The financial system

This page describes a concept which is part of our glossary

If our Nation can issue a dollar bond, it can issue a dollar bill. The element that makes the bond good also makes the bill good. The difference between the bond and the bill is that the bond lets money brokers [Bankers] collect twice the amount of the bond plus interest. Whereas the bill [currency] pays nobody but those who contribute directly in some useful way. The People are the basis for government credit. Why then cannot the people have the benefit of their own credit by receiving non-interest bearing currency, instead of Bankers receiving the benefit of the people's credit in interest bearing bonds? It is absurd to say that our country can issue $30 million in bonds and not $30 million in currency! Both are promises to pay: but one promise fattens the usurers and the other helps the people.

— U.S. President Thomas Jefferson

With adequate knowledge of the physical realities that dominate the economic affairs of peoples, the road is clear for unlimited progress and the attainment of universal peace and prosperity. The evils that in the past have paralyzed the very heart of nations lie patent and beyond concealment. So they pass beyond the power of further harm. Only that rarest kind of courage—intellectual fearlessness and honesty to face things as they are and not as they appear—is required to abolish poverty and economic degradation from our midst.

— Wealth, Virtual Wealth and Debt, by Frederick Soddy

A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men ... We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world — no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of small groups of dominant men.

— Woodrow Wilson, 1916

The term price system is used to describe any economic system whatsoever that effects its distribution of goods and services by means of goods and services having prices and employing any form of debt tokens, or money. Except for possible remote and primitive communities, all modern societies use price systems to allocate resources. However, price systems are not used for all resource allocation decisions today. A variety of non-market economics type proposals have been presented as alternatives to a price system such as energy accounting.

A price system may be either a fixed price system where prices are set by a government or it may be a free price system where prices are left to float freely as determined by unregulated supply and demand. Or it may be a combination of both with a mixed price system.

One of the necessities of the project is a P2P currency and transaction system which must be able to exchange currency with existing external systems. The project would use a currency model based on energy (see think global, act local). Many people involved in the project in the past have had deep concerns about introducing a currency system. But in fact it has always been there, and its a natural process for any organism to evaluate costs of their available courses of action in terms of various forms of energy.

The problems arise when we introduce corrupt concepts like usury (riba) and fractional-reserve banking, which is why there's so much religious fuss about that concept. And even concepts involving passive income start to cause trouble, such as when a centralised organisation profits from users transactions.

The problem is that only the Source can create something out of nothing, energy out of the void. Man cannot do this (And when He can we won't need Usury or debt any more anyway!), only God can, but usury gives money this Godly power. But because money does not really posses this power of creation it means that the cost of its growth is being balanced elsewhere; by a depletion in natural resource and an increase in the distance between rich and poor.

In the project, currency should simply be a medium of exchange which is an intermediary used in trade to avoid the inconveniences of a pure barter system. In a barter system, there must be a coincidence of wants before two people can trade - they must want exactly what the other has to offer, when and where it is offered, so that the exchange can occur. A medium of exchange permits the value of a good to be assessed and rendered in terms of the intermediary.

Such a medium of exchange is purely in the form of an informational store of value and is handled by a global virtual organisation called Accounts which is composed purely of its users resources and the fact that they share the same system.

There is no profit, only the cost of resources and their production and distribution. This means that there is also no passive income or interest, but the time taken for people to fill roles in production have an associated cost, working for additional purchasing power carries on in the usual way. Of course people can still arrange to work in these "legacy" ways if they like, but these concepts are not condoned by the network because they violate the spiritual principles by creating something out of nothing.

1 The Nature of Money & Credit
2 The Problem of Usury
3 Distribution of Wealth
- 3.1 Universal Basic Income
4 Internal Memo from the Bank of England 1862 to the Banks of America
5 Anthony Migchel's Gelre
6 Cost & Price
- 6.1 Cost of failure
7 Architecture
8 Bitcoin & P2P Currency
- 8.1 See also
9 Quotes
10 Related Wikipedia articles
11 See also

The Nature of Money & Credit

(from Wikipedia:Social Credit)
Major Douglas also criticized classical economics because it was based upon a barter economy, whereas the modern economy is a monetary one. To the classical economist, money is a medium of exchange. This may have once been the case when the majority of wealth was produced by individuals who subsequently exchanged it with each other. But in modern economies, division of labour splits production into multiple processes, and wealth is produced by people working in association with each other. For instance, an automobile worker does not produce any wealth (i.e., the automobile) by himself, but only in conjunction with other auto workers, the producers of roads, gasoline, insurance etc.

