Economy Ellen Brown Original

Ellen Brown: Only a People’s Monetary Reset Can Prevent a Feudalistic Technocracy

Instead of buying into the World Economic Forum’s dystopian “Great Reset,” we can build an alternative system with a mandate to serve the people.
[John Graham / CC BY-NC-ND 2.0]

By Ellen Brown | Original to ScheerPost     

This is part two to a May 4, 2022 article called “A Monetary Reset Where the Rich Don’t Own Everything,” the gist of which was that national and global debt levels are unsustainably high. We need a “reset,” but of what sort? The “Great Reset” of the World Economic Forum (WEF) would leave the people as non-owner tenants in a feudalistic technocracy. The reset of the Eurasian Economic Union would allow participating nations to opt out of the Western capitalist system altogether, but what of the Western countries that are left? That is the question addressed here.

Our Forefathers Had Some Innovative Solutions

Fortunately for the United States, our national debt is in U.S. dollars. As former Federal Reserve Chairman Alan Greenspan once observed, “The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.” 

Paying government debt by just printing the money was the innovative solution of the cash-strapped American colonial governments. The problem was that it tended to be inflationary. The paper scrip they issued was considered an advance against future taxes, but it was easier to issue the money than to tax it back, and over-issuing devalued the currency. The colony of Pennsylvania fixed that problem by forming a government-owned “land bank.” Money was issued as farm credit that was repaid. The new money went out from the local government and came back to it, stimulating the economy and trade without devaluing the currency. 

But in the mid-eighteenth century, at the behest of the Bank of England, the colonies were forbidden by King George to issue their own currencies, triggering a recession and the American Revolution. The colonists won the war, but by the end of it the currency was so devalued (chiefly from British counterfeiting) that the Founding Fathers were afraid to include the power to issue paper money in the Constitution.

Hamilton’s Solution: Debt-for-equity Swaps

That left Treasury Secretary Alexander Hamilton in a bind. After the war, the colonies-turned-states were heavily in debt, with no way to repay it. Hamilton solved the problem by turning the states’ debts into equity in the First United States Bank. The creditors became shareholders in the bank, earning a 6% dividend on their holdings. 

Might that work today? H.R. 3339, a bill currently before Congress, would form a National Infrastructure Bank (NIB) modeled on Hamilton’s U.S. Bank, capitalized with federal securities acquired in debt-for-equity swaps. Shareholders would receive a guaranteed 2% dividend on non-voting preferred stock in the bank, with the option of recovering the principal after 20 years.  

If the whole $30 trillion U.S. federal debt were turned into bank capital, leveraged into loans at 10 to 1 as banks are allowed to do, the bank could do $300 trillion in infrastructure loans. To start, the Federal Reserve could buy NIB stock with the $5.76 trillion in U.S. Treasury securities currently on its balance sheet, capitalizing potential loans of $57 trillion. The possibilities are breathtaking; and because the money would enter the money supply in the form of low-interest loans to local governments that would be paid back over time, the result need not be inflationary. Loans for infrastructure and other productive ventures would raise supply to meet demand, keeping prices stable. 

Lincoln’s Solution: Just Issue the Money

Hamilton’s solution to an unsustainable federal debt was terminated when President Andrew Jackson closed down the Second U.S. Bank. That left Abraham Lincoln in a bind. Faced with a massive debt at usurious interest rates to fund the Civil War, he solved the problem by reverting to the solution of the American colonists: just issue the currency as paper money.  

In the 1860s, these U.S. Notes or Greenbacks constituted 40% of the national currency. Today, 40% of the circulating money supply would be $7.6 trillion. Yet massive Greenback issuance during the Civil War did not lead to hyperinflation. U.S. Notes suffered a drop in value as against gold, but according to Milton Friedman and Anna Schwarz in A Monetary History of the United States, 1867-1960, this was due not to “printing money” but to trade imbalances with foreign trading partners on the gold standard. The Greenbacks aided the Union not only in winning the war but in funding a period of unprecedented economic expansion, making the country the greatest industrial giant the world had yet seen. The steel industry was launched, a continental railroad system was created, a new era of farm machinery and cheap tools was promoted, free higher education was established, government support was provided to all branches of science, the Bureau of Mines was organized, and labor productivity was increased by 50 to 75 percent.

The Japanese “Free Lunch”

Another option is for the U.S. government to “monetize” its debt by having the central bank purchase and hold it or write it off. The Federal Reserve returns interest and profits to the Treasury after deducting its costs. 

This alternative, too, need not be inflationary, as has apparently been demonstrated by the Japanese. The Bank of Japan (BOJ) started buying government bonds in 1999, after reducing interest rates to zero, then dropping them into negative territory in 2015. Today Japan’s government debt is a whopping 260% of its Gross Domestic Product, and the Bank of Japan owns half of it. (Even the outsized U.S. debt to GDP ratio is only 126%.) Yet annual inflation is now only 1.2% in Japan, not even up to the BOJ’s longstanding 2% target. To the extent that prices are rising, it is not from money-printing but from lockdowns and supply chain disruptions and shortages, the same disruptions triggering price inflation globally. 

Hedge fund manager Eric Peters discussed the Japanese experiment in a recent article titled “Can a Modern Nation Pull Off a Debt Jubilee Without Full Monetary Collapse?” Noting that “core prices in Japan’s economy remain almost identical today as they were when its zero-interest-rate experiment began,” he asked:

Could the central bank create money, buy all the outstanding bonds, and simply burn them? Execute a modern version of an Old Testament debt Jubilee? …. [M]ight it be possible for a country to pull off such a feat without full monetary collapse? We don’t know, yet.

A Treasury Issue of Special Coins or E-cash

For future budget expenses, rather than borrowing, the government could follow President Lincoln and just issue the money it needs. As Thomas Edison observed in the 1920s:

If the Nation can issue a dollar bond it can issue a dollar bill. The element that makes the bond good makes the bill good also. The difference between the bond and the bill is that the bond lets the money broker collect twice the amount of the bond and an additional 20%. 

When the Constitution was ratified, coins were the only officially recognized legal tender. By 1850, coins made up only about half the currency. The total face value of all U.S. coins ever produced as of January 2022 is $170 billion dollars, or less than 0.9% of a $19 trillion circulating money supply (M2). These coins, along with about $25 million in U.S. Notes or Greenbacks, are all that is left of the Treasury’s money-creating power. As the Bank of England has acknowledged, the vast majority of the money supply is now created privately by banks as deposits when they make loans. 

In the early 1980s, a chairman of the Coinage Subcommittee of the House of Representatives observed that the Constitution gives Congress the power to coin money and regulate its value, and that no limit is put on the value of the coins it creates. He said the government could pay off its entire debt with some billion dollar coins. In a 2007 book called ”Web of Debt,” I wrote about this and said in today’s America it would have to be trillion dollar coins.

In 1982, Congress chose to choke off this remaining vestige of its money-creating power by imposing limits on the amounts and denominations of most coins. The one exception was the platinum coin, which a special provision allows to be minted in any amount for commemorative purposes (31 U.S. Code § 5112). In 2013, Georgia attorney Carlos Mucha proposed issuing a platinum coin to capitalize on this loophole, in order to solve the gridlock then in Congress over the debt ceiling. Philip Diehl, former head of the U.S. Mint and co-author of the platinum coin law. He said:

In minting the $1 trillion platinum coin, the Treasury Secretary would be exercising authority which Congress has granted routinely for more than 220 years . . . under power expressly granted to Congress in the Constitution (Article 1, Section 8).

Prof. Randall Wray explained that the coin would not circulate but would be deposited in the government’s account at the Fed, so it would not inflate the circulating money supply. The budget would still need Congressional approval. To keep a lid on spending, Congress would just need to abide by some basic rules of economics. It could spend on goods and services up to full employment without creating price inflation (since supply and demand would rise together). After that, it would need to tax — not to fund the budget, but to shrink the circulating money supply and avoid driving up prices with excess demand.

A more modern option is for the Treasury to issue “e-cash,” an electronic form of cash transferred on secure hardware not requiring an internet connection. The ECASH ActH.R. 7231, introduced on March 28, 2022 by Rep. Stephen Lynch, “directs the Secretary of the Treasury to develop and introduce a form of retail digital dollar called ‘e-cash,’ which replicates the off-line-capable, peer-to-peer, privacy-respecting, zero transaction-fee, and payable-to-bear features of physical cash….” 

Unlike the central bank digital currencies now being developed by central banks globally, e-cash would be anonymous and not traceable, having all the privacy attributes of physical cash. Various models are in development, including one already introduced in China in 2021, an offline-capable smart payments card that was part of the government’s digital yuan rollout.  

A People’s Reset

Those are alternatives for relieving the government’s debt burden, but what about the massive sums in student debt, medical debt, and rent and mortgage payments now in arrears? Biden promised in his presidential campaign to forgive student debt or some portion of it. But whether this can legally be done by presidential order, without congressional approval, is controversial. Arguments have been made both ways.  

For most student debt, however, the creditor is actually the Department of Education, a cabinet-level department established by Congress with some limited power to cancel debt. In August 2021, for example, the Department canceled the student debt of the disabled. Congress itself could also write off the debt. The challenge is getting agreement on which debts to cancel and by how much.  

What of the student debt, mortgage debt, and credit card debt held by private banks? Private banks have a contractual right to repayment. They also have an obligation to balance their books, meaning they could go bankrupt if unable to collect. But as British economist Michael Rowbotham observed, these debts too could be written off if the accounting standards were changed. Banks don’t actually lend their own money or their depositors’ money. The money they lend is created simply by writing the borrowed sums into the deposit accounts of their customers, so voiding out the debts would be cost-free. The accounting standards would just need to be changed so that the books would not need to balance. The debts could be carried as nonperforming loans or moved off the books in special purpose vehicles, as the Chinese have been known to do with their nonperforming loans. As for which debts to write off and by how much, that is a policy question for legislators.  

