Quackademic is a word coined to refer to academics and other
professionals who sell their opinions and advice to the highest bidder
with disastrous results for humanity.
Let us begin with some reasonable questions for academic economists.
What is a Depression like 1929-1939 and how did we get out of it?
Depressions like that a period of time in which massive amounts of
Unpayable Debts are canceled. This can take a long time during which
there is much hardship. The demographer Borisov estimates that between 3
and 7 million Americans out of a population of 125 million died of
starvation. Americans, Europeans and most people in the world have debt
based currencies like the Federal Reserve Note. This means that checking
account money can only be created when you or the government takes out a
loan. If you pay the loan off or default on it, then the total of
checking account money is decreased. As you go through a Depression
paying off loans or defaulting through bankruptcy, you are reducing the
money supply. It is this reduction in money supply that literally kills
people through starvation, riots, rebellions and wars. MIT estimates
that up to one billion human beings will die from these means as soon as
the dollar, the pound and the euro collapse.
The printed currency also can only be issued after a loan at interest
is taken out which puts the Government in debt to the privately owned
Federal Reserve bank. The Bureau of the Mint actually prints the Federal
Reserve Notes and gives them to the Federal Reserve which gives them to
the US Treasury in exchange for bonds. This is why the taxpayers are on
the hook for nearly 17 trillion dollars. The government gave the
bankers the right to create America’s money at interest in 1913 when the
Congress passed the Federal Reserve Act. That was the same year the
income tax and the IRS were created. The Federal Reserve required much
higher taxes to pay for the gift of a privately owned central bank the
politicians gave to Wall Street. The Federal Reserve also made WW I
possible and most say made WW II necessary to end the Great Depression
which the bankers had created.
We should note that the legislation for the Federal Reserve was
written at a secret meeting of men representing the Rothschilds, the
Rockefellers and Warburgs with the latter two in attendance. President
John Fitzgerald Kennedy was murdered on November 22, 1963 which was the
anniversary of the first of those secret meetings. The bankers first met
in a private rail car across the river from Manhattan on November 22,
1910. It was no coincidence that JFK was killed on the anniversary of
that first meeting as he challenged both the banks with Executive Order
11110 and Israel by opposing their acquisition of nuclear weapons. I
also do not think it was not a coincidence that Martin Luther King Jr
was killed on the first anniversary of his anti-war speech at New York
City’s Riverside church.
We cannot emphasize enough the ability of bankers to collect interest
on money they created out of nothing. We have a fractional reserve
banking system as well as a debt based currency. This means that if Mrs
Jones deposits $10,000 at her local bank, that her banker can loan Mr
Smith 9 times that much so he is paying interest on $100,000 while the
bank pays the woman less than 1% or about $100 on her deposit. The bank
created $100,000 but demand repayment of that principal plus interest of
say $10,000. The $100,000 loan upon repayment decreases the money
supply by $100,000 but the bank did not create the money to pay off the
interest. This requires that a loan be made somewhere else so Smith
could make his payment. This and the loans to the government is the
source of Unpayable Debts.
Another source of bad debts in the modern era is fraud. Banks created
trillions of dollars in fraudulent mortgages which were given AAA
ratings after Wall Street gave out sufficient bribes. Ben Bernanke has
been creating trillions of dollars to keep up the value of bad debts
rather than cancel those debts. But to create trillions of dollars
Bernanke has had to add that much to America’s debt.
I have quoted Professor Steve Keen before. He said the world has the
greatest level of debt in 500 years and will therefore have the greatest
financial collapse in 500 years. We are in the greatest bond bubble in
history. The Federal Reserve has created so much money that it can keep
interest rates down. This benefits the banks who have so many bad debts
to carry on their books. It also allows Goldman Sachs, J P Morgan and
their friends to get trillions of dollars in loans at 0.01% interest so
they can run up the price of food and gasoline while they transfer all
wealth from you to them and saddle you with debts and devalued paychecks
and pensions.
Might I point out that George Soros has already attacked the Japanese
yen and is now attacking the British pound. Currency wars are in high
gear so we have little time left.
