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AH Member Writings : Ron Last Updated: Jan 14, 2020 - 12:07:47 PM

Musings on Money
By Ron Chapman
Mar 21, 2009 - 4:06:00 AM

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Musings on Money:
It's not sacrifice we need; but productive employment.

G'day cobbers,

Viewing current global news services and learned financial commentaries one could be forgiven for thinking that human economic management and societal monetary policy are complex, nay Herculean tasks requiring immense intellectual abilities and business know-how. They are not and they don’t.

Money is no more than an accounting device, a system of notes certifying that the bearer has done a share of the work and deserves a share of the wealth. Money's backing is the goods and services produced by the labour force. By creating money society can assist in the activation of the idle productive power of its people. And what they produce will add real wealth to the community.

Arguably money has been a necessary ingredient in the advancement of civilization in our 3D world. When properly represented by appropriate amounts of gold or silver or other valuable commodities it has also been used as a store of value as well as a medium of exchange that is more convenient and flexible than a system of barter.

Money advocates say it facilitates the division of labor, specialization by individuals according to their talents, and organization of human activity into complex patterns necessary for advancement in virtually all realms of endeavour. It is also argued that it helps to make possible economies of scale and other efficiencies that raise human productivity far beyond the levels required for mere survival. This makes it possible for a society to support artistic and other cultural advancements by which a civilization becomes more refined and rich.

In a 3D world in which humanity has not yet attained spiritual maturity money has been the economic glue which supposedly holds society together. That is true when the money system is honest, stable and unmanipulated, because money then can play a theoretically neutral role which is equally beneficial to all members of society. For example working hard, a person may earn more than is needed immediately to pay for whatever s/he buys from others. The excess can be saved, then spent whenever desired to meet an extraordinary expense, buy something special, or retire from work and live off the fruits of past labour. Money earned should reflect work which is valued by society and for which payment is made.

Unfortunately it is this role of money as the economic common denominator of society that makes it such a tool of immense power—Satanic power—in the wrong hands. Those who issue a community or nation’s money can create out of thin air what all the rest of the members of society have to earn by honest labour. The issuer of money thus acquires unparalleled power over other individuals, since with a few computer keystrokes the money creator can make others wealthy who cooperate in advancing his/her fraudulent schemes. If you don't believe me just ask the executives of AIG, Fannie May, Freddie Mac, Goldman Sacks, J P Morgan and all the rest.

In any society there are always more than enough individuals available who are eager to be comfortably corrupted in this way, and it is they who the money creators help into positions of governmental and corporate power. That is what Rothschild meant when he said:  “I care not who writes the laws.”

The power to issue money is the power to shape government and hence society, to one’s own ends.

Those having the power to issue society’s money automatically have the power TO CHANGE ITS VALUE. This changes the yardstick by which every single economic transaction in society is measured, and is a way to steal from the entire community, at will. Those who set aside the excess fruits of their labour in the form of money savings are robbed if, when they come to use it later it is no longer worth the same amount; that is, it will no longer buy the same quantity of goods and services that it would have purchased when originally set aside.

That has happening in the US and the rest of the world for decades and the banksters and their government and economic commentator puppets call it “inflation" and pretend that it is caused by workers demanding increases in salaries and wages whereas it is actually caused by banksters issuing more and more fiat (imaginary) money. Workers seek increases in salary and wage payments to compensate for “inflation” (the loss of value of the money with which they are paid - for instance the US dollar today is probably worth about 3 cents as compared to the US dollar's value in 1913 when the Federal Reserve System was signed into law.  So workers are always behind the “eight ball” because the only ones to get full value from money newly created “out of nothing” are those who first receive it. Everyone else loses and the greatest losses are experienced by retirees and pensioners and those who have kept their savings in the form of money and are no longer getting paid wages in present day dollars.

A pernicious variation of the system under which private individuals have acquired the right to issue money for use by society has been the extension of that legal right to include the issue of money as “credit”, that is, as debt. This debt money system is now a global epidemic, which is rapidly destroying the global money system and the global economy. In effect, private fiat money credits have been improperly monetized by law all over the world. That has given enormous privilege and wealth to the banksters  (and their mates and minions) whose credits (debt money) have been monetized, to the detriment of the rest of humanity. As a result the current global money system has becomes an engine of absolute injustice, rapidly growing economic and social chaos and immense ever-expanding poverty.

