By Jerry Alatalo
or Joe Bongiovanni monetary reform is something in his blood, passed down to him from his money activist father. To illustrate how little people know about what his father termed “the money power”, Joe’s father told him that 90% of bankers don’t know, 95% of economists lack awareness, and 99% of members of the U.S. Congress have no real grasp of monetary science. Those grim statistics are unfortunately accurate, and sad, given that monetary reform is likely the most important issue for people around the Earth to understand.
On the extremely important issue of monetary reform, Joe’s father told him, “I’m not going to be able to fix the money system, but maybe you can.” To Joe’s credit, he’s attempted to “fix” the money system for decades, trying to share with as many people as possible the knowledge he gained from his father and from years of further research. While hundreds and thousands of men and women have done admirable work researching and analyzing the problems experienced by humanity historically and presently in 2016, the severe lack of awareness about monetary reform just suggested has resulted in an unfortunate condition related to that same collective, admirable work: the exclusion to a great extent of monetary reform as both a major factor and promising solution for the world’s most pressing social and economic challenges.
Mr. Bongiovanni describes in the following presentation at the 11th Annual American Monetary Institute Reform Conference in September 2015 a personal experience proving the widespread misunderstanding about how money gets created. While fishing in Vermont with his friend Pete, a fellow monetary reform activist, he learned Pete’s father was president of bank, and that Pete’s cousin was an attorney working at the Federal Reserve Bank of New York. Pete first asked his father if “banks create money when they make loans”, to which his bank president father responded “No. …You’re hanging out with communists.”
Pete then asked his attorney cousin Patrick working at the Fed in New York the same question: “do banks create money when they make loans?” – and was given the opposite response indicating “yes, banks create money with loans.” While close to 100% of Americans would tell you the government creates all the nation’s money supply, the truth is the government creates only the 3% represented by coins, while 97% of America’s money becomes created as debt in the form of loans transacted by privately owned banks.
Such a high level of erroneous perception about money reveals the long distance necessary to travel in fully educating people on the important issue of monetary reform; the level of education efforts required becomes clearer when considering the near-universal absence of even the most basic understanding of money among people of wide-ranging backgrounds, status, academic accomplishments, and/or concentrated knowledge in the many fields of human study and career.
The basic goal of monetary reformers is transference of the “money power” from a very small number of people on Earth – a long-standing, multi-generational condition resulting in the current record level of wealth inequality worldwide – to, as nearly as possible, ownership of the money power by all the people, distributed on a much more equal, fair manner. Such reform or transference of power will, for monetary reformers, result in improving the human condition and greater levels of personal happiness for the world’s people.
During his presentation, Joe Bongiovanni notes: “We’ve reached the point where none of the fixes that central banks have in their toolbox, if you will – that’s the terminology they like to use, can do anything about the situation that we’re in.” He also points out that for “…the bankers that do understand the money power – secrecy is their currency”, producing no small amount of surprise when he found an interview of former Bank for International Settlements (the “central bank of central banks”) official Dr. William White, whose candor in the interview came in contradiction to higher secrecy the higher up in world monetary affairs one goes.
Mr. White’s comments during the interview and their secrecy-defying nature gave Joe Bongiovanni the idea to make the interview the focus of his presentation, and Joe does a good job of emphasizing statements making the case for monetary reform that much more reasonable and stronger. Included in Mr. White’s responses to interviewers’ questions, and opening up the global monetary debate for reform activists to enter, are the following:
- Asked if Quantitative Easing would work for Europe and Greece, he responded, “The fundamental problem here, as I see it anyway, is that the European banking system is still broken. …(The) European Union economy is reliant on small and medium-sized enterprises. Unfortunately, it is those firms that are not getting the financing they need. Until that gets fixed, we will continue to have a huge problem in Europe.”
- “I sense from talking to many of the (G30) members, many of whom are previous central bankers, that they are very concerned about the direction this has taken, in particular the continued over reliance on stimulative monetary policy to get us out of the predicament we’re in.”
- “They (central bankers) are starting to ask whether they have somehow been backed into a place where they don’t really want to be.”
- “There is a possibility at least that this whole exercise (private central bank, debt-based money exercise) could end very badly. …But I rather sense that an increasingly large number of central banks are looking at what is going on and saying, ‘We are being asked to do something that is effectively impossible’.”
- (Confirming lack of awareness on money science) “I find it extraordinary that some economists still do not recognize that we have a fiat money system. Banks do not lend money that has been saved. They create money by making loans and simply writing up both sides of their balance sheet.”
Joe Bongiovanni suggests now in 2016 as the time lining up perfectly with the idea that any worthwhile, successful human revolutionary achievement forms its basis on 90% opportunity. He and his men and women money activist friends around the world believe the opportunity for major, historic, unprecedented monetary reform is present, and only awaits wise and determined action. Mr. Bongiovanni suggests the formation of Monetary Commissions in the United States and all nations as the strongest, #1 action step moving forward.
For more information on monetary reform, visit – and share widely with family, friends and associates – the website: http://www.monetary.org
(Thank you to AmericanMonetaryInst (American Monetary Institute) at YouTube)