Is the Monetary System a Fraud?

Posted: January 13, 2017 in Debt, Fractional Reserve Banking, Monetary System
Tags: , , , ,

This past week, the London School of Economics, hosted an event on the Nature of Money, see details here.

One of the speakers was Dr Waltraud Schelkle, part of the LSE, an Associate Professor of Political Economy.

Please play the audio from time stamp 52.05 for a question put to the panel regarding the fraudulent aspects of the system. Dr Schelkle answers that she disagrees that the system is indeed based on deceit and she points to the ‘success’ of the Capitalist nations….

I think Susan Steed, another panellist, does an excellent job of refuting her shallow argument, without mentioning by name what I think is most key when understanding how the rich became rich…the Transatlantic Slave Trade…

I would also point the Dr to the numerous posts examining this on this blog, and will make an effort to highlight other key counterarguments in future

Fortuitously, this week I received a post from MoneyWeek entitled…”A 92bn Scam

It went on to state;

The $92 billion was income generated on the Federal Reserve’s portfolio of US government bonds. It bought vast numbers of these bonds by expanding its balance sheet and printing money. The government then paid interest on those bonds. That interest is the Federal Reserve’s return. That return is then passed back to the government as an important source of income.

To be clear, this is the state creating money from nothing… to lend to itself… to then pay interest on… and then use that interest as another source of revenue. That’s Deep State financial policy.

Misrepresenting transactions, making it seem as though the government is solvent when it is using a glorified Ponzi scheme…..that’s Fraud in my book.

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