Newspaper logo  
 
 
Local Stories, Events

Ref. : Civic Events

Ref. : Arts & Education Events

Ref. : Public Service Notices

Books, Films, Arts & Education
Letters

Ref. : Letters to the editor

Health Care & Environment

07.21 Greta Thunberg: ‘They see us as a threat because we’re having an impact’ [We love a sane smarty-pants! Trump, you won't understand any of this, so just go off and tweet or chant, or whatever...]

07.20 Until Emissions Drop, Nothing Has Been Accomplished: The Climate Resistance Handbook Is Here. [Trump can't be bothered as the world turns into a large cinder. His laser focus is on personal greed.]

07.20 Cargo ships are emitting boatloads of carbon, and nobody wants to take the blame [1:19 video; Governments must commission to fight deadly shipping emissions, previously omitted in climate summit agreements....]

07.20 Babies Born Near Oil and Gas Wells Are Up to 70% More Likely to Have Congenital Heart Defects, New Study Shows

07.20 Giving 'Upper Hand to Corporate Polluters,' EPA Drops Surprise Inspections

07.20 With Petition to Congress, 100,000+ People Demand Green New Deal 'That Fixes Our Food System' [Realtime proactive response to reality—now and threatening—doesn't get attention in this greed focused administration]

07.19 Trump administration won't ban pesticide tied to childhood brain damage [There is no truth to the persistent rumor that chlorpyrifos pesticide was heavily used at Trump's childhood home in Queens]

07.19 'Unprecedented' Decline of Plants and Animals as Global 'Red List' Reveals Nearly One-Third of Assessed Species Under Threat

07.17 ‘Off-the-charts’ heat to affect millions in U.S. in coming decades

07.17 Planned Parenthood president Leana Wen forced out by board [Given that states have lost abortion rights on political grounds recently, Wen's philosophical approach to protect abortion rights based on ‘health care’ was smarter – therefore it was that smarter strategy that was killed at the secret meeting.]

07.17 Billions of air pollution particles found in hearts of city dwellers

07.17 What is happening in America's Cancertown is tragic, immoral and evil [Niggardly white government policies could change to produce better students, better jobs and net revenue instead of costs. But it seems they enjoy more cruelty—like Trump.]

07.16 US aid cuts to UN agency will hurt vulnerable women and children, critics say

07.16 Trump abortion restrictions in effect for taxpayer-funded clinics

07.15 The response to DRC’s Ebola crisis isn’t working. Here’s what we need to do

07.15 Extinction Rebellion protests block traffic in five UK cities [Non-corporate human animals make their annoying bleating sounds...]

07.14 A Glacier the Size of Florida Is Becoming Unstable. It Has Dire Implications for Global Sea Levels [The willfully ignorant needn't read more, Trump]

News Media Matters

07.19 Fox News’s star names excuse the inexcusable after Trump's latest racist attack

07.18 In Sinclair's New 'Must-Run' Segment, Former Trump Adviser Tries to Defend Racist Attacks on 'the Squad'

Daily: FAIR Blog
The Daily Howler

US Politics, Policy & 'Culture'

07.21 Of course Donald Trump is a racist – and his Wall Street enablers know it

07.21 A court ruled it was legal for guards to strip search female inmates and force them to remove their tampons in front of male officers for a 'training exercise' [The frequency and degree of immorality and degradation being reported in the media is very disturbing, as if society has been reprogrammed overnight to be more like the worst behavior of Nazi Germany]

07.21 THE DEMOCRATIC PARTY IS GETTING CRUSHED IN FUNDRAISING: “THEY NEED TO GET THEIR SHIT TOGETHER” [Since so-called moderate Democrats will prostitute themselves in many conceivable ways (offering that special quid pro quo) they have effectively become competitively ANTI-PUBLIC, like Republicans. Whereas progressive Democrats must promise not to take corporate donations at all as an effective litmus-test. The DNC refuses to raise funds for moderate and progressives separately, and thus donations fall short. Which is it to be: 1) Will the DNC change? or 2) Must progressive Democrats become corporate whores too? or 3) Maybe you don't need corporate contributions at all if your policies are fantastic?]

