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0008, Iceland and Ireland Try To Escape Debt Money, 4071-0008
Oh oh! We are missing some of the early reports – SR 8 through 17 – so we’ll skip ahead 18 months to SR 18, Iceland & Ireland. This highlights the worldwide struggle with the debt money system in both of these nations.
Interestingly, the solution for them is the same as it is here in the U.S. – how to cut the stranglehold the big banks have over the QUANTITY of a nation’s money supply by cutting off their ability to lend out money they don’t have – money they literally create out of thin air. It’s called fractional reserve lending.
Obviously, this point, is the most dangerous revelation possible to the banking industry, as they all practice fractional reserve lending. A bank is allowed to lend out money they don’t actually have, and then charge us interest on it.
I’ve frequently used this example to illustrate the problem. When you get approved for your mortgage loan, and you go into the bank to sign the final papers, do they come out of the vault with two suitcases full of hundred-dollar bills and send you on your way? No. They tell you that they will pay off the seller – take care of all those messy details for you. All they do is go to a computer and move some numbers around. At that instant, they are exercising the privilege of creating that money out of thin air and charging you the interest.
Now they are supposed to hold 10% of whatever they lend out in their reserves, but very few obey that law. During the 2008 banking crisis, according to a subsequent investigation by a U.S. House of Representatives, the biggest U.S. banks were the biggest violators of this reserve requirement. Instead of holding a 10% reserve in actual money, most were only holding 1%, and some of the biggest banks were leveraged 300 times– that’s a third of 1%. And the more leverage, the more prone to failure, which is exactly what just happened to Silicon Valley Bank.
Naturally, those in a position to know and do something about this – the biggest scam in history – are probably the first in line to be offered loans at minimal interest – as long as they keep their mouths shut. Let the peasants pay high interest rates and have their mortgages foreclosed on.
That’s the way the debt-money game works. It causes money to become heavily concentrated among the banking class, and that makes it very difficult to rout out – because these people have all the money to shut down any significant opposition. Fortunately, that’s not stopping people in other countries from trying to return to sovereign money and stop the debt money system.
And what is “sovereign money”? Money that is issued by the nation without debt and without a built-in advantage to any particular group of citizens.
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