Why do the banks own most of our money?

"I warn you, Sir! The discourtesy of this bank is beyond all limits. One word more and I—I withdraw my overdraft."  Cartoon from Punch Magazine Vol. 152, June 27, 1917

“I warn you, Sir! The discourtesy of this bank is beyond all limits. One word more and I—I withdraw my overdraft.” Cartoon from Punch Magazine Vol. 152, June 27, 1917

The following is a letter submitted to The Guardian, in response to an editorial. It’s probably the strongest argument I’ve seen for the nationalisation of banks. Most people I’ve met don’t like banks or bankers, but I think most of us have come to accept them as almost a ‘necessary evil’. I think we really need to ask ourselves and our leaders some hard questions.

Why are private banks and financial institutions allowed to have so much control over our money supply?
Banks lend out money at interest to us, but why couldn’t the government exercise this function without charging interest and cut out these ‘middle-men’?

I know that a number of economists have been arguing for some time, that governments which have control of their own currency (such as the U.K., The U.S., Australia, NZ and Canada) should be able to create/lend money into the system to create jobs, build infrastructure and deal with much of our poverty – that in fact all this talk of austerity is just another con-job on the population. Australian economist, Bill Mitchell, has a site which discusses and promotes the idea that sovereign governments should use their power to create money, to ensure full employment in the economy. I’ve put down links to a number of his posts at the bottom of this post.
At any rate, have a read of this letter, and if you feel as I did when I read it, pass it on. Let’s get a much needed discussion on this going.


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The BP Oil Spill and the root of our problems

I think this is an interesting 10 minute video, that should get you thinking. Some will call it conspiracy theory. A conspiracy is hidden. There is nothing hidden about this disaster in the Gulf of Mexico, nor about the root causes of the problem. The REAL problem is that people don’t want to know about it.

The video talks about our banking system. Personally I think it goes deeper. As long as our ‘culture’, our philosophy is totally dominated by the dollar, we will never have good health, good food, peace and security or a clean and environmentally sustainable world.

Sure, people need to make money to make a living, but do we have to do it at the expense of someone else? Can’t we feed people good nourishing food that sustains the grower and distributor at the same time? I believe we can. The same goes with health. We can cure people of illnesses such as cancer and still sustain our doctors, alternative therapists, healers, shamans or whatever. Our current profit-driven medical paradigm is generally a win-lose scenario. Shareholders and corporations get rich, while the average person continues to suffer or die from diseases when there’s no need. Let’s turn it around folks. Please pass this video file around, which by the way I found on Iggy Makaravich’s blog – What’s all this, then?

Till next time