07.21 State and Local Taxes Are Worsening Inequality

07.21 State and Local Taxes Are Worsening Inequality

07.21 We're no longer in Brave New World. We're back in 1984. [1:35 video; Our despicable President is at it again]

07.21 BALTIMORE'S FILTHIEST HOODS [7:38 video. Ask your governments, why are our cities so much worse than Europe's? Why is our healthcare worse and so much more expensive? And why are our Billionaires so much richer? Ask if those results of bad government are all related, and why? Are they all caused by a power-elite with greed-obsessed immorality?]

07.21 Nancy Pelosi's Dem Socialist Challenger Shahid Buttar: "We're Gonna Win" | Full Interview [5:43 video]

07.21 Jon Stewart goes viral excoriating Rand Paul after blocking vote [9:02 video]

07.21 Nicolle Wallace Refuses to Broadcast Trump Live [5:43 video]

07.21 Sassy Bernie Sanders Sh*ts on Jeff Bezos on His Home Turf... Numerous Times [17:22 video]

07.20 Puerto Rico: top US politicians join chorus calling for governor's resignation

07.20 Fact check: Trump says Puerto Rico got $92 billion. They've seen only a fraction [If he opens his mouth, Trump's lying.]

07.20 "Trump Says Go Home, Ilhan's Community Says Welcome Home": Rep. Omar Greeted With Cheers of Love and Support in Return to Minnesota

07.20 WATCH: Amid Extreme Anti-Refugee Push, Trump Displays Neither Interest Nor Knowledge of Asylum Seekers' Plight in Oval Office Meeting

07.20 Trump Denies Being at North Carolina Rally [Not sure if Trump supporters 'get' satire, but here goes....]

07.19 Are progressives working on a climate plan for 2021? You bet.

07.19 House Democrats demand Hope Hicks clarify testimony after Cohen document dump

07.19 The 51 most outrageous lines from Donald Trump's repugnant North Carolina rally

07.19 The Real Meaning of ‘Send Her Back!’

07.18 Alexandria Ocasio-Cortez on Breaking up Homeland Security

Justice Matters

07.19 UN urged to act over 'purge' of Turkey's lawyers by Erdogan

07.19 DOJ Releases Strong Evidence of Trump’s Campaign Finance Violations But No Explanation of No Charges [The statement]

High Crimes vs. Human Rights

07.19 Conscientious objectors of first world war – their untold tales [The record proves they were morally right by avoiding violent early deaths of their cousins and themselves]

Economics & Corrupt Capitalism

07.18 Corporate tax cuts blocked at least 15,000 affordable homes in California. Here’s how

International & Futurism

07.21 Millions face hardship as Zimbabwe comes close to ‘meltdown’

07.21 Spain set for socialist-led government after Iglesias deal [Some loaded drama going on here...]

07.20 US to deploy troops to Saudi Arabia in face of 'credible' regional threats [Working with Osama bin Laden's godfathers, Trump wants to profit like Erik Prince (for-profit education secretary Betsy DeVos' brother) of Blackwater infamy (hurriedly renamed ‘Academi’), the U.S. taxpayer to pay inflated costs while Trump siphons off long-term emolument largesse]

07.20 Iran on 'dangerous path' with seizure of Stena Impero, says UK [Which is this, a tit or a tat?]

07.20 'Dark satanic mills': Tony Abbott continues his crusade against wind turbines [Too much CO2 air pollution makes you stupid, and turns your country into an “Idiocracy” (1:36 video clip)]

07.20 Bolsonaro declares 'the Amazon is ours' and calls deforestation data 'lies' [Lazy and willfully stupid whenever it serves his purpose, just like Trump. “And the rest of you can all go to hell.” Again, just like Trump. Has your country turned into an “Idiocracy”? (1:36 video clip)]

07.19 U.N.'s Bachelet says Congresswomen opposing Trump are 'fantastic'

07.19 Iran makes 'substantial' nuclear offer in return for US lifting sanctions [Was barbaric Saudi Arabia—whose citizens were more involved in the 9-11 attacks—the wrong ally all along?]

