The authors envisage converting from fractional to full reserve essentially by having the central bank print some truly astronomic quantities of new money, and pay off all the country’s debtors. And when I say “astronomic” I mean something like 200% of GDP: which makes QE look like extremely small damp squib.
Originally posted by soulshn
Another very interesting piece coming out of the mainstream British media. Like the author, however, i am undecided on wether this would be a viable solution; as badly as the private banks have run our economy into the ground i have little hope that turning the reigns over to just-as-corrupt governments would prove any better.
None the less it is refreshing to see the bankers being called out on exactly what their 'fractional reserve system' equates to: money "ex nihilo".
(visit the link for the full news article)
Originally posted by dawnstar
am I understanding this right??
the mortgage debt would be forgiven, although we'd still have to pay the interest (the interest on most mortgages equate to about the value of the home, do they mean all of it??? and yet, the assett, the home is taken from them, and replaced with pieces of paper that probably aren't worth much more than the paper they are printed on???
Originally posted by magma
reply to post by phroziac
You would be homeless or you would assimilate.
Unless you have no debt and you earn off the grid owning your own land, then where else is there to go.
Even then you still must trade to survive.
The conjuring trick is to replace our system of private bank-created money -- roughly 97pc of the money supply -- with state-created money.
The US Federal Reserve would take real control over the money supply for the first time, making it easier to manage inflation.
Of the 89 less developed countries that received IMF loans between 1965 and 1995, 48 are no better off economically today than they were before receiving IMF loans;
Of these 48 countries, 32 are poorer than they were before receiving IMF loans; and
Of these 32 countries, 14 have economies that are at least 15 percent smaller than when they received their first IMF loans.
As they say on p.7 “the principal of all bank loans to the government (20% of GDP), and of all bank loans to the private sector except investment loans (100% of GDP), is cancelled against treasury credit.”
another great "idea" concocted by the elite banking to clear themselves of the debt that they have accumulated while screwing nations and their populations