Left: John Kenneth Galbraith, who said that “the process by which money is created is so simply that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent.”
Double entry bookkeeping, less accurately also known as ‘fractional reserve banking’, is how Banks create money. We have $250 Trillion in debt outstanding to a bunch of total idiots, who have created all the credit and money with the flick of a pen.
The Good News is: if they can do it, so can we.
You’ll have to forgive the poor quality of the video production, but the message is clear as it gets. Also, I can’t embed videos anymore, WordPress demands me taking some sort of deal, and Dutch stinginess has prevented me from giving in.
This is how easy it is to create a credit based money supply, be it usurious, or interest-free. This is all there is to it.
And this also makes all discussion superfluous.
Since we can create all the credit we need at close to zero cost in a simple database, it’s obvious that we should do just that.
Why pay $12 Trillion per year in Usury to a really small number of parasites, while we can create all the money we need for a minute fraction of that gargantuan sum of money?
No morality is needed. No deep historic and economic analysis. No debate.
The only question Humanity has to answer is: ‘0% or 5%. Take your pick.’
And by having allowed this mess to get so out of hand, with the Bankers ready to consolidate the debt in a World State, the question has become acute. One of sheer survival.
The Way Forward During The Greatest Depression
Populists, monetary reformers, Christians, Muslims, normal people, they must know the basics: that money rules, that Power is with the Financial System, and that that is the enemy, and Usury the cancer we must rid ourselves from.
And that we need credit, as human beings in advanced economies. There is no shame in that! There is shame in taking Usury! The Usurer has no ‘rights’ whatsoever, and our right, and indeed destiny, is Usury free living. Interest-free credit.
We have the knowledge, we have the tools. On a national level, we must demand it, and we must settle for nothing less.
And we’re not waiting for ‘politics’. At all. We can create these currencies as private players. We must, because we all know nobody is going to within the State apparatus. They’ll be too busy evicting everybody getting bankrupted by the Gold induced deleveraging that is coming.
Having said that: improvement of current proposals remains as necessary as it was in 2010, when we started discussing these things.
Current complementary currencies still lack the ambition, the scope, and very much the monetary architecture necessary to create really high end, ultra cheap, super effective types of money.
It’s all good and nice to create ‘local currencies’, but often their purpose is to be nice and green and local, or God forbid, ‘sustainable’. Instead of seriously attacking wholesale interest, debt, and wage slavery.
The purpose is not ‘local’ money, but interest-free money, and that’s why it’s also important to have sufficient scope for the currency, because it needs wide circulation before a lot of credit can be allocated, this is vital.
The goal of monetary reform is to first lessen the damage of, and ultimately entirely do away with Banking. To completely reclaim money and credit for the Commons. To destroy all ‘cost for capital’, which is just a free lunch for snakes. It has nothing to do with ‘social cohesion’, and ‘the environment’. These are just nice to haves that are automatic in a decent economy.
Blockchain can be used for such currencies, and indeed, there have been interesting steps in the right direction out there. Very much so. But the technology is not central. As can be clearly seen in the video, it’s basically completely low tech. All you need is a simple database, and some software to manage transactions and everything involved in a credit and payment system. These software packages exist. They too need further development, but we’ve got a lot to work with.
Just do it.
The Goal of Monetary Reform
Concepts of the Gelre, or: What is ‘High Powered Working Capital’?
Mutual Credit, the Astonishingly Simple Truth about Money Creation
More on Mutual Credit
Mutual Credit for the 21st century: Convertibility
Anthony Migchels is an interest free currency activist and founder of the Gelre, the first regional currency of the Netherlands. His articles can be found at http://realcurrencies.wordpress.com. Contact him at [email protected]
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