07.19 “The Task Ahead Is Enormous, and There Is Not Much Time” [Read this and learn. Or read Donald J. Trump (@realDonaldTrump) | Twitter and/or President Trump (@POTUS) | Twitter. Are you serious? Or are you in hideously criminal denial?]

We are a non-profit Internet-only newspaper publication founded in 1973. Your donation is essential to our survival.

You can also mail a check to:
Baltimore News Network, Inc.
P.O. Box 42581
Baltimore, MD 21284-2581
Google
This site Web
  Reviewing Ellen Brown's "Web of Debt:" Part V
Newspaper logo

FINANCIAL CONSPIRACY:

Reviewing Ellen Brown's "Web of Debt:" Part V

by Stephen Lendman
Friday, 15 May 2009
Imagine the difference if the "banking spider....could be decapitated, returning national (money creation) sovereignty to the people themselves." In other words, the rightful owner.
This is the fifth of several articles on Ellen Brown's superb 2007 book titled “Web of Debt: The Shocking Truth About Our Money System -- The Sleight of Hand That Has Trapped Us in Debt and How We Can Break Free”, now updated in a December 2008 third edition. It tells "the shocking truth about our money system, (how it) trapped us in debt, and how we can break free." This article focuses on taking back our money power.
Recapturing What's Ours and Turning Scarcity to Abundance

In 1952, Norman Vincent Peale (1898 - 1993) first published his most famous book - "The Power of Positive Thinking." It sold about five million copies and was a New York Times bestseller for 186 consecutive weeks delivering messages like: "Never talk defeat. Use words like hope, belief, faith, victory." FDR struck the same theme in saying: "The only thing we have to fear is fear itself."

In 1900, Frank Baum's The Wizard of Oz was first published, conveying "the notion that a life of scarcity could be transformed in an instant into one of universal abundance...." In real life, the secret is by taking back our money power from the private bankers who stole it in 1913, in the middle of the night, two days before Christmas, and kept it ever since.

Today's real cause of scarcity is that "somebody is paying interest on most of the money in the world all of the time," and by so doing enslaves nearly everyone in perpetual debt bondage. Meeting America's huge debt burden requires the money supply to keep expanding, "and for that to happen, borrowers must continually go deeper into debt, merchants must continually raise their prices, and the odd men out in the bankers' game of musical chairs must continue to lose their property to the banks."

The result - inevitable wars, competition, strife, inflation, deflation, recessions, depressions, debt bondage, poverty, and despair, while at the same time bankers get fabulously richer and more powerful. The obvious solution is to stop "parasitic" banks from "feeding on the world's prosperity," but the "Witches of Wall Street" don't yield easily. Dethroning them will take the process Francis Fox Piven explained in her 2006 book, "Challenging Authority." She quoted Thomas Jefferson responding to the repressive 1798 Alien and Sedition Acts saying:

"A little patience, and we shall see the reign of witches pass over, their spells dissolve, and the people, recovering their true sight, restore their government to its true principles."

Disruptive social actions have done it as Piven explained:

"ordinary people (have) power....when they rise up in anger and hope, defy the rules....disrupt (state) institutions....propel new issues to the center of political debate (and force) political leaders (to) stem voter defections by proferring reforms. These are the conditions that produce" democratic change."

Sidestepping the Debt Web with "Parallel" Currencies

Community currencies, for example, that historically rose "spontaneously when national (ones) were scarce, unobtainable," or in the case of Weimar Germany worthless because of hyperinflation. "Hundreds of communities in the United States, Canada and Europe did the same thing during the Depression" when hard times forced creative solutions. "Like the medieval tally, these currencies were simply credits (letting bearers) trade (them) for an equivalent value in goods and services...."

Today, community currencies "operate legally in more than 35 countries...." and in North America over 30 are available in places like Ithaca, New York where Ithaca HOUR scrip is used, saying on the back:

"This is money (entitling) the bearer to receive one hour of labor or its negotiated value in goods and services. Please accept it, then spend it...."