Apart from allowing private individuals and their corporations to control the issue of fiat money (especially in the form of credit) for use by society instead of requiring that function to be totally, carefully and honestly controlled by publicly accountable servants of each community or nation, the biggest mistake that can be made in relation to the issuing of fiat money is to confuse that money with TANGIBLE WEALTH. In the past commodities have been improperly monetized by law.(1) The result makes the money system hostage to the availability of the nominated commodities and hence hostage to individuals, companies and countries that control the commodities specified. Ultimately this policy also removes the monetary power from society and places it into the hands of wealthy private individuals.

In any event, the most commonly used commodities, namely gold and silver, have been used as a smoke-screen by goldsmiths and banksters for centuries in that, in truth, those goldsmiths and banksters issued fraudulent “notes” (used as money) allegedly based on holdings of gold and silver which they did not (and do not today) have. What the banksters counted on was that society, encouraged and eventually legally mandated by governments, would accept their “notes” as the equivalent of the gold or silver those notes purported to represent.  All that was needed to give the banksters’ paper “notes” value was for governments to mandate them as legal tender or just accept them in payment for taxes. That, and not issuing too excessive a quantity (until the last decade or two) , enabled banksters to get away with creating money out of nothing, that is, fraudulent notes that had no gold or silver backing at all. Under those conditions, the paper notes they print out of thin air BECOME a claim on ANY real wealth existing in society that has been created by real initiative and labour.

Money does not grow on trees. It must be created. So if a society wants to use money the only realistic choice currently available is whether to have it created as loans at compound interest by private banks or to have it created as debt-free, interest free money by governments that represent, and are properly controlled by sovereign communities.

To avoid the criminal abuses of past money systems society must OWN its money system NOT RENT IT from private individuals and corporations. Individual human beings are sovereign; corporations are NOT. And when sovereign individuals come together to agree on any matter, including issues like whether to have a system of money, they remain the sole arbiters of what that system shall be and how it must function. If the sovereign individuals that compose a community or nation agree to have some form of money system they, as a whole society, must create, oversight and monitor the operation of that system in the interests of furthering the welfare and common good of ALL individuals within the society.

Moreover, society must create and maintain appropriate mechanisms for ensuring that those appointed, elected or hired to create, maintain and audit the money system are completely subject to public scrutiny and accountability at all times. This will require a complete overhaul of society’s concepts and attitudes to “government” and governance structures since today governments invariably exceed their powers (2) which are, or should be, limited to performing the WILL OF THE PEOPLE who appoint them to office as SERVANTS of the community and NOT its masters.

The power to create money is an awesome social and economic power.  In our 3D world it has been stronger than government executive, legislative and judicial powers combined. It's even better than having a "magic chequebook," where cheques can't bounce, because one can also charge interest (usury) on debt “money” issued in this way. Under private control money creation has created immense riches for the banksters. Worse yet, it has completely moulded current global society by allowing hidden banksters to determine where the world’s real wealth goes as well as deciding what gets funded and what does not IN VIRTUALLY ALL AREAS OF GLOBAL SOCIETY. This control of the financial and economic purse strings of almost all nations has determined what science, medicine, educational, industry and media institutions and corporations can undertake, investigate, accomplish and report upon.

The money system(s) of our human future MUST be transparently under the control of the societies they serve. That means that any and all individuals elected, appointed or hired to serve as government servants of a sovereign society MUST be strictly accountable at all times to the wishes of that society’s constituents – their employers. IF and only if, government servants and agents are properly and strictly accountable to the society they serve, can money created by society for its use and benefit be managed and applied honestly, appropriately and for the benefit of everyone in that society.

The initial problem with establishing a new money creation model based on government (ie sovereign societal control) issuance of all money on an interest free basis to pay for government expenditures is that currently people with most of the money control politics. But even if they didn’t, many people with investments would find that their interest income would cease. Also, insurance companies, pension funds, foreign debtors and others depend on investment income and would need to be compensated and helped to adjust to the changed world. That process needs to he handled in a sensitive, appropriate and generous manner. But it can and should be done.

