Why do We Allow Private Banks & Families to Control the World’s Money?
Phillip J. Watt, Contributor
The masses can no longer escape the knowledge that they’re being taken for a walk down a dark alley. The way money is created in our global society benefits the so-called elite at the expense of the 99.9%. It doesn’t have to be this way though, all we have to do is stand up and demand that it change.
Money is no longer backed by anything concrete. It used to be, when it was attached to the gold standard, but for the last several decades if you and I were to get a loan from a bank we’re not actually being loaned anything that they physically have. Instead, they punch numbers into a computer, which creates new money that is placed directly into our bank accounts.
That’s right – they create new cash out of nothing. They don’t get it from their vault, or borrow it from another source, they just create it on their computer. This begs the question: why do we allow private stakeholders, such as the banking families that control the world’s financial and political spheres, to profit from money that was created out of thin air? Can’t we just generate new funds for the benefit of the people and direct the profits back into the community?
Of course we can. If so, we could genuinely attempt to finally overcome poverty, homelessness and other socioeconomic disadvantage. In fact, there are some places on earth that have already taken the lead in transforming the way money is created and distributed in their society.
First of course is Iceland, who not only jailed 26 bankers for their fraudulent behavior that contributed to their economic meltdown during the GFC, but they are also initiating massive reforms to their banking sector. Additionally, they are going to give every citizen a share of the profit from the sale of one of their biggest banks.
Another example is North Dakota, who operates under a public-banking model. They have designed their state-owned bank in a way that was essentially immune to the 2008 GFC. It has also outperformed the private banking industry in terms of profitability. Many matrix-media explanations focus on excess deposits or the oil boom for its success, however that is simply not true. As explained in a Global Research article:
“To what, then, are the remarkable achievements of this lone public bank attributable? The answer is something the privately-owned major media have tried to sweep under the rug: the public banking model is simply more profitable and efficient than the private model. Profits, rather than being siphoned into offshore tax havens, are recycled back into the bank, the state and the community”.
When some people hear that a system like banking can be re-designed to actually benefit society, they automatically hear ‘socialism,’ and it offends them. The reality is, the celebration of the capitalist structure and the contempt towards socialism and communism achieves nothing. Just have a look at where capitalism has gotten us, regardless if it was taken over by crony capitalism and socialism for the rich.
The simple fact remains that going backwards is not an option, and right now humanity is being controlled by a monetary system that is, to put it bluntly, a joke. We need new approaches and innovative designs to move forward to build real peace and prosperity on planet earth, so as a collective we should make it a fundamental priority to seriously look at the available short and long term solutions that we could potentially implement, to once and for all put an end to being ruled by the banking oligarchy.
For examples of how to truly move forward read, This is How to Create True Freedom for Humanity.
If you want to contribute to the cause, sign and share the petition, here. And finally, watch this 5min video:
About the Author
Phillip J. Watt lives in Australia. He best identifies as a ‘self-help guide’. His written work deals with topics from ideology to society, as well as self-development. Follow him on Facebook or visit his website.
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