Another example is corporate credits like airline frequent flyer miles entitling holders to free flights and other benefits like lodging, rental cars, restaurant meals and even groceries.

Computer technology provides other alternatives as well, without currencies, by facilitating trades electronically. In 1981 after IBM released its XT computer, the first electronic currency system was devised - a Local Exchange Trading System (LETS) for recording transactions and keeping accounts by simply having "an information system for recording human effort." It tallied credits in and debits out, tax and interest free, and stored electronically.

Check out these sites for more information:

The main drawback to these systems is they're small, local, and fail to address the greater problem - "the mammoth debt spider that is sucking the lifeblood from the national economy" and our well-being. Solving that requires national currency reform - returning money creation power to the people who own it from bankers who stole it.

Goldbugs v. Greenbackers

In 1896 at the Democratic National Convention, William Jennings Byran railed against Goldbugs and their moneyed interests backers in support of Greenbacker farmers and laborers saying: "You shall not crucify mankind upon a cross of gold." The arguments went like this:

  • Bankers claimed gold was a stable medium of exchange; "sound" or "honest" money in relatively fixed supply that couldn't be inflated by irresponsible governments out of proportion to the demand for goods and services;
  • Greenbackers called scarcity a drawback letting governments condone "dishonest" money through fractional reserve banking; they'd be harmed too many previous times not to know it; also, during the 1850s Gold Rush, its supply and consumer prices rose sharply, did again from 1917 - 1920, and during the 1970s when gold rose from $40 an ounce to $800 and inflation along with it.

The debate still continues, but today's goldbugs are money reformers, not bankers who have it all going their way so why change.

As a medium of exchange, gold has serious drawbacks. In the Great Depression, it left the country, exacerbating deflation that caused the money supply and demand to contract. Another problem is that productivity is linked to its availability, but more practical matters are also relevant like needing gold bars for large purchases, something avoided by paper, checkbook and electronic money.

In the 1990s, Harvey Barnard proposed a new currency reform idea that included a national sales tax in lieu of the federal income tax with the aim of zero inflation and a stable economy. The National Economic Stabilization and Recovery Act (NESARA) he called it. His idea was for the government to issue currency in three forms - standard silver coins, standard gold ones, and Treasury credit notes or Greenbacks. Treasury notes would replace Federal Reserve ones with the Federal Reserve abolished.

NESARA was never introduced in Congress and might work if enacted. But why bother when the central problem is more simply addressed by returning money creation power to the government as the Constitution mandates. Paper currency isn't the problem. A private banking cartel controlling it is what's at issue to fix. By doing it, "the water of a free-flowing money supply can transform an arid desert of debt into the green abundance envisioned by our forefathers." It's there for the taking by simply "eliminating the financial parasite that is draining our abundance away," and there's nothing complicated about doing it.

The Federal Debt

How to pay it off is the question Congress one day must address. We can't grow our way out, but here's another way - pay it off "by turning (government) bonds into what they should have been all along, legal tender."

Economic analyst Al Martin cites a 2001 US Treasury study showing that US debt service may force the government to raise the personal income tax to 65% by 2013, and if interest can't be paid, bankruptcy and economic collapse will follow as well as for global economies within five days. The only alternative at that point would be "through currency (and) military might, or internal military power...."

However, two centuries ago, Alexander Hamilton showed "that Congress could dispose of the federal debt by 'monetizing' it, but Congress made the mistake of delegating that function to a private banking system." It can fix it by "buying back its own bonds with newly-issued US Notes" it can print in limitless amounts - debt and interest free.

It's being done now - "not by the government but by the private Federal Reserve." However, doing it leaves the bonds in circulation, with two sets of securities (bonds and cash) instead of one. "This highly inflationary (scheme) could be avoided" if the government just bought back its own bonds and voided them out - a win-win arrangement for the nation and public with only bankers losing out as they should.

It's simple to do and would be able to "extinguish the national debt with the click of a mouse." In January 2004, the Treasury did it when it "called" (paid off) a 30-year bond issue prior to its due date. Paying "in book-entry form" eliminated doing it with paper currencies or checks and turned securities from interest-bearing to non-interest bearing ones. Bondholders had a choice. They could take their redemption amount in cash or not sell and get no interest.