In this view, wealth is a pool upon which people can draw, and the efficiency gained by individuals cooperating in the productive process is known as the “unearned increment of association” – historic accumulations of which constitute what Douglas called the cultural heritage. The means of drawing upon this pool are the tickets distributed by the banking system.

Initially, money originated from the productive system, when cattle owners punched leather discs which represented a head of cattle. These discs could then be exchanged for corn, and the corn producers could then exchange the disc for a head of cattle at a later date. The word “pecuniary” comes from the Latin “pecus,” meaning "cattle". Today, the productive system and the distributive/monetary system are two separate entities. Douglas demonstrated that loans create deposits, and presented mathematical proof in his book Social Credit.

Douglas believed that money should not be regarded as a commodity but rather as a ticket, a means of distribution of production "There are two sides to this question of a ticket representing something that we can call, if we like, a value. There is the ticket itself – the money which forms the thing we call 'effective demand' – and there is something we call a price opposite to it." Money is effective demand, and the means of reclaiming that money are prices and taxes. As real capital replaces labour in the process of modernization, money should become increasingly an instrument of distribution.

Douglas also claimed the problem of production, or scarcity, had long been solved. The new problem was one of distribution. However; so long as orthodox economics makes scarcity a value, banks will continue to believe that they are creating value for the money they produce by making it scarce. Douglas criticized the banking system on two counts:

for being a form of government which has been centralizing its power for centuries, and
for claiming ownership to the money they create.

The former Douglas identified as being anti-social in policy. The latter he claimed was equivalent to claiming ownership of the nation. Money, Douglas claimed, was merely an abstract representation of the real credit of the community, which is the ability of the community to deliver goods and services, when, and where they are required.

The Problem of Usury

Profit and interest should be kept within the realm of personal agreements and not be part of the system itself otherwise it takes on the power of money creation and can gain control over its value.

In a serious consideration of the subject therefore it is necessary to particularise carefully. Jeffery Mark saw this clearly and in his Analysis of Usury (Dent. 1935) (p26) he distinguished a major and a minor variety, thus;

there are two forms of usury. the major form is that represented by bank loans and the discounting of bills, and the minor form by the creation of interest bearing savings, investments, or inheritances, which as government or municipal stock, industrial shares, bonds, debentures, mortgages, or capital claims on land, plant and property, make up the debt structure in every country. The common and essential feature in all these processes, here comprehended as the major and minor principles of usury, is the payment of money interest on money lent.

... we must always differentiate between lending by private persons and lending by banks or other credit making institutions. In the later case they create the means of payment out of nothing and then proceed to appropriate both capital and interest.

Distribution of Wealth

Usury is often considered the root of the problem, but it is a logical necessity within the context of a system in which money is a scarce commodity. Money should not be something scarce, with very few people having an abundance while the majority is short of it. This is because it should play the role of the "ticket" by which resources are distributed throughout the system. A system which is properly designed to organise the global allocation of resources amongst all its parts would ensure that all of the members composing it be in an optimal state of well-being. To do otherwise would be equivalent to an organism preventing its blood from flowing to some parts of its own body.

Universal Basic Income

This ties in to the UBI ideas via the redeemable bond associated with each person. Technically, the UBI is not a hand-out, but rather a dividend on each persons share of the total wealth of the nation (in this case the "nation" being the network).

Internal Memo from the Bank of England 1862 to the Banks of America

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In 1862 the creditors of America, the Bank of England, sent the following circular to every bank in New York and New England:

"Slavery is likely to be abolished by the war power. This, I and my European friends are in favour of, for slavery is but the owning of labour and carries with it the care of the labourer, while the European plan, led on by England, is for capital to control labour by controlling the wages. This can be done by controlling the money. The great debt that capitalists will see to it is made out of the war must be used as a means to control the volume of money. To accomplish this, the bonds must be used as a banking basis. We are now waiting for the Secretary of the Treasury to make the recommendations to Congress. It will not do to allow the greenback, as it is called, to circulate any length of time, as we cannot control that."

"When through a process of law the common people have lost their homes, they will be more tractable and more easily governed by the strong arm of the law, applied by the central power of wealth, under the control of leading financiers. People without homes will not quarrel with their leaders. This is well known among our principal men now engaged in forming an IMPERIALISM OF CAPITAL TO GOVERN THE WORLD. Thus by discreet action we can secure for ourselves what has been generally planned and successfully accomplished."

