MONEY
The Big Lie
Destroying The Narrative
"Do not be alarmed by simplification,
complexity is often a device for claiming sophistication,
or for evading simple truths."
John Kenneth Galbraith
"Credit dollars are a debt generated currency
that is denominated by a unit of account.
that is denominated by a unit of account.
Unlike money, credit itself cannot act as a unit of account.
However, many forms of credit can readily act as a medium of exchange.
As such, various forms of credit are frequently referred to as money
and are included in estimates of the money supply."
Board of Governors, Federal Reserve
(You Believe Ergo We Affirm Your Beliefs, Regardless Of Fact)
(You Believe Ergo We Affirm Your Beliefs, Regardless Of Fact)
Banking Is Government Sanctioned
ORGANIZED CRIME
Money.
In spite of the instilled beliefs and ongoing gaslighting to the contrary, money is still cash by US law 31 USC 5103, which designates 4 paper notes a US legal tender money. 3 of those notes are no longer produced or in circulation leaving 1, Federal Reserve Notes (FRNs). FRNs, along with US minted coin, constitutes the official legal tender currency of the United States. If it's not FRNs and US coin, it is not US money. There is no other money in use within the US that is designated or recognized as such in US law.
Federal Reserve notes are a debt-free US legal tender money/currency produced and initially owned by the US government. It is issued through the Federal Reserve banking system for the express purpose of supplying depositor demand for the monetary medium wereupon, it becomes the property of the people in legal possession of the notes. It is against the law (12 USC 411) for the Federal Reserve to use US legal tender notes in any of its market operations or for any other purpose whatsoever. Federal Reserve notes represent a first lien on all the assets of the Federal Reserve banks and on the collateral specifically held against them.
Putting it all together.
I thought I would explain in simple and concise terms what all of my previous arguments explaining the money means in the real world and the real consequences that are always the same each time the bankster's debt posing as 'our money' blows up in our faces, yet again, as it did in the 1930s and in 2008 when bankster asset-backed, debt-based credit !POOF!ed out of existence in a cascading collapse, bankrupting entire nations and impoverishing 10s of millions of people who had bank 'deposit accounts' full of empty promises.
Deposit Accounts
Bank deposit accounts are nothing more than bank-managed records of legal claims held by account holders against the legal tender money that is supposed/assumed to be in the bank's vault. That's why deposit accounts are categorized as liabilities of the banks, why account holders are designated as "the creditor" and banks are designated as "the debtor" in all deposit account contracts, it's why the interbank settlements system exists and why the FDIC was created. A deposit account represents the account holder's legal claim to US legal tender money, ergo deposit accounts cannot be the money the banks owe. Deposit Accounts Are Bank Liabilities, Not Money. (But the 'theory', the BoE and the Fed says....)
Bank 'Loans'
Banks do not ‘loan’ from deposits (bank liabilities). Banks do not ‘loan’ from reserves (assets). Banks do not ‘loan’ money, period. There is no such thing as a ‘supply of loanable funds’. There is no such thing as a ‘money multiplier'. There is no such thing as 'high power money'. There is no such thing as 'broad money'. There is no such thing as a 'digital dollar' or a 'digital FRN'. The Federal Reserve does not create reserves. The Federal Reserve does not monetize USG debt. All of the above are just theoretical fictions that have no basis in fact or law. The Federal Reserve has no legal authority to create money. The banks have no legal authority to create money. The debt-based credit generated by the Fed and the banks is not money. Crediting deposit accounts with the amounts does not add a single penny's worth of money to the actual US money supply. (But the 'theory', and the Fed says....)
Fortunately for us, Ludwig von Mises, of Austrian Economics fame, wrote a chapter in his book "The Theory of Money and Credit" that clears up any confusion that may linger from misinterpretations being read into his work.
Exchanges made with the help of money can also be settled in part by offsetting if claims are transferred within a group until claims and counterclaims come into being between the same persons, these being then canceled against each other, or until the claims are acquired by the debtors themselves and so extinguished. In interlocal and international dealing in bills, which has been developed in recent years by the addition of the use of checks and in other ways which have not fundamentally changed its nature, the same sort of thing is carried out on an enormous scale. And here again credit increases in a quite extraordinary fashion the number of cases in which such offsetting is feasible.3 In all these cases we have an exchange made with the help of money which is nevertheless transacted without the actual use of money or money substitutes simply by means of a process of offsetting between the parties. Money in these cases is still a medium of exchange, but its employment in this capacity is independent of its physical existence. Use is made of money, but not physical use of actually existing money or money substitutes. Money which is not present performs an economic function; it has its effect solely by reason of the possibility of its being able to be present.
