So what are we to make of those that currently control and issue money?
Central banks just print money, there is NOTHING tangible to support it. They call it fractional reserve banking; meaning somewhere there is a tiny fraction of reserved money in the system to be called upon in cases of need. It used to be backed by a counter storage of physical gold in equilibrium balance to the (fiat) paper money out in circulation. This limits the potential money supply. So what did the bankers do?
YES, they abolished reserve based banking and now have gone free fall with a worse system than the one we had upto the banking crash of 2008.
Banks used gambling techniques of leveridging UP debts associated with derivative bets, roulette with bonds and insurances and predictive bets on shares, with winner takes all strategies of gains whether or not all of these things went up or down. Often they used Short-sell tactics buying large amounts, selling, when the market reacted down or up they benefited; creating wealth from thin air.
And if that’s bad and it is it caused the 2008 financial crash – THEY ARE CONTINUING RIGHT NOW WITH THE VERY SAME TACTICS!
We have QA – Quantitative Easing, in which banks print huge amounts of money (digitally) then allocate this by government intervention (acquiescence) to themselves the banks and then buy bonds issued by the government! They also provide from QE zero rated loans, but those only go to the corporations and the extremely wealthy (their mates), its a closed loop. The taxpayer is the Patsy in this arrangement and long term austerity and taxation and low wages foots the bill for QA.
The government bailed out the banks and all the gamblers got their risks re-paid in full the rich just got a big payout at the expense of those innocent souls who are also the least blamed and least able to pay for it all. Its fraud its a robbery and no one apart from two Icelandic banking gamblers have been punished, the very opposite they have been baled and re-funded to continue a pace with lots of free QA.
And so, those less able to pay; actually fund the extravagances of the rich and powerful because we allow them to con us all.
Is there an alternative?
You bet there is: WE CAN USE THE SAME GAME-PLAN but with the People in control not some self elected banking elite, with the assistance of their mates the politicians.
We have to change the political structure to that outlined in P2PPeople.
We could use local BITCOIN Currency – digital money that is based upon a distributed network that no single person or entity controls.
Interestingly the Ubuntu Party UK want to establish a Peoples Bank to mostly do the money supply, this would be their policy and will need to be democratically voted in by supporting Ubuntu candidates. This idea also fits with theP2PPeple’s concepts.
A local trading system based upon the LETS idea could really take off with a combination of those ideas above: Digital currency/a Peoples Bank: focussed upon a local community: P2P.
The idiocy of the situation we allow for the rich, big business, politicians and banks to shaft us and dodge tax – see Russell Brand.
Iceland is the only country so far to make the bankers pay for their fraud.