I noticed in your article the interest on the national debt was about 35% or so in 1870s, - must be worse today, which reminds me of Keynes, who said "if we refrain from regulation ( taxes, interest) the fraud upon the people can be concealed no longer."
More are figuring out the monetary fraud upon them.
Also, this quote jumped up at me: "They are the result of by fractional reserve lending, resulting in a system of money creation rooted in debt that circulates as a medium of exchange within the producing economy. Credit expands until economic activity slows down and loans can no longer be repaid. Borrowers then go broke. Their assets are then purchased for pennies on the dollar by the encircling vultures."
This reminded me Robert Hemphill's quote, and the idea of the 3 most important questions, apart from spiritual matters:
What is money, where does it come from and how does it get into circulation?
"If all the bank loans were paid, no one could have a bank deposit, and there would not be a dollar of coin or currency in circulation. This is a staggering thought. We are completely dependent on the commercial Banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the Banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is. It is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and the defects remedied very soon.” Robert H Hemphill, credit manager of Federal Reserve Bank of Atlanta, 1934
Thanks for the comment. You'll find a lot more on the topic on the Three Sages substack.
I noticed in your article the interest on the national debt was about 35% or so in 1870s, - must be worse today, which reminds me of Keynes, who said "if we refrain from regulation ( taxes, interest) the fraud upon the people can be concealed no longer."
More are figuring out the monetary fraud upon them.
Also, this quote jumped up at me: "They are the result of by fractional reserve lending, resulting in a system of money creation rooted in debt that circulates as a medium of exchange within the producing economy. Credit expands until economic activity slows down and loans can no longer be repaid. Borrowers then go broke. Their assets are then purchased for pennies on the dollar by the encircling vultures."
This reminded me Robert Hemphill's quote, and the idea of the 3 most important questions, apart from spiritual matters:
What is money, where does it come from and how does it get into circulation?
"If all the bank loans were paid, no one could have a bank deposit, and there would not be a dollar of coin or currency in circulation. This is a staggering thought. We are completely dependent on the commercial Banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the Banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is. It is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and the defects remedied very soon.” Robert H Hemphill, credit manager of Federal Reserve Bank of Atlanta, 1934