That was part of a leaflet called the "Bankers' Manifest" printed for private circulation among leading bankers only. It appeared in 1934.

While on the subject of banks and debts, it is evident considering their nature that the banks are more powerful than the Government of the United States, for if they were not, there would: be no such thing as a National Debt. National debts are unnecessary in a country with the real and potential wealth and resources as the United States; they are the greatest of national burdens and the evils the Government would be foremost in avoiding. But on the other hand they are the biggest source of riches and control in the hands of the American financial system. That we have a National Debt is not only evidence of the real rulers of the nation, but the extent of the debt is a true indication of the extent of this rule.

It is absurd that the Government should be forced to borrow that which it has, under the Constitution, the power to create!

Ever since the banks were given the right to issue money, panics, financial depressions, famines, and the inevitable increase of crime have been periodic occurrences. In America the average is about every twelve years. They shall continue until the government assumes its natural prerogative of issuing money, and confining the work of bankers to banking.

Excerpts from the book: Citadels of Chaos 1949.

Anthony Migchel's Gelre

"Believe it or not, but De Nederlandsche Bank (Dutch central bank,) run by Nout Wellink who is on the board of BIS

and a member of the Trilaterals) shut down my on-line telebank service. A clear sign I was on the right track :-). "

My name is Anthony Migchels and I am the initiator of the "Gelre," the first Regional Currency in the Netherlands.

My organization is a foundation, not for profit, not a company, because I believe credit should be a public facility, serving the people that actually OWN the credit, instead of milking them dry with what is rightfully theirs. The Gelre foundation is run by a board of three.

We now have almost a hundred companies participating and the break even point should come at about 300, after that we can get an income out of it. But the real goal is, to hook up 66% of all companies in Gelderland, a province in the Netherlands with 1.2 million inhabitants and 60k companies. A GDP of about 40 billion Euro.

It is clear that interest bearing debt to a bank as money is a vicious hoax, but strangely enough, few have been developing a viable alternative.

Ellen Brown and the Money Master people, whom I both regard very highly, have reasonable propositions, but they are still considering reform at the state-level and that is simply not going to happen. Not here in Europe and not before having survived WW3, anyway.

State Level real money implies the end of the New World Order Central Banking Vampires. There is Bernard Lietaer, but his biggest point seems to be that 'complementary currencies' complement the 'national' (banking, really) currencies. He has correctly analyzed the negative aspects of interest, but is completely oblivious (or pretends to be) to the nefarious nature of the powers behind the printing press. It is clear that real alternative currencies have only one goal: to destroy the credibility of humanities greatest plague and its metal based successors. The goal is clearly NOT to play second fiddle.

I like Thomas Greco, who is very knowledgeable. He suggests mutual credit, facilitated by Market Players as a solution, but even he has not pinpointed what is to my mind the most crucial challenge for anybody wanting to create a viable currency, able to truly compete with Dollar or Euro

That challenge is as follows:

Barter units allow for interest free credit, but are not convertible to major currencies and convertible units don't allow for non interest bearing credit. Combining these two features, convertibility and interest free credit, is essential for non state/non bank monies to have a real impact.

It is the way of the not so distant future :-)

Most barter schemes have prohibitive transactions costs. Also, and even more importantly, they are not convertible to Euro/Dollar. They usually are OK for swapping excess inventory or goods and services with low marginal cost, but not for high powered capital intensive industry. The Euro/Dollar/Pound based Berkshares (http://berkshares.org/) , Lewes Pound (http://www.thelewesPound.org/) and German Regional Currencies (www.regiogeldverein.de) are stronger, because they are based on national currencies: you give up a Dollar and in return you get a Berkshare, that can be spent within the network. In effect the Dollar remains in the network. Because there is a Dollar in the bank, companies can convert excess local currencies (units that they cannot usefully spend in the network) to Dollar/Euro The problem is, there can never be more of the local currency in circulation, than the supplying organization has Dollars/Euro in the bank. Therefore they cannot supply any credit.

This is also the basic architecture of the current Gelre. Another conceptual problem with this approach is that you are basing real, loving money on the most toxic commodity known to man: interest bearing bank debt as money.

