Debt-Money is The Fiscal Cliff

“There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt.”

John Adams, 1816

A nation, and a world, that must pay interest to a private cartel to create its own money is not only under some monetary voodoo but is destined for bankruptcy and worse. Interest upon interest until the burden means inevitable and ruinous austerity, bankruptcy, ruin of democracy, and revolution.

Every nostrum and penalty is discussed today to “fix” the fiscal cliff except the very one that can save us – i.e., nationalization of private central banks. In a bankster controlled media we still hear the chant about the vital “independence” of “our” central bank – i.e., the phony “Fed” and “Bank of England.” Etc. What utter garbage this independence scam is, the idea that the people should have no say over their own monetary affairs, and this despite our constitutional provision for an elected Congress to control our money creation. We have been absolutely brainwashed.

What elected congress would have voted to give the banks sixteen trillion? Any congressperson that voted for such would be defeated in the next round of elections. But we don’t have that right to either elect our central bank chairman and board and/or see that an elected congress handles our affairs so that we have the ability to course correct and change policies.

With a public central bank, congress can authorize money as needed to pay our bills, without interest, without debt to private persons and cartels.

There is simply no need for any nation to BORROW its own money at interest.

There would be no fiscal cliff and looming austerity and depression were we creating money as needed to pay our bills. Most money created would go directly to a broad middle class who would spend it into the economy and thereby greatly increase the velocity of money. Instead we have a greatly falling velocity of money and a veritable trickle-up funnel going to the top one percent. This is the way to ruin an economy and generate incredible stress, despair, uncertainty, fascism and worse.

Control over interest rates is, and should be, the people’s prerogative.

Consider that we could have stable, unchanging, two or three percent home loans direct from our treasury and placed at low costs thru local private or public banks. We wouldn’t then be jocked around by continual interest rate and value changes. We would be buoyed by stability.

Today, the private central bank cartel is on its last legs, and it is enriching themselves at our expense, and preparing to buy virtually every public asset with it out-of-thin-air money they can dispense to their owners and allies.

Instead of their own bankrupty and nationalization, they have sold us pitiful taxpayers their toxic loans and thus created more debt for the public. This debt is odious and should be repudiated.

The reason we see low interest rates today is because they are forestalling their own doom, realizing the game is ending and hoping the low rates will save the combined destructive forces of “free trade” and debt-money.

In any case, we don’t need these unelected middle-men banksters taking a rake-off of every dollar created. We can create our own money and get things done that need to be done, get people employed and spending money into the economy. We can have a stable, prosperous, and progressive economy.

As for currency value effects? Everything is relative. If our spending is too much relative to other nations our currency value will drop. If this happens then our manufacturing will gain an advantage. If our currency value rises then imports will be cheaper. The rest of the world is facing the same structural problems, and a private central bank regime is the worst possible part of the structure of “our” economy.

When one considers the factor of rising automation and the destructive, de-stabilizing effects of forced “free trade” the future is about getting income to, and employment for, for the people. What needs to be done, however, cannot be done with private central banks and debt-money. The time has come to end this scourge, and fix the cliff for good.

Kent Welton,

www.PublicCentralBank.com