The Usury Based System. Towards A Worldwide Financial Disaster?
An article from Veterans Today outlines the perils of the current usury based monetary system that is prevalent amongst western nations including Canada of course.
Prime Minister Justin Trudeau and his new planned national infrastructure bank will simply add further debts for Canadians to pay off. These debt payments will go to an international consortium of rich and powerful investors who contrary to the current mantra do not create jobs by compounding their wealth.
The Prime Minister and the Finance Minister have not been honest with Canadians about how infrastructure in this nation could be funded. The Bank of Canada has the ability to create Sovereign debt free money to fund such projects yet the Bank of Canada has been borrowing money from a global banking cabal since the Basel Accords were signed in 1974. See www.comer.org for more on the subject.
Unfortunately Justin Trudeau and Finance Minister Bill Morneau have no compassion or empathy for the people of Canada, they simply act to serve their own immediate interests as Canadian Prime Ministers continue the tradition of extorting Canadians. MP Dan Albas from the Conservative party wrote an excellent article calling out the folly of creating such a bank and furthering Canadians debt loads, see here - Don't Bank on Liberal Idea
Keep in mind that the institutional investors that will be investing in this new bank will be major global corporations like Black Rock that have no interest in the good of the nation or its people. These large institutional investors will be looking for a return on their money that is far above and beyond what we would pay on simply borrowing money or better yet returning to the issue of debt free currency to fund such projects. These investors whom Mr. Trudeau claims we as a nation need to invest in our infrastructure will be doing us no favours as the corporate Liberal propaganda machine would have us believe.
BC and Canada will look something a lot closer to Greece in 25 years if the current course of action in this nation is continued.
The below exert is from Veterans Today,
The Usury Based System. Towards A Worldwide Financial Disaster?
By Jonas E. Alexis on May 4, 2017
…by Jonas E. Alexis and Richard C. CookRichard C. Cook is a retired federal government analyst. In his 32-year career he worked for five civilian agencies and the Carter White House. While with NASA he documented the flaws with the space shuttle solid rocket booster and testified before the Presidential Commission on the Space Shuttle Challenger Accident. Unable to return to NASA after his testimony, he spent the rest of his career with the U.S. Treasury Department.
On retirement in 2007, Cook published a book on monetary policy entitled We Hold These Truths: The Hope of Monetary Reform.
Jonas E. Alexis: The issue of money scandals on a massive scale is always interesting because it brings out the inexorable relationship between capitalism and usury. For example, the illustration is used that “if Judas Iscariot had invested his thirty pieces of silver at just a few percentage points compound, repayable in silver as of today, the amount of silver required would be equivalent to the weight of the Earth.” There isn’t enough gold and silver in the universe to meet that challenge. In other words, the idea behind usury is an arithmetic impossibility.
But the oligarchs always try to come up with superficial and crazy ways to bypass that mathematical impossibility. Why? Well, they always attempt to come up with sophisticated ways to cheat the oppress, the poor, and the needy.
For example, during the Roman Empire, after the death of Augustus, the rich started employing usury to increase their wealth. In the process, they largely “controlled any financial movements in the economy.” Eventually, during the decline of the Roman Empire, “the tenant-farmers were reduced to serfdom by their creditors.”
Usury was eventually condemned by all religious institutions, including Islam, Hinduism, and Buddhism, because it was viewed as a practice that oppressed the poor and needy and had the potential to bring about the collapse of economic progress. In Islam, for example, trade or fee is permitted, but usury is not.
Philosophers such as Plato, Aristotle, Cicero, Seneca, and Plutarch also condemned usury as unnatural (contra natura) and immoral. This discussion became so important in Plato’s Law that he ultimately not only advises that “no money should be lent at interest” but that “the borrower should be under no obligation to repay either capital or interest.”
Plato says in The Republic that the oligarchs gather their wealth through usury and by ruining the life of others, namely the poor. Aristotle called usury “the most hated” form of “getting wealth.” Marcus Porcius Cato, a Roman statesman who lived between 234 and 149 B.C., indirectly equates usury with murder.
As George Santayana put it, those who don’t know their history are doomed to repeat it. Over the centuries, usury has destroyed economic progress. And we are just repeating history here because compound interest is taking a huge toll on almost all the strata of the U.S. economy, especially among college students and home owners.
In early 2012, student loan debt reached $1 trillion, with the average graduate owing at least $25,000. During the same season, student debt rose by 8% and college tuition skyrocketed.313 Fifty-one-year-old Doug Wallace, who graduated from Eastern Kentucky University with a debt of $89,000, declared, “It’s like you’re not of much worth in society.” Courts are now finding that “debt collectors misled borrowers” with regard to student loans.
Kelsey Griffith, a student from Ohio, graduated with a debt of $120,000. Chelsea Grove, a Bowling Green State University drop-out, is now paying off a $70,000 debt, even though she has no intention of going back to school. Christina Hagan will have to pay off a $65,000 debt when she graduates from Malone University (an evangelical school).
