt destroys democracy
Where a hidden unaccountable power can make government dance on its debt-strings there can be no true democracy, only a mimicry of it that must forever hide its true nature from the people. Whilst the world’s media is over its head in debt, there can be no true freedom of the press, whilst the media barons dare not displease their money masters.
Hard to accept or not, the fact of the matter is that an unaccountable financial elite has quietly seized a near totalitarian power exercised through “creating” and lending the world’s money supply. The misery, confusion and decay we see at every hand, even in the most powerful nations show that this elite is not benign.
Debt is created out of nothing
All of this begs one very important question: if the entire planet is over its head in debt to a small clique of money lenders and if that debt is greater than all the money in existence, where did our creditors find the money to lend us? The answer brings something ugly into the spotlight – the biggest global fraud ever inflicted upon mankind.
In essence, they lend money that does not exist! It works like this: when anyone – an individual, business or government borrows, e.g. £1 million from a bank, what occurs is simply a changing of numbers in columns. No other account anywhere is touched. New money is created out of thin air as soon as it’s loaned. Whoever borrows that newly conjured money has to pay it back, plus (say) 10% interest. Simultaneously a debt of £1.1 million is created out of nothing.
Governments create virtually no money themselves. It is perfectly feasible for them to create money to supply the economy, but they do not. Instead, governments have surrendered to the banks a mandate to create their money for them who supply it by lending it at interest. As debt must exist in order for money to exist, we as a people must carry ever-increasing debt burdens in order to supply our own economies with that token of exchange we refer to as money.
Debt means financial slavery and control
It is not hard to see that this is unsustainable. The banking cartels control the world’s money supply, amassing vast wealth and power from what is no more than legalised counterfeiting. Should we tolerate this crime a moment longer?
We are lucky in that it is rectifiable. Any government could revoke the bankers’ unearned privilege quite easily, but at this time have no will to “buck the system”, essentially because no demand comes from their populations because they are unaware of the truth.
We are unaware because it has been omitted from our education, media and publishing industry, omitted from debate and obscured behind false information and chaos. Instead we blame and fight one another in the confusion the money powers find so easy to manufacture. Consequently, our troubles grow steadily worse because the true cause is missed.
Let us unite
Now we understand the nature of that oppression, we see that cutting off its power at source can break it. That source is its privilege of creating money and lending it into circulation; take it away, and it would have nothing. Not only that, we would be contemplating the very real possibility of an era of freedom, prosperity, and true democracy for all people.
If we were to join around this point of agreement and in a unified way incorporate a loud denunciation of the fraudulent money system into our campaigns, then we are armed with a weapon that oppression cannot withstand. We find ourselves in possession of the power to sweep it aside and restore sanity, stability, prosperity and justice to the people of Earth.
[Abridged from an article by Kieron McFadden who writes from the British Association of Money Reform. Tel: 01342 410962; firstname.lastname@example.org]