The reduction of the demand for money in the broader sense which is brought about by the use of offsetting processes for settling exchanges made with the help of money, without affecting the function performed by money as a medium of exchange, is based upon the reciprocal cancellation of claims to money. The use of money is avoided because claims to money are transferred instead of actual money. This process is continued until claim and debt come together, until creditor and debtor are united in the same person. Then the claim to money is extinguished, since nobody can be his own creditor or his own debtor.4 The same result may be reached at an earlier stage by reciprocal cancellation, that is by the liquidation of counterclaims by a process of offsetting.5 In either case the claim to money ceases to exist, and then, and not until then, is the act of exchange which gave birth to the claim finally completed.
That's your "deposit money" and how it works. In other words, you're using a line of the bank's credit in the amount of your deposit account, Not A US Money/Currency or a money of any type, it's just banks crediting and debiting user accounts in the amounts, shuffling their deposit liabilities between account holders.
Thanks to electronic banking, 100% of all bank-mediated transactions, to include debit/credit card use, direct deposits, and bank 'loans', are conducted via the bank offsetting process (in near real-time) where no money or money substitutes are used or exchanged. Deposit accounts are merely a bank-managed record of that process, which are being credited and debited accordingly. Because people were gaslighted and propagandized into believing they're using money (fictional digital dollars) where no money is used or exists, the banks get away with it.
It's the false belief that deposit accounts are money promulgated by banksters and "economists" that has gotten the banking system to the profoundly bankrupt condition it's in today. The banking system's ability to generate credited deposits as loans based upon the value of the assets tendered as collateral affording the borrower the 'liquidity' they want or need, without regard for actual money held, has resulted in 6 corporations owning or controlling 90% of all news media outlets, and this:
That's what you get when you can generate credit based upon asset values that are established by the credit received, without regard for any actual cash money held. In other words, this was all created without the use of money. The entire system, from the USG, to Wall Street, to Main Street, Blackrock, Vanguard, Cargill, State Street, the WEF, Open Society, the UN, the WHO, and the Bilderberg group literally runs on the Full Faith and Credit of the administering commercial banks.
If not for the fraudulent practices of the Fed and banks, aided and abetted by a complicit Congress and explained away by dumbass 'economists', none of that tyrannical corporate structure, or Federal Government structure for that matter, would exist. And all of this is being done in bank debt, administered as lines of credit, denominated in the prevailing monetary medium in ever-shrinking use.
One of the most successful gaslighting/propaganda campaigns ever perpetrated in all of human history has been convincing entire populations that the banks' debt to them is their incorporeal money. And to think, we are here today in this financialized nightmare all because of that 19th-century perception-based, theoretical fiction, and farcical gaslighting lie "bank deposit liabilities are money". Making the bank's debt to you, your money.
I'm reminded of a quote from Henry Ford: “It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”
Well, judging from the lack of reaction from the 10's of thousands who've visited this site, I would say Mr. Ford's assessment is wrong. I think that people of the nation when told about our banking and monetary system would just stare at you blankly for a moment, then turn around, walk off, and go back to doing whatever they were doing in the exact same way they were doing it before the system was explained to them. And rightly so because it's just too big to comprehend, the theft so broad and complete, and there is no recourse or remedy for this scale of fraud that the banking systems have perpetrated against the entire world. I take that back, history provides us with fitting examples of recourse to those who sought to subjugate the people under debt bondage, but nobody wants to go there.....yet.
I would like to give a big shout-out to
G. Edward Griffin
For his failure to look up the word "issue"
in a dictionary before writing a book
claiming it meant "create, print, and control"
the US money supply.
Thank you for the misinformation
that has led millions of people
away from the factual truth.
Oh and,
Mike Maloney is a liar and a Fraud.
Not Money
Some of the most egregious lies are held in place by what people consider to be those expressed as "commonly known".
The only reason reserve requirements exist is because deposit accounts are not money.
The only reason interbank settlements exist is because deposit accounts are not money.
The only reason the FDIC exists is because deposit accounts are not money.
The only reason capital requirements exist is because banks do not loan money and deposit accounts are not money.
Every time a bank fails, deposit accounts are proven not to be money.
US money is a matter of law, not a matter of economic theory or indoctrinated beliefs.
These are what is known as matters of fact. Telling me what you've been indoctrinated into believing, is not a counter to the facts as presented.
Subject to editing, to be continued.........
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