Bankers coin it while debt burden grows

Another article exposing frankly the nature of our money system, entitled “Bankers coin it while debt burden grows” , was published in the Irish Times, 29th March 2013.

It reads (extract):

Money is supposed to belong to the people, but it has become the instrument of the people’s enslavement.

Money is not a real asset but simply a way of providing convenient tokens for real assets. A coin or currency note asserts a claim on real resources, such as goods, services or property. Banks are permitted to generate these tokens of wealth in the form of credit, allegedly based on confidence in the ability of the favoured economic actors to create the real thing, in the form of houses, roads, businesses, infrastructure, etc.

“Our” money system is owned and controlled by privately owned banks that create euro by a process akin to transubstantiation, in the form of debt. Money is generated only when it is borrowed – each new loan means that a specific amount of money is brought into being. When the loan is eventually repaid the capital is eliminated.

Meanwhile, somewhat greater amounts of new debt materialise in the form of interest, which continue to exist as a negative phenomenon, without any positive corresponding element of wealth or tokens.

“Our” money system generates debt as a direct function of its structural incoherence, in much the way a barber shop “produces” tufts of hair. But debt cannot be swept up and put in a wheelie bin, which is why we’re forever talking about haircuts and hair shirts.

Read the whole article here.