… and why it creates inequality.
Joe Bongiovanni explains how money is created as debt by private banks and how that system heavily favors principles and values that are in direct opposition to those who seek a more just and sustainable world.
We are all playing by monetary rules that were written by our opponents. It’s a game we are bound to lose unless we change the rules.
For more information on HR 2990 visit: http://www.monetary.org
This video was recorded by Jason Bosch on Friday, September 20th, 2013 in Chicago, IL
Theories on money and banking:
Zarlenga argued that, in a world where “the nature of money is a fiat of the law, an invention or creation of mankind,” even in times of the gold standard, [note 1] the authority to “create money” should be the sole prerogative of a sovereign government.
He supported the distinctions made by 18th century author Henry George between wealth and money,[note 2] between money and credit, and between what George had called “privately-created credit, used in place of money and for private profit” and “government- or publicly- created money for the common good.”
Hence, Zarlenga’s support for the incorporation of the Federal Reserve System, which he considered to be a “private institution,”[note 3] into the U.S. Treasury, “where all new money would be created by government as money, not interest-bearing debt”, and “the nationalization of the monetary system,”[note 4] thus ending fractional banking. In an article published in the Barnes Review, to which he also reviewed publications, he blamed the hyperinflation in Weimar Germany on “the privately controlled Reichsbank that created “far too many German marks.”
He wrote numerous articles on the subject of monetary reform along these lines, and, in 2002, authored the book The Lost Science of Money, first published in German in 1999, as Der Mythos Vom Geld – Die Geschichte Der Macht (The Mythology Of Money – The Story Of Power), where he also criticized the European common-currency regime.