posted on Jun, 11 2010 @ 06:44 AM
An income cap isn't necessary.
What is really needed is a reformation of the fundamental components of how the financial industry operates. Not more regulations, not more laws...
just a change in one very simple concept: compound interest.
If banking becomes a public utility, then credit can be created of, by, and for the people, and provided simply if you can maintain a reasonable
credit rating. No more control by the banks, determining which things get funded and which don't, even if it's against the people's wishes. No
more denying projects funding because they might serve to diminish the power of the partnership between governments and banks.
If you make a bank account "leak" money... say 1% per year into a fund that finances the operation of the banks, then you prevent hoarding of money,
and get it moving, which stimulates the economy. It would be like a reverse interest rate.
This has been tried historically, and contrary to the fear many people might have of a system so "backwards" it actually had tremendous effect
creating social harmony, equality, opportunity, and wealth.
The "rich get richer" wouldn't be automatic anymore, unlike today. Today, you have people who, because of their financial power, get richer simply
because they have money. And those who don't get that money loaned to them at interest, putting them on a hamster wheel trying to pay off a debt
when the compound interest machine keeps rolling forever.
It's been calculated that in 400 years of banking, the banking and finance industry has burdened the working classes with over $1 quadrillion in
money that was paid on debts for money created by the banking system, with another $1 quadrillion still owed.
This insanity is the result of compound interest, which is a component of our economy that doesn't have to exist at all. The only reason that it
does exist is because the people who designed this system profit from it enormously, and don't want to see it run any other way.
"Compound interest is a tax on the poor, and a subsidy for the rich."
"As we have already shown, every dollar that exists today, either in the form of currency, checkbook money, or even credit card money – in other
words, our entire money supply – exists only because it was borrowed by someone; perhaps not you, but someone.
That means all the American dollars in the entire world are earning daily and compounding interest for the banks which created them. A portion of
every business venture, every investment, every profit, every transaction which involves money – and that even includes losses and the payment of
taxes – a portion of all that is earmarked as payment to a bank.
And what did the banks do to earn this perpetually flowing river of wealth? Did they lend out their own capital obtained through investment of
stockholders? Did they lend out the hard-earned savings of their depositors? No, neither of these were their major source of income. They simply
waved the magic wand called fiat money."
- G. Edward Griffin
Socialism, communism, and even capitalism are all attempts to assuage the dissent that the masses offer against a system that they know is inimical to
their interests. Everyone can feel that something is wrong... When you work harder each year than the last, but your money doesn't go as far.
When you see that every time you turn around, there is a heavier financial burden being placed on you, and the apetite of the government and the
banks goes unchecked, until the parasite that these institutions are becomes so large that it thretens to kill the host.
When this kind of social desperation becomes entrenched, societies break down and force a restructure, often through violence.
What we want to do is to avoid all that nonsense by establishing a system that works inherently to benefit those who work, those who innovate, and
those who create, while also giving no incentive for parasitic behavior or creating a class of people who manipulate, control, or saddle other classes
with imaginary debts used to support their lifestyle of power and control.
[edit on 11-6-2010 by 30_seconds]