Would that sort of debt jubilee be inflationary? Yes, to the extent that students and other debtors would have money to spend from their incomes that they did not have before, money that would be competing for a limited supply of goods and services. Again, however, inflation could be avoided by powering up the production of goods and services sufficiently to meet demand.

That means powering up small and medium-sized businesses, which generate most local productivity and employment; and that means providing them with affordable credit. As UK Prof. Richard Werner observes, big banks don’t lend to small businesses. Small banks do, and their numbers are rapidly shrinking. A national infrastructure bank could do it but would have trouble making prudent loans for businesses and farms across the country. The Soviet Union tried that and failed. Prof. Werner proposes instead to form a network of local public, cooperative and community banks. 

Arguably, local publicly-owned banks could also be capitalized with debt-for-equity swaps, using the ballooning state bond debts. We have plenty of debt to go around! A network of state-owned public banks on the model of the Bank of North Dakota would be good. 

Other Options

To the extent that taxes are needed to balance the money supply, a land value tax (LVT) would go far toward replacing income taxes, without taxing labor or productivity. See “Pennsylvania’s Success with Local Property Tax Reform” in the book “Earth Belongs to Everyone by Alanna Hartzok. An LVT excludes physical structures (e.g. houses) and taxes only the value of the land itself, including the natural resources on and under it. It thus returns to the public a portion of any appreciation in value due to public works (new schools, subway stops, etc.), without taxing improvements made by the property owners themselves. It helps curb land hoarding and speculation, and ensures that land sites are put to good use.

Independent community currency and cryptocurrency systems are other possibilities for circumventing debts in the national currency, but those topics are beyond the scope of this article.

In any case, if the global economy comes crashing down as many pundits are predicting, it is good to know there are viable alternatives to the technocratic feudalism of the WEF’s Great Reset. In his 2020 book “The Great Reset,” WEF leader Klaus Schwab declared that the COVID-19 pandemic “represents a rare but narrow window of opportunity to reflect, reimagine and reset our world,” making way for a polycentric technocracy. It is also a rare opportunity for us to implement an alternative system with a mandate to serve the people. We might call it the People’s Great Reset. 

Ellen Brown
Ellen Brown

Ellen Brown is a regular contributor to ScheerPost. She is an attorney, founder of the Public Banking Institute, and author of thirteen books including the best-selling Web of Debt. Her latest book is Banking on the People: Democratizing Money in the Digital Age and her 400+ blog articles are at EllenBrown.com.

101 comments

  1. This article imposes a big obligation on us readers to self-educate.
    Be careful to share your own findings and not succumb to parroting talking points.
    The primary assertion of Ellen Brown is that authorities have an obligation to prioritize functionality and the general welfare in any financial fix. But our collective observations of elite behavior impose severe doubt of that possibility. How can we assert our interests as mere citizens?

    1. Yes good question, but my objective is just to put ideas out there, showing these sorts of roadblocks have been successfully tackled by our forebears and in other countries. All need not be lost …

  2. A top-down reset is not Plan A, Ellen, only a failsafe for the fact that Plan A has to be market driven and there is no 100% guarantee that the consumer will wake up in time.

    Gold is money that only the free market can safely enter into circulation from the bottom-up. We price in real-time now ! The elite have no way of safely achieving this gold currency introduction because the classical debt market would most assuredly POP, creating empty store shelves within weeks …. may days, Ellen. For this reason, gold has only been allowed to be entered directly into circulation by way of the free market where the monetary model has an open door for the consumer.

    Gold is money when we treat it that way in market based transactions. A market based morphing is far better than top-down austerity. The morphing has begun … ! Will it hit critical mass ?

    Real economic growth is the focal point and the end-in-mind. Gold and dollars (usd/oz) are simply tools that bring us there and now keep us there in a whole new paradigm

    1. Gold coins were demonetized repeatedly during the gold coin era. This would then pull them out of circulation. It was the law that did the demonetization.

      So, you cannot say, gold is money – that is a lie. Money is law, it is an abstraction invented by man.

      1. True. Here are more details about abstract phenomenon of money nobody needs as it is no good as house building material, is not eatable and not burning effectively to produce heat. Money as a matter of physical reality is good for nothing.

        The money deliberately construed by the ruling class as a universal commodity allowed something that could not be achieved before, namely almost unlimited primitive accumulation of the wealth, precursor to the accumulation of capital. Gold and silver was their frequent choice as long as they monopolized gold/silver markets mostly by decrees or equivalent of ancient nationalization. They used sea shells if they could monopolize that too.

        In other words, the idea of “ money” was an invention of the ruling class expanding powers and wealth accumulation via methods of a legal extortion or military conquest.

        The introduction of money was not a necessity required by the exchange markets since they thrived without using money for thousands of years.

        Introduction of money to markets creates money market and artificial demand for money itself in which all trades are forced to be settled. Money was invented to pay taxes or feudal fees, leases or tolls, funding armies as well as to introduce compound interest bearing debt in a process called usury. No money no usury.

        Definitely an abstract idea of money was nothing beneficial to the ordinary producers and simple consumer-producer markets or had any role in enhancing of the social order or economic efficiency.

        Instead it promoted concentration of ruling power and power of its minions.

        The money was not needed by the ordinary people but was introduced as a controlling agent and sophisticated appropriatory (looting) tool by the ruling elites.

        The ancient markets were very successful using barter type of accounting for the trade of goods or commodity exchange that directly determined specific rate of exchange between two commodities such as for example two bushels of wheat for a “pile” of wood etc. In digital era barter would be very easy and quick.

        So why and possibly how money came to be?

        The rulers were more and more hungry for their lion share of the goods produced by the society they controlled or rather protected via a sort of protection racket operation. The increasing share of what they could not consume or store in their natural form was growing, so they demanded other ways of payment of their ever-increasing share in the form of fees, taxes, vested interest or direct participation in the market/economic operations, etc.,

        In simple words money is a robbery tool when victims are told they benefit from such criminal act. No money no oligarchs, no money no centralized authoritarian government.

        Is money an inherent part of human psyche we cannot live without? Young Child very quickly picks up idea of something for something exchange. But when his mother hands him a dollar to give to store cashier child has no idea that this is money but somethings cashiers thinks is valuable for him enough to exchange it for candy. And that is a lie.

      2. MEFO was a dummy company Nazi Germany used after 1933 to finance re-armament. It kept spending and accounting secret and covert. By 1938 the shell corporation (used for self-advantage by 4 major arms firms) was broke and Germany was deep in debt. MEFO broke the law in two ways: 1) By promising higher than allowed returns (double digit interest. 2) By facilitating illegal military buildup violating the WWI peace agreements (Treaty of Versailles). The bankers overseeing the MEFO bills discounted them and extended the maturation period from 90 days to 5 years so they could never be redeemed for currency. During the 1938 crisis the Reich seized private bank accounts and insurance policy equities to cover interest on debts. European authorities and other enforcers had to be looking the other way or pretending not to see. I imagine many designated regulators were profiting personally from this crime. I wonder what part American investors/supporters played in this grand fraud. Anyway, Nazism was more of a pyramid scheme than an economic miracle.

    2. What are we going to do when people start using gold for money, and the economy expands faster tham the supply of gold can keep up? It’s called “deflation” and it is a terrible incentive for people to hoard money rather than invest it. It becomes a recipe for stagnation.

      1. That is a very good point,
        About gold., Rothschilds control the gold clearing house in London. My belief is they were set up financially by the Vatican 200 years ago
        A ploy, to control the Earth’s wealth, and to abuse the Nations
        Rothschilds, financed the Bolshevic Revolution. With the relation of a Mr Rothschilds, (Baor ) Carl Marx. Writing the theses of Communism. Lenin,is a Bolshevic False Jew, understand. And had killed 62 million Gentiles of Russia. The Vatican, sent a gold train to the Bolshevics, ?, for the Revolution. Collusion ? Hitler, was financed by the Rothschilds B.O.E. so sneaky Pigs, financed both Russia and Germany to fight each other in WW 2. Hitler controled by the Vatican, Loyola. Tool of Satan. Gold can be regulated, and with honest Politicians. Greed is the prime tool of Satan. Jesus will give to those who love him, all the real estate of the World. When he comes with his Saint’s. Definitely not the Catholic’s or any foolish virgin’s. Wise Virgins, Saint’s. Who hold the truth dear to their hearts.

    3. The issue though is debt — mountains of it. How do we clear it? The response has to be top-down. You can’t fix it just by making gold official currency; the debtors don’t have gold.

      1. No the issue is *not* debt.

        The issue is the perpetual inability of capitalism by design to actually do the Adam Smith invisible hand thing for the overall good of the society.

        Capitalism just doesn’t work now if it ever did for ordinary people no matter how much paper or pixel debt is on the books.

        Moreover capitalism is also by design prone to repeated failures and collapses — panics, recessions and depressions — on top of is failure to provide for ordinary people.

        Property and the profit motive snd advertising itself derange an economy and result in exploitation of working people and theft of labour value to the end of accumulation of vast sums of money by a few hoarders and exploiters.

        Moreover basing an economy on the assumption that humans are rational actors rather than easily manipulator emotional actors is a non-starter. Why all the candy and crap and gum adorning grocery checkout aisles?

  3. This is all wonky delusion.

    Here’s a real plan to transition to socialism.,

    Socialism, not “democratic”socialism.

    Sanders, AOC and the “Squad” , incidentally, are not actually socialists — they’re FDR-like reformers.

    What’s required is a genuine revolutionary government that will fundamentally and irreversibly re-shape the nation.

    “Taxing the rich”solves nothing, the problem is structural, not something that can be adjusted.

    This is why socialism needs to operate a one-party state, for multiple generations: we’re not trying to fix a train-wrecked system, but transition to a new one.

    Racism , for example, must be ended by force.

    Multi-racial society is not open to discussion, efforts to keep racist structures and ideas must be obliterated as thoroughly as capitalism destroyed the “right of kings.”

