Outrageous and Unacceptable

A Monetary Policy that is Supported on Our
Backs for the Private Utopia of the Few
Let’s look at our brand new deficit. The government is going to borrow $4.4 billion. Is this money going to come out of people’s savings? Only a little. Mostly, the private banks will print money, fresh new money, and lend it to the government. The private banks will not print the money on paper, they will merely print it on a computer screen and credit it to the government’s account. After a little administration, and being careful to hit the 0 key the right amount of times, they will then be in an even better position to announce more record profits.

Just over 95% of our money is loaned into existence by the private banks, often for the financing of government expenditures, and the money I borrowed for my mortgage was also produced in this way. It’s important to realize that this is unearned money, not someone’s hard-earned money. Even so, the banks demand repayment at usurious rates of interest though they barely lift a finger. This debt sucks the life out of the economy, inexorably transferring our personal wealth to the banks. The end result is some idiot politician prescribing “tough economic medicine.”

Why do certain people have the privilege of printing money instead of you or me? Tyranny, no doubt. The solution is very simple: let only public, debt-free money be produced for public expenditure. Until then, record profits for them, and bad medicine for “the rest of us.” I hope more and more people will see that this is outrageous and unacceptable.

The Privilege of Printing Money
Outrageous and Unacceptable
A Monetary Policy that is Supported on Our Backs
for the Private Utopia of the Few

Marc Bombois

mbombois@whistlernet.com

26 February 2002

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A Money System That Destroys and Enslaves

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