Wednesday, April 09, 2008
MUST WATCH: Money Masters - How the banks create the world’s money
Just as I meant to go to bed last night, I somehow ran across the Google video:
I ended up watching the entire 3 hr 35 min movie. I found it to be fascinating. It was like watching a summary of Web of Debt and it was great to have some pictures to go with all with all the names in the book. I definitely recommend reading the book AND watching this video.
An excellent FAQ: http://www.themoneymasters.com/faqs.htm
And the proposed monetary reform: http://www.themoneymasters.com/mra.htm
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Sec. 4. ONE HUNDRED PERCENT (100%) RESERVE REQUIREMENT.
Section 19(b)(2)(A-D) of the Federal Reserve Act is hereby amended to raise the Reserve Requirement ratio for financial institutions, in equal monthly increments of eight and one-half percent (8.5%), to one hundred percent (100%), during the said transition period. No existing reserve requirements shall be reduced, but shall be increased as the overall Reserve Requirement ratio incremental increase surpasses them. The initial minimum overall Reserve Requirement ratio shall be fixed at eight and one-half percent (8.5%) for all accounts, effective in one month. United States Notes, Federal Reserve Notes, Treasury Deposits and Federal Reserve Deposits shall be included in Reserve calculations in the transition period. No waivers or exemptions to this section may be granted, and any in existence are hereby repealed.2
Sec. 5. RETIRING THE NATIONAL DEBT.
The Secretary of the Treasury is hereby authorized and directed to purchase, in open market operations or otherwise, all outstanding Federal Debt held by the public, with United States Notes; thereby the net National Debt is to be completely retired and replaced with United States Notes.3 Treasury Deposits are to be created for intra-U.S. government debt in quantity sufficient to extinguish the remaining National Debt.
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It seems like everybody agrees with those two sections at least in principle. So WHY is it not done?
I just checked Ron Paul’s http://www.ronpaul2008.com/ and there’s NOTHING about monetary reform. I looked up his “issues” and read http://www.ronpaul2008.com/issues/debt-and-taxes/. Paul carefully AVOIDS mentioning that that bankers are frauds. He claims that the GOVERNMENT is stealing. No, he’s NOT that stupid, just bought and paid for.
Ever wonder why Oprah isn’t talking about monetary reform? Why none of the business news reporters talk about it?
I can’t turn on NPR without hearing some report on the economic crisis, but NOBODY mentions how the banks defraud us and monetary reform.
Not even Alex Jones is talking about monetary reform. Gun talk and immigrant paranoia are much more sexy / profitable, appeal to the idiots who will buy their 1 year food supply and colon cleanser from his advertisers.
They NEVER talk about monetary reform.
On the other hand, search Google and there are TONS of links to videos and sites about the bankers’ fraud.
Modern Money Mechanics, A Workbook on Bank Reserves and Deposit Expansion by the Federal Reserve Bank of Chicago.
The html version is at http://landru.i-link-2.net/monques/mmm2.html and here is a relevant excerpt:
Who Creates Money?
Changes in the quantity of money may originate with actions of the Federal Reserve System (the central bank), depository institutions (principally commercial banks), or the public. The major control, however, rests with the central bank.
The actual process of money creation takes place primarily in banks.(1) As noted earlier, checkable liabilities of banks are money. These liabilities are customers’ accounts. They increase when customers deposit currency and checks and when the proceeds of loans made by the banks are credited to borrowers’ accounts.
In the absence of legal reserve requirements, banks can build up deposits by increasing loans and investments so long as they keep enough currency on hand to redeem whatever amounts the holders of deposits want to convert into currency. This unique attribute of the banking business was discovered many centuries ago.
It started with goldsmiths. As early bankers, they initially provided safekeeping services, making a profit from vault storage fees for gold and coins deposited with them. People would redeem their “deposit receipts” whenever they needed gold or coins to purchase something, and physically take the gold or coins to the seller who, in turn, would deposit them for safekeeping, often with the same banker. Everyone soon found that it was a lot easier simply to use the deposit receipts directly as a means of payment. These receipts, which became known as notes, were acceptable as money since whoever held them could go to the banker and exchange them for metallic money.
Then, bankers discovered that they could make loans merely by giving their promises to pay, or bank notes, to borrowers. In this way, banks began to create money. More notes could be issued than the gold and coin on hand because only a portion of the notes outstanding would be presented for payment at any one time. Enough metallic money had to be kept on hand, of course, to redeem whatever volume of notes was presented for payment.
Transaction deposits are the modern counterpart of bank notes. It was a small step from printing notes to making book entries crediting deposits of borrowers, which the borrowers in turn could “spend” by writing checks, thereby “printing” their own money.
I tried to get the .pdf at http://landru.i-link-2.net/monques/MMM.pdf, but the file won’t load for me. This is the best PROOF of the banks creating money I’ve seen yet. Unfortunately, they no longer provide this booklet to the public, for obvious reasons. But the cat is out of the bag and I hope that I’ll get the opportunity to conduct discovery.
2008 Monetary Reform - stopping the bank fraud • (6) Comments • Permalink