    An outline:

    Ban linking executive pay to stock performance. This produces a short-term business culture, and encourages leaders who get rich quickly and then award themselves golden parachutes after they fail.

    Ban stock buybacks. This is a smokescreen for failure. Doing the item above would remove the major motivator.

    Depose the oligarchy. Instantly reverse Citizens United. Ban ALL lobbying.:Return to the original idea that citizens can petition the government as individuals or in small groups — not megabucks bribe machines. Essentially, strip corporations of all political influence.

    Uproot racism, nativism. This is a multi-generational project, but it should begin with something like the de-Nazification of Germany, except more effective. Suppress all racist groups and leaders, as forcefully as necessary. Totally re-work the way history is taught, adding the kind of information that’s in Howard Zinn’s People’s History of the United States. Alter immigration quotas and practices to more rapidly increase the non-white population: a “white” majority hampers our peoples’ understanding of the world and preserves outdated racial notions.

    Regulate Wall Street. Ban any operations that use money to simply make more money, without contributing anything to the country’s economic and social objectives. That implies a national set of plans, of course. Eliminate the radical highs and lows and create a reliable profit engine.Invest Soc Security in a mutual fund that runs on that.

    Mandate employee-management councils to create collaboration rather than rivalry of business against itself. Works well in Germany.

    Disassemble the gigantic, wasteful and unnecessary military/industrial boondoggle<, after negotiating multipolar security arrangements with other major global powers.Use the liberated resources freed to rebuild the nation, provide free education and a national healthcare system.

    Federalize grades K-12. Everyone uses the same texts, gets adequate funding, no more separate realities. No more local school tax ( I could be elected president on just that point 🙂

    Two anachronisms to be ended

    Federalism — The separation of powers is a ClusterBLEEP – – The US government is hamstrung by legal and de facto power limitations that gunk everything up. Division of tasks makes sense, but setting up conflicting interests is dumb. Once you stop thinking of these things as sacred texts, their idiocy becomes clear. For the capitalist mindset: try imagining a major corporation that works like that.

    The states are also a damaging and incoherent anachronism. They bear little resemblance to the actual social and economic structure of the country, Duplication, waste, incoherence, places where backwardness can thrive.

    Just a quick summary.

    1. Like you, I’m a socialist, but without democratic controls on the state, there is every reason to expect the central government to devolve toward abuse.

      1. There are no systems that cannot be abused.

        Believing that “democracy” can prevent this is an illusion.

        Bourgeois “democracy”owned by an oligarchy has PROVEN itself incapable of coherent management.

        It’s a duel between billionaires.

        We have serious problems that will take several generations to unwind and reverse.

        It will take a competent, well-organized government in full control of the society to accomplish things like ending racism, ending poverty, dismantling the industrial/military Gargantua, creating effective environmental and energy-management programs.

        A society that operates like five year-olds playing soccer cannot succeed. Such a society, even if liberated briefly, will quickly be returned to control by moneyed elites.

    2. @Baba Yaga

      I assume that your definition of Socialism is the standard one, i.e. there is no private ownership of the means of production. The State owns all land, factories, retail, housing, banks, public transportation, natural resources, health providers, etc. Exception may be made for cooperatives providing individual services ( beauty parlors, barbers, tailors, laundry and such).
      The One Party takes all economic decisions, macro and micro, provides all employment, goods and services according to its whim ( or algorithms).
      It is been tried before and it did not work.
      Even without taking into account the obvious question how to make the transition from today’s economy to Socialism .But feel free to try!

    3. didn’t take the time to read past the first few paragraphs. your entire thesis is based on force which requires consolidation of power (hence socialism) which will corrupt every time. no, just no. your idealism supported by moral self-righteousness will lead to the enslavement of humanity, not its liberation.

  4. Thank-you, Ellen, for offering different possibilities for money creation, some that have worked in times past, then (conveniently) ignored or forgotten, except when it helps Wall Street. The more people understand that money can be created without debt, to help manage the economy to provide for universal needs, the less neo-liberal austerity, and its focus on debt and deficits, makes sense.

    My interpretation of the World Economic Forum’s Great Reset, is that advanced technology like AI and robotics will allow a small group of people to own and enjoy the benefits of production, while the vast majority of workers and consumers will be superfluous, reduced to a bare existence (if any at all). With a People’s Reset, the opposite could be true, where the intrinsic value of the human spirit is recognized, and collective ownership of advanced technology promotes universal wellbeing (a little utopian for an idea in these times, I know).

    1. Thanks and agreed, those same tools we fear will be used for control can be used for good, assuming a governance structure that works for the people. The challenge is setting the rules up so they can’t be corrupted.

      1. The rules have already been created; passed scrutiny by the Bank of England since early 1990’s, and have long been freely available on line under the title: The Road Ahead from a Grass Roots Perspective. They promote the concept of Free Enterprise:

        Free enterprise? – Free enterprise is founded upon the concept of the manager of the business owns the business.

        Ownership is an inalienable freedom; the right to own your own life, work, home, thoughts, et al. In which case, freedom also applies to the inventive and industrious, as the right to own the product of their industrious intellect. No different to an artist or writer; owning the right to their work. Thus free enterprise is an inalienable freedom; the right to own the business they have created. Just as employees are free to work, or not, in any such free enterprise.

        So; why not try some new thinking?

  5. As Optimistic Rex, I just wanted add that Scheerpost deserves an award for its web and newspaper design: the visual presentation (attractive, simple, functional), the way the order of the top stories is arranged to include newer, but secondary articles, inclusion of Mr. Fish’s clever art, the inclusion of a vast range of comments, as well as an easy and effective search feature to locate articles. Thank-you and well done!

    I did want to ask about how you decide on authors to publish or guests to interview, as in some recent cases the subject has reflected the censorship and bias in mainstream media, rather than question or push against it. The balance of topics, authors and guests Scheerpost features is like an editorial in itself, where the politics and personality of the paper get revealed (as with your experience, I’m sure you understand).

  6. As Che Guevara said more than six decades ago:

    The amount of poverty and suffering required for a Rockefeller to emerge, and the amount of depravity entailed in the accumulation of a fortune of such magnitude, are left out of the picture, and it is not always possible for the popular forces to expose this clearly.

    — Che Guevara, Socialism and man in Cuba, March 1965 (First Published: March 12, 1965, as From Algiers, for Marcha, The Cuban Revolution Today)

    1. Guevara also had the right answer.

      Blindfold or straight up, that’s “freedom” for ther capitalists.

  7. Agree with all, but I am confused about the LVT proposal. I will explore Hertzog’s book, but in the meantime could you please explain to this non-economics-literate mind how a Land Value Tax works? Wouldn’t this force (or at least encourage) land owners to increase productivity through exploitation of the land in rapid and unsustainable levels of extraction? Mining and timber harvesting, intensive industrial ag that strip mines the soil, etc. Wouldn’t this increase unsustainable land use, with great benefits for quick profits and rapid devaluing of land (lowering taxes). Seems to me that a LVT opens the door to even more perils of rent-seeking, which a LVT seems to be. Public ownership and democratic management of land for public good seems to me a better direction. Reclaiming the commons.

    1. Hi Michael. Since Ellen mentioned my book and you have questions about land value tax I am responding. You ask, “Wouldn’t this force (or at least encourage) land owners to increase productivity through exploitation of the land in rapid and unsustainable levels of extraction?” First, deciding intensity of land use is a zoning issue and should have a high degree of public input. That said, think of many cities that have deteriorating and even boarded-up buildings and numbers of homeless people. Shifting property taxes OFF of buildings and onto landsites does stimulate renewal and repair and alleviates many social problems along the way. Removing taxes on labor and production increases jobs and purchasing capacity. This is a proven way towards “infill development” that makes good use of existing infrastructure (and can fund it as well). Infill development also of course decreases sprawl. Surely you are in favor of livable cities. See “Pennsylvania’s Success with Local Property Tax Reform” in my book.

      You are also concerned about “Mining and timber harvesting, intensive industrial ag that strip mines the soil, etc.” Let’s start with agricultural land. We want smaller sized farms and organic, regenerative agriculture, yes? Organic ag is more labor intensive so it is of benefit to take taxes off labor. Shifting to land rent based public finance actually drives land reform and affordable land access for new farmers because it is anti-speculation and land-hoarding. See my highly referenced article on PA Farmers and the Split Rate Tax.

      Regarding mining. Here again, payer a higher price for access to natural resources helps eliminate the profit motive that drives extraction. We want to drive reuse and recycling. So charge the full “commons rent” for mining.

      Lastly, timber. In many states like Maine and Alabama, large timber landholdings pay low taxes on their landholdings. They should pay a fair tax for their exclusive use of nature’s bounty. And just as zoning is government regulation of surface land use, society (in this case state governments) should regulate timber use. For example, many places now regulate against clear-cutting. Old growth forests should not be cut.

      All in all, surface land and natural resource based taxation absolutely inhibits private rent-seeking, which means private profiteering in the gifts of nature. That is what it is intended to do, to take the profit motive out of “owning” the earth. It socializes the land rent while removing taxes on labor and sustainable production and thus synergizes values of both fairness and freedom, harmonizing rather than dividing the political right and the left.

      1. “Let’s start with agricultural land. We want smaller sized farms and organic, regenerative agriculture, yes? Organic ag is more labor intensive so it is of benefit to take taxes off labor.”

        By far and away the two best books about how to run a small farm of around 200 acres are: The Farming Ladder, and; Farmers Progress, both by George Henderson, the first published 1943, the second 1946. He and his brother show how they took ownership of their farm in the 1920’s and took it from earning ~£5 per acre to ~ £250 per acre using what today would be described as regenerative farming. They show, in full detail, how to do it all; every aspect. Wonderful read for anyone so interested.

      2. Another way to prevent misuse of resources is to impose absolute liability in common law for “downstream” damage to neighbors. The current practice in statutory law is to exempt certain perpetrators of harm for most or all liability for damages.