Although she makes $60,000 a year as a state representative, “she plans to begin waiting tables in the next few weeks…to help pay down her student loans and credit cards.” Hagan has a message for the younger generation, “I placed a priority on a Christian education and I didn’t think about the debt,” she said. “I need my generation to understand that nothing is free.”
Capitalism makes usury not only sophistically alluring for the rich and powerful, but makes it legitimate, and for this purpose it has received widespread criticism. Capitalism is not just “wealth” or economic exchange in the free market. Soon or later usury is going to sneak in—the exclusion of ethical values in the pursuit of usurious contracts.
One anthropologist and historian who has studied this issue from the early centuries likened modern capitalism to “a structure designed to eliminate all moral imperatives but profit.” Over the centuries—most specifically during the twentieth century—Jewish intellectuals have refined usury in such a way that the masses are completely oblivious of what is actually going on. And their definition only works for the rich and powerful, not for the poor and the needy. William Deresiewicz of the New York Times, summarizing the avarice and usurious activity of the rich over the past few decades, tells us unapologetically:
Those who don’t think that capitalism is a sophisticated way of cheating the masses probably don’t know what capitalism really is. That is why we are inviting Richard C. Cook to tell us a little bit about this because he spent years working in Washington.
Richard C. Cook: Since I retired in 2007, I have published several books and dozens of articles on public policy matters. My next book was on monetary policy and titled, We Hold These Truths: The Hope of Monetary Reform. This book consisted of a history of the U.S. monetary system and an explanation of why that system should be changed radically to avert further disasters.
In the book I predicted the financial collapse of 2008. Of course the changes I prescribed have not been made, and in the nine years since then the situation has become much worse. In fact, we likely have passed the point of no return.
Very few people understand how the Western banking system really works and how it differs from that which operates in such countries as Russia, China, and a few others, with partly controlled systems that still derive from their formerly communistic economies. Those who do understand are based in the world’s financial centers such as London, New York, Paris, Frankfurt, Milan, Basle, etc.
These are the owners and operators of the largest banks. Representatives of these privately-owned banks are assigned to manage national central banks, like the Bank of England and the Federal Reserve, and international quasi-public institutions like the International Monetary Fund.
One of my projects at the U.S. Treasury Department was to develop and teach training courses on the history of U.S. government finance. My research showed that in American history, the type of financial system based on central banking controlled by private interests used to be known as the “Jewish system.” I did not employ this term in teaching my classes because of the sensitivities involved. But to use it would not have been “anti-Semitic” as much as a statement of historical fact.
The Western financial system based on bank-issued debt as the dominant means of introducing money into circulation was created by medieval money-changers in Europe. By the time of the Renaissance, modern banking had begun to take form. There was also the assumption that if lending were backed by gold and silver held in the vaults of banking institutions that real value could always be counted on if promissory notes were called in.
But there are deeper structural problems. The inevitable consequence of any economy based on usury, depending of course on whether interest is simple or compound and also on the prevailing rate of interest, is that the wealth of that economy will gradually pass into the hands of the financial controllers. This fact has been known and understood since the system first appeared in ancient Babylon, as documented by Dr. Michael Hudson. Dr. Hudson even cites an ancient legend that the system was invented by the Devil to enslave human beings.
A usury-based system sucks the purchasing power out of the producing economy. This places every institution and individual within that economy under pressure to constantly generate an ever-increasing level of economic activity to stave off bankruptcy, ruin, and even starvation.
Historically, the system took a major step toward chaos when banks were allowed, by law, to lend more than they had on reserve. “Fractional reserve banking” was a natural outgrowth of the practice banks were permitted to engage in under the assumption that not everyone would want to redeem their paper notes with gold and silver at the same time.
Unfortunately, the more mature an economy becomes, the more the economic growth rate slows and the greater the stress involved in the simple act of living. Many cannot keep pace as the ranks of the poor grow. The ancient Hebrews recognized the peril of the system by mandating a periodic “Jubilee” when debts were forgiven.
In today’s economy, there is never a Jubilee. So in order to pay off debt, the economy must constantly grow. In order to make it grow, everything else must be sacrificed. When human values conflict, they must be pushed aside to serve growth. Ask any politician—economic growth must be constant; non-growth is disastrous.
Further, without regulation, companies are motivated to cut costs by wanton pollution, reducing wages, and overusing public infrastructure like highways without paying their fair share of taxes.
This is where Western society has arrived today. People and firms must constantly increase the rate of economic activity just to pay their debts, leading to increased resource consumption, brutal competition among individuals and nations, price inflation, war, crime, and breakdowns in health and social order. The idol of Mammon is voracious in demanding its blood tribute.
Because machines are increasingly better able to produce goods and services than people, technological unemployment is soaring even as human beings lose the income needed to purchase what must be produced. Vast numbers are increasingly left out of the economy, leading to human exploitation that in some parts of the world even includes a resurgence of human slavery.
Thus an economy that is incredibly productive on the one hand creates increasing misery on the other. Such an economy is unsustainable. The fault lies chiefly with the usury-based financial system. It is not that alternatives are not available. Different methods have been used at various times in history to introduce money into circulation apart from debt-based private banking...
See source for the next chapter on how Reaganomics destroyed the economy -
More to come..