May 2, 2000
Subject: The Future of Economy: New Economics + The New Currency of the New Paradigm + The U.S. Debt Pyramid Scam + The Bankruptcy of the US
I'm into lots of work right now preparing a French translation of the first Meditation Focus issued last Friday, putting together a webpage for the Global Meditation Focus Group and discussing stuff through email with the Focus Group members in addition to coordinating a Spanish translation of all this and much much more. So to allow for the French and Spanish speaking communities around the world to catch up with us all, there won't be any new Meditation Focus issued this week - we will simply continue with the same topic for another week. But I'll have more for you shortly on this initiative along with a compilation of comments received so far on it.
For now here is a compilation that should be of interest to many of you. See my personal remarks interspersed below.
Earth Rainbow Network Coordinator
LET US BEGIN WITH THIS EXCELLENT INTRO FROM JEREMY
From: "Jeremy Burnham" <firstname.lastname@example.org>
Subject: New Economics
Date: Wed, 12 Apr 2000
Hello brother Jean
I have just organised a week of talks around South Africa for British
economist Michael Rowbotham. He clarifies the crucial role of MONETARY
POLICY in all the social and environmental work we're engaged in.
"Monetary policy" may sound very dry, but we have to get our heads around it
because until we do we are stuck with a money system that will
systematically frustrate all our efforts for reform in all fields.
Michael's ideas are not new. They have been propounded by leaders from
Lincoln to Jefferson, and admitted even by J.M.Keynes, whom we like to blame
for the excesses of free trade but who in fact warned of its consequences
way back at the formation of the World Bank. They have been tested
successfully by communities and countries over the past two centuries.
They work. Trouble is, they threaten both economic orthodoxy and the financial
The main point we need to grasp is that modern money is created and
controlled by banks. In most countries, 2 - 4% of the money in circulation
is in the form of notes and coins issued by the government. The balance,
97%, is issued as loans and bonds by the banks and building societies.
How do they do this? By writing figures in their ledgers. Banks create
overdrafts, mortgages, corporate and government loans - OUT OF NOTHING!
Every dollar thus created incurs a corresponding debt. Result - over the
last forty years, the debt burden of individuals, businesses and governments
has grown and grown. Fewer and fewer houses and businesses are owned by
people; more and more are owned by banks/building societies.
(UK personal debt / GDP: 1963 - 14%; 1996 - 70%).
This debt-based money system has many serious implications.
To service this debt - to pay the interest and try to repay the capital -
everyone has to work much harder, and to produce much more, than they would
if they were all just producing goods and services to exchange in the
marketplace. It is called "debt-forced economic growth". As debt
becomes an ever greater % of production costs, interest payments keep on
going up, available buying power (what's left over after debt servicing)
goes down, and inevitably inflation is pushed up. In 1963, 7% of UK
business income went to service loans; in 1996 it was 28%.
Industry is under constant pressure to grow and employ to meet its growing
debt burden and that of its employees. As a result it cannot give us what
we really want - good quality products with minimum environmental impact.
Instead it is forced by cut-throat competition (everyone has the same
desperate need to grow) into a pursuit of cheapness. Our financial system
which elevates prices and depresses disposable income forces cheap,
polluting nasties, disguised by a plethora of marketing that nobody wants.
Everyone needs somehow to keep a job so as to keep up with debt repayments,
and this wage dependency supports the production of short-lived, replaceable
goods rather than good old-fashioned long-lasting ones - to keep labour busy!
There are many more depressing implications of this debt-pressured money
system - not least the amazing power we have ceded as individuals and
nations to the banking system to create our economic life-blood - but I'd
like to mention just two that concern most of us directly:
1. It hugely favours the development of hyper-markets and multi-nationals,
taking advantage of debt-distorted economies of scale, forever pushing
boundaries to grow markets overseas, exploiting the resources of poorer
countries and developing huge and environmentally devastating transport
systems to carry goods around the world always in search of a better deal.
