reply to post by truthinfact
We switch to a debit and credit based currency as opposed to cash.
lol the majority of money is already debt and credit based. The majority of money is actually bank credit, nothing more than numbers on computers. In
fact over 95% of all money only exists in digital form. And the paper cash that does exist, are Federal Reserve notes based on Government debt. There
is actually more debt than money in existence, because in our current monetary system, debt literally equals money. The growth of the money supply is
inversely proportionate to the growth of total debt.
But getting back to the point here... if people actually pay attention to what happens, we can stop them from implementing any wild plans without a
general public consensus. Getting rid of the Federal Reserve system is one of the best things that could happen, providing that the system which
replaces it is moral and effective. What they need to do is replace it with something which is truly a public Government institution with very high
levels of oversight and transparency, so we know exactly what they are doing at all times.
If the Government did that they wouldn't need to trade debt just to create new currency, and they wouldn't need to spend our tax dollars paying off
interest on currency which was created from thin air by private bankers. I'm talking about something just like Lincolns Greenback (aka the United
States Note). Yes, it was a fiat currency, but it's much better than debt-based fiat money issued at the whim of a semi-private institution. The
Government simply can't afford to switch to a gold/silver standard.
And without the easy credit provided by fiat currency our economy would stutter, especially if we experienced a sudden shift away from fiat currency.
A Greenback-like currency is the next best thing... and that's honestly what the Government needs to do. Take the power of creating money away from
the private bankers once and for all. We've played their little game for long enough and we know it doesn't work, it's time to try something else,
something we know the bankers are scared of.
"It is advisable to do all in your power to sustain such prominent daily and weekly newspapers, especially the Agricultural and Religious Press,
as will oppose the greenback issue of paper money and that you will also withhold patronage from all applicants who are not willing to oppose the
government issue of money. To repeal the Act creating bank notes, or to restore to circulation the government issue of money will be to provide the
people with money and will therefore seriously affect our individual profits as bankers and lenders. See your congressman at once and engage him to
support our interest that we may control legislation."
~ Letter by James Buel, Secretary American Bankers' Association, 1877
edit on 10/11/2012 by ChaoticOrder because: (no reason