  8. Ahh, those resets. You know Ellen, the entire system needs to be imploded. Money money money, but here we have, death by a million Number Two flushes.

    New documentary uncovers the astonishing science fraud being carried out by the EPA to legalize the mass pollution of America’s farm lands, school playgrounds and city parks with heavily contaminated industrial waste and human sewage.

    https://youtu.be/K_vHlOZuzFg

    And, this is just ONE of the toxins and pollution streams these “economies” produce. Off with many many people’s heads. Really, Ellen.

    Or else we just die by a 1,000 cuts.

    ECD’s?

    https://youtu.be/Uo-kSxHNSDQ

  9. Those early invading, genociding slavers weren’t my “founding fathers,” and they weren’t very innovative, either. However, that is the propaganda about them. Anyone only slightly versed in history can trace the colonial legal thinking from multiple sources, including the Magna Carta, the Mayflower Compact, and especially the Iroquois. The word “caucus” is an Algonquian word. A great deal of our Constitution was taken from the Iroquois system of laws and representation.

    The impending crash of the economy is nothing compared to the impending crash of the environment that is currently taking place.

    No, we won’t stop this crisis of Darwin Award behavior to suddenly do good things for humans for a change. We’re in a mass extinction event that is as serious as an asteroid.

    We act like this planet lives on us, instead of the other way around. It’s very weird. It’s “Don’t Look Up” all the time.

    1. Those early invading, genociding slavers weren’t my “founding fathers,” and they weren’t very innovative, either.

      ___________________

      Your confused. The founding of America inherited the slave system. They didn’t genocide either, as the Indian Wars attest. Most Americans (I’m American) are walking around like Zombies, because they were miseducated with false narratives.

      Hamilton noted how much American Credit was flowing in the economy in his report on manufacturers. The first bank was channeling state credit at industry and the commons, to then lift up all labor.

      The revolutionary war was actually against the debt spreading Bank of England. These types of finance capitalist people have no compunction at all about creating schemes to outfit an Atlantacist Slave Trade, to then extract labor value. The Atlantic slave trade was a business plan hatched to keep slave ships full and profitable. It was not state money created at debt by the founding fathers.

      The founding fathers actually wanted to Lift Up the population using Industrial Capitalism, which was the economy type invented by the colonials. The colonials were highly inventive, and IC was revolutionary. The revolutionary war was because the BOE whispered into King Georges ear, and then proceeded to make colonial script illegal. This then caused a 10 year depression. London was jealous of the production and wealth the colonials were creating.

      Sadly, Hamilton had a sinking fund to pay off the “stock owners” in the first bank, but it was never used. So, this is a warning to Ellen on not allowing a creditor class to own stock in the bank, as they can become sick in the head. Hamilton’s was against Baring Brothers (London) purchase of first bank stock. No camel nose in the tent. No privateers. Any stock in a public bank has to be completely owned by the Treasury. The Treasury in turn is monitored by the public.

      And even then public ownership is problematic as Canada has shown. The BOC was usurped, even though it was a crown bank with stock owned and controlled by MOF.

      Any new state banks have to come with strong law to prevent usurpation.

      I get it that people like Tupe have been spun up with atrocity propaganda, with Covid mass formation psychosis, and the sky is falling histrionics by the owned press. Who emitted this propaganda and is duping our population?

      It is an owner donor class that is jealous of their prerogatives.

      1. History and environmental science don’t support your perspective or your bad ad hominem arguments.

      2. For some not obvious reason, my succinct response regarding ad hominem arguments has not been approved. Why that would be when a statement like the following is approved is confusing:

        “I get it that people like Tupe have been spun up with atrocity propaganda, with Covid mass formation psychosis, and the sky is falling histrionics . . .”

        That’s a dismissal of science that is beyond weak. It’s nonsensical.

        The only atrocity propaganda in this country is the propaganda that denies the atrocities and depravity that this unprecedented land grab that was the western hemisphere was actually “founded” upon, which was nonstop, genocidal invasion that lasted three centuries, followed by another ninety years of stealing, abusing and murdering Native American children in boarding schools.

        We keep trying to find a “way,” a magical system or process or technology to share and be decent in this country, and we promise we’ll do that sharing and moral conduct really, really exceptionally when we have enough resources.

        But we never have enough resources to share and be decent humans. It’s too hard for us. That hasn’t been the case for everyone, but it’s been the case for us for well over a thousand years.

    2. I agree that we separate ecology from economics at our peril.
      In Charles Eisenstein’s book, Sacred Economics, he offers a vision how to structure a financial system so as to incentivize behaviors that protect the global ecosystem. Of course, the present financial system incentivizes the opposite.

      1. Ecology and economics can be separated, but only one way. The economy needs the environment, and is one hundred percent dependent upon a healthy, functioning environment.

        The environment doesn’t need an economy, which is a human accounting of human conduct regarding “resources” obtained from the environment and human activities, and values assigned to those resources and activities.

        The planet and all its life could live indefinitely without an “economy.” In the name of our Holy Economy, however, another version of our heartlessness and hubris, we have managed to trash the entire place in what is literally one long human lifetime.

        I think that being able to build bridges and rocket ships might not be the ultimate measure of monkey intelligence.

  10. No money at all would be my preference – just people doing what they love to do for the good of all. Money is definitely the root of ALL EVIL in this world…

    1. But how would you structure that to make it work? Many jobs just aren’t that appealing unless people are getting paid to do them. How would you pay your electric bill and such without money? You can’t pay with strawberries or quilts or paintings. The whole point of money is to store value so you can trade your work for that of another, who may not want your work but can use the “money” for something he or she does want. I may want your corn but you may not want my chickens. Money is a medium of exchange and measure and store of value to facilitate trade. A very clever invention in fact, to my mind.

      1. It is very clever when limited to the abstract symbol and abstract theories of how money should work or could work. The reality of how money does work is something else entirely, because money doesn’t have agency. Without a human to act, money, like religion, can only sit on a shelf.

        It’s not what money can or cannot do. It is what humans do. We are always dealing with humans who have agency, and money will always work as well as humans work, no better and no worse.

        We’ve had a few thousand years of money, and there is no big mystery as to what humans do with it. It’s not abstract.

        Neither are the conditions necessary for those strawberries and corn and chickens you’re going trade – base your economy on – abstract.

        No good water . . . no corn, no strawberries, no chickens. Unstable climate and out-of-season extreme cold or heat, no strawberries, no corn.

        No corn, no chickens.

        Floods and droughts, hurricanes, tornadoes and other wind extremes whipping through your crops, be they commercial or subsistence, and you have no crops. Or if you do have them, maybe you don’t enough to trade.

        I don’t recommend starting your garden or your chicken farm anywhere in the western US at this time, except maybe parts of west Texas, which is receiving more moisture from the gulf than it has for about three million years.

        Maybe we can invent an economy based on toxic waste, uninhabitable land and barren oceans, just like all the IPCC reports talk about and have talked about for several years, the ones that are compiled by hundreds of scientists from more than 90 countries in the world.

    2. Love of money is the root of all evil, not money. The Biblical quotation is often truncated.

  11. The problem is the current monopolistic monetary paradigm of Debt Only enjoyed by the private banks. Why do we grant not only the ability to create upwards of 97% of our money which just happens to be the life’s blood factor for individual and business survival, but even my deadly the paradigm to create it ONLY AS DEBT?

    A 50% Discount to consumers at retail sale all of which was rebated back to the merchant granting it to the consumer by the FED or another monetary authority would eliminate inflation by integrating beneficial price and asset deflation into profit making economic systems. Retailers could opt into the 50% discount policy with its potential doubling of available demand with the proviso that they promised not to inflate their prices unless they could show overall cost increases. Business models before retail would obviously benefit from the potential doubling of demand and would be held to the no inflation requirement or risk losing 50% tax cuts and face 100% taxation on any revenue garnered from arbitray price incresaes both of which are also new paradigm policies.

    This single policy doubles everyone’s purchasing power and macro-economically ends inflation forever.

    Another policy of the new monetary paradigm would be a general 25% debt jubilee at the point of loan signing and a 50% debt jubilee for all big ticket and green items. Hence a new $30k internal combustion car would be reduced to $15k at retail and $11250k at loan signing while a new $60k Tesla would be $30k at retail and $15k at loan signing. A $400k solar powered home becomes $200k and $100k respectively.

    There are many additional beneficial economic, social, political and ecological enablements with the new monetary Gifting paradigm change.

  12. The old system is collapsing while a new system has yet to be born. Until it is, those who rule will continue to increase their totalitarian agenda in an ever more desperate attempt to maintain control. Until you can actually purchase goods and services in crypto and are not forced to rely on fiat currencies to conduct business, cryptos are just the new tulip always looking for the bigger fool.

  13. I am very impressed by this. It seemed a ray of light. Th e mention of what Japan has done and something China did seemed to indicate it is founded on demonstrated fact.

    And the Michael G and Baba Yaga comment and my certainty is shattered.

    I’d like to see another article. A response from Ellen to criticisms such as theirs. And perhaps other articles by other knowledgeable people on the same subject.

    Financially or economics or whatever it is ignorant I didn’t even realise there way any possible ‘ways out’ and was more or less sold on the inevitability of it ‘all coming crashing down’.

    How simple and naive. I’m pleased to find.

    This is good stuff and full of hope, I think. It is intelligence consideration of routes towards a better future.

    Steeped in two years of considering a ubiquitous and growing insanity with no apparent cure this is refreshing, really, despite having this awful monetary situation as its subject.

    1. Thanks Arthur! You’ve inspired me to look at the other comments and answer them. Sometimes I just roll my eyes and get back to my other work …

  14. Wonderful suggestions, but they are made in a political vacuum. The civic cohesion to birth these ideas doesn’t exist; it hasn’t existed for at least the past 50 years.

  15. To my eye, the lowest hanging fruit is the referendum states. This could be a bottom up approach. There are 26 states with initiative and/or veto referendum processes at the statewide level.