2. It has been exported to the poorest nations of the world, who all now
"owe" hugely more than they can ever hope to repay - not to the generous
American or European taxpayer, but to the good old banks who created the
loans in the first place. How did they do that? - by writing figures on
some bits of paper! Millions of people starve today while their
governments strive to fulfil IMF economists' master plans in an effort to
repay "loans" that are in the first place just accountancy trickery. So
these countries spend all their energy on producing coffee and copper and
cutting down their forests - to export them at ridiculously depressed
prices to try to repay these never-ending debts, while their people starve
for want of food which they could easily grow for themselves!
Jean, I know that most of your readers, like me, resist the dry discipline
of economics. But if we are ever to redress the major environmental and
social tragedies that surround us, we have to address the financial engine
that fuels them. There ARE alternatives to the bank-based debt-money
system. They don't even imply burning the banks. But we have to bring
back the supply and control of money, the very core of all economic
activity, to the people and their governments.
Read "The Grip of Death" and "Goodbye America!" by Michael Rowbotham.
Look under "New Economics" for further web reading.
I JUST RECEIVED THIS ENLIGHTENING EMAIL FROM SHARIE WHO GIVES JUST THE RIGHT LOVE COLOR THAT WAS MISSING IN THIS COMPILATION. THANKS A LOT SHARIE!
From: "Sharie Ramsey" <email@example.com>
Subject: The New Currency of the New Paradigm
Date: Mon, 01 May 2000
Love is the Currency of Life.
Love is the Power, the Energy, the Vitality.
At a seminar, we did a little "workshop".
The leader showed our group a one dollar bill... and asked if anyone had
anything to offer in exchange for the one dollar. The leader accepted an
offer, and the exchange was made... then the leader asked if anyone else had
anything they would like to offer in exchange for the dollar... or if the
current owner of the dollar bill wanted to request anything in particular.
Another offer, another exchange. This continued until everyone in the group
had given and received in the exchange... and the dollar bill had made it's
way back to it's original owner. For our purposes, these exchanges included
simple things as a massage, a voice lesson, a dab of nail polish for a run
in her panty hose, an ink pen, and so on...
I felt quite satisfied by the exchange... the leader told us that we didn't
need the dollar at all... that we could have exchanged our talents and
services without the dollar...
a profound curiosity overwhelmed me.... as we give and receive of our
abundance... throughout each day... we have so much more than when working
meaningless jobs to buy meaningless things with our meaningless currency...
we would have the Love we shared in the exchange... we would have the Light,
the Peace, the Joy that comes from sharing Love... we would have the Light
that frees our Mind, the Peace that soothes our Soul, the Joy that inspires
and rejuvenates us... we would have Life as it was given to us... we would
Know ourselves to be the Truthfull, Whole, Healthy One.
NOW HERE IS THE EMAIL THAT GOT ME STARTED ON THIS SUBJECT. BOUDEWIJN IS CURRENTLY VERY BUSY WRITING AN IMPORTANT BOOK ABOUT MONEY BUT I'M SURE HE WILL APPRECIATE YOUR COMMENTS ON HIS TAKE ON THIS TOPIC.
From: "Boudewijn Wegerif" <firstname.lastname@example.org>
Subject: The U.S. Debt Pyramid Scam
Although not quite the usual style for your list, do please consider the attached for posting. It goes to the very empty heart of money wealth (Mammon) and could be a whistle-blow to Microsoft and Wall Street. A lot of effort has gone into the writing and the statistics have been carefully checked.
There was also good editing help from Art and Judy Rosenblum -- it is being posted to the list members of the Aquarian Research Foundation.
I want the world to know just how up in the air the prevailing debt money system is.
