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Originally posted by TheGreatestScam
reply to post by afoolbyanyothername
There is no natural law that says that a Government cannot print or mint its own money; there are only human made laws that prohibit such acts, for example the Maastricht Treaty banning any European signatory from creating its own money.
The US Government has, even under its man-made laws, the right to 'mint coin'. In fact in recent years it has been suggested that the Treasury mint USD 1 trillion dollar coins and walk them to the New York Federal Reserve Bank who, by law, must offer up the fiat currency of the day in return for the coins. In fact, there is no reason at all why the US Treasury cannot replace all USD 54 trillion of money supply with said 'minted coins'.
97% of all 'money supply' in the USA today is in fact digital-credit/Debt-Money invented out of thin air by private banks. Most Governments around the world give private banks the right to convert a signed 'promise to repay' (loan document) into the same fiat currency of the day. In practice this means that when you sign a USD 200,000 home loan, the bank has the right to write USD 200,000 into your bank account out of thin air without having to borrow that money from anywhere. This is fact and documented even by the Federal Reserve Board itself. This is a scam set in motion in 1913 by Woodrow Wilson with the signing into law of the Federal Reserve Act. This was not the first, or even the second, attempt to pervert US government monetary policy, it was the third time in the history of the USA. See reference to Andrew Jackson later...
There is a robust alternative to Debt Money, and that is Structural Money. Debt money requires that all money comes into existence with a debt attached at its root. Structural Money can come into existence by the Treasury or a Government owned Central Bank creating the money out of thin air but without any debt attached. The Treasury 'gives' the money to a Government department which in turn would build national infrastructure with it. That infrastructure simply sits on the balance sheet of the Government as a depreciating asset. The money never has to be returned to the department concerned.
That money then sits out in the economy forever unless the Government decides that there is too much money in supply and can remove it, and retire it, by way of taxation. Never again will there be a situation where the government has to claim poverty when it comes to the building of national capital assets.
Todays system requires that 97% of the entire money supply has to be repaid in the form of debts to private banks. If the banks stop or slow their lending, as they have done since 2007, then the money supply diminishes. When the money supply diminishes, so does the size of the economy. Therefore you get recession/depression.
So, enlightened reader, there is every reason why the government should be birthing every single dollar into the economy, and every reason why private banks should simply not exist in any form. Private banks serve no purpose at all other than to create unwanted volatility in the money supply.
I am British, I am not a socialist, in fact given that I own a large factory and employ many people, I should be called a capitalist - but that is certainly not how I see myself. I am just a professional engineer and a manager and see the world through logical eyes. I have opened my eyes, as you have done, and see the world afresh. And what I see is the largest financial SCAM every to have afflicted mankind.
Please contine to blossom your thinking by reading "Modernising Money" by Ben Dyson and Andrew Jackson of the UK organisation Positive Money. Andrew Jackson is an ironic name given that one of the greatest of all US Presidents of the same name was famed to have said on his deathbed - "I killed the banks!"