Our economy is collapsing because the private banks that create most of the money in circulation have perverted the money system beyond its original intent and design.
Instead of money being a means to an end - as a medium of exchange and a store of future value - they have turned it into an end in itself. Whereas money was our servant, it is now our master as we have become debt slaves to the banking elite, who designed the present system for the purpose of stealing our wealth and exercising power and control over us.
Governments have acquiesced by allowing banks to create excess money by issuing credit (debt). About 97% of the money supplied is created in this way. And banks earn interest on every penny they lend.
The only money that banks do not profit from is notes and coins issued by the Royal Mint.
As Banks are allowed to lend ten to thirty times the value of their reserves, there is usually more money in circulation than is needed to buy the goods and services produced. This has caused the inflation that devalues our labour. And, as the price of things like houses has increased, we have been forced to spend a greater share of our income on interest, thus increasing bank profits.
The cumulative effect of the creation of all this excess money is that we are up to our necks in debt and can no longer to afford to pay the interest. The banks have run out of people to lend to, so the banking system is collapsing under its own weight.
If we had had a money system run in service OF the PEOPLE, FOR the PEOPLE and BY the PEOPLE we would not be facing any of these problems today.
Published in the ‘LETTERS’ section of the ‘Shrophire Star’ daily newspaper on 14/10/2008.
(C) Copyright 2008 Kim Andrew Lincoln
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