By this method, the Treasury "can pay off the entire federal debt....It just has to announce that it is calling its bonds and other securities, and that they will be paid 'in book-entry form.' " No cash is involved and funds received can be otherwise reinvested. The process can be accomplished gradually as securities come due. It's just a matter of doing it along with restoring money creation power to the government and making America democratic again, unbeholden to bankers.

Federal Debt Liquidation without Inflation

"Inflation results when the money supply increases faster than goods and services, and replacing government securities with cash would not change the size of the money supply." If government buys its own bonds, they simply convert from interest-bearing notes into non-interest-bearing legal tender (cash). The money supply remains unchanged, and there's no inflationary impact.

That's "very different from what happens today" with the Fed buying bonds, not voiding them out, and creating "reserves" for issuing "many times their value in new loans." It adds new cash to the money supply - a "highly inflationary (scheme simply avoided by having) the government buy back its own bonds and (take) them out of circulation."

It's also a way to solve the "Social Security crisis." Resolve it by "simply cashing out (of) federal bond holdings (in exchange for) newly-issued US notes" with no inflationary effect because no new money would be created. Bonds would become cash, remain in the fund, and be used for future pay-outs.

Fed-held securities could be cashed out the same way and just as benignly. Cash would replace bonds. They'd be voided out. The money supply would be unchanged, and inflation would be avoided. It would work no differently for foreign central bank held debt since bonds and cash are the same thing and either can be held in reserve to support their own currencies or to buy oil per the 1974 OPEC agreement.

Already sovereign debt holders are cutting back, reducing their US securities reserves but doing it discretely so as not to be disruptive. However, "the tide is rolling out, and US bonds will be coming back to (our) shores whether we like it or not." At issue is who'll buy them and whether an inflationary or non-inflationary path will be taken. So far it's the former with all the dangers involved.

Federal Reserve-Issued "Helicopter" Money

Early in the new millennium, deflationary concerns were great enough for Ben Bernanke to deliver a Washington 2002 speech titled: "Deflation: Making Sure 'It' Doesn't Happen Here." He explained that lowering interest rates isn't the sole way to inject new money into the economy. The "US government has a new technology, called a printing press (an electronic one), that allows it to produce as many US dollars as it wishes at essentially no cost." The government could reflate the economy and buy hard assets at the same time. At issue again is whether government or private bankers do it (or local communities acting independently) and the positive or negative effects of each choice.

Today we're banking cartel controlled, and it's "brought the system to the brink of collapse. The privately-controlled Federal Reserve, which was chartered specifically to 'maintain a stable currency,' has allowed the money supply to balloon out of control. The Fed manipulates the money supply and regulates its value behind closed doors, in blatant violation of the Constitution and the antitrust laws" with the full faith and blessing of the administration, Congress and courts. It "can't be held to account; it doesn't even have to explain its rationale or reveal what is going on."

Imagine the difference if the "banking spider....could be decapitated, returning national (money creation) sovereignty to the people themselves." In other words, the rightful owner.

A final article addresses a people-oriented banking system.


Steve Lendman

Stephen Lendman is a Research Associate of the Centre for Research on Globalization. He lives in Chicago and can be reached at lendmanstephen@sbcglobal.net.

Also visit his blog site at sjlendman.blogspot.com and listen to The Global Research News Hour on RepublicBroadcasting.org Mondays from 11AM to 1PM US Central time for cutting-edge discussions with distinguished guests on world and national topics. All programs are archived for easy listening.

Mr. Lendman's stories are republished in the Baltimore Chronicle with permission of the author.



Copyright © 2009 The Baltimore News Network. All rights reserved.

Republication or redistribution of Baltimore Chronicle content is expressly prohibited without their prior written consent.

Baltimore News Network, Inc., sponsor of this web site, is a nonprofit organization and does not make political endorsements. The opinions expressed in stories posted on this web site are the authors' own.

This story was published on May 15, 2009.
 



Public Service Ads:
Verifiable Voting in Maryland