10 Jun 2012

The Money Masters : An amazing film

I've just watched all 3h30 of a documentary film made by Bill Still in 1996 called "The Money Masters". It's quite astonishing, with a remarkable history of the development of our monetary systems.

The conclusions are clear and match exactly those that are being proposed by more and more people today. Namely, we need to pay off government debt to the banking system using debt free money. We need to abolish fractional reserve banking. And (in the case of the US), the Federal Reserve needs to be abolished.

But along the way, the authors effectively accuse the international banking interests of deliberately creating depressions and even provoking wars. They also accuse the Fed of effectively stealing the gold from Fort Knox. It's strong stuff. But they provide documentary support for the accusations. And historically, the argumentation is strong.

In the end, their proposal is a Monetary Reform Act with the following plan:

The Two Step Plan to National Economic Reform and Recovery

Step 1: Directs the Treasury Department to issue U.S. Notes (like Lincoln’s Greenbacks; can also be in electronic deposit format) to pay off the National debt. Step 2: Increases the reserve ratio private banks are required to maintain from 10% to 100%, thereby terminating their ability to create money, while simultaneously absorbing the funds created to retire the national debt. 

These two relatively simple steps, which Congress has the power to enact, would extinguish the national debt, without inflation or deflation, and end the unjust practice of private banks creating money as loans (i.e., fractional reserve banking). Paying off the national debt would wipe out the $400+ billion annual interest payments and thereby balance the budget. This Act would stabilize the economy and end the boom-bust economic cycles caused by fractional reserve banking.    

3h30 is a long documentary. But it's well worth the effort. There's a website if you want to know more.

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