There is also a legal problem here, in Europe, anyway:

Believe it or not, but De Nederlandsche Bank (Dutch central bank,) run by Nout Wellink who is on the board of BIS and a member of the Trilaterals) shut down my on-line telebank service. A clear sign I was on the right track :-). They did so because of a prohibition on collecting 'reclaimable money' (a direct translation of judicial lingo, I'm not sure an English speaking lawyer will know what this means).

You can, however, manage reclaimable money if you give a paper voucher in return. This is a loophole designed for book vouchers and the like.

Now we have only paper money in circulation. Of course, this law is to 'protect consumers' (wink wink). You have to realize this was going on last year, 2008. The people from the Dutch Central Bank are telling me they are very worried about the couple of thousand Euro that we manage as deposits for circulating Gelres. The same people that have been supervising and in effect organizing the credit crunch that has cost taxpayers in the west trillions of Dollars.

Now, being confronted by men and women (kind and intelligent people!) in expensive suits destroying and enslaving the people I love, including myself, who are telling you they are protecting consumers by putting me out of business, kind of pisses me off BIG TIME. Brainwashed or not, you start to dislike them even more than you already did. Its probably not the same with everybody, but if somebody starts playing with my family jewels, smiling all the time and speaking very correctly gets me thinking. To be honest, it was an experience that inspired.

By creating a unit that combines both strengths, cheap credit AND convertibility, we believe it is possible to actually compete with Euro Creating money out of thin air that will buy Euro and eventually gold, it sure gets me excited :-)

We'll buy the world back :-))). we won't, but the people using the Gelre will! The only problem is: how to do it and inspiration makes answering this elusive question easy: you create convertibility not by reclaimable deposits, but by creating an open marketplace where your unit can be traded!

In this way, you create convertibility not by having Euro or Dollars deposited, but by more classical means: foreign exchange markets have been around for quite some time, but only for bank money Speculation is out of the question, because in the network 1 Gelre=1 Euro always.

My foundation simply always sells Gelre for 95 cents, so it is no use offering your Gelres for more.

And because 1 Gelre has a purchasing power of 1 Euro in the network, there is always a natural demand for Gelre because its buyer gets a de facto discount of at least 5%. Of course you want a stable rate for the Gelre, close to its target of 0,95 cents. This is achieved by correctly managing the amount of Gelre you issue. If you issue to many, people will dump it on the market and your unit goes down the drain: nobody will accept it if its rate goes down too much.

But you can, and we have, create a stabilization fund. Because we sell Gelre for 0,95 cents, we have Euro. We could simply pocket them, but then we would be ripping off the system. It would be a goldmine. Nobody would even notice, people are gullible, but the idea is to help, not to steal. No, the Euro we get in this way go into the stabilization fund and we use them to buy back Gelres if the rate goes down to much.

In effect this means we can almost guarantee a stable exchange rate. Almost, because every adult has to awaken to the fact that there is only one guarantee in life: you die. It is childish to look for guarantees from institutions. That is part of what is called 'arrested development'.

At this moment we are programming the on-line exchange. Its not complicated at all, thankfully.

Naturally all this needs to be managed correctly. And of course the idea is very simple. But also revolutionary. A breakthrough that has the potential to create very powerful currencies that can compete globally and locally in many diverse networks against the far to expensive (because of interest) '(supra)national' currencies.

We have chosen a regional scope, because one of our main goals is to stop centralization of power. Since most local economic area's are 80% self sufficient, it is natural that they are monetarily as well.

And because 'The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it' and also because 'the process of money creation is so simple, it repels the mind' transparency is essential in any real money system.

Therefore we have created the Gelre monitor, which reports real-time to all parties involved, on-line, all the key indicators of the Gelre. Turnover, amount in circulation, percentage that is taken by the issuing organization for costs, number of participants, etc, etc. All this information will be available with just a few mouse clicks.

End of this year, maybe early next, our new system will be on-line, hopefully. And it is going to work. Despite the many unknowns to the public. You know why? Because we are going to print some money and GIVE IT AWAY!

We are going to give away millions of Gelre (1 Gelre = 1 Euro). Why not? We print it for nothing! We don't use that money to stuff these piggybanksters, but we hand it over to the people!! And they can spend it at the businesses that join. These businesses can actually convert their Gelre income to Euro (at a small cost).

We are going to play Santa Clause and all that money is going to circulate forever, continuing to create business. A skyrocketing Gelre Economy in the depths of a very severe depression. Nobody can get a Eurodime, but we give away millions of Gelre!!