With warmest regards,
Monetary Studies Programme,
S-150 21 Molnbo, Sweden
AND MY COMMENT WAS (IN PART) BEFORE READING HIS ARTICLE:
Money related theories and analysis tend to be seen as a very cerebral, abstract pursuit for most people because hardly anyone believes there is anything one can do to change the system. If presented with alternative ways to dealing with the compensation of work (like the LETS time-bartering systems) and the payment of things we need (again through bartering), with existing organizations that have a proven track record of success, then people could be more interested, especially if there is one they can participate to in their area.
Also a review of the principles and success of the cooperative movement (quite strong here in Quebec and also in some communities in Spain), including workers cooperatives, would present other avenues of hope and positive involvement. The intentional community movement also has some good success stories on that count. Gordon Davidson and Corinne McLaughlin also have a great expertize to offer in this area.
(Corinne McLaughlin and Gordon Davidson, are former residents of Findhorn, co-founders of the Sirius Community in Massachusetts, authors of THE book on intentional community entitled "Builders of the Dawn" and the awesome book entitled "Spiritual Politics". They are also co-founders of
the new paradigm organization "Visionary Leadership" in Washington DC, and have just sponsored a major Conference, Re-igniting the Spirit of America April 27-30, 2000 in Washington, DC with numerous impressive speakers and several whole-system thinkers and visionary leaders such as Marianne Williamson, Barbara Marx Hubbard and Neale Donald Walsch. Their website is www.visionarylead.org)
And ideally an inspiring vision of the kind of future we should be aiming at in the long run - a world without money at all in my view - would be an excellent complement.
So as you see I would favor not focussing solely on what's wrong but balance an analysis of the problems we know exist with a review of the constructive, positive options we have - and I'm sure you have many up your sleeves in this regard. Then we could move ahead with this issue.
NOTE: Boudewijn also sent this bio to me afterwards; I include here so you may know a bit about him before reading his excellent text:
A Short Bio, Boudewijn Wegerif
Like Dorothy Day, co-founder of the Catholic Workers movement, Boudewijn believes that "Love is the Only Solution" to the economic mess the world is in. He was born in Holland on February 28, 1936 (with Moon in Taurus and Ascendant at 20 degrees Aquarius), brought up in South Africa from a few months old and is now resident in Sweden, where he leads a Monetary Studies Programme from an adult education residential college (Folkhögskola). Since 1987, he has made three major walks to share and deepen his understanding of what he calls Love's Revolution, for Love's Inevitable Victory Over the Debt and Guilt Cross of the World.
From April 1995 to December 1997, Boudewijn covered 12,300 km on foot from the far north of Sweden to Cape Town in South Africa as a Walking Prayer for the Earth. In a one hour documentary of the walk, made by a leading South African film producer and shown on South African television, he is described as "musician, poet, economist and journalist". Boudewijn is currently putting a book together, to be called For Christ's Sake! - A Miscellany of Writings About Money and Love.
Here is one of the writings from the book. Called "Just A Minute", you will find that it takes about a minute to read:
Just a Minute
We work for a god called money, and we have our hopes set on a good called love. We have our living the wrong way round.
In the minute that it may take you to read this page, - one hundred new motor cars will have come on to the roads, - eighteen million litres of oil equivalent primary energy will have been burnt up, - several million dollars equivalent of new credit will have been loaned into the economy at interest by banks and related financial institutions.
That means that in this minute big promises are being made for more money-measured growth to service debt - promises that depend on there being still more motor cars on the roads and more non-renewable energy burnt up tomorrow.
The credit market in the U.S. alone grew by four million dollars a minute in 1999.
So don't talk to me about creating a sustainable economy through ethical investments, energy taxes and other piecemeal reforms. Talk rather about removing the debt money base to human cooperation and enterprise, cancelling all debts entered into for profit, and accepting that we have the capacity for mind over matter healing powers such as Jesus displayed.
As enough people turn around to live for love and healing in a way that brings down the big banks, a radiance will permeate the world, to lift it up out of the dead money culture.
