By Mary W Maxwell
Greg Buck has done many videos for Gumshoe (remember the one on the Greek “bailout”?). He has remarkable insight into the meaning of money — there isn’t any. I always get the point of his talks, but as soon as I go out into the real world (i.e., the unreal world), I get foggy on it.
Dee McLachlan interviewed Mr Buck about the US election and how it relates to the financial and monetary status quo. He says that the bankers, by setting the cost of money low — via interest rates under 1% — make it “better” to be a speculator or a gambler than a good old talented worker. Here, Greg refers to the government making financial promises that it wouldn’t have a clue about fulfilling. Don’t miss this piece:
Could give whole new meaning to the phrase “more fun the a barrel of orangutans.”
I learned a lot off 2 very smart Australians John Seale and Don Veitch re how the money system works and how we are conned about how it works with the privately owned Central Banks.
America has great example in the Bank of North Dakota (BND) and its striking success.
While 49 state treasuries were submerged in red ink after 2008, it was doing very well.
I offer these answers to important questions, as published by John Seale:
1. How can you control interest rates?
By allowing the nation’s Central Bank to trade in competition with the Trading Banks and by ensuring that the Central Bank is under the direct control of Parliament.
Then in effect Parliament controls interest rates. Also you need legislation to ban trading in the nation’s currency.
2. How can you control inflation?
Ensure that the Central Bank is the major emitter of new money and that such emissions are only for productive purposes – infrastructure, health,education, financing manufacturing and primary industries. Legislate against any bank financing
speculation and gambling.
3. How can you control your currency against other countries?
Fix the exchange rate with each trading partner through a series of bilateral agreements from time to time.
4. Can you print too much money?
Theoretically, no, provided the emission of new money is tied to productive purposes and national assets in the form of infrastructure owned by the nation.
5. Your proposed model of money flow?
Intra-national only. Forbid the export of the nation’s currency.
6. Note: In countries such as the Russian Republic,
Poland or Brazil where the printing presses run
full tilt to pay for government operations, money
supply is expanding rapidly and the currency
becomes rapidly worthless compared to goods and
services it can buy.
Creation of new money should be done by the
nation’s Central Bank and there should be a strict
policy to issue it for new infrastructure and other
productive purposes. NOT for refinancing,gambling, or speculation.
7. The Home Market
Local exchange is better than foreign exchange,it is more desirable,more economical,more profitable,more beneficial to workers,producers,consumers.
It is is a more efficent allocation of resourses where domestic production is in close harmony with domestic consumption.
The home market for productions of earth and manufactures,is of more importance than all the foreign ones,even in countries which carry an immense foreign commerce.
Thus wealth is a function of the productive powers of a nation.
The national wealth consists of the nation’s ability to consume current material goods (‘consumption power’) and the nation’s sovereignty and independence.Individual wealth consists of an individual’s health,wealth,security and happiness.
Productive powers as consisting of the mental and physical powers of the individuals;from social,municipal,and political conditions and institutions;from natural resources;from the instruments it prosseses for mental and bodily exertions
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Also Alexander Hamilton National Credit
A obscure meaning by Mary who always manages to vex my mind, nevertheless money is like quantum physics matter can exist in two separate places at the same time also I presume matter can exist in time and not exist at the same time? what I mean is debt such as America;s national debt of what 18 trillion dollars? in time the debt will ultimately disappear as a result of money becoming valueless?
Why Australia has a problem with National debt I do not know? the debt will not become a debt of our childrens childrens ad infinitum as it will just dissapear, you never hear America on about debt passed on? only the inferiors such as individuals and cultures having to pay debts, Why?
Almost 20 trillion.
give or take a tril
$ 19,821,522,000,000. and climbing too fast to keep up with. Sorry.
The problem with the super wealthy is this family is a self referral system that is convicted of its ultimate quest? that is the enslavment of all to become servile? the problem with this quest will be similar to teh fall of the Roman Empire or possible Hitlers ideology? that is the conquerers lounge around on couches admiring nude paintings as a higher realm of superiority or and orgies of gross desire, although myself I may even indulge in being part of this saga, would intuitvely understand the folly of this vision?
The Elite, base there philosophy on the the insect and animal world of deception as such the complexity of living upon this planet is such that this primeval urge will not address these types of problems, we are at present governed by the super rich under the guise of democracy and the rich works the lobbyists that work the politicians and Trump will be all part of the system of the pawns and its manipulation of the masses.
The problem is the money and the system belong to the Federal Reserve and the so-called elites. It’s not our system. It’s theirs. There is no “we” involved in that. What “we” need to do is learn how to live without engaging with their system. Maybe stop “doing stuff” so that their system collapses. They certainly don’t want to do stuff and build things. They’re too busy playing with their play money. How much is their system worth when no stuff is being made? Only as long as their stuff lasts. I certainly don’t want to have to depend on greedy, selfish, cruel individuals who don’t give a flying fig about any of us and who just use us to make the gears turn for their system. We will be able to do so much better without them and could very shortly see an amazing amount of progress in a very short time.
Speculator 247 for Treasurer.
Why not!
Thomas Jefferson quote:”If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered…. I believe that banking institutions are more dangerous to our liberties than standing armies…. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”
Nice words for sure, but too late. The U.S. was sold out in 1913 and you know what happened to the presidents who were about to put the money powers back into the hands of the U.S. Treasury, right? This system entrenched itself around the world. I’d love to think that one of the English speaking countries would act independently to put an end to or even change the system that keeps the monarchs and other super wealthy living in the style they believe they deserve, but the probability of that happening with the governance that currently exists is zero. All of these ideas sound good on paper, but are really just theoretical because of the possibility/probability of them being corrupted. And, any system based on consumption and/or growth is unsustainable. We’ve got to step outside the box now. It’s not our box.