In a post titled: POLITICIAN FLIPS OUT EXPOSES CENTRAL BANK SCAM (that link is to the video, you've got to watch it!) Facebook Group Anonymous @AnoNews posts a brilliant video of an unnamed politician indicting the corruption and dysfunctionality of our current banking system in an epic rant that'll give you the shivers. It's such a powerful dose of system-threatening reality that other politicians in the room are literally recoiling in panic--as if the truth will make something around them explode.
"All the banks are broke!" he admonishes, "And why are they broke? It isn't an act of God. It isn't some sort of tsunami. They're broke because we have a system of fractional reserve banking. Which means banks can loan money that they don't actually have. It's a criminal scandal and it's been going on for far too long. To add to the problem you have moral hazard, a very significant moral hazard from the political sphere... We have counterfeiting, sometimes called "Quantative Easing", but counterfeiting by any other name. The artificial printing of money which if any ordinary person did they'd go to prison for a very long time. And yet governments and central banks do it all the time. Central banks repress interest rates, so we don't have the real cost of money. And yet we blame retail banks for manipulating LIBOR. The sheer effrontery of this is quite astonishing. It's central banks, central banks that manipulate interest rates. And plus underneath all this we talk loosely at a rather cavalier fashion do we not?--about deposit guarantees. So when banks go broke through their own incompetence and chicanery the taxpayer picks up the tab! It's theft from the taxpayer! And until we start sending bankers, and I include central bankers and politicians, to prison for this outrage it will continue!"
You'd hope this kind of political statement would be mainstream news, not some obscure Facebook post, but such is the world we live in--banks do big business with media companies. Most right-thinking people would commend AnoNews for publishing it, but user Andrew Harrison saw something more sinister at play and was quite livid about it:
"Anonymous is a scam! They are probably even part of the CIA. These people claim to be helpful but don't hack the greatest scam artists in the face of the earth. The Feds, the Rockerfellers, JP Morgan's, all those that keep us tied down. Erase our debt if you care so much about justice."
He makes a good point though, and yes, since the CIA creates all kinds of front groups in its regular operations, you couldn't discount the possibility of Anonymous being staffed by CIA (or disgruntled former CIA?) whom regularly leak information on government operations to gain some sort of advantage or power, but when you think it through I think you'll agree that what he recommends would be tremendously destabilizing and thus dangerous. To Andrew I say this:
Well. Put yourself in Anonymous' shoes. I think they are trying to spread information to raise awareness. It's our job to devise the system that should replace the one we have. If Anonymous erased all debt and crashed all the banks there would be chaos and calamity. Without being prepared for the dismantling of the system and no plan for what follows, we would be courting disaster. I mean, millions of people could die. Better that we prepare ourselves by dismantling the system we have now by force of law and by will of the majority, don't you think?
True. The system of fractional reserve lending is simply legal counterfeit, and until we start jailing those responsible for crashing, corrupting, rigging or robbing the system nothing can possibly change. The system itself must be changed. The bank which creates the money of a nation should be owned by those on whom the value of the money is based. That means all citizens.
Perhaps the people should directly own their national banks and create debt-free money responsibly and democratically and ensure that the banking system's mandate isn't as narrow as simply maximizing profits, but more enlightened and aspirational--like bettering mankind and the planet. Banking should serve the common good.
Personally, I believe there should be no central bank, but citizen-owned local banks issuing our common currency. These collectively would be the "national bank" and loan to commercial banks at a profit. These could work together to fund large or national projects and social programs, but no single bank could ever be "too big to fail", or create money so irresponsibly it could destabilize anything because it would be transparent and accountable to us all.
We need fiat currency, it's far more efficient than barter, but we need public ownership and oversight to avoid the catastrophic incompetence and criminality of the past. A debt-free system of private democratic banks built on a set of laws meant to create positive outcomes for society and the planet at large as opposed to private institutions using counterfeit to defraud, impoverish and disempower everyone else would be a vast improvement.
If we planned a system like that and the transition process that took us there, I think it we'd fare much better than if we just blindly crashed the whole system and let the chips fall where they may. For the best outcome, the people must be informed and in charge when the time for transition comes.