{"id":10032,"date":"2015-07-14T06:55:55","date_gmt":"2015-07-14T11:55:55","guid":{"rendered":"http:\/\/olduvai.ca\/?p=10032"},"modified":"2015-07-14T06:55:55","modified_gmt":"2015-07-14T11:55:55","slug":"whats-wrong-with-our-monetary-system-and-how-to-fix-it","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=10032","title":{"rendered":"What’s Wrong with Our Monetary System and How to Fix It"},"content":{"rendered":"

What’s Wrong with Our Monetary System and How to Fix It<\/a><\/h3>\n
\"\"<\/a><\/div>\n
Something’s profoundly wrong with our global financial system. Pope Francis is only the latest to raise the alarm:<\/p>\n

\u201cHuman beings and nature must not be at the service of money. Let us say no to an economy of exclusion and inequality, where money rules, rather than service. That economy kills. That economy excludes. That economy destroys Mother Earth.\u201d<\/p>\n

What the Pope calls \u201can economy of exclusion and inequality, where money rules\u201d is widely evident. What is not so clear is how we got into this situation, and what to do about it.<\/p>\n

Most people take our monetary system for granted, and are shocked to learn that the government doesn’t issue our money. Almost all of it is created by loans made \u201cout of thin air\u201d as bookkeeping entries by private banks. For this sleight-of-hand, they charge interest, making a tidy profit for doing essentially nothing. The currency printed by the government \u2013 coins and bills \u2013 is a negligible amount by comparison.<\/p>\n

The idea of giving private banks a monopoly over money creation goes back to seventeenth century England. The British government, in a Faustian bargain, agreed to allow a group of private bankers to assume the national debt as collateral for the issuance of loans, confident that the state would be able to service the debt on the backs of taxpayers.<\/p>\n

And so it has been ever since. Alexander Hamilton much admired this scheme, which he called \u201cthe English system,\u201d and he and his successors were finally able to establish it in the United States, and subsequently most of the world.<\/p><\/div>\n

<\/div>\n
…click on the above link to read the rest of the article…<\/p>\n<\/div>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

What’s Wrong with Our Monetary System and How to Fix It Something’s profoundly wrong with our global financial system. Pope Francis is only the latest to raise the alarm: \u201cHuman beings and nature must not be at the service of money. Let us say no to an economy of exclusion and inequality, where money rules, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[3172,5712,175,951,195,6225,2069,536,3731,6471,6333,1309,4642],"class_list":["post-10032","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bankers","tag-cluborlov","tag-credit","tag-currency","tag-debt","tag-faustian-bargain","tag-monetary-system","tag-money","tag-money-creation","tag-pope-francis","tag-private-banks","tag-state","tag-taxpayers"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10032","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10032"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10032\/revisions"}],"predecessor-version":[{"id":10033,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10032\/revisions\/10033"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}