Our system of money-creation was invented and developed during a time when war was seen as glorious, when the strong robbing and managing the weak was admired as good and right, and when class oppression was thought desirable in the interests of making a strong nation. Banks create money in a way that supports those activities. Today, the world is a different place and our objectives are – officially, at least – more-or-less opposite to the ones listed above. But we are still lumbered with our antiquated system of creating money as debt: all money, even notes and coin, is debt from banks of one kind or another.[1]
The title of this chapter is an accusation. A massive industry of debt-creation (‘financial services’) is today devoted to creating money and value for the rich and debt for the less-well-off. It has become an enormous cancer on humanity, draining life and livelihood from productive workers, the would-be working and the poor. As for the poor, they are now an increasing portion of the world’s population, despite advances in science, technology, entrepreneurship, productivity, mechanisation and organisation. Our money system concentrates power, and is a machine for transferring property from the people to financial predators.[2] The process has taken us so far towards self-annihilation, why not state the obvious: if you believe that riches should be gained in return for contributing something to the common good, we live not under ‘democracy’ but kleptocracy – rule by thieves.
Gaining control of the money supply has always been an ultimate dream of the ambitious. ‘The Richest Man Who Ever Lived’ – Jacob Fugger, a German born in 1459 – kick-started his career by getting control of the Emperor’s silver mines.[3]
…click on the above link to read the rest of the article…
