That God Guy May Have Been Onto Something

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When I consider the likelihood that, after crashing the world economy, the banks might actually be boosting their profits from the devastation, it sickens me. They not only make profits from bailouts; they will continue raking it in from increased borrowing during a long recovery. It is EXACTLY like the way the military/industrial complex supplies weapons to other countries, facilitating conflicts, so that the U.S. eventually feels we need to intervene; and then the profiteering arms dealers make profits from all sides.

I woke in the middle of the night last Friday with this in mind, but the seeds of an answer accompanied it. Maybe it was because it was the combination of Good Friday and the first day of passover, but I remembered a bit of the law Moses brought down from mount Sinai that is now recorded in Leviticus 25. It is the law about the year of jubilee. Simply put, in ancient Israel all debts were based on the fact that all property reverted to its original owner on every 50th year. What that means is that, with only a few exceptions, debts did not extend beyond the year of jubilee, so basically everyone debts returned to zero during that year.

I understand that this is not exactly the same, and that we could not now adopt this policy exactly, nor should we. In Israel they started out by evenly dividing the land among families, so reverting to that division every 50 years would be fair, but we would be starting with an extremely unfair distribution caused by centuries of exploitation. But we might consider the basic concept as a possible answer to healing the world economy, preventing the banksters profiting from the disaster, and minimizing the grip the banks have on us all. Just what would happen if most countries simply agreed to cancel all debts to banks and between nations? Individual loans between individuals might likely remain out of fairness, but the bankers would finally have to bear the cost of their greed and foolishness. And then all agreeing nations could write into law limits on interest, and the modified concept of the year of jubilee where everyone's debts would be eliminated every so many years.

And before someone else says it, I know that bankers would devise other methods of exploitation. What we need to always keep in mind though is that our banking laws must always be written with the necessity of governments staying in control of the system and never ceding that control to the banks. I intend this thread to be nothing more than a starting point. I would invite all the aggregate wisdom collected in the members of this board to build on this foundation in order to develop a comprehensive plan.

"If the American people ever allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered."

-- Thomas Jefferson

morpheus's picture
morpheus
Joined:
Apr. 9, 2012 7:52 am

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We need to get this through Congress:

1) Glass-Steagall

2) National Banking

3) Alexander Hamilton's banking system with national credit & money created as it is needed by the National Bank.

...before T.J.'s advice turns into a full-blown prophesy.

Karolina's picture
Karolina
Joined:
Nov. 3, 2011 6:45 pm

Karolina wrote: 3) Alexander Hamilton's banking system with national credit & money created as it is needed by the National Bank.

Poly replies: Well, we'd have to give up the idea that sovereign governments have to borrow non-existent money from banks through fractional reserve banking before governments can print it. That wasn't always so even in our own country.

Retired Monk - "Ideology is a disease"

polycarp2
Joined:
Jul. 31, 2007 3:01 pm

I'm still trying to wrap my head around the fact that the "Federal Reserve" isn't "Federal" at all. It's a PRIVATE bank.

I know a lot of you guys have known this for a long time. I haven't. I haven't commented very often on matters of money because I want to become more knowledgeable on this subject.

It seems SO WRONG that such an important institution is so secretive. It's so secretive that they hide their very name. It's so secretive and yet so pervasive.

It boggles the mind. (It at least boggles mine.)

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Fletcher Christian
Joined:
Feb. 15, 2012 11:49 am

Currently Chatting

The Death of the Middle Class was by Design...

Even in the face of the so-called Recovery, poverty and inequality are getting worse in our country, and more wealth and power is flowing straight to the top. According to Paul Buchheit over at Alternet, this is the end result of winner-take-all capitalism, and this destruction of the working class has all been by design.

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