I am 68. Graduated from HS in 1973. I was fascinated then by history, money, and law. Still am. Went on to become a lawyer, although after about 20 years I got disgusted and found something else to do, before bailing out entirely and going sailing. Today we are still sailing.
I had an Econ teacher in HS who was a brilliant man. He had a couple PhD’s. He could have been a college professor. But his passion was working with younger students. I learned, in 1972, that money was created out of “thin air”. Those were his exact words and I can still see him drawing on the chalkboard to explain how it worked.
Now that I’m 50 years removed from that lesson I’ve never forgotten. I likely should have put the knowledge to better use. But that is a story for another day.
Oct 15, 2023·edited Oct 15, 2023Liked by Unbekoming
Very good, this is *must know* information. Your efforts to make such information more freely available *and* easier for people to grasp are invaluable, and I want to thank you most sincerely.
One man you may (not?) have heard of is a fellow Aussie, Frank O’Collins. Frank beautifully explains much of the underlying systemic structure your substack has not yet touched upon. A very good synopsis is given by him in this interview: https://youtu.be/8k294JD9mlA?si=rIuJkcag5N4eozJE
The nature of those bonds our governments sell and how they are secured takes one even further down the rabbit hole…
Edward Mandell House was the man who manipulated the Federal Reserve Act through Congress in 1913 via his puppet Woodrow Wilson, and he is famously quoted as saying this in a letter to Wilson:
"[Very] soon, every American will be required to register their biological property in a National system designed to keep track of the people and that will operate under the ancient system of pledging. By such methodology, we can compel people to submit to our agenda, which will affect our security as a charge-back for our fiat paper currency.
Every American will be forced to register or suffer not being able to work and earn a living. They will be our chattel, and we will hold the security interest over them forever, by operation of the law merchant under the scheme of secured transactions. Americans, by unknowingly or unwittingly delivering the bills of lading to us will be rendered bankrupt and insolvent, forever to remain economic slaves through taxation, secured by their pledges. They will be stripped of their rights and given a commercial value designed to make us a profit and they will be none the wiser, for not one man in a million could ever figure our plans; and, if by accident one or two would figure it out, we have in our arsenal plausible deniability.
After all, this is the only logical way to fund government, by floating liens and debt to the regstrants in the form of benefits and privileges. This will inevitably reap to us huge profits beyond our wildest expectations and leave every American a contributor to this fraud, which we will call "Social Insurance (SSI)".
Without realizing it, every American will insure us for any loss we may incur, and in this manner every American will unknowingly be our servant, however begrudgingly. The people will become helpless and without any hope for their redemption; and we will employ the high office of the President of our dummy corporation to foment this plot against America."
Practically all nations were bankrupted by the Fed’s Great Depression and this system of pledging was introduced almost globally by the resulting central banks as a result. That is where the “money” has been magicked into existence from ever since.
I've been on this particular journey for well over a decade & think I have by now properly understood most of the mechanisms described. As such, I think it's worth noting that in discussing the "money creation" question it's important to debunk the "fractional reserve" stuff as soon as it's mentioned. That's an old paradigm, now superceded by Money as Debt. Please correct me if I'm wrong.
I'd also like to mention - something that is becoming increasingly apparent to me - that the closing of the Gold window in 1971 triggered (geopolitical shocks aside, the concept of the petrodollar, Yom Kippur war etc.) a decade of financial instability and stagflation - echoes of which now, 50 years later. Perhaps that entire decade was used by TPTB to formulate the neoliberal "miracle" c1980 Reagan/Thatcher which promoted ponzi riches for a minority, the illusion of wealth for many, seizure of the commons through privatisation, and the everything bubble which appears finally to be reaching its ultimate demise.
So I see this as the emergence of a new currency paradigm, which is of course why CBDCs are so popular with the central bankers. (no marks for originality). Refusing to participate in the digital-ID gulag is a crucial "sacrifice" for dissidents to make - if enough of us do so The Great Reset cannot succeed.
BUT a reset is still needed. And we must start to think about how that will be achieved on our terms.
Yes. And this is why I am a localism practicing anarchist.
Money is a game. You know the rules, you can get out of the system cycle. The problem is too many people began to get out of the debt cycle personally/commercially and as you and Joe mentioned, this lowers the circulating cash. 🤔🤔😐🤨
If people want to change the debt slavery system, the quickest way would be all the private and commercial property markets to cease paying real cash on pretend interest. Pay the principle only. This was the "agreed" price, once that is paid under natural law the debt is discharged.