Of course most of the Gelres we put into circulation will be lent out (without interest, but of course with some (very cheap) price, we have bills to pay) in a mutual credit kind of scheme, or sold for Euro (for the benefit of the stabilization fund), but a reasonably small percentage can be simply given away.

You know, the Dutch have a reputation, well deserved, for being the Jews of the Gentiles. If GIVING THEM MONEY FOR NOTHING is not going to convince them, I'm just gonna give up and let the wolves do their thing.

As a final note: one of the most painful delusions many well informed and well intentioned people suffer from, is that the problem is paper money. And that gold is the solution. It is not. Gold is controlled by the same scoundrels that control the current printing presses. The problem is inflating and deflating an interest bearing money supply. By fraudulent criminals. This is the same for gold as it is for paper. Where do people think all the depressions before 1913 came from?

Of course, gold DOES have a function as the great, eternal tell tale of paper manipulation. That is why it has been manipulated at an unimaginable scale. If it had not been, gold would probably already be at 5k Dollars per ounce. Real inflation (as opposed to the FED figures) has been that bad, the last few decades.

But as a means of exchange it is worthless. Impractical and with an unstable, non-transparent supply. Stable, transparent supply is a core indicator of high quality money.

To be honest, the bankers couldn't care less about the paper, if they can replace it by gold. Money is one of the few commodities that we can produce infinitely at virtually no cost. The art of the trade is to create plentiful money, without overdoing it. Even a limited amount of inflation is OK, as long as people are aware of it, are compensated for it and don't save the money.

Saving money is always a bad idea anyway, because it withholds money from circulation, but that is another story.

The point is, that if you have a reasonable entity issuing the money, its supply will be stable and cheap.

The Gelre will also prove that gold is as big a hoax as is interest bearing debt. You can tell I'm excited about it, I can hardly believe we are actually going to do this, and sometimes I am afraid, not only of success, but also of the banksters.

We are going to do it, though.......

Cost & Price

In the example scenario of a person travelling from A to B, we may have a few different routes to choose from, and it's not only the time they each take that we base our decision on, it's the cost. When we asses the cost of each route and compare them, we are actually assessing the energy that each one consumes. This energy comes in many forms such as physical exertion, bus fares or the effort of convincing a friend to drive us to B.

In the network it's only the changes to information which need to be propagated from A to B, there's no point expending energy to tell a node something it already knows. Propagation of change is the way of our own space-time too, that's why things travelling in space keep moving at the same speed and direction forever if no force is applied to them. The amount of information undergoing change within a given time is called bandwidth, which is the energy aspect of the network.

Bandwidth is considered to be the common currency of the network, it's the measuring stick by which all efficiency is assessed, and the terms currency and cost are used in this context just as in everyday life.

In the network, energy can appear in many different forms just like our own assessment of the energy of travelling routes also involved different forms of energy. But because everything inside the space-time is derived from Moment, including all the forms of energy, the network can always reduce diverse energy forms down to the common terms of bandwidth to compare costs of various tasks.

Cost of failure

Accountability and auditing are well defined and objective due to transparency and abundance of information by compliance to the values. The cost of failure is distributed across usage of the accountable departments or processes. This is like dynamic insurance; the network absorbs the immediate cost of failure, but the price is paid for over time by the stake-holders of the systems accountable for it.

Accountability does not necessarily fall on to a human role, it could be the failure of a procedure or hardware device. The results of assessing accountability could be regional, global, domain-specific or general, physical or virtual etc.

In the case that the information available is insufficient to determine how the cost of failure should be allocated, a process of arbitration needs to be initiated.

Architecture

As with any P2P system, it requires a critical mass of users before it can function reliably, but system growth is another aspect entirely, so for the purposes of this discussion let us first define the system from the perspective of how it would work if it were already in use by a critical mass of users. Lets also assume for simplicity of defining a foundation context that there is enough diversity of business operating within this hypothetical network that we don't require any exchange currency with any external financial systems - or to simplify even further we could just assume for now that this is the only currency system in existence!

The basis is for the network to use its objective resource evaluation (multi-dimensional currency model) along with the growth due to the development and production occurring within the network as the basis of the "national" dividend. It's imperative that we base the network's currency system on a positive dividend based mechanism (i.e. Social Credit) rather than replicating a new version of our current debt-based economy which benefits only the bankers.