Then living will be so organized that all labour is voluntary, all energies used renewable and all movement and management free.
"I believe in a world that does not exist, but by believing it, I create it."
- Greek author Nikos Kazantzaka
HERE IS NOW THE ARTICLE HE SENT ME:
The U.S. Debt Pyramid Scam
A Year 2000 Equinox Offering for U.S. Dissidents by Boudewijn Wegerif
The bottom line to the story is - The blind will see debt for what it is, the prisoners of debt will be freed, the bankers' debt money scam will be undone, and Bill Gates' Microsoft greed at the apex to the debt pyramid of dollar imperialism will be exposed.
- - - - -
I see that the latest report of the Federal Reserve Board shows that there was a staggering $25.6 trillion of credit market debt outstanding in the U.S. at the end of 1999 -- the total debt burden of the people of the U.S. having about doubled since 1990, and increased by $2.25 trillion in 1999 alone!
Now $2.25 trillion dollars -- that is more than the value of all the gold and foreign currency reserves of all the countries in the world -- in fact, that is more than twice the value of all the gold ever produced in the world. Or to bring it down to more personal terms, $2.25 trillion dollars of increased debt in the U.S. in one year works out at about $375 for every man, woman and child in the world, and nearly $8,500 for every man, woman and child in the United States.
In one year the per capita U.S. debt burden, including all household, enterprise and government debt increased by almost $8,500, to $95,000. One has to ask, of course, where has that $2.25 trillion dollars of new debt in the U.S. credit market come from?
The easiest way to answer the question is to relate it to what happens when you ask your bank manager for a loan of say $100,000 and the bank agrees to that in return for the deeds of your house and, lets say, $100,000 of interest payments for the five year period of the loan.
Having agreed the terms of the loan, there is now some fancy fingerwork on a computer keyboard and that's it! No depositors have been told that their money has been lent to you, because it hasnít.
The $100,000 loan to you, for which you have handed over the title deeds of your home, is new money in the economy and a new asset for the bank -- part of its riches. Just like that!
And that $100,000 is going to be deposited in either the same bank or other banks in the banking system, to give the banks the right to lend yet again to other borrowers up to near enough the full amount of the new deposits -- and then these new borrowers will deposit their loans in the banking system, giving the banks the right to lend yet again ó and so on and so on and so on.
Just think about it -- how every mortgage contract supports a pyramid of more and more debt. And extend your thinking to take in the fact that the total debt owed on all owner-occupied housing in the United States is now well over $6 trillion, having grown by over $.6 trillion in 1999.
What that means is that $.6 trillion of 'money' has come into the economy in one year to boost the nation's money supply -- the nation's means of exchange -- the life blood of the U.S. economy -- thanks to a great number of householders surrendering the deeds of at least $.6 trillion worth of housing to the banks and other financial institutions that make up the credit market!
Furthermore, with respect to the total mortgage debt of over $6 trillion, it means that the title deeds to over half the owner-occupied housing in the U.S. is now held by the banks and financial institutions that make up the credit market.
My estimate of a total equity value of under $12 trillion of all owner-occupied housing is based on figures in Housing Statistics of the United States (edited by Patrick Simmons, Bernan Press, 1997). My source is The Grip of Death, by Michael Rowbotham (published by Jon Carpenter, who, incidentally, have just brought out a second book by Michael Rowbotham on our debt enslavement called Goodbye America).
What we have to think about here is Michael Rowbotham's question in The Grip of Death, "Is it proper to rely upon housing debt to create the nation's medium of exchange?" And the answer is clearly, "Hell no!"
It is really alarming to know that nearly all money in the economy is debt number money, created out of nothing essentially.
Apart from the rank injustice and stupidity of it, just imagine what would happen if all money on loan from the banks and other financial institutions that make up the credit market were to be repaid. Then the banks and so on would be out of business and there would only be the coins and notes issued by the government left in circulation as legal money tender -- coins and dollar bills with a purchasing value of not much more than $1 trillion for a country needing at least twenty times that amount of money to keep going economically.