If every single person who has purchased property did this, Ooooh, now that's a sight to behold!!!!🤔🤔🤨🤣😂🤣 I can almost hear the howls of outrage from the bankers😉
I remember as a much younger person trying to understand money, whether as a child or a young adult I don't know. Either way, I couldn't understand it. It appeared to be an illusion. I eventually gave up.
I don't really want to think too much about it now, but if I had to come to a conclusion today, I think I might call it some kind of promise, rather than an illusion, noting that people sometimes break promises.
As a database developer, I can also think of money ultimately as patterns of bits in persistent storage, noting that those patterns can potentially be manipulated in any kind of way. Kind of like modern voting machines that no longer simply tally votes. This doesn't take into account offline "cash" transactions (back to promises, or something), but so what.
My parents never understood money: They always told the story of getting married, buying a washer and a dryer on credit, and then being in debit for the remainder of their married lives.
As a consequence, I never understood money either until when, in middle age, I came across Chris Martenson's "Crash Course". It may be more than you want to dive into, but it is great for the uninitiated and it turned the light on for me.
If you don't want to tackle the whole long course, you can try the Accelerated Course. However, I highly recommend the full version. It is well worth the investment of anyone's valuable time.
AA HYAKEK, ROAD TO SERFDOM. I learned early to use cash, Money Orders, or personal checks. And Not over-draw because of fees. I rarely use a CC. To easy to max out. And with talk of a Cashless society, it creeps this Evangelical Christian out.
I am 68. Graduated from HS in 1973. I was fascinated then by history, money, and law. Still am. Went on to become a lawyer, although after about 20 years I got disgusted and found something else to do, before bailing out entirely and going sailing. Today we are still sailing.
I had an Econ teacher in HS who was a brilliant man. He had a couple PhD’s. He could have been a college professor. But his passion was working with younger students. I learned, in 1972, that money was created out of “thin air”. Those were his exact words and I can still see him drawing on the chalkboard to explain how it worked.
Now that I’m 50 years removed from that lesson I’ve never forgotten. I likely should have put the knowledge to better use. But that is a story for another day.
A viable alternative
https://www.communityexchange.net.au/home/about/what-is-the-community-exchange-system/
I've been part of this for over 20 years.
My local exchange
https://www.fnqces.org/
is one of the busiest in the world, trading 10's of 1000's of arbitrary "money" every year.
It also helps build community.
Wonderful!
Very good, this is *must know* information. Your efforts to make such information more freely available *and* easier for people to grasp are invaluable, and I want to thank you most sincerely.
One man you may (not?) have heard of is a fellow Aussie, Frank O’Collins. Frank beautifully explains much of the underlying systemic structure your substack has not yet touched upon. A very good synopsis is given by him in this interview: https://youtu.be/8k294JD9mlA?si=rIuJkcag5N4eozJE
The nature of those bonds our governments sell and how they are secured takes one even further down the rabbit hole…
Edward Mandell House was the man who manipulated the Federal Reserve Act through Congress in 1913 via his puppet Woodrow Wilson, and he is famously quoted as saying this in a letter to Wilson:
"[Very] soon, every American will be required to register their biological property in a National system designed to keep track of the people and that will operate under the ancient system of pledging. By such methodology, we can compel people to submit to our agenda, which will affect our security as a charge-back for our fiat paper currency.
Every American will be forced to register or suffer not being able to work and earn a living. They will be our chattel, and we will hold the security interest over them forever, by operation of the law merchant under the scheme of secured transactions. Americans, by unknowingly or unwittingly delivering the bills of lading to us will be rendered bankrupt and insolvent, forever to remain economic slaves through taxation, secured by their pledges. They will be stripped of their rights and given a commercial value designed to make us a profit and they will be none the wiser, for not one man in a million could ever figure our plans; and, if by accident one or two would figure it out, we have in our arsenal plausible deniability.
After all, this is the only logical way to fund government, by floating liens and debt to the regstrants in the form of benefits and privileges. This will inevitably reap to us huge profits beyond our wildest expectations and leave every American a contributor to this fraud, which we will call "Social Insurance (SSI)".
Without realizing it, every American will insure us for any loss we may incur, and in this manner every American will unknowingly be our servant, however begrudgingly. The people will become helpless and without any hope for their redemption; and we will employ the high office of the President of our dummy corporation to foment this plot against America."
Practically all nations were bankrupted by the Fed’s Great Depression and this system of pledging was introduced almost globally by the resulting central banks as a result. That is where the “money” has been magicked into existence from ever since.