    It would probably take one Oligarch to buy some TBills, with the proviso that he/she gets theirTBills back, with some “gain” paid by the new state bank. In other words, the Tbills can be recovered by the Oligarch or maybe allowed to roll over to another state.

    In other words, a referendum state votes on a State Bank, where said Oligarch donates Tbills to serve as the new reserve basis. After the bank establishes itself then TBill can be rebated back to the Oligarch.

    Ideally, Oligarch is not self interested or has money sickness, and is willing to let Tbill roll into the next referendum state.

    This process is bottom up, involves the voters, creates local economy, and disempowers wall street parasitism.

    Perhaps written into referendum process is a requirement that State Bank Directors meet on a regular basis, along with the State Governors to do civilizational planning. In this way, the tail starts to wag the dog, and Federal Government Leviathan is reigned in by state power. Getting rid of 17’th amendment so that State Senators are no longer popularly elected (easily maneuvered by the donor class) would also help recover Federalism, where State Legislatures are powerful, and a brake on centralized leviathan in Washington. At some point a repeal the 17’th movement could be funded by the State Bank coalition.

    The weakness is the Oligarch. Perhaps one who is dying and willing to let his wealth serve as a permanent equity for the American people. This would be his legacy rather than some sort of donation to charity. These people exist, they would have to be found. Appealing to his/her ego in the referendum by using his/her name as donator for the Tbill reserves, would go a long way toward reaching the goal of de-privatizing the money power.

    The voters are given a win-win decision: they can feel good about voting for the state bank. They might even donate themselves after the ball starts rolling.

  16. “Again, however, inflation could be avoided by powering up the production of goods and services sufficiently to meet demand.

    ‘That means powering up small and medium-sized businesses, which generate most local productivity and employment . . .”

    The environmental science says we can’t do this. We don’t have enough planet to do it. We need to scale down the production of goods and services if we want a future. We needed to do it a long time ago.

    “The Greenbacks aided the Union not only in winning the war but in funding a period of unprecedented economic expansion, making the country the greatest industrial giant the world had yet seen.”

    It sure was the period of ‘greatest expansion’ in the US. It was the single largest land grab in our history, one that invaded and destroyed the last remaining Native American cultures and populations the country. But who cares, right? We got rich and powerful off of it! Princes among men that we are.

    And here we are less than 160 years later facing planetary extinction from exactly all this “expansion” and industry and wealth seeking.

    The answer appears to be to keep doing the same but make it “fair.” Isn’t that what we’ve been claiming since we got here four centuries ago? If the world and everyone else would ONLY give us more resources all the time, eventually we’ll make all this exploitation and destruction “fair” and beneficial for everyone.

    That’s our fairy tale about who and what we are, and I don’t know how anyone buys into it at all.

    1. That’s our fairy tale about who and what we are, and I don’t know how anyone buys into it at all.
      ___________

      The glass is half empty right? Not full. You have trouble seeing when humans attempt to pull themselves out of the muck. The founding of the country was actually a “lifting up” not tearing down as you keep repeating.

      There is every indication that Lincoln was going to industrialize the South and lift it up. Then he was killed. Then the desire to withdraw Greenbacks from circulation by the usual suspects went forward. The Manifest Destiny Land Grabbers are another type of defective humans that exist in ALL civilizations. The Bible refers to it as Mammonism. Usury is another way to perceive, but usury as a concept has been written out of human consciousness.

      Every single civilization in history tells narrative myths about its founding. The test is whether or not they tried to do the right things. For example, Russia tells itself myths about the Great Patriotic War – and it looks more and more like Stalin actually started the war – so the truth will never come out as Russian people are brainwashed on this subject. Many of the Amerindians you are so busy virtue signaling for, committed their share of atrocities. They would hang white people especially, onto a trellis like structures, and then torture them to death for weeks. This was T.V. and entertainment for them.

      For the human animal to evolve to his higher self, his “hierarchy of needs” have to be met early in life. The hunter-gatherer Indians were much more brutal than you think, as they did not have this Maslow Hierarchy of needs met.

      Generally, the pastoral farming Indian cultures were left alone, it was the Hunter Gatherers that were high friction against the colonial settlers. The Apache especially were a problem, and their engaging in cannibalism really turned the stomachs of the settlers. What would you do if one of your relatives was tortured for weeks, and then had body parts eaten? Would you be virtue signaling then?

      1. You don’t know what you’re talking about when it comes to indigenous people. But you certainly are triggered by any respect shown to them. I’m going to ignore your racism from this point forward.

        The glass is *always* both half full and half empty at the same time.

        That’s what “half” means.

      2. Here’s some real history for you from one of those illustrious founding invaders, the only one who displayed much objectivity with Native Americans.

        “The Care and Labour of providing for Artificial and Fashionable Wants, the sight of so many rich wallowing in Superfluous plenty, whereby so many are kept poor and distressed for Want, the Insolence of Office … and restraints of Custom, all contrive to disgust [the Indians] with what we call civil Society.”

        Benjamin Franklin, marginalia in a pamphlet entitled [Matthew Wheelock], Reflections, Moral and Political on Great Britain and Her Colonies, 1770

        The cruelty of the poverty inflicted on the majority of people in European society “disgusted” the Indians. That’s pretty intense, I think. We don’t change that shite, either. It went on for centuries before we got here, and it’s as bad as ever now with no end in sight. We don’t know how to change it. We don’t have the vocabulary or conceptual frame to change it.

        Here’s another quotation that is part of a much longer discourse describing Franklin’s perplexity over why no Indians ever wanted to live with White people. I think it’s hilarious. It is from a letter to a man named Peter Collinson, was written in 1753.

        “Happiness is more generally and equally diffus’d among Savages than in civilized societies. No European who has tasted savage life can afterwards bear to live in our societies.”

        and

        “. . . almost all [the Indians’] Wants are supplied by the spontaneous Productions of Nature, with the addition of very little labour, if hunting and fishing may indeed be called labour when Game is so plenty, they visit us frequently, and see the advantages that Arts, Sciences, and compact Society procure us, they are not deficient in natural understanding and yet they have never shewn any Inclination to change their manner of life for ours, or to learn any of our Arts; When an Indian Child has been brought up among us, taught our language and habituated to our Customs, yet if he goes to see his relations and make one Indian Ramble with them, there is no perswading him ever to return, and that this is not natural [to them] merely as Indians, but as men, is plain from this, that when white persons of either sex have been taken prisoners young by the Indians, and lived a while among them, tho’ ransomed by their Friends, and treated with all imaginable tenderness to prevail with them to stay among the English, yet in a Short time they become disgusted with our manner of life, and the care and pains that are necessary to support it, and take the first good Opportunity of escaping again into the Woods, from whence there is no reclaiming them.”

        Now, I’m done with not only your issues over Native Americans, I’m going to ignore everything about all your cultural entitlement and bad psychology, worse philosophy, and nonexistent-fact-based discourse. It just isnt’ satisfying. It never has been. Not once.

      3. You’re kinda on both sides of the bloody river Mefobills, claiming Stalin started The War (Maybe it was Brown Brothers Harriman done it.) and that free range Apaches were cannibals.
        Apache tribes were traditionally nomadic around southern New Mexico and Arizona. They peacefully traded with Pueblan settlements, having complementary craft and food production. The influx of settlers issued land deeds, to them, was a form of enclosure and seizure of their commons. By Geronimo days they were imprisoned on reservations. They were starved, especially at Fort Sill, Oklahoma and would break out to rustle livestock for food. It was after the Civil War that the career US military had become especially brutal, so the mutual escalation of torture with fugitive refugee Indian bands is easy to understand. Our military makes a science of torture today. Prescott Bush, a Yale student and later Wall Street lawyer and US Senator, boasted to have taken Geronimo’s skull and femurs for secret Skull and Bones fraternity rituals. (served as a ranger at Fort Sill to avoid WWI deployment). Geronimo was claimed by Apaches to be clairvoyant. He joined the Dutch Reformed Church and tried to grow crops of corn and oats late in life, but his captors always betrayed him and confiscated his harvests. He was traded around and shown at county fairs and forced to ride in Teddy Roosevelt’s inaugural parade. So repeated recitations of racist lore in response to Tupe is particularly lamentable.

        Financial outcomes are interpreted by the winners as proof of their own sagacity, wisdom even. Wars the same way. Both world wars happened when colonialist contenders judged they might have a better outcome using force than negotiation. And that seems to be exactly the choice the Biden Administration and NATO have adopted in Ukraine. Unfortunately for them (us?) the bulk of humanity is organizing financially in opposition, and our Savages may do first strike nuclear if they are cornered. So the Great Reset is in serious doubt. Exterminism is the ultimate Geronimation, stubborn as Stalin. But we are obligated as humanitarians to try and devise a way out, maybe even flee the reservation. That is what Ellen Brown is trying to facilitate. Rather than ridicule our efforts why not join your natural allies on a different site?

    1. niko: Jimmy Corbett has become a particularly rancid scare tactic profiteer.
      Let’s hope he goes the way of Max Keiser.

  17. It might be wise to consider the consequences of a “people’s reset” plan that simply excludes millions of people now in poverty, beyond what is at least implied here – “trickle down economics.”

  18. Part Two of Ellen’s article is interesting as she gives seven or eight examples of monetary policy in the US and abroad. Also, the comments posted so far are interesting as well, as nobody, so far, has a workable solution to resolving the skyrocketing debt in the United States, which, at present standards of repayment, can never be paid. I’m glad Ms Brown described the above examples rather than offering one of them as the best way to rein in the national debt as there are too many variables in navigating a “one size fits all” approach plus the biggest obstacle, at least in my “non-economic trained mind” are the different financial institutions vying for the largest slice of the money pie before the pie plate is empty, save for a few fallen crumbs for the vast majority, left out of the economic chain reaction to come. So far, the so-called standard of living (usually living above our means, with “instant credit”, and the “buy now, pay later” bait) is sliding downward for the vast majority. The top money earners and wealth inheritors are “living the life of Riley” and prefer the system remain the same. The time is overdue to “rock the boat” with a genuine plan of action which is workable for the vast majority and the nation as a whole. For you old-timers, that’s the $64,000 question.

