A much anticipated and timely encyclical. How to implement it ?

dimanche 28 novembre 2010

NO limits in money creation...by Dr. Pinar Yesin, University of Zurich



At least 5 countries have NO limits in money creation...by Dr. Pinar Yesin, University of Zurich, i.e.  a 0 (none)  limit, that means private banks can create debts with interests as much as they can.....leading to unfair competition and crisis... and wars...


Those very huge amounts are leading th huge amount of interests to be paid, even if the interest rate is low.





Country  

Required reserve ratio/%  

Note  

Australia

None


Canada

None


Mexico

None





Sweden

None


United Kingdom

None



Other countries have required reserve ratios (or RRRs) that are statutorily enforced (sourced from Lecture 8, Slide 4: Central Banking and the Money Supply, by Dr. Pinar Yesin, University of Zurich (based on 2003 survey of CBC participants at the Study Center Gerzensee[2]):


In crisis times, value ot many assets are collapsing but most debts are kept intact thanks to the support of the politicians t0 the bankers, leading to more troubles in all the others segments of the populations.


Politicians will protect taxes to be sure to have better conditions for themselves and for the bankers.


Most taxes are going first to pay the huge and insane salaries of the bankers.










Dear  Francois,

                                You  are  absolutely correct about the banks having the right to create   "credit"  with its  corollary of "Interest Bearing Debt  to the  creator",  such creation functioning  as  "Money"   wherever it is used.     New  Zealand Ministers  of the  Crown,  like  expert witnesses   in  Commission Hearings and investigations are  currently  acknowledging that  only  around  3% of   the national  so-called   "M1"  Money Supplies  exist as  legal  tender created  by  central government administrations.  

This  admits that the other 97%   of  the   official  "Money Supply"   has been created  out of nothing  as  debt by , and to , the banking system, by the  members of that sector.   Put  another way,   the  figures  in computers that  currently  function as  "Money"    are  just  reflections of  debts owed by  individuals,  enterprises,  and  all  local  and central governments,  to   members of the  Finance Sector;  mainly  the  Banks. 

When  the late President Abraham Lincoln stated , " If the American people ever discover how  the finance system really works,  there will be a revolution before  breakfast " ,  he was  dead  serious.   It is  fear of this   contingency  which  causes the  Finance Sector,  and all the  parties which,  for   whatever reasons  want the present  privileges and  arrangements to  continue ,  that  motivates  their  unofficial representatives  to  accept all  sorts of conventions  and  apparent  restrictions to  continue.   Such  concessions,  even extending to the payment of interest on deposits with   lending  institutions of all kinds,  are accepted because they  not only  confuse the issue,  they appear to  "prove"   that banks  lend their deposits.   Factually,  all they   do is  prop up the  "Myth"  of deposit  lending,  which  all supporters of the  Debt Finance System  hide  behind;  some  for reasons of  complicity,  and others  through outright ignorance. 

Until  the  right to  create  and own  national money supplies  is  reclaimed by  representative governments, and spent  into  circulation by  them, without  debt,  but  limited  to   the proper  balance with the circulating value of Goods  and  Services,   then  the legal  extortion by the  Finance Sector  will continue.       Only  then will it be possible for  we  human  beings  to have  and  enjoy   the  wealth we  are creating , using   currently

available  resources,  without  mortgaging our  children  to  the  Banking Sector.    We need  another  Abe Lincoln. 

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