Tag Archives: Compound Interest

Who Actually Owns ‘Our’ Money?

banks photo

 “You never change things by fighting the existing reality.  To change something, build a new model that makes the existing model obsolete.” – Richard Buckminster Fuller  

In a piece last week http://www.globalmagnacarta.org/wp-admin/post.php?post=631&action=edit

I alluded to the ‘farcical’ nature of our money, as the taxes we pay are now used to compensate us when the banks steal our money . . . We seem to be paying for everything!!! As I pondered this the penny suddenly dropped.

(I know, I know. Not the brightest in the chandelier but I get there eventually!)

I was explaining how the next collapse will see the banks convert, not our taxes this time but our savings, current accounts and investments into their assets. “But they can’t do that” I hear you say, “It’s OUR money!!!”

Ah! No! Sadly it isn’t . . . It’s theirs! They print it (out of thin air) and then distribute it as 97% of the world’s currencies, charging us compound interest for its use (In Greece’s case at 18%). Every note, coin and digital statement in our pockets, purses, wallets and bank accounts is their property, we are merely borrowing it.

As their property, they can do with it whatever they like and that is precisely what they do. Before the penny dropped I wrote on a number of occasions about 2008 being the greatest financial heist in the history of our species. Sadly I have been misleading you and doing an injustice to the banks. As it’s their money no theft occurred!

All they did was move their money from our ‘taxes pot’ to their seriously broken ‘banking pot’ to repair the damage they had done with all of their sub-prime mortgage/odious debt lending. In taking it out of our ‘taxes pot’ this then left governments without any money to run their countries and so they had to borrow from the banks, something many couldn’t afford.

Therefore the banks insisted governments applied ‘Austerity’ measures, to meet these new debt commitments, which provided them with the excuse to take what isn’t theirs, namely our national assets. They can do all of this because they own and control the global supply of money, which they can hand out or take back whenever they choose and currently there is nothing our governments seem to want to do about it.

When the next collapse occurs they will move their money from our bank accounts into their own bank account, thereby making them solvent again and removing another vast chunk of money out of Society. In Europe the appropriate legislation has already been enacted to make it all appear legal to us, when in fact they don’t really need these cosmetics . . . because it’s all their money. (Just making the point again!)

The widening gap between the rich and poor is because the banks are now choosing to put their money, by the trillion, in the hands of their mates – the global corporations. They are not putting it with the people, who could start the economy growing again, because they choose not to.

Our enslavement by debt is, I believe, the means by which they are hardening their already extensive hold over a now very shaky global financial system that is riddled with Odious debt. (It may also help suppress our growing liberation by the internet.)

It is difficult to find alternative reasons, as I watch the tyrannical ferocity of their demands for the total capitulation of the financially insignificant country of Greece. The world is coming to recognise that this is not responsible banking practice but intimidation in its rawest form, designed to send out a clear message that nobody stands up to the banks.

And from both political and financial perspectives this treatment gets a lot worse. Not only are they destroying democracy, by putting unelected representatives in to run the country but also destroying it with debt. Demanding Greece now takes a new ‘credit card’ with a higher credit limit, to be used specifically to pay off the ‘credit card’ previously issued to them, (and invest little of it in the country), is simply repaying Odious debt with more Odious debt!

Over the years I have read a number of purported conspiracy theories, which to date I have taken with a pinch of salt. These theories suggest that all of the American Presidents who have been assassinated, from Abraham Lincoln to John F Kennedy, had one thing in common. They were all committed to taking away from private banks the issue of the country’s currency and returning it, many would argue rightfully, to a government run Public Banking system that would be of far greater benefit to the people and the economy.

As I ponder this and the mystery that still surrounds the death of JFK, I begin to wonder about these supposed conspiracy theories. Is it possible that what to me was previously ‘farcical’ is indeed lacking in any humour whatsoever?

 

Until the next time.