Here please note that the money supply of every country in the world today is dependent on banks and financial institutions taking ownership, essentially, of an ever-growing proportion of the housing stock -- as well as holding I.O.Us in different forms against an ever-increasing proportion of the revenue of industry and commerce and government tax revenues. When Sir Josiah Stamp, a director of the Bank of England in the 1920s, stopped to think about how banks make their money, he was so amazed, he wrote:
"Banking is conceived in iniquity and born in sin. Bankers own the earth. Take it away from them, but leave them the power to create money and with the flick of a pen (nowadays, with speedy fingers over a computer keyboard) they will create enough money to buy it back again. Take this great power away from them and all great fortunes like mine will disappear, and they ought to disappear, for this would be a happier world to live in. But if you want to continue (to be) the slaves of bankers and pay the cost of your own slavery, let them continue to create money and to control credit."
And this is what The Nobel laureate scientist Frederick Soddy had to say in the 1920s about how banks were making money then -- (and please bear in mind that the banking system's control of the world economy is now very much greater):
"The whole profit of the issuance of money has provided the capital of the great banking business as it exists today. Starting with nothing whatever of their own, they have got the whole world into their debt irredeemably, by a trick.
"This money comes into existence every time the banks 'lend' and disappears every time the debt is repaid to them. So that if industry tries to repay, the money of the nation disappears. This is what makes prosperity so 'dangerous' as it destroys money just when it is most needed and precipitates a slump.
"There is nothing left now for us but to get ever deeper and deeper into debt to the banking system in order to provide the increasing amounts of money the nation requires for its expansion and growth.
"An honest money system is the only alternative."
An honest money system? Was Soddy referring perhaps to what Thomas Jefferson had in mind, when he said in 1800 or thereabouts -
"The issueing power of money should be taken from the banks and restored to Congress and the people to whom it belongs. I sincerely believe the banking institutions having the issueing power of money are more dangerous to liberty than standing armies."
Well Abraham Lincoln tried that. He needed money to meet the expenses of the Civil War and the banks wanted over 30 percent interest. So Lincoln by-passed the banks and created 300,000 dollars worth (an enormous sum in those days) of government-issued, debt and interest-free money notes -- which came to be called 'greenbacks'. This worked so well, Lincoln was inspired to formulate a Monetary Policy in 1865 for more of the same when the Civil War was over. He wrote:
"The privilege of creating and issueing money is not only the supreme prerogative of government, but it is the government's greatest creative opportunity. . .The people will be issued with a currency as safe as there own government. Money will cease to be the master and become the servant of humanity. Democracy will rise superior to money power."
A few weeks later he was assassinated. Is there to be another form of Civil War in the U.S., of the people against the banks, to put Lincoln's monetary policy, with improvements, into effect? This is a serious question.
For just think what it means -- a credit market with $25.6 trillion, which is $95,000 per head, of debt assets -- debt assets that have to be serviced. This means that the whole economy is now servant to the money-lenders -- who are now only interested in lending big to big spenders promising big profits from financial speculation, property deals, star wars, gulf wars, Kosovo incursions, huge construction projects, etc., etc. . .
Anything but what is needed to help us create a sustainable lifestyle and bring the earth back to health. And why? -- why the bigism? Why the bombings and 'peace keeping operations' to support the bigism?
Because the debt pyramid scam requires it -- because there is a debt, and you can't service the debt without creating more debt, and the only way you can create more debt is to pretend that you are going to have a really big-time, profitable tomorrow to borrow against today -- Yes, the only way you can create more debt now, by the principles that rule the privately owned credit market, is to degrade commodities, degrade labour, degrade goods and services and go the limit in creating inflated capital values in over-priced stocks and shares and properties -- as the collateral for yet more borrowing, more debt.
