For the record #1: The case against debt-money governed by usury and finance-as-an-industry

The Historical Setting

Before we proceed to show why money should not be debt and why usury should not be allowed to govern money, we would like to first point out that the current setup is a historical aberration. That is, according to the Cambridge Dictionnary:

“a temporary change from the typical or usual way of behaving”.

The current monetary system is to a great extent the product of the Bretton Woods Agreements. That’s barely 75 years old, and we could actually bring the count down to less than 50 years if we were to consider that until the early 1970s the dollar, and by extension most of the world’s currencies, were still tied to gold.

Now, that’s not long. Especially when we have historical data to prove that virtually every single human community, all the way through the past 6,ooo years, that has risen to a level of complexity involving cities, trading, and finance, used hard assets -typically gold and silver- as money (we shall mention gold only in the rest of this article, for the sake of simplicity).

The crucial point here is that all the great civilizations in the past used gold as money, not because an autocratic ruler arbitrarily chose to do so, but rather because there emerged an agreement -a consensus!- over time that it was the best asset to use as currency, thanks to its unique properties.

Now, you may argue that gold is not suited for the modern age. This is a debate we are prepared to have, but not here and now.

Regardless, the point remains that fiat money has come out of no consensus.

It has been imposed over people, and this imposition incidentally happened concurrently with the unprecedented world looting enterprise that we usually refer to as imperialism or colonialism, and the subsequent mutual destruction into what is usually called the First and Second World War of those very nations most responsible for the looting.

As a matter of fact, it is the race for ever greater military power, and the horrendous butchering of two entire generations in the trenches of France and the ruined cities of Russia and Germany, that drove those who had harvested, by force, most of the worlds wealth, to be utterly drowned under debt, and unable to hold on to what was left of the gold standard.

Thus, we must recognize that the international monetary system based on gold, arrived at -and refined- over hundreds of years, by consensus, has been arbitrarily replaced by one where money is a liability, imposed without even consultation, lest any consensus. And that it took 200 years -a conservative estimate- of plunder on a world scale, culminating in the self-destruction of Europe, for this disruption to happen.

Debt-Money and Usury

Imposing debt as money has been in the interest of states and banks, not the people.

The 99% are now condemned to work all their life for money (or rather debt). In fact they are born into debt, as citizens of a nation with an ever increasing national debt. Among them the most fortunate will work all their lives to be granted a pension with which to live until they die. The rest, the billions of poor making the bulk of the so-called developing world, is sentenced to malnutrition, modern-day slavery and early -often infantile- death.

These are the facts.

Now, we wish to approach the issue of money from the perspective of the 1%. After all, money works for them, so if we are to understand how money works, we must see it from their perspective.

Their privilege is that they do not need to work for money, for they create it out of nothing -fiat!- as debt. M0 is debt. M1 is debt. Money is debt.

Their concern is that the money they bring into being at an exponential rate is, inherently, worthless. They must make it work. And so they push it onto us, and because there is only so much activity that can be rationally carried out, they must find projects of pharaonic proportions to absorb all that fresh money they create out of thin air.

The Amazonian forest disappearing before our very eyes, Messi and the likes bought and sold for hundreds of millions, sub-primes and other ludicrous financial “products”… These are not a necessities of society. They are necessary by-products of the insane power of debt-money.

At the end of the day, we find ourselves with a planet bleeding to death, and with a feeling that this state of affair is a fatality. The end of the world is upon us and only heroes could save us. This last phrase sums up the production of the Hollywood film industry over the last decade.

What is it that makes us all play along in this suicidal game?

The state is in debt and on this basis declares itself incapable of providing for the basic social, health, educational and infrastructural needs of its citizenry.

Companies are in debt and must shut down, leaving behind them thousands of unemployed workers.

Households are in debt and fall into extreme poverty, alcoholism and domestic violence.

If debt is such an issue, why would anybody wish to see it perpetually extended? Cui bono? The one who earns the interest.

Under usury, all other interests -the commonwealth, the preservation of the planet, the fulfillment of man- are subjugated under the narrow, pecuniary, interest of the usurer.

When an interest is charged on a loan, it means that the lender has little interest left for anything else. The success of the business being funded is only taken into account into a risk assessment which sole purpose is to make sure the lender will earn his projected return.

In fact, the best scenario for the lender might even be that the borrower never fully pays back, but rather keep providing the lender with a constant stream of interest payments. Collecting interest payments on credit cards and African countries’ debts are two very lucrative business models.

More importantly though, usury allows money to breed money. Hence, the more you have, the more you get; the more you get, the more you have. And since debt is money, nobody but those with the privilege of creating money out of nothing can ever compete in this race towards accumulation.

The Financial Industry

2008-11 has clearly demonstrated, if more evidence was still needed,  that the banks rule supreme.

“Too big to fail” is not quite the point. The point is that they enjoy an unjust privilege, and have escaped any form of responsibility in the face of their utter abuse and deception regarding that privilege. The creation of fiat money grants them a tremendous power, and it comes to them free of charge.  They are bound to no real accountability nor responsibility oversight. And contrary to the aristocratic elite of the old world, they do not even have to deal with any moral boundaries.

Noblesse oblige does not apply any more. Virtue is utterly foreign to them.

Under the tyranny of the usurers, finance has turned into an industry. The financial elite, unfairly equipped of its fiat privilege, constantly increases its control over money and wealth. Rather than serving the industrious individuals and companies, this predatory elite has turned finance into a debt producing industry, pushing onto us their toxic production as a drug dealer pushes his laced drug onto a junkie.

And addicted we are. All of us.

To the point that we beg the dealer to include us into his circle of well-served customers. The industry of finance rules supreme. And the increase of money is its only KPI. As it grows, absorbing all other areas of human life under its tyrannical rule, so does the probability to see our planet and our specie destroyed once and for all.

Under its leadership, every significant industry has effectively turned into a cartel. Car manufacturer, energy producers, internet providers, agriculture (sorry, agro-business), mining and of course drugs, weapons and human trafficking.

The frontier between legal and illegal, so obvious for the man on the street utterly submitted to the absolutist state of modern-day jurisdictions, disappears for the financial elite. They have tailored for themselves a world wide web of confetti jurisdictions, existing for the sole purpose of allowing the industry of finance to operate beyond the rule of the law.

To them, the question is not what is legal, but where.

The free market narrative, the invisible hand, the pure and perfect competition… are all pieces of the modern mythology, playing in the hand of a would-de-gods demented elite. It is striking though, how abysmally less convincing then their classical counterparts those tales prove out to be.

It is indeed a paradox one should ponder over, that in this age of triumphant rationalism, we should have to live under a mythology requiring such a high dosage of blind faith!

There can be no end to this tyranny until we return to sound money, and put an end to usury as the governing agent of money. People must re-establish the necessary conditions for the exercise of their freedom on the issue of money.

Open Finance!

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