The difficulties involved in reverting to a proper usury free system of societal (government) money creation need to be seen in the context that if that change is not made the old compound interest debt money system which is currently imploding globally is also creating a total global economic collapse which could cause many people to return to Stone Age living conditions. To understand why this is so one only needs to advert to the fact that the biggest debtors today are business corporations and it is impossible for them to increase the physical production of goods and services in order to keep up with exponential debt growth that is limited by nothing but arithmetic. Unlike the necessarily continuously escalating current debt money system, the physical economy has limits as does the physical (ecological) environment. The current global economic collapse is simply evidence that humanity has reached the limits of possible global ecological exploitation as well as the ability of humans and their corporations to pay the banksters the compound interest due on the debt money they have created out of thin air to date.

The essential issues for determination when implementing a system of government creation of debt-free, interest free money seem to be:

How can society best create a money system in which the integrity of the system is assured?
What should be the actual basis for determining the nature of the money created and its value?
How should society decide who is to operate the money system?
What mechanisms are needed to assure that the operation of the money system is transparent and that those responsible for its operation are publicly accountable?
What if any, mechanism(s) are needed to ensure that the money created is merely a means for facilitating the exchange of goods and services and doesn’t morph into a monster and become the root of all evil or hoardable as a store of value in itself?
How can society create money without causing inflation?
• How much money should each society create? Ideally enough money should be created to enable all work-able people to be employed.
• Obviously society must regulate the value of its currency. The power to create money includes this regulatory power. What mechanisms are needed to monitor and carry out this function?
No doubt other questions will arise but these should be good for starters.

One way to regulate the value of money might be for society to fund government projects and expenses at the current price level applicable in that society (nation). That price level could either be arbitrarily established on commencement of the new system or if a satisfactory statistical system is available which can be used to ascertain the average current wage for an hour of work within that society, funding for projects and services could be funded at that average rate. How the funding amount is allocated between labour, land, and capital would then be a matter for negotiation by those responsible for carrying out the work.

Given that humanity is supposed to figure out how to grow into light and life and this issue of money and what it means to humanity seems to be the core of much of our current societal and global problems, I think it is time humans that generally, started to expend some real mental muscle on the issue. Waddya say cobbers? Anyway it seems to me that we need to understand the pros and cons of money in order to lay the groundwork for a barter economy which, hopefully is the next step in our social and economic progress.


End Notes

(1) In the 17th century English and Dutch laws forbade sending coinage to the colonies, placing them in continual distress. In this early form of globalisation the intent was to extract raw materials, not for the colonists to trade with each other. In order to cope the colonies had to devise monetary innovations.

In the period 1632 - 92, seventeen different commodities were monetized by law at specified prices. It didn't work - everyone wanted to pay with the least desirable commodity, in the worst condition.

Private land banks were set up but were shunned by the colonists, who considered money a prerogative of government, as it was in England until 1694 when the Bank of England was chartered to a private corporation giving it a licence to print money.

Then in 1690, four years before the establishment of the Bank of England, Massachusetts embarked on a radical course and issued paper bills of credit, spending them into circulation. Rather than a promise to pay anything, they were a promise to receive them back for all payments to the commonwealth. The colony thrived. Other colonies copied them and infrastructure was built using this new system.

In 1723 Pennsylvania's system loaned the bills into circulation, charging interest on them and using it to pay colonial expenses. Ben Franklin wrote:
"Experience, more prevalent than all the logic in the World, has fully convinced us all, that paper money has been, and is now of the greatest advantages to the country." . . .

Some of the basic principles underpinning the appropriate issuance of money became apparent including:
- Money need not have intrinsic value; its nature is more of an abstract legal power than a commodity.

- Accepting the government paper back in payment of taxes was the key feature needed to give it circulating value.

- The quantity of money in circulation had to be strictly regulated to maintain its value. Notably, the colonies did not issue more money than their legislatures authorized. They have an outstanding record issuing currency. In relation to over a hundred colonial currency issues there appears to have been only one case of fraud. In Virginia, a Mr. Robertson who was supposed to be burning the old notes as new ones were printed, was giving them to friends instead.