    For starters, I’d love to see the Debt Jubilee, wiping the slate clean and starting from scratch, establishing banks owned by local communities, state governments, and what remains of labor unions , for their members, in the U.S.

    It’s achievable, but takes public awareness and participation to get the ball rolling. It may be an uphill battle but Mt. Everest was scaled and we landed on the moon and returned.

    1. Frank Lambert: Check out that clause about the trillion dollar platinum coin as a national debt solution. To whom is the national debt owed? The rich people who don’t pay taxes and who loan money to the government by purchasing bonds and so forth. Yep, some is owed to Japan and China, but I think they could manage a haircut.

      1. Red Hornet: Thanks! I reread the trillion dollar platinum coin and the other links provide in that chapter, and it still confuses me how it would work. To be honest I still can’t grasp the bit coin and cryptocurrency methods to be used as legal tender. I used to love watching Max Kaiser and wife, Stacy Herbert on RT America, and many of their guests, but when they discussed the above currencies, I switched the channel as the more I heard about it, the less I grasped or comprehended.

        Guess I’m old-fashioned, but I still prefer greenbacks, paper checks, and the “ubiquitous” plastic cards most of us carry in our wallets.

        I’ll never forget listening to author Terry Galanoy on an AM radio station in Los Angeles, in 1980, Probably 1981 or 82 speaking to the talk show host about his book, “CHARGE IT, Inside the Credit Card Conspiracy” which impressed and frightened me considerably, that “Big Brothers” aim was to create a “cashless society.” I think the folks in Sweden drank the Kool-Aid on that one, as they seem to moving in that direction. By by, “privacy!” And Galaonoy’s book was published in 1980! Talk about “prescience!”

      2. Red Hornet: Aside from Ms Brown’s article, on your comments to Mefobills, I’d like to share a treasure of a book I read when I was 16, fascinating me to no end, as I studied the cultures of many Native American people when I was a youngster.

        The book is titled: “An Apache Life-Way” by ethnographer Morris Edward Opler, about the Chiricahua branch of the Apaches in the 1930’s southwest.

        Much different than the “Hollywood version” of history. You can purchase it online as well. Very rich in detail about their cultural and social way of life.

      3. Let me clarify and cut to the chase. Even the dreamers here know the USA is not ripe for revolution, for collapse perhaps, but not for organized uprising. I estimate that Ellen Brown would agree with me that what we are at root discussing is National Sovereignty in all its Majesty. (Yes, it’s glorious and its magical.) Now, however that Sovereignty is derived and legitimized or justified it makes sense that it would be rationally applied to maintain or even save the nation state and its members. (In our case the problem arises of who can be a member.)
        In recent times the talk of Globalism has become a Big Lie. In fact the shenanigans grouped under the global rubric depended on the power of nation states to promote and enforce (arbitrary rules, sometimes with corporate boards). The question is whether citizens can collectively find the means to express their needs and expectations through actions involving national sovereignty.
        How do we get to that situation? Your guess is as good as mine, but Ill take whatever since we are desperate. But, if the state has the Power to save humanity and itself it is obligated to do so. And its Powers to do so are recognized as boundless and limitless. The reason I selected the Trillion dollar Platinum Coin as a solution is because the concept is at root ludicrous in itself. Only the Power of the common good and the conspiracy of those affected legitimizes any solution.
        In May 1942 FDR received phone call from naval intelligence that US industry had been cut off from rubber plantations in the Pacific by Japanese forces. Before he hung up that alert call he was on another line issuing an Emergency Executive order declaring all speed limits be reduced to 35mph and slower, effective immediately. Yes, drivers were patint and trudged along through August 1942 until synthetic rubber production for tires (tyres) could be perfected. Let that sink in: It was a minor example of Sovereignty. Now people are too sorry to even wear a medical mask on the subway. Something is way out of whack.

  19. Put the people to work planting trees. Lots and lots of trees. If the air does get cooler and cleaner maybe human intelligence will also increase because they are not breathing crap anymore.

    1. How many trees has Beeline planted? A viable tree (not forestry sprouts) costs upward from $30 each, and rising with inflation. How much are you gonna pay these shovel-ready laborers? If I were fit enough I’d want at least $20/hr plus benefits. Then I could soak in a tub of suds reading Scheerpost and Monthly Review each evening to sooth my aching means of production.

  20. A simple step. ‘Make interest upon money, illegal’. Now design your monetary system from there, and if you believe that this is impossible, then most of human history has operated using such asset-based monetary systems. Look out your window, and you will find two million species running debt-free economies. Why do we have this obsession with ‘money as debt’. We have inverted the ‘ship of money’, and this inversion is usually known as Satanism!

    1. Interest is a popular way of punishing poverty, Ric G.
      Inversely, interest rewards success (good fortune).

    2. @Ric G
      No interest over money= no more loans or investment (except as equity)= favorize consumption over saving
      What’s so good in this?

  21. Eric Peters has misrepresented the “Old Testament debt Jubilee” which was *not* for bond holders and currency speculators and hedge funds and predators like Bain Capital and it’s so called leveraged buy outs, but was

    1) a routine feature of most ancient societies whether Jewish or not; and

    2) was for ordinary folks like today would be auto debt, mortgage and rental arrears, mortgage debt below a certain threshold like say a million bucks, credit card debt, student loan debt, payday predator debt, bank debt of any kind below a certain threshold and so on.

    Check David Graeber’s “Debt:The First First Thousand Years.”

    Re: “Execute a modern version of an Old Testament debt Jubilee?” …

  22. Interesting that Ellen Brown doesn’t mention the idea percolating since Occupy of postal banking which, if the post office survives neoliberal austerity dem and rep carnivores in something resembling one piece, would be an efficient way to implement “community banking” and provide actual competition to the banking industry whether North Dakota style or not.

    1. @Thomas+Prentice
      How a Post Bank is going to solve the debt problem?
      For individuals the solution is 1.do not spend more than you can afford 2. Save
      This requires a European style welfare state so nobody needs to get into debt for basic needs (food, health, housing, education). This in turn requires more Government spending, i.e. more taxes or more debt.

  23. How debt can be turned into equity is a mystery as great as transubstantiation – a faith-based magic trick of abstraction well beyond resurrection I’d the dead.

    And IF debt can be turned into equity and it is such a great thing, then *why can’t debt carried by ordinary people be turned into equity?*

    You know, consumer credit card debt, student loans, auto loans, mortgage or rent arrears, consumer payday predator debt, mortgage debt under a million bucks, bank loans under a million, why can’t all that debt be magically turned into equity?

    All this macro economic wonkishness is interesting and all that but what is happening on the ground with real ordinary people and is to fix things for then is far more important.

  24. Political democracy without economic democracy is useless.

    Mandela’s South Africa has loads of political democracy but the country is *still* owned and operated by the City of London.

  25. May he rest in peace = Graeber, Debt,

    David Graeber talked about the history of debt and its impact in the world over thousands of years. During this event from Melville House Booksto
    ll Street and After the New Economy. Professor Graeber also responded to questions from members of the audience.

    https://youtu.be/IoVffze_i9g

    Then, a little bit deeper, real to Turtle Island,

    Steven Newcomb, Author of Pagans in the Promised Land: Decoding the Doctrine of Christian Discovery” addresses the Spotlight of Indigenous Peoples plenary at the 2015 Parliament of the World’s Religions in Salt Lake City, Utah on October 19th.

    Steven T. Newcomb (Shawnee/Lenape) is the indigenous law research coordinator at the Sycuan education department of the Sycuan Band of the Kumeyaay Nation in San Diego County, California. He is cofounder and co-director of the Indigenous Law Institute, a fellow with the American Indian Policy and Media Initiative at Buffalo State College in New York.

    https://youtu.be/xmwK8n2zC3Q

    Oh, the Catholics and Anglo Law: Steven Newcomb on the Doctrine of Domination and Papal Bulls

    https://youtu.be/LuU3DW1G-6I

  26. @ Red Hornet, Thank you for some good information about the Apaches. However, mefo’s argument regarding torture or anything else is nothing more than ordinary racism that characterizes entire issues around a single fact. It’s exactly like the racist “Black people are victimized by other Black people more than they are by White people” trope.

    Here’s a fact. Some Europeans tortured more than 80,000 “witches” to death over about 150 years at the height of that madness which lasted a full 300 years. Eighty percent of all “witches” were women, usually because some man was vindictive because she had something he wanted, so she got accused of witchcraft. I was deeply disturbed but not surprised to learn that most of our common symbols for witches that are now relegated to children’s stories came from medieval female beer brewers. The brooms for sweeping grains, the cauldrons for brewing, and tall conical hats so customers could easily find their beer stalls at markets and fairs.

    Unfortunately for those witches, I mean women, some men didn’t like them earning money. See how that works. It’s not about money directly. It’s about humans and how they feel about money that matters, that drives behaviors.

    Torturing “witches” was just a tiny sliver of their cultural insanity that continues to this day, a madness that included being “given” lots of other people’s wealth and property by “God” all over the world. They needed that land because they were always running screaming from themselves and trying to create something “better.”

    They always fail, because they don’t know how to do it any differently, and everyone who ever did do it differently was inferior, according to themselves and exactly as mefo claims.

    We don’t talk about our own cultural psychopathy that way, however. We don’t see ourselves as being the problem. We make heroes out of people bent on genocide, land theft and slavery, as long as they do it for the purpose, we say, of building “freedom” and justice, or some other lofty ideal. We make victims out of them, too. But we never make them the bad guys, even though they were. We have an answer for everything in our colonial culture.