Calculated evil!
"Magicked into existence" ~ Says it all.
Thanks for the introduction to Frank's work.
BTW. For an in depth look at “interest” that will add to your knowledge (if it doesn’t explode your brain first):
“The Price of Time-The Real Story of Interest”
By Edward Chancellor.
Thank you, I'll check it out.
I've been on this particular journey for well over a decade & think I have by now properly understood most of the mechanisms described. As such, I think it's worth noting that in discussing the "money creation" question it's important to debunk the "fractional reserve" stuff as soon as it's mentioned. That's an old paradigm, now superceded by Money as Debt. Please correct me if I'm wrong.
I'd also like to mention - something that is becoming increasingly apparent to me - that the closing of the Gold window in 1971 triggered (geopolitical shocks aside, the concept of the petrodollar, Yom Kippur war etc.) a decade of financial instability and stagflation - echoes of which now, 50 years later. Perhaps that entire decade was used by TPTB to formulate the neoliberal "miracle" c1980 Reagan/Thatcher which promoted ponzi riches for a minority, the illusion of wealth for many, seizure of the commons through privatisation, and the everything bubble which appears finally to be reaching its ultimate demise.
So I see this as the emergence of a new currency paradigm, which is of course why CBDCs are so popular with the central bankers. (no marks for originality). Refusing to participate in the digital-ID gulag is a crucial "sacrifice" for dissidents to make - if enough of us do so The Great Reset cannot succeed.
BUT a reset is still needed. And we must start to think about how that will be achieved on our terms.
Perhaps Bitcoin is the answer.
Or (and) the localised solutions of which Jayne describes an example.
👏👏👏👏🙌🙌👍🙏🙏🎩🎩🎩🎩🎩🎩
Yes. And this is why I am a localism practicing anarchist.
Money is a game. You know the rules, you can get out of the system cycle. The problem is too many people began to get out of the debt cycle personally/commercially and as you and Joe mentioned, this lowers the circulating cash. 🤔🤔😐🤨
If people want to change the debt slavery system, the quickest way would be all the private and commercial property markets to cease paying real cash on pretend interest. Pay the principle only. This was the "agreed" price, once that is paid under natural law the debt is discharged.
If every single person who has purchased property did this, Ooooh, now that's a sight to behold!!!!🤔🤔🤨🤣😂🤣 I can almost hear the howls of outrage from the bankers😉
#wearemany #wearememory #wewillnotforget #getlocalised
I remember as a much younger person trying to understand money, whether as a child or a young adult I don't know. Either way, I couldn't understand it. It appeared to be an illusion. I eventually gave up.
I don't really want to think too much about it now, but if I had to come to a conclusion today, I think I might call it some kind of promise, rather than an illusion, noting that people sometimes break promises.
As a database developer, I can also think of money ultimately as patterns of bits in persistent storage, noting that those patterns can potentially be manipulated in any kind of way. Kind of like modern voting machines that no longer simply tally votes. This doesn't take into account offline "cash" transactions (back to promises, or something), but so what.
@ClearMiddle: Love the voting machine analogy!
My parents never understood money: They always told the story of getting married, buying a washer and a dryer on credit, and then being in debit for the remainder of their married lives.
As a consequence, I never understood money either until when, in middle age, I came across Chris Martenson's "Crash Course". It may be more than you want to dive into, but it is great for the uninitiated and it turned the light on for me.
If you don't want to tackle the whole long course, you can try the Accelerated Course. However, I highly recommend the full version. It is well worth the investment of anyone's valuable time.
Full Crash Course = 4.5 Hours
http://www.peakprosperity.com/crashcourse
Accelerated Crash Course = Less than 1 hour
http://www.peakprosperity.com/crashcourse/accelerated
I would be beyond happy to receive copies of these books and hand them out. What do I need to do to sign up?
Hi Marie
Please contact Joe directly by email
Let him know you found him here
Thanks
Thank you so much for your speedy reply. I have emailed him and did indeed inform him of hearing about it from you.
Thank you again.
Thank you.
I am very grateful to Joe for writing T&H 101, as it is the book that “woke me up”
AA HYAKEK, ROAD TO SERFDOM. I learned early to use cash, Money Orders, or personal checks. And Not over-draw because of fees. I rarely use a CC. To easy to max out. And with talk of a Cashless society, it creeps this Evangelical Christian out.
whatta docu, sent it about already; for a decade ago, it simply slays