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Fractional Reserve Banking & Debt-based Money

 
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Enzo Short



Joined: 21 Apr 2009
Posts: 2
Location: Kirkwall, Orkney, Scotland

PostPosted: Tue Apr 21, 2009 10:21 pm    Post subject: Fractional Reserve Banking & Debt-based Money Reply with quote

Dear Sir or Madam:

Why are the news media and politicians avoiding the fact that for 3 centuries a massive fraudulent creation of money, and consequent manslaughter (in wars funded from such money), arose from fractional reserve banking by private banking?

Why were and are the private bankers still allowed to commit such fraudulent activities?

Why were and are bankers / financiers such as the Rothschilds, who committed the aforesaid atrocities, allowed so much respectability, putting the esteem of their “wealth” above their criminal activities?

In light of the aforesaid, why doesn't the government put an end to such criminal activities?

Why was money not created by the government on behalf of the people?

In two books that I've read, "Nature of Society" and "A New Model of the Economy", which have relevance in the teachings of the SES economics courses, little is mentioned of the scourges by fractional reserve banking and debt-based money, giving the impression that their crucial significance is overlooked.

Yours truly,

Enzo Short
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Leonie Humphreys



Joined: 23 Sep 2008
Posts: 216
Location: West Dorset, UK

PostPosted: Thu Apr 23, 2009 9:45 am    Post subject: Monetary Reform Reply with quote

Dear Enzo,

Welcome to the Economics Forum.

You raise some very important issues. I would like to point you in the direction of two other topics on this forum: ‘THE CREDIT CRUNCH’ and ‘Land Value Tax and Monetary Reform’. The first one mentions the Money Reform Party and there is a link to their website from which you can obtain a copy of a DVD: ‘Money as Debt’, if you have not already seen it. I think this best explains the situation and will answer nearly all your questions on money. The second topic may help provide you with some reasons why many feel both monetary and land/tax reform are essential.

As far as the books you mention I think they really address the land or tax reform issue. Many believe this to be more fundamental even than monetary reform and many others believe that the two need to go hand in hand in order to address the current crisis in the economy at a causal level.

I am working on a critique of some proposals in a book by David Korten who is an economic reformist. Most of his proposals I believe boil down to either monetary or land/tax reform, but this needs some explanation as to why. I will be posting this in due course.

I hope the above helps. If anyone else can help please add your comments or observations.

Please feel free to add any further comments or observations yourself.

Leonie
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Enzo Short



Joined: 21 Apr 2009
Posts: 2
Location: Kirkwall, Orkney, Scotland

PostPosted: Fri Apr 24, 2009 10:51 pm    Post subject: Reply with quote

Dear Leonie,

I am glad to see that monetary reform is beginning to be considered along with land and tax reform by the SES.

Private claim on the distribution of money (and its concomitant usury) does in deed* have an effect on the considerations of tax and land reform.

Bailouts of banks by government (taxpayers' money, ultimately) by borrowing the very money that private banks create with fractional reserves begs many questions.

Yours truly,

Enzo Short

* ("in" and "deed" purposefully separated)
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Richard Glover



Joined: 29 Sep 2008
Posts: 185
Location: Ealing, London, UK

PostPosted: Wed May 20, 2009 12:34 pm    Post subject: The jury is still out Reply with quote

Although mainstream economics seems to regard fractional reserve banking (FSB) as beneficial, there are some strong critics and they do not seem to agree on the evidence.

    Is FSB inherrently a bad thing for stability and sustainability (S&S)?
    Is a return the the gold standard necessary for S&S?
    Is privately appropriated interest driving much of the GDP growth?

Wikipedia has several interesting sections on this subject. Most have substantial disputes which are indicated in the discussion pages.


If anyone has a free month or two, it would be worth getting to grips with the principles as well as cleaning up Wikipedia's pages so that the rest of us can benefit.
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