    No human will ever build freedom and justice out of invasion, genocide and stealing, except in sentences. That’s why people like Ellen are still talking about how we can finally get it right now, as we face the extinction abyss from it all.

    Humans didn’t have to be morally perfect to have the innate right not to be invaded and destroyed by us. What humans must do is be sustainable, and it is nonnegotiable. If we aren’t sustainable, we aren’t here at all.

    We aren’t sustainable in any way. This entire website is pretty much unconsciously devoted to the humanism religion that has already failed, that even the good people in this culture cannot make work. You can tell by the lack of discussion of the environment and environmental science that exists here, and by where we are in history.

    1. We mostly all can tell, Tupe. Even the market fundamentalists and the worshippers of Capitalism can read the handwriting on the wall. Yes, “everyone who ever did do it differently” is a primary target of this failed hierarchical ideology. That’s why Exterminism has become acceptable in a fantasy realm of debt where the profit driven market has finally permeated every crevice. If the majority can’t comply to their rigged rules then to Hell with the whole globe they threaten, by either warming or by nuclear weapons. It resembles the humiliated patriarch who when stripped of his privileges by age, moral humiliation or business failure massacres his family and shoots himself. And it parallels bloody Christianity where it is said the world will end as soon a every living person has had a chance to accept Jesus. (buy stock)

      You and I are very different from one another, but have a commonality in being on the fringe. We wear tall conical hats. People on this blog are rote strangers. So it is a shame we won’t meet in person. Frank Lambert tickled me when he suggested I read an ethnography of Apache culture. He could never have known I was an anthropology doctoral candidate long ago or that later I entered in the home improvement business in the 90s with a Mescalaro tribesman named Khyl, or that Khyl is the only person who could have introduced a very conservative lifestyle person like me to the gambling avocation. Gambling has a different function in various settings. The wiley Khyl dispossessed me on a wager. As a lifetime teetotaler and the descendant of addictive personalities I am handicapped by suspicion. Luckily I’ve turned that toward the wealthy and powerful, and against bullies.

      I schooled Mefobills not to advocate for you but to add my support for all us radicals. Only radicals of our sort have the capacity to replace this aquisitive
      society. Pretty soon I’m gonna post my take on financial adaptation over under Ellen’s article @ Popular Resistance. I’m kind of turned off by the recent turn on Scheer Post. (see Patrick Cockburn)

      1. A doctoral candidate in anthropology. Hmmm. No wonder you responded as you did.

        My situation is different. It’s personal. It’s identity. Most of my ancestors just weren’t the kind of people I respect, and I had to at least try to figure out what they were really doing and how they could be so crazy all the time. I’ll die very annoyed at them for what they have done to my other ancestors and the rest of Life on the planet.

        I simply appreciate someone who doesn’t support the kind of racism promoted by mefo – “They weren’t perfect! They had war! They tortured people” – that I know was used to fuel the genocide and land theft in this country.

      2. Native Americans have liked gambling for a really long time. The eastern tribes used to have intertribal gatherings with huge sports competitions and lots of partying and gambling.

      3. One more – this culture is Judeo-Christianity soaked, even in the atheists. They don’t think they have religious beliefs, but they do.

        The Enlightenment was just a remodel of the same-old, same-old, but with a shifting of economic and political power away from clergy and the church, and into supposedly more enlightened, “reasonable” hands.

        We’re such clever little monkeys. Especially with language. In thirty years of reading the internet and statements made by ordinary people like ourselves and celebrated masters like the professionals like Hedges, one line stands out in my memory that was a statement of this society:

        “We have bullshitted ourselves to death.”

  27. A great example of what is wrong with us, and frankly this website, as much as I respect and admire Mr. Scheer especially, is Ellen’s absolute black hole of a response to any comments about the consequences of environmental collapse on her economic models and theories.

    There are two kinds of real things in the world. There are things like trees and animals and rocks and pieces of lumber, and they are objectively measurable, and easily categorized because they are things in and of themselves.

    The other kind of real thing is abstract. It isn’t real in itself, it is a characteristic of something else, like beauty, or innovation. Innovation has no specific form of its own, but exists in potentially infinite forms.

    And economy is the second kind of real thing. It doesn’t grow from the ground, or fall from the sky. We made it up out of other things, most of which do grow from the ground or the oceans, and ideas. The planet and its natural laws are the first kind of real thing.

    We have a cosmically fatal moral and cultural problem in that we have made a religion of destroying the first kind of real thing trying to make the second kind of real thing.

    It was quite primitive of us to do that, but this stuff gets hardwired early in life, apparently, and we do not appear to be able to stop.

  28. Please forgive me for being so verbose, but to sum it up, this website in general and Ellen Brown’s theories in particular are like the most erudite, insightful, philosophical and decent version of all the people who don’t get the real problem in that awesome movie, “Don’t Look Up.”

    The people in the movie cannot even actually talk about the reality of the comet. They go blank and, or immediately divert to discussions of money, technological solutions and innovation, and religious fantasy, which includes our human greatness and supremacy religious beliefs.

    Dang! They got that part right!

    I love that movie.

    1. My suggestion is “Don’t look it up”. What I mean by that is avoid search engine answers. We’re not gonna find anything new and salvational without a careful reasoning within ourselves. I found Adam McKay’s film formulaic and opportunistic. I like Lars von Trier’s “Melancholia” better. Apocalypse is a spectacle that is fascinating to contemplate but is not desirable to sane and practical humans. Melancholia is screwball like the Marx Brothers in that the rogue planet at first misses Earth but then loops around after safety is celebrated and takes them out. The kind of safety (stability) being projected by NeoCons (and coincidently the Chinese PRC) is not real, but is at best a slight delay.

      1. We don’t need anything “new.” We say that all the time. We need, we need, we need . . . We are bottomless pits of self-created need. That’s our problem.

        The only thing we need that is “new” is a “new” kind of human that doesn’t need, or dare I say – want – so much.

        We aren’t going to get one.

        I don’t know what “apocalypse spectacle” is. I read environmental science news, including NOAA’s daily report on CO2 concentrations, arctic sea ice graphs, summaries of the IPCC reports, and science news reports and articles from multiple credible sources, as well as watching any lectures from leading scientists.

        I think the movie is a great metaphor for our culture’s inability to even the right conversation about where we are, which is, we are in a well-advanced mass extinction event

  29. Worth reading,

    Foreword to The Destiny of Civilization by Michael Hudson •

    Thursday, May 19, 2022 • 1,400 Words

    The most important factor affecting the global economy is the increasing strain caused by U.S. hegemony. Its diplomacy has shaped the economic and trading rules enforced by the IMF, World Bank and other international institutions in America’s favor after World War II. U.S. leadership reached its peak with its Cold War victory over the Soviet Union in 1991, consolidated by increasingly aggressive military diplomacy over the next twenty years. But since 2008 this U.S. diplomacy has become so aggressive that it is now self-destructive, driving other nations out of the U.S. orbit, leading America’s international influence to fall increasingly short of its ambition to siphon off the world’s income and wealth for itself despite its own weakening economic power.

    The principal conflict in today’s world is between the United States and China. This book by Professor Hudson explains this conflict as a process of international transformation, above all in the sphere of economic systems and policy. He explains why the U.S.-China conflict cannot simply be regarded as market competition between two industrial rivals. It is a broader conflict between different political-economic systems – not only between capitalism and socialism as such, but between the logic of an industrial economy and that of a financialized rentier economy increasingly dependent on foreign subsidy and exploitation as its own domestic economy shrivels.

    Professor Hudson endeavours to revive classical political economy in order to reverse the neoclassical counter-revolution. The essence of 19th-century political economy was its conceptual framework of value, price and rent theory. Its idea of a free market was one free from economic rent – defined as the excess of market price over intrinsic cost-value, and hence unearned income. The classical aim was to free markets from landlords, monopolies and creditors. Yet the reverse has occurred in the West, particularly since the globalization of neoliberal policies in the 1980s.

    Historically, the way for industrial nations to gain wealth and power was to make their government strong enough to prevent a landlord class from dominating, and indeed to suppress the rentier sector as a whole. To promote industrial prosperity, governments provided public services to reduce the costs of living and doing business. Basic services were provided at subsidized prices that would have been replaced by exploitative monopoly prices if key public infrastructure were turned over to private owners.

    Economically, the most important service that all economies need to function smoothly is the provision of money and bank credit. When privatized, it becomes a rent-extracting choke point. That is why 19th-century economists developing the logic of industrial capitalism concluded that money and banking needed to be a public utility, so as to minimize financial overhead unnecessary for industrial production.

    Today’s anti-classical economics regards financial charges as income earned productively by providing a “service,” which is categorized as output and hence part of Gross Domestic Product (GDP). That statistical methodology treats financial profits, along with other forms of economic rent, as additions to GDP, not as an overhead burden. This produces an illusion that the real economy is growing. But what actually is growing is the rentier sector, which does not create real economic value, but merely transfers income from debtors, renters and consumers to creditors, landlords and monopolists. This rentier takeover is achieved by privatizing the public sector to create rent-extracting means for monopoly capital, organized mainly by the financial sector.

    This book by Professor Hudson is based on the lecture series on finance capitalism that he presented for the Global University for Sustainability. The series is directed towards the Chinese audience because he believes that China’s mixed economy with its classical industrial policy has best succeeded in avoiding the neoliberal American disease. These lectures explain why the U.S. and other Western economies have lost their former momentum: A narrow rentier class has gained control and become the new central planner, using its power to drain income from increasingly indebted and high-cost labor and industry. The American disease of de-industrialization has resulted from the costs of industrial production being inflated by the economic rents extracted by this class under the system of financialized monopoly capitalism that now prevails throughout the West.