The solution is obvious to me but not to Quackademics. We need to ban
fractional reserve banking. We need to have government be the sole
issuer of credit. This was formulated by 8 economists in 1833 and called
the Chicago Plan. It was ignored by FDR. the Republicans and most
professional economists. Millions died of starvation and 58 million died
in WW II after the Quackademics passed over this solution. Recently two
IMF economists wrote a paper saying the Chicago Plan was a great idea. I
wrote about this report and have it in the notes below. We need to
issue money as a credit rather than as a debt as Lincoln did with the
Greenbacks so we no longer have to pay interest to bankers on money they
created out of nothing. I would go further and make all government debt
illegal.
We need to cancel Unpayable Debts to get the economy moving within a
week or two. I would cancel all government debt for all nations willing
to publish their own credit based money like the Greenback and also ban
fractional reserve banking. The latter according to the IMF will stop
bank runs cold.
I would also cancel $20,000 in personal debt for every adult citizen.
Those with no debts would get a credit in a personal retirement
account. The amount of debt cancellation would vary from country to
country. I think we need to eliminate subsidies to the wealthy and wars.
I would cancel all VAT taxes in Europe. I would make property taxes on
owner occupied primary residences illegal.
I would fund these debt cancellations by seizing the trillions of dollars in government agencies cited at http://www.CAFR1.com
. I would also seize the assets in excess of 40 trillion dollars which
were stolen from us. I would take the US military out of Iraq,
Afghanistan and God only knows where else. I would send them into the
banks in Bahrain, Dubai, Saudi Arabia. Lichtenstein, the Cayman Islands
and a dozen other small nations to seize the assets of criminals. I
would seize the legal records of all those trusts and corporations
registered offshore so we could trace down all of the bank accounts and
safe deposit boxes and other holdings.
As I have said before, we will have to set up cooperative trusts
which will hold all retirement funds for you under your name and control
never to be touched by Wall Street or politicians. These cooperative
trusts will have credit unions and issue loans and credit cards. They
will be motivated to make sure all payments are made because the net
profits from this and the sales of insurance will go into funds for your
retirement. Again I have an article that breaks this down in the notes
below.
The alternative to an organized Debt Cancellation is Great Depression
like the last one. MIT said a billion people die the Phase I when our
currencies collapse and 5 billion more die from a series of plagues. How
does MIT know 5 billion people will die from plagues? Because people in
authority told them they were going to kill you and your families and
your friends.
Notes: The first article as promised explains how and why the IMF likes the Chicago Plan.
IMF Economists: ‘We Were Wrong.’ Will Someone Please Tell The Press And The Politicians.
http://vidrebel.wordpress.com/2012/08/19/imf-economists-we-were-wrong-will-someone-please-tell-the-press-and-the-politicians/
I would like to suggest the following as the most feasible means of
seizing the tens of trillions of dollars stolen from us by the bankers:
Memo To Pentagon: Compare The Invasion Of Lichtenstein And The Cayman Islands To War With Iran And Syria
http://vidrebel.wordpress.com/2012/08/06/memo-to-pentagon-compare-the-invasion-of-lichtenstein-and-the-cayman-islands-to-war-with-iran-and-syria/
For the less technically minded this next article explained what Debt
Cancellation would look like though some object to the race of the
persons involved.
Eddie Reborn Into A World With Debt Cancellation.
http://vidrebel.wordpress.com/2012/07/10/eddie-reborn-into-a-world-with-debt-cancellation/
The Mathematics Of Austerity: Proving Austerity Never Was Even Intended To Work
http://vidrebel.wordpress.com/2011/09/12/the-mathematics-of-austerity-proving-austerity-never-was-even-intended-to-work/
The next article explains how Debt Cancellation, pension reform and healthcare reform could work:
What Real Debt Cancellation Combined With Pension And Health Care Reform Looks Like Part II
http://vidrebel.wordpress.com/2012/07/12/what-real-debt-cancellation-combined-with-pension-and-health-care-reform-looks-like-part-ii/
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