{"id":9051,"date":"2015-06-13T06:41:32","date_gmt":"2015-06-13T11:41:32","guid":{"rendered":"http:\/\/olduvai.ca\/?p=9051"},"modified":"2015-06-13T06:41:32","modified_gmt":"2015-06-13T11:41:32","slug":"fast-track-hands-the-money-monopoly-to-private-banks-permanently","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=9051","title":{"rendered":"Fast-track Hands the Money Monopoly to Private Banks \u2014 Permanently"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/www.washingtonsblog.com\/2015\/06\/fast-track-hands-the-money-monopoly-to-private-banks-permanently.html\" target=\"_blank\">Fast-track Hands the Money Monopoly to Private Banks \u2014 Permanently<\/a><\/h3>\n<blockquote><p>It is well enough that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. \u00a0\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u2014 Attributed to Henry Ford<\/p><\/blockquote>\n<p>In March 2014, the Bank of England let the cat out of the bag: money is just an IOU, and the banks are rolling in it.\u00a0<a title=\"So wrote David Graeber\" href=\"http:\/\/www.theguardian.com\/commentisfree\/2014\/mar\/18\/truth-money-iou-bank-of-england-austerity\" target=\"_blank\">So wrote David Graeber<\/a>\u00a0in\u00a0<em>The Guardian<\/em>\u00a0the same month, referring to a BOE paper called \u201c<a title=\"Money Creation in the Modern Economy\" href=\"http:\/\/www.bankofengland.co.uk\/publications\/Documents\/quarterlybulletin\/2014\/qb14q102.pdf\" target=\"_blank\">Money Creation in the Modern Economy<\/a>.\u201d The paper stated outright that most common assumptions of how banking works are simply wrong. The result, said Graeber, was to throw the entire theoretical basis for austerity out of the window.<\/p>\n<p>The revelation may have done more than that. The entire basis for maintaining our private extractive banking monopoly may have been thrown out the window. And that could help explain the desperate rush to \u201cfast track\u201d not only the Trans-Pacific Partnership (TPP) and the Trans-Atlantic Trade and Investment Partnership (TTIP), but the Trade in Services Agreement (TiSA). TiSA would nip attempts to implement public banking and other monetary reforms in the bud.<span id=\"more-9456\"><\/span><\/p>\n<p><strong>The Banking Game Exposed<\/strong><\/p>\n<p>The BOE report confirmed what money reformers have been saying for decades: that banks do not act simply as intermediaries, taking in the deposits of \u201csavers\u201d and lending them to borrowers, keeping the spread in interest rates. Rather, banks actually\u00a0<em>create<\/em>\u00a0deposits when they make loans. The BOE report said that private banks now create\u00a0<em>97 percent<\/em>\u00a0of the British money supply. The US money supply is created in the same way.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fast-track Hands the Money Monopoly to Private Banks \u2014 Permanently It is well enough that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. \u00a0\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 [&hellip;]<\/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":[63,5949,4162,6332,6333,804,805,808,1133,1132],"class_list":["post-9051","post","type-post","status-publish","format-standard","hentry","category-economics","tag-banks","tag-fast-track","tag-monetary-reform","tag-money-monopoly","tag-private-banks","tag-tpp","tag-trade","tag-trans-pacific-partnership","tag-transatlantic-trade-and-investment-partnership","tag-ttip"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9051","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=9051"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9051\/revisions"}],"predecessor-version":[{"id":9052,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9051\/revisions\/9052"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}