Words to live by. So why does no one live by them?
There is a gentlemen’s agreement among economists and politicians not to speak of a certain subject — at least not if they value their
careers. That subject is debt-free currency – the alternative to privatized, central bank currencies which are really coupons of debt.
In other words, our politicians value their careers more than they value their responsibility to the nation and the people. So they pretend not to
There are essentially three different types of currency; three systems with very distinct characteristics and economic effects.
1. Commodity currency (usually gold, or gold certificates)
2. Debt-based currency (coupons issued by a central bank such as the Federal Reserve and loaned into circulation)
3. Debt-free currency (money issued by a sovereign state and spent, not loaned, into circulation)
Gold has always been the preferred currency of elitists; its scarcity makes gold currency a natural instrument for financial oppression. The gold
standard, for example, enabled the Great Depression to be inflicted on the masses — giving rise to the Third Reich and very nearly global fascism.
But gold, as a commodity, has little utility beyond adornment — so its much vaunted “intrinsic value” is dubious at best.
The other two currency types are fiat monies; so-named because money is created by decree rather than by accumulation of gold. A system of fiat money
can be bad or good, depending first of all on whether it is debt-based or debt-free.
It is understandable that economists and bankers would prefer an environment in which the machinations of debt currencies, fractional banking and a
multitude of debt instruments are financially beneficial to themselves. But why do the people abide politicians who refuse to risk their careers to
create an economy that would remove the debt burden, not only from themselves, but from the people? They would be heroes.
A proper currency is neither chained by gold nor privatized by the banking elite. Money is rightfully issued by each sovereign state as a public
asset, used to pay the operating expenses of the state. This imbues fiat money with intrinsic value: the value of those goods and services for which
it was initially exchanged. Thus fiat currency could be debt-free and possess a more solid intrinsic value than that of some glittery metal.
Now the question arises: How does one control inflation under a debt-free system? And the answer is that controlling inflation is the proper role of
taxes. With debt-free currency, since the state can issue whatever money it needs, taxation is only necessary as a means to soak up any excess money
supply. When inflation is low, tax rates would automatically go down. If inflation should spike, tax rates must immediately rise according to a
pre-established scientific formula. But so long as the money being created is not wasted, its intrinsic value poses an effective barrier to inflation.
Petitions to secede from the US are ridiculous because it leaves the banking cartel firmly in the driver's seat. But governments do have the
constitutional authority to secede from the banking establishment.
Legally, debt is to be considered odious if the government used the money for personal purposes or to oppress the people. Moreover, in cases where
borrowed money was used in ways contrary to the people’s interest, with the knowledge of the creditors, the creditors may be said to have committed
a hostile act against the people. Creditors cannot legitimately expect repayment of such debts.
So rather than zapping off politically motivated petitions to secede from the nation, maybe a more logical approach would be to petition government
for the elimination of the odious debt that holds both politicians and citizens hostage to the banking elite and to create a debt free economy.
Wall Street investors might not like that much but, oh well, sometimes you're the windshield and sometimes you're the bug.