This video by Peter Schiff gives a pretty good explanation of the parallels between Greece’s current dilemma and the disaster that will eventually overtake Americans.
Unfortunately, neither Schiff nor anyone else in the financial spotlight is talking about the only real solution, which is to end the debt imperative and the growth imperative by taking usury/interest out of the money system. It needs to be recognized that the entire system of global money, banking, and finance is bankrupt and cannot be sustained. I wrote about that more than twenty years ago in my first book, Money and Debt: A Solution to the Global Crisis which can be downloaded for free.
Bill Bonner is absolutely correct in calling the monetization of debtThe Grandest of Larcenies. He points out that, “Rather than honestly repaying what it has borrowed, a government merely prints up extra currency and uses it to pay its loans. The debt is “monetized”…transformed into an increase in the money supply, thereby lowering the purchasing power of everybody’s savings.”
As I argue in my new book, The End of Money and the Future of Civilization, enabling governments to spend more than they take in is half of the purpose of the central banking regime, the other half being to give the banking elite the privilege of charging interest on the people’s own credit.
As Bonner further points out, “Of course, the Fed will not want to do such a dastardly deed; but it will do it anyway.” They are desperate to keep the game going and the only other alternative is to let interest rates rise as government seeks to sell more of its debt to increasingly reluctant lenders abroad.
Government, for its part, must either cut its profligate spending or raise taxes, or both. From the rhetoric coming out of Washington, it is clear that social programs, like Social Security and Medicare, are on the chopping block, but not sacred cows like military spending or bailouts for banks and corporate dinosaurs–the empire must be preserved. Trial balloons for new taxes are now being floated. Is a VAT (value added tax) on the horizon?
As in the Weimar Republic between the World Wars, the politicians and bankers today may decide that hyper-inflation is the least onerous of their available options. The middle-class can say goodbye to their hard-earned savings.
It should be clear by now that there are many aspects of our present civilization that are neither just and equitable nor sustainable. But in the midst of the deepening global mega-crisis we have the opportunity to re-imagine and reinvent the … Continue reading →
In this isssue I describe what private currency vouchers are and how they can help solve the money problem that I’ve been writing about for the past 35 years. Here’s the full table of contents: You can read the entire … Continue reading →
Unlike, government and central bank fiat currencies which promise nothing but their acceptance as tax payments, private currency vouchers promise to be redeemed for real valuable goods and services. If the issuer is trustworthy and can be counted on to … Continue reading →
Last year (2021) I gave a three part webinar presentation for The Henry George School of Social Science. In case you missed it, here is the description and the link to the recorded sessions. For each part you will find … Continue reading →
Whether one likes it or not, the end of money as we’ve known it is at hand. From a more or less conventional perspective it may look something like what David G.W. Birch describes in his Forbes article, Payments In … Continue reading →
In this issue: The Legacy and Vision of Dee Hock (b. March 21, 1929 – d. July 16, 2022) I had occasion to meet Dee Hock in September of 1995 when we were both invited to participate in the first … Continue reading →
I’m a little late in posting this here, but if you didn’t see it when I first sent it out, I think you will find it interesting and useful. 2022 June Newsletter ― Reconnecting the Monetary Economy to the Real … Continue reading →
During 2019 and 2020 we recorded a series of ten podcast interviews with leading experts and social entrepreneurs who have been working on developing and implementing improved means of exchange aimed at making the economy more equitable and ecologically sustainable. … Continue reading →
One of my most popular posts has been, There once was a river …an allegorical tale of money and credit, in which I’ve tried to show how we have all become slaves to money and those who control money. Using … Continue reading →
This little vignette written by Don Werkheiser remains one of the best concise explanations of inflation I’ve ever seen. It was published in the spring 1982 edition of Green Revolution, the journal of the School of Living a non-profit organization … Continue reading →