 

Thinking from his Book: Global Magna Carta. Returning Power to the 99% . . . If They Want It! By J T Coombes

Greece, Puerto Rica, Ukraine . . . UK!!

When the news broke yesterday that the BBC would now have to fund free television licenses for the over-75’s the preposterous nature of ‘austerity’ suddenly hit home in all of its vile reality. I don’t know why this particular cut hit home as it did. Perhaps it just highlighted the fact that the very fabric of Society is being torn to shreds. Even more sinister is that our ability to look after each other is being eroded, insidious step by insidious step.

And all for what? To pay the interest on the loans heaped upon us, as well as paying interest on the money we use for our day to day living. Every aspect of the money we use, whether it’s for paying bills or borrowing to buy a car/holiday/contents of our homes is charged out to us by private banks. It’s not cheap either, as the interest they charge is not ‘simple’ but compound, so they earn twice, by charging interest on the interest!

This government was voted in by just 24% of voters on a policy of ‘austerity’. The reasoning behind it is all very laudable.  We have borrowed beyond our means and the government tell us we need to cut back to meet our obligations through ‘austerity’ measures. What complete and utter twaddle!

The reality of ‘austerity’ is that its financial structure only benefits the lenders, gradually reducing the borrowers to penury. The glaring evidence of this is Greece, where 5 years of ‘austerity’ have reduced the country and its people to a shadow of their former selves. Banks are not lending to small and medium businesses to get the economy moving again. More debt is declared as the panacea for the already over indebted, necessitating the need to sell off national assets to meet impossible financial obligations.

It is precisely for this reason that the Greek people have now reacted in such a forceful manner. Not only electing a ‘left wing’ government into power but also continuing their strong defiance by refusing the current offers of more cuts and further social deprivation simply to pay interest to lenders.

The obscenity of all of this is the intolerable pressure heaped upon this tiny country by both politicians and bankers, who have suddenly realised that the impossible has happened and a borrower has turned round and said ENOUGH! The global financial system is now so rotten with Odious debt that a breath of resistance, such as Greece, can bring the whole edifice tumbling down like a house of cards and hence the brutal treatment being meted out.

These headlines today sum up this reality: –

Guardian – Greek citizens: “It’s like being in a war without weapons”.

The Economic Collapse – The German Siege of Greece Begins.

All for the sake of compound interest, as one country after another is brought to its knees. Cutting back on social benefits and justifying it by calling the users ‘scroungers’ is no different to calling the Greek people ‘tax dodgers’. I am not saying that there are some who are robbing the system, as there are in Greece but casting slurs is a propaganda tool to distract us from the unpleasant reality of what is actually going on.

These tactics are tearing Societies apart in many countries now, including here in the UK. Divide and conquer by setting taxpayer against supposed scrounger works, up to a point. Until the day we wake up and realise we have little or no social infrastructure with which to support any of us! This is the real cancer seeping over us now as financial values destroy human values.

The Greeks have had 5 years of an abuse designed to rob their country, whilst also robbing the people of their dignity as an inclusive part of the deal. Here in the UK we are just into a 5 year term with a government who are making my head spin with the ferocity of their cuts and the handing over of our national assets at rock bottom prices.

Are we really going to mirror the Greek experience and suffer increasing humiliation over the next 5 years to fund interest payments, or go directly to where they are now (and Iceland who is very financially healthy now) by fighting back?

The Labour party has a golden opportunity here, to regain credibility and then some with 76% of voters, by taking a leaf out of Greece’s book. Also carefully studying what is going on in Spain with the Podemos party who have ousted much of what is detested over here. With another Alex Tsipras at the helm they could halt, or end, this present government’s destructive term!

I am apolitical and love this country dearly but God knows we need anti-capitalist ideals to dominate now. We live in a Society NOT an Economy.

 

Until the next time.

 

Thinking from his Book: Global Magna Carta. Returning Power to the 99% . . . If They Want It! By J T Coombes