    The policy question for China is how it can best maintain its advantage and indeed, avoid falling prey to American ideological and diplomatic pressure. Professor Hudson summarizes his prescription as follows: First, national statistics should distinguish the productive sectors that create real value from the financial rentier sectors that merely transfer income from the rest of the economy to themselves. A transfer payment is not production. Second, all successful economies have been mixed economies. Money and credit, land, public services and natural resources should be controlled by the government so that they can be provided at cost or on a subsidized basis, thereby lowering the cost of living and doing business in the private sector. Third, the way to prevent unproductive debt overhead is to tax away economic rent so that it will not be financialized and paid out to banks as interest by speculators and buyers of rent-extracting opportunities.

    A central point of Professor Hudson’s analysis is that U.S. diplomacy is an extension of the neoliberal ideology sponsored by its rentier oligarchy. “U.S. exceptionalism” means that the United States can ignore international laws, dictate the policies of other countries, and demand that they relinquish control of potential rent-yielding assets (banking, mineral-resource extraction rights, and high-technology monopolies) to U.S. multinational corporations and those of U.S. economic satellites.

    For nearly the entire 75 years since World War II, pro-creditor laws have been imposed on all nations within the U.S. diplomatic orbit. This U.S. drive has imposed austerity on Global South countries when they have not been able to pay their dollarized debts, sacrificing their domestic economy and the well-being of their people to pay foreign bondholders.

    What is ironic is that the United States itself is by far the world’s largest international debtor. It has turned the dollarized system of international payments into a way to make other countries finance its global military spending by making the foreign reserves of the world’s central banks take the form of loans to the U.S. Treasury – holdings of U.S. Treasury securities, U.S. bank deposits and other dollar-denominated assets. That is the buttress of today’s debt-based Dollar Hegemony. To break out of this dollar trap, China should stand with other independent nations to develop a new system of international payments and formulate new principles of international law for trade and investment relations. These principles require an overall economic and political doctrine along the lines described in this book.

    What I find strange is that despite the West’s economic, political, social and cultural problems stemming from its neoliberal anti-classical ideology being obvious for many years, many people in China still look to Western schools and leaders for guidance, as if their own native institutions, civilization and even their own race are inferior. The defeat of a country starts with the defeat of the people’s self-confidence in its institutions. Yet as an American scholar, Professor Hudson, who has studied U.S. finance his entire life and worked on Wall Street for decades, recognizes China’s institutional advantages. As long as we have the scientific spirit to continue self-reflection, self-correction and self-enhancement, there is no reason not to believe that China’s social organization and its ideology of Common Prosperity can lead its society toward a higher form of civilization. The key is to pursue our institutional advantage and abandon the shortcomings of the post-industrial Western rentier economies, not follow the Western neoliberal path and fall into dependency on the U.S. hegemony and ideology that has ground prosperity to a halt in most Western economies, subjected as they are to debt-ridden austerity.

    Behind today’s finance-capitalist crisis is thus a profound civilizational crisis. The world is at a crossroad in which all humanity now shares a common prospect: Barbarism or Ecological Civilization.

    Prof. Wen Teijun
    Executive Dean, Institute of Rural Reconstruction of China,
    Southwest University, China
    Translated by Alice Chan

    1. It is important to record a simple fact; China has a problem of it’s own making; a political mindset that closely matches what European history had described as the Spanish Inquisition. That it’s political intellectual foundations reflect that which self destructed in what one might describe as European middle ages; best described by James Anthony Froude in his lectures delivered at Oxford in the Easter terms of 1893 and 1894; published in the book: English Seamen in the XVIth Century, George G. Harrap & Co. LTD. 1925. Thus as I see it, China’s leadership displays political attitudes easily comparable to that ancient Catholic religion. Both nations are held within what one can describe as intellectual dead ends; one side is economic, clearly described by both Michael Hudson, and Prof. Wen Teijun ; the other unable to see any advantage in thoughts other than from their own closed minds.
      Change is desperately needed on both sides.

  30. Great resets . . . . Hmm, again, Sheared Off Post will not touch DARPA disease. So many parts to this reset, and alas, those bioweapons plants, right, zero news USA. Victory for Operation Z, on many levels. However, check mate:

    Here’s an interesting question for you to ponder…

    C0VID cases are surging in the UK in the over 70 population…This same population is around 90% vaxxed and boosted…The number of C0VID cases have nearly tripled in the UK in the last four weeks.

    While the death rate still hovers around 125 people per day.

    So, are these new record numbers of infections because of C0VID or because of the jab preventing the development of natural immunity?

    1. There is no natural immunity to an engineered pathogen. (at least not in the short run= 50 human generations)
      Manufactured diseases lie outside natural mutation and adaptation.
      Notice how that special anthrax from Detrick doomed so many postal clerks.

      Oh, and please, please don’t recite the fascist crap about “anything that Man does is natural.” The bearded image of Mr. Natural, the self-important rapist and exploiter of avant garde graphic cartoons just popped into my mind’s eye.

  31. The solutions provided seem to be of two flavours : default on your debts and/or (for sovereign debt) print more money (or mint more coins- same thing). Their corollary is: find enough suckers to give you money for nothing.
    The assumption that inflation can be tamed by investing in such a way that supply and demand will be in balance does not take into account that , even if all investing is made wisely, there is a time lag which can be very long for investments (especially infrastructure) to bear fruit and increase supply (for instance in education, investment can be made in improving the quality and increasing the number of schools and teachers but the expenditure is today and the resultant increase in work force productivity may be decades in the future). Or more down to earth, if the demand is for a hamburger/fries now the supply must be also now (nobody will wait for the next crop of potatoes or for a cow to be processed) and if demand increases beyond the existing supply now (last years potato crop) prices will increase.
    One thing that I did not see discussed is how all potential solution affect the exchange rate ( and through it the cost of imported inputs). The US has a chronic current account deficit which means that people overseas are prepared to provide goods and be paid in US$, which are invested in US Debt. How long is this going to happen if the US$ is perceived of losing its value or the governance of the US financial system seems to get wobbly?

    1. alteyid48-
      The USA has to use its military force already to compensate for conditions that are way outside the concepts of “stability” and “normalcy.” We’re entangled in your nightmares about upsetting the system already.

      I like the way you compare teachers and schooling to hamburgers and fries.
      What we are saying is that better diets and educational methods already exist but are being suppressed by the beneficiaries of current practices.
      Be ye not afraid to question and critique the status quo. If someone has something of value to offer it seems that in a free society people needing that thing could come to terms. But there’s just too many legalized parasites wanting a piece of the transaction.

    2. Good point that infrastructure takes time to build, but we’ve been here before, e.g. in the Great Depression, and got through it okay. We did it by pumping out massive amounts of credit directed to infrastructure and production, credit generated through the government-owned Reconstruction Finance Corporation. Likewise the Chinese pulled millions of people out of poverty into the middle class through massive infrastructure development funded with state-generated credit. The dollar won’t collapse on global markets. It’s been going up, not down. Too many foreign contracts are written in dollars; and they’re generated on the eurodollar market independent of the Fed. (See Jeff Snider on that.) The dollar IS the global reserve currency, and there is nothing yet to replace it and won’t be for a long time. What happens if half the world defaults on their dollar debts and joins the new Eurasian currency system? Good question, but debts to the IMF can just be written off by the IMF; they’re bank-created money in the first place.

  32. To:Red Hornet, Lupe, & Paul=Haeder: Great comments, gents! If you haven’t read ityet, I read an article this morning on globalresearch.ca comparing Imperial America to Imperial Rome, and I believe Mr. Julian Macfarlane describes it well. At least in my opinion, as things are getting worse for the common people like myself, compared to how it was decades ago. See what you think. The article is titled “Bye Bye American Pie: Reasons Why America Will Fail” which I think we’re all aware of.

    And to Red Hornet and Lupe, when asked, back in 1973 who was my favorite hero in the world, I thought for a minute or two and said, “Cochise.” Still the same today.

    1. Global Research is one of those think tanks supposedly sponsored by Russia, and it is headquartered in lawless Canada far beyond the reach of responsible authorities. So scary… O-o-oo-o! I can hardly manage my levitating keyboard.

    2. Forbes, The Atlantic and The Nation (among others) are sensationalizing pretty much the same theme and comparison. So most people have conceded that collapse is imminent. Atlantic says “Roman Empire Collapse Was Not That Bad.” I guess you had to have been there: now wait a minute, “wherever you go; there you are.” (Buckaroo Banzai)

  33. I am curious to see a bit of a deeper dive on hamilton’s approach. i understand this as the first central bank of the united states and resulted in severe economic disruption and jackson revoked to stabilize the economy and his attempted assassination was likely due to his actions. surprised you presented it as a viable solution. how different is it from the fed reserve now who prints collateral on demand which allows the private banking system to keep expanding currency to prop up the wealth effect and keep the whole debt system going, albeit with increasing volitility.

  34. Bix Weir of “road to roota” had documented the historical facts about a virtually unlimited supply of “above-ground” gold discovered around 1910 in caves in the Grand Canyon. It was publicized and then covered up by the banksters who wanted a fiat currency that they own and control. So there is plenty of gold to back a true Treasury dollar bill, even trillions of them.

  35. Regarding the retirement of the current US debt in fiat notes:
    The US Treasury could issue dollars and use them to retire Federal Reserve Note debts as they come due, year after year. Perhaps it would take 10 years to retire the entire balance.

  36. Public banks have a ready source of capital:
    According to CAFRs (Consolidated Annual Financial Report) published by all of the 70,000+ public entities in the USA (federal agencies, states, state agencies, counties, cities, towns, taxing districts of all kinds), They collectively own over 2/3 of the equity and bond markets in the USA, as well as significant stakes in foreign corporations.
    Any of these entities could charter a bank and repatriate their funds out of the Wall St. banks. (not my idea, but that of Walter Burien)

  37. A useful primer about the creation of fiat money, Federal Reserve System, and the wide-ranging societal effects of this racket is a booklet available for free on several web sites: Billions for the Bankers, Debts for the People

    The source document for inside info on the Fed (the only place you will see a list of its owners) is: Secrets of the Federal Reserve (pub. 1950) by Eustace Mullins.

Comments are closed.

%d bloggers like this: