Debt Slavery

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by Gary Christianson, Miles Franklin:

Breaking news: The DOW hit another all-time high at 28,004 on October 15.

From Sven Henrich: “The Day of Reckoning.”

“… once again giant inflows of artificial liquidity are dominating the price action in markets irrespective of what’s going on with earnings or growth.”

Debts: Currency and Digital Accounts:

Dollar bills: Dollars are Federal Reserve Notes—a debt of the Fed to you, the holder of the dollar bill. These currency units have no intrinsic value.

Bank balances—checking and savings: You deposited (loaned) currency units to the bank when you made a deposit into an account. Those currency units are now debts owed to you by the bank. The days where you deposited YOUR money (gold and silver) into the bank vault for safekeeping are long gone.

Debit Cards: These cards allow you to transfer dollars owed to you by a bank into another account. The transaction units are debts owed by the Federal Reserve. The bank extracts a slice from every transaction. It’s all debt…

Credit Cards: The credit card holder owes currency units measured in Federal Reserve (debt) Notes to the credit card bank. The bank extracts a slice from every transaction.

QE (and not QE): The Fed and commercial banks create currency units by computer entry, not by production or services rendered. QE is often used to buy Treasury debt—National Debt—which is also rolled over and never paid. However, interest on the debt is rolled over and added to total debt, which increases, as it has for many decades.

Most transactions are a transfer of liabilities—debts—from one party to another. The economy runs on debt and credit.

Exceptions:

  • If two people swap fully owned real estate with each other, they used no credit. But a government entity may demand taxes paid in debt-based currency units.
  • If you buy a used car with Morgan silver dollars, there is no credit transaction.
  • If you buy a house with gold coins, no credit transaction occurs.
  • If you lived in 1950 and paid for groceries with “Silver Certificates,” then no credit transaction occurred. The pieces of paper (dollars backed by silver) had no intrinsic value, but they were exchangeable for silver. Those days are gone.

CONSIDER:

  • People work many years to discharge their debt to a mortgage company.
  • Buy a small house with a big mortgage (debt). Make minimal payments and wait while the Fed devalues currency units. House prices rise as dollars buy less. Sell the house and buy a bigger house with a larger mortgage. Pay the mortgage company for many years beyond your retirement date. The banking cartel (probably) created the dollars for your mortgage loan, yet you converted blood, sweat and tears into mortgage payments for most of your life. Debt slavery.
  • Buy a car with a seven-year loan. You replace the car every seven years with a more expensive car. Repeat process. Live with debt forever.
  • Work, collect dollars, invest in the stock market, and own digital shares of stock, all measured in Federal Reserve Notes, which the Fed devalues in purchasing power. Most individuals don’t own enough stock to protect themselves from dollar devaluations and consumer price inflation. Banking cartel created currency units boost the stock market and wealth of the top 10%.

  • Work and buy U.S. bonds with Federal Reserve Notes. The government promises to repay their bond debt to you with more debt from the Fed. The repaid dollars are (practically) guaranteed to buy less than when the bond was purchased.

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