Trust

The members must trust the architecture and its operation
The architecture must assign a level of trust to the users and accounts
Restriction to trust networks

Security

Obviously the system must be very secure and must have the trust of the users in the robustness of its security model. Fortunately a fully P2P system offers new and powerful dimensions for increased security which need not be discussed in detail here.

Decentralisation

The system must not be owned by a centralised organisation of any kind otherwise it is vulnerable to legal attack, is reliant on the survival of the host organisation and puts the members at risk due to the host organisation's own potential for corruption.

Bitcoin & P2P Currency

Bitcoin is an open source peer-to-peer electronic cash system that's completely decentralised, with no central server, trusted authorities or middle men. The availability of bitcoins can't be manipulated by governments or financial institutions. Bitcoin already has a number of exchanges for converting to and from other currencies; BitcoinFX, New Liberty Standard, Bitcoin Exchange and Bitcoin Market.

In a p2p computer network there are no servers, the entire network is composed of users running instances of the application on their computers. Each running instances offers a small amount of processing and storage resource to the network so that it can deliver the services it was designed for such as redundant storage, anonymity or voice-over-IP applications.

In the case of a p2p currency system, some of the services the network is designed to offer are privacy, verification, authentication, currency creation and transfer of ownership. To ensure a reliable and tamper-proof system requires a lot of resource, and that amount is proportional to the amount of coins in the network. The network is able to pay the users for the resource they offer by making the coin-creation process part of the network protocol itself instead of being handled by a central trusted authority. This creates a natural and incorruptible link between the supply of currency in the network and the demand for it.

Even aside from the ability to exchange bitcoins for other currencies, it still makes a very useful tool for independent organisations and groups because it allows them to trade and settle accounts amongst themselves independently and privately. It effectively gives them a "bank" that has a trustworthy system of accounts that can't be tampered with and requires no corruptible central authority to operate.

Quotes

As a result of the war, corporations have been enthroned and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until wealth is aggregated in the hands of a few and the Republic is destroyed. I feel at this moment more anxiety for the safety of my country than ever before, even in the midst of the war.

— Abraham Lincoln

	Fiat money is the cause of inflation, and the amount which people lose in purchasing power is exactly the amount which was taken from them and transferred to their governments by this process.
	— G. Edward Griffin, The Creature from Jekyll Island

A fiat monetary system allows power and influence to fall into the hands of those who control the creation of new money, and to those who get to use the money or credit early in its circulation. The insidious and eventual cost falls on unidentified victims who are usually oblivious to the cause of their plight. This system of legalized plunder (though not constitutional) allows one group to benefit at the expense of another. An actual transfer of wealth goes from the poor and the middle class to those in privileged financial positions.

— Congressman Ron Paul, Paper Money and Tyranny

	It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.
	— Henry Ford

	It is commonly supposed that a banker's profits consist in the difference between the interest he pays for the money he borrows and the interest he charges for the money he lends. The fact is that a banker's profits consist exclusively in the profits he can make by creating and issuing credit in excess of the liquid assets he holds in reserve - and in exchange for debts payable at a future time"
	— H. Hd. MacLeod, :The Theory and Practice of Banking

	If debt and money are the units of measure by which we account for and keep track of the production and distribution of physical wealth, then surely the units of measure and the reality being measured cannot be governed by different laws... If [physical] wealth cannot grow at compound interest, then debt should not either.
	— Frederick Soddy 1877-1956

Mr. Chairman, we have in this Country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks, hereinafter called the Fed. The Fed has cheated the Government of these United States and the people of the United States out of enough money to pay the Nation's debt. The depredations and iniquities of the Fed has cost enough money to pay the National debt several times over... This evil institution has impoverished and ruined the people of these United States, has bankrupted itself, and has practically bankrupted our Government. It has done this through the defects of the law under which it operates, through the maladministration of that law by the Fed and through the corrupt practices of the moneyed vultures who control it.

— Rep. Louis T. McFadden, US House of Representatives 1932

The financial system

Contents

The Nature of Money & Credit

The Problem of Usury

Distribution of Wealth

Universal Basic Income

Internal Memo from the Bank of England 1862 to the Banks of America

Anthony Migchel's Gelre

Cost & Price

Cost of failure

Architecture

Trust

Security

Decentralisation

Bitcoin & P2P Currency

See also

Quotes

Related Wikipedia articles

See also

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