"Banking was conceived in iniquity and was born in sin. The Bankers own the earth. Take it away from them, but leave them the power to create deposits, and with the flick of the pen they will create enough deposits to buy it back again. However, take it away from them, and all the great fortunes like mine will disappear and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of Bankers and pay the cost of your own slavery, let them continue to create deposits." — SIR JOSIAH STAMP, (President of the Bank of England in the 1920's, the second richest man in Britain):
You still laughing?
If you were in debt and unable to sustain the debt(couldn't even pay the interest resulting in perpetual debt), would you cut corners,would you stop feeding your kids to pay the debt, or not take your sick child to the doctor, not heat your home in the winter? Of course not. Especially if that debt was incured via unlawful means. It would be wiser to claim bankruptcy and start fresh.
I didn't say no banks. I want banks. National banks. Filled with national currency(A country should be able to make its own currency interest free). Backed by real wealth.
The money should be lent using collateral, like it used to be. No Interest. Small loans, I don't mind, but large loans, should have collateral. Today they give large amounts of credit to people, they default and how does the bank recoup the loss? By charging more bank fees and increasing credit card interest. I hear in America people pay as high as 28% that is ROBBERY!!!!
That is your spin on the quote. I see it as saying that if we stop paying(via taxes and inflation)the debt that is created using money that is valueless(basically claim bankruptcy). It will expose how much of a fraud the system is. As long as we honor that debt
that was created unjustly? The slavery to creditors(bankers) incurred via debt backed by no wealth at all, will continue. Even if they do have real wealth backing it, the fact that the feds are never audited mean they can greatly exaggerate their holdings.Thus making interest off of wealth they do not possess. That is unlawful and thus the debt should not be honored.
Ummmm, well, I'm gonna work from the top down, I'd just like to say before I begin that theorizing about a utopia is where most cults start(where they end is far less pleasent)
First of all your nice quote about the evilness of money(it's spelled inequity), sounds nice coming from a rich dude, banks evil blargh blargh blargh. Nice, so bankers rule the world, um, no. Banks are a buisness, that's ow they operate, their objective is to make money, take that as a baseline.
If I were in debt, lets look at your scenario, let's assume for a moment that I got there from a legitimate means and not from wasting away cash getting drunk, spending beyond my means, gambling more and more, or some other method of economic suicide. Now let's say that I, being a reasonable person, work hard at my job, the company has a contract with the government which decides to cut that contract, the company goes bust and I'm out of my job. I've spent a few years with this company and have some decent referrals, again assuming I wasn't a lazy prick who needed to get fired. I take a loan out on my home, just to tithe me over until I can find a new job, I mean I'm a good worker I won't be out forever, right? Well I can't find a job, life sucks and the debt piles up, life continues to happen and I still can't find work. So at this point I declare bankruptcy, logical from my point of view, but let's take the example from the other side.
I'm a worker at a bank, I work 8-5 just like everyone else, my boss is a jerk but hey you have to work. So I look at this person for a loan, decent guy, works hard, has a retirement plan, collateral and he just needs some cash now, so I ok him for a loan. He can pay it back soon, the bank will be happy, he'll be happy and my supervisor won't tear me a new one. Time goes by and this guy can't pay back the loan, this is bad, this is the third bad loan I've given and now the bank has to charge more money to other clients, they get sick and leave the bank, which downsizes and I get fired. I have to take a loan which I can't pay and the cycle starts all over again.
This is not an unlikely scenario and all the people acted reasonably intelligently and didn't do stupid stuff, and it still all went bad, not because the bank was evil but because life sucked. Now toss in a few stupid people, and you can see how we got here, again the bank didn't cause this, it was just one more buisness that got dragged in. Bankruptcy didn't solve the problem it exascerbated it.
Money is loaned based on collateral, past loans, credit rating and money available, you will be amazed how fast the bank wants it's money back if you have a bad rating, because they want to recoup the little they lent you before you waste it away and they're out that money. You want the interest rates lower, this is a buisness thing, people are willing to PAY those rates, therefore the bank can charge them, again they want to make money, like any other buisness.
As for the last bit, unjust wealth, well now you're getting into a moral and religious dilema, which really goes back to the commercial revolution in europe and the question of a just price versus a market price. In this case being a just rate versus a market rate, and in all honesty if you signed the paper, and took the money, you owe what you promised. I don't know about the federal holdings, I'm not sure you do either, but the government does print money, making interest off wealth they don't possess.. where is the interest coming from, themselves? who is paying it? How does the amount of money your creditor has matter at all to what you owe them? Either you're just babbling, or you've left out something there, if you did indeed leave something out, please elaborate.
There are some problems with the banking system but they're more inherent in humanity and the economy than in the "evil fat men" who run everything.