That is why the stock market value of Microsoft, the most highly capitalized corporation in the world, increased by $120 billion in one week in December 1999, for example -- $120 billion being about equal to the value put on a whole year of economic activity (GNP)in Finland, or Greece, or South Africa. Microsoft's Christmas time market value was then a staggering $600 billion, 77 times earnings, 28 times revenue.
AND SUSPECT EARNINGS AT THAT.
For according to the investment advisor Bill Parish of Parish & Company, underlying the spectacular 'success' of Microsoft is a big fraud. Microsoft is not a profit-maker but a loser hiding losses.
According to Bill Parish, "The fundamental problem is that Microsoft is incurring massive losses and only by accounting illusions are they able to show a profit. Specifically, Microsoft is granting excessive amounts of stock options that are allowing the company to understate its costs." He goes on: "You might ask yourself, what would happen to Microsoft's stock price if the public suddenly realized that they lost $10 billion in 1999 rather than earning the reported $7.8 billion? If 80 percent of its stock value or roughly $400 billion is the result of a pyramid scheme..."
Does this mean that the U.S. debt pyramid of $25.6 trillion could collapse if Microsoft's little pyramid scheme is brought to an end through exposure? The thought is mind-boggling.
And if the U.S. debt pyramid goes (flickering out into Microsoft cyberspace, as it were), surely the other major debt pyramids of Japan and Europe will go also -- debt pyramids which I estimate must amount to another 35 trillion in dollar equivalence -- towards a total world debt burden of not less than $11,000 on every man, woman and child alive.
WE ARE AT THE BOTTOM LINE HERE: Is Microsoft going to be the undoing of Wall Street, and through Wall Street, the global financial 'Tower of Babel' -- or rather, to untangle the metaphor, is Microsoft going to be the undoing of the U.S.- cum-global debt pyramid scam?
The answer to that is, "Could be", judging from the evidence posted by Bill Parish in a 22 February 2000 update to the original expose at http://www.billparish.com/msftfraudfacts.html.
The Microsoft pyramid scheme, writes Parish, "is now accelerating and destabilizing both the stock market and overall economy, corrupting the Federal Reserve's efforts to control the money supply and triggering false inflation. Microsoft, once a great technology company, has indeed become a 'pied piper' of financial fraud."
Perhaps this was also the view of Microsoft's own internal auditor -- "a respected Deloitte and Touche veteran", writes Parish -- who settled for $4 million under the Federal Whistle-blowers Act after being given the option to resign or be fired. What he had done? He had "noted" that "earnings manipulations at Microsoft", which were "designed to meet expectations", were "illegal and constituted fraud."
- - - - -
While considering these rather alarming revelations, please do also spare a thought for the prisoners in the U.S. -- two million prisoners, up from 500,000 in 1980 and one million in 1990.
With under 5 percent of the world's population this most powerful country in the world now has one in four of the world's prisoners. Why?
Maybe the fact that the U.S. prison industry now turns over $35 billion a year has something to do with it -- and builds new prisons that cost $7 billion each, and, with over 500,000 employees, employs more people than any private enterprise apart from General Motors, and has a powerful lobby in Washington: maybe all this has something to do with it.
Maybe the fact that the money makers and servile politicians who really ought to be in prison and are not has something to do with it also!
No copyright restrictions. Please give the usual acknowledgements to author and source.
Boudewijn Wegerif is project leader of the Monetary Studies Programme at Vardingeby Folkhogskola (adult education College), S-150 21 Molnbo, Sweden - e-mail: email@example.com.
The U.S. Debt Pyramid Scam was first posted on 21 March 2000 to list members of the Aquarian Research Foundation - a prophet-making organization - (www.ic.org/aq -- Phone: 360-403-9533 PST). Send blank email to firstname.lastname@example.org to join the listserv.
