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Liquid Money - The Final Thing. Federal Reserve and Central Bank Accounts for Everyone (English Edition) di [Schemmann, Michael]
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Liquid Money - The Final Thing. Federal Reserve and Central Bank Accounts for Everyone (English Edition) Formato Kindle

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We have been bailing out banks by the tens of trillions of dollars, pounds and euros. The privilege of banking with the banks has always been a burden. We must all be allowed to maintain an account at the Federal Reserve or our national Central Bank, just like the banks do.

We are bailing out the banks with taxpayer or central bank money in order to recapitalize them. This is wrong and based on an economist’s misconception of accounting and banking. Banks’ activities take place on their liabilities’ side; liquid assets are needed to keep the depositors safe, not capital which is on the wrong side of the balance sheet. Misconceptions by economists who are not bankers abound, in particular at the Basel Committee for Banking Supervision.

To bail out the depositor is so simple that the mind is repelled: Allow everyone to maintain a deposit account at the Federal Reserve or Central Bank! The private commercial banks will cease to create quasi money, and everything else will fall into place as it should in the capitalized private sector. No need for the taxpayers’ money or complex regulations.

According to my practical experience as a banker, and my thought experiments as an academic person, the solution to the present financial crises is “so simple that the mind is repelled,” using Galbraith’s words characterizing the process by which bankers create money.

“Anyone shall be allowed to open and maintain an (internet) bank deposit account at the nation’s note-issuing central bank. No frills, no overdrafts, no credit cards, only a simple debit card that works at any ATM around the world to make payments and to withdraw that legal tender, at a reasonable fee, of course.”

There are no technical challenges in this electronic age to open 800 million bank accounts in the United States, Canada, and throughout the European Union, rather enormous benefits of laissez-faire in that all of the rest of the banking problems that plague us today will look after themselves. The benefits are

1.public immunity to private bank insolvencies,
2.redundancy of deposit insurance,
3.avoidance of ring-fencing of retail banking from investment banking (redundant as deposits of the general public are completely safe and redeemable on demand at the central bank either in cash or by transfer, ie payment), need for capital adequacy requirements (the capital misconception),
5.avoidance of loss of value of money through the arbitrary increase of the private banks’ quasi money supply resulting economic booms and busts, and
6.redundancy of the sheer volumes of regulatory detail,

while the losses, if any — and why should there be any losses as no one has done anything wrong by not having a central bank account — can be left safely where they have fallen.

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  • Formato: Formato Kindle
  • Dimensioni file: 2072 KB
  • Lunghezza stampa: 140
  • Editore: IICPA Publications; Digital edizione (26 luglio 2012)
  • Venduto da: Amazon Media EU S.à r.l.
  • Lingua: Inglese
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5.0 su 5 stelle they both want you to hate the only organization that is big enough to stop ... 8 agosto 2015
Di Dennis Kenaga - Pubblicato su
Formato: Copertina flessibile Acquisto verificato
Most monetary reform literature is funded by libertarians and Austrian school promoters along the lines of denouncing worthless fiat money and promoting gold, bitcoin or local private currency. However, deregulating banker crimes is exactly what the banking kleptocracy wants. Libertarians are the banker controlled pseudo opposition. As internationalists, they both want you to hate the only organization that is big enough to stop the international money power: a sovereign national government that creates its own money without debt like the Lincoln greenbacks. And most economics conceal the real nature of the four kinds of US money, coins, cash, bank crebt, and Fed money (not available to the public). Bankers own all the economic publishing houses, periodicals and universities.

Lurking in the background is the real solution, sovereign money, as promoted by Fisher's Chicago Plan, American Monetary Institute, Positive Money, Bill Still, Joseph Huber in Germany and others. They finally hit on the intelligent question, why should a sovereign country go into debt to thieves to get money it can create free? Debt is slavery. Who needs a national debt or an IRS? And what is the only entity big enough to stand up to the international money protection racket that starts all wars, if not the sovereign nation. The founding fathers wanted to unite to take over the government. Their main goal was not to defang its ability to control international bankers. Michael Schemmann is in this small camp of experts who actually know the solution, sovereign money.

But he has a twist not emphasized in the others. He is a pragmatic strategist and wants to win. He promotes the brilliant idea of simply opening up Fed bank accounts to individuals, using real Fed money (=cash), not bank crebt. On the easy, plausible grounds of fairness. Why should the international monopolists have all the privileges? Sounds innocuous enough, right? It isn't. It would be devastating for the bankers. It would unravel the whole fractional reserve scheme of deception that the libertarians promote that deposits are reserved and that they are the same as paper, all three just fiat money. They are not. It is nearly as hard for banks to get cash as for you and me. Banks are all insolvent and starved for cash/reserves. That's why they want the cashless society so bad, to enslave us all.

Getting the Fed to give accounts to individuals is the quiet way to reach Fisher's Chicago Plan of full reserve. Monetary reform is the mother of all reforms because without it nothing else will succeed. The country is secretly occupied and controlled by its internationalist enemies. Stupidity is not the reason everything goes wrong in Washington. All three branches are totally bought. Stop wasting time on trivia. Cut to the heart of the planned international police state by denying its main tool, money creation out of debt.
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