Unsurprisingly, the banksters with their ever-increasing control of the means of mass communication subsequently distorted this laudable colonial currency experience and presented it to posterity as an exercise in the irresponsible creation of inflationary money. They do the same thing today. They create hyper-inflation by issuing ludicrously excessive amounts of fiat money created out of thin air which they provide to their mates and minions (eg the massive US and global bank and corporate bailouts in the past year). Then they have their media and government puppets claim that wage inflation has caused job losses and forced employers in the US and other Western nations to off-shore jobs to Third World countries where slave labour is used.

The lie about colonial scrip being inflationary was promulgated by an18th century Boston medico, Dr. William Douglas’ inaccurate writings. The error was corrected by Alexander Del Mar in 1900 in The History of Money in America, but by then the damage was done and the bankster controlled media was able to discount it so that it was ignored as the truth generally is in money matters. The truth was authoritatively established again by Professor Leslie Brock in 1976 and again ignored. It is said that many economists, and especially the libertarians, still haven't got the message that colonial government paper money was crucial in building the US colonies.

- The colonists observed that in fact their paper money helped them to build real infrastructure.

In 1764, England's Lords of Trade and Plantations prohibited all colonial legal tender issues, and that became the underlying cause of the American Revolution, not some tax on tea.

Subsequently the Continental currency became the lifeblood of the American Revolution. $200 million was authorized and $200 million issued. The currency functioned well. In late 1776 the notes were only at a 5% discount against coinage, when General Howe took over New York City and made it a center for British counterfeiting. The British counterfeited billions; newspaper ads openly offered the forgeries. . . In March 1778 after 3 years of war, it was $2.01 Continental for $1 of coinage.

The Continentals carried the opponents of British rule over 5.5 years of Revolution to within 6 months of final victory. Thomas Paine wrote: "Every stone in the Bridge, that has carried us over, seems to have a claim upon our esteem. But this was a corner stone, and its usefulness cannot be forgotten."

The constitutional convention considered two grand themes of humanity: First whether mankind could be self-governing or had to be ruled by authority. Often referred to as the American experiment. The outcome, and one of the reasons it's still in doubt is because of the way the convention mishandled the other grand theme - the nature of money. By the time of the convention, the great benefits of the Continentals was nearly ignored; along with much of the rest of the hard won colonial monetary experiences. Some wanted to emphasize that the Continentals became worthless and rejected the idea of paper money altogether.

Opponents of the issue of government money ignored the fact that paper money (colonial scrip and the Continental) was crucial in giving the 13 colonies the possibility of creating a separate nation. They also ignored the fact that abstract money requires an advanced legal system in place; and that the normal method of assuring the acceptability of paper money is to allow government taxes to be paid in it.


(2) For instance the US Congress defied the US Constitution by passing legislation establishing the Federal Reserve System in December 1913 and providing for that private corporation to create whatever money that Congress would require AT INTEREST. Under the US Constitution money creation is a prerogative of the Congress and NOT a power that it can delegate to private individuals or a corporation.


Similarly, the Australian Federal Government (with the concurrence of both so-called "sides" in Parliament) has given a statutory corporation - the  Reserve Bank of Australia (RBA) - the independent discretion to determine monetary policy which means that unelected, unaccountable public servants and others have been given the power to run the Australian economy and are under no obligation to properly report what they do to Parliament or to the Australian people. There is no real parliamentary oversight of - and absolutely no control what so ever - over what the RBA does in relation to the setting of interest rates or the availability of money in the Australian economy. Accordingly the RBA can and does raise interest rates to exorbitant levels - for instance the overnight cash rate (which is currently 0-0.25% in the US and UK)  was raised to 18.05 % in January 1990  causing "the recession we had to have" in much the same way as the Federal Reserve creates booms and busts in the US for the benefit of banksters and their mates and minions. There is not even a requirement for the RBA to publish minutes of its deliberations or the reasons for its decisions although those decisions determine Australian monetary policy and hence Australia's economic management and the welfare of all Australians. In effect there is little point in electing government representatives if they then hive off vital decision making responsibilities to unelected secretive bodies.



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