HERE IS ALSO ANOTHER COMPLEMENTARY LETTER FROM BOUDEWIJN:
My hope as a lightbearer, and my work to realize that hope, is to spread
understanding about the nature of money today and from the beginning - my
awareness being that money is at base a symptom of an apparently incurable,
homo economicus disease, of each going his/her own way - a disease which the
jubilee and sabbath laws passed down through Moses were designed to keep in
check and which Jesus confronted and overcame.
In my talks on Love and Money I bring light to bear on the prevailing debt
money system. I show why it has no future. For the system requires
money-needful and money-generating 'growth' of an order that we know is
destroying the Earth and our humanity. There is a general call, therefore,
for sustainable economies, but this will not happen without
- taking away the monopoly right of the private banking system to control
money supply at interest, for profit,
- cancelling all debts and redistributing real (not financial) wealth in the
spirit of Jubilee, and
- replacing the prevailing debt money system with an interest-free, public
service money supply, mainly directed to restructuring the cities and
reorganising agriculture for small-scale organic farming through farm
However, these reforms will more than likely give rise to a new tyranny, of
bureaucratic control over all economic activity, unless the reform movement
is accompanied by a new schooling. There has to be a paradigm change from a
mindset that is primarily geared to quantitative gains for 'the good life',
to a mindset that is primarily geared to non-quantifiable giving and
receiving, contact and response, outreach and yielding in 'the better than
good life' of unconditional love.
For the highest good of all,
31 March 2000
NOTE FROM JEAN; See also "The Bankruptcy of the US" AT http://www.theawaregroup.com/bankruptcy.htm
Here is a quote from the end of this long article - it seems quite complex at first but near the end you'll better understand why it is entitled "The Bankruptcy of the US"
"It is essential that we comprehend the distinction between real money and
paper money substitute. One cannot get rich by accumulating money
substitutes, one can only get deeper into debt. We the People no longer
have any "money." Most Americans have not been paid any "money" for a very
long time, perhaps not in their entire life.
Now do you comprehend why you feel broke? Now, do you understand why you
are "bankrupt," along with the rest of the country?
Federal Reserve Notes (FRNs) are unsigned checks written on a closed
account. FRNs are an inflatable paper system designed to create debt
through inflation (devaluation of currency). When ever there is an
increase of the supply of a money substitute in the economy without a
corresponding increase in the gold and silver backing, inflation
occurs. Inflation is an invisible form of taxation that irresponsible
governments inflict on their citizens. The Federal Reserve Bank who
controls the supply and movement of FRNs has everybody fooled. They have
access to an unlimited supply of FRNs, paying only for the printing costs
of what they need. FRNs are nothing more than promissory notes for
U.S. Treasury securities (T-Bills) - a promise to pay the debt to the
Federal Reserve Bank.
Unwittingly, America has returned to its pre-American Revolution, feudal
roots whereby all land is held by a sovereign and the common people had no
rights to hold allodial title to property. Once again, We the People are
the tenants and sharecroppers renting our own property from a Sovereign in
the guise of the Federal Reserve Bank.
We the people have exchanged one master for another.
This has been going on for over eighty years without the "informed
knowledge" of the American people, without a voice protesting loud
enough. Now it's easy to grasp why America is fundamentally bankrupt. Why
don't more people own their properties outright? Why are 90% of Americans
mortgaged to the hilt and have little or no assets after all debts and
liabilities have been paid? Why does it feel like you are working harder
and harder and getting less and less?
We are reaping what has been sown, and the results of our harvest is a
painful bankruptcy, and a foreclosure on American property, precious
liberties, and a way of life. Few of our elected representatives in
Washington, D.C. have dared to tell the truth. The federal United States
is bankrupt. Our children will inherit this unpayable debt, and the
tyranny to enforce paying it.
America has become completely bankrupt in world leadership, financial
credit, and its reputation for courage, vision and human rights. This is
an undeclared economic war, bankruptcy, and economic slavery of the most
corrupt order! Wake up America! Take back your Country.
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