If Phil Murphy wins the New Jersey governorship and succeeds in establishing a New Jersey state-owned bank, expect a wave of public banks to follow, as more and more elected officials come to understand how banking works and to see the obvious benefits of establishing their own.
Phil Murphy, a former banker with a double-digit lead in New Jersey’s race for governor, has made a state-owned bank a centerpiece of his platform. If he wins on November 7, the nation’s second state-owned bank in a century could follow.
More than three-quarters of the MPs surveyed incorrectly believed that only the government has the ability to create new money. . . .
The Bank of England has previously intervened to point out that most money in the UK begins as a bank loan. In a 2014 article the Bank pointed out that “whenever a bank makes a loan, it simultaneously creates a matching deposit in the borrower’s bank account, thereby creating new money.”
egular readers at The Oneness of Humanity are likely more informed on the topic of monetary reform and public banking than the average citizen… It’s easy to say that as there are over 160 postings in the Money and Banking category on this site. This post will serve as a tune up of sorts for regular visitors and as an introduction for those who are 1st-time visitors or unfamiliar with our content.
We are always thankful to come across others’ serious studies related to this important, yet greatly neglected subject, and with gratitude share the following 1-hour work (one of a 4-part study) from American academics Carl Herman and Jim Fetzer.
Given the clearly tremendous importance of money on Earth, as an issue of scientific and/or academic study the subject of money is perhaps best described in practical terms as esoteric or somehow hidden from the majority. Unfortunately, the level of knowledge on monetary science is extremely low among the populations of all countries – commonly perceived as an arena reserved only for intellectually gifted, very small groups of men and women, whom also possess and utilize supernatural financial powers.
The general societal perception when it comes to banking, monetary reform, “high” finance and economics is an image of “hallowed, sacred ground” walked upon by only the so-called elites or .01% elect of the human race. One of the few things in life people are reasonably sure of is change or constant evolution, and it is occurring in a big, positive way as planetary awareness about money science grows.
Thankfully high quality teachers like Carl Herman, Jim Fetzer and others are making good efforts to fully inform men and women using easily understood teaching about this vital topic. There are more new-paradigm developments for which people can feel thankful, in particular the rapidly growing interest in these subjects of study around the world.
For those new to this site and the subject of monetary reform, gather paper and pen for taking notes. Class is ready to begin…
(From the introduction to Part 2…)
Carl Herman is a National Board Certified Teacher in Government, Economics, and History, also credentialed in Mathematics. Jim Fetzer is the McKnight Professor of Philosophy Emeritus of the University of Minnesota Duluth; Founder, Scholars for 9/11 Truth; Editor, Assassination Science; and Co-Editor, Assassination Research.
Jim and Carl contribute nearly 100 years of academic training and professional experience in this four-part series to reveal among the most obvious lies of omission and commission keeping Americans ignorant of ongoing .01% U.S. rogue state empire.
Jim and Carl factually assert an Emperor’s New Clothes condition that Americans can easily see for themselves, if they care to look.
Part 1: U.S. illegal: History as a rogue state empire
Part 2: Enslaving Americans with debt: Basic math to see the problems and obvious solutions (video posted below, find Parts 1, 3 and 4 at Carl Herman’s channel)
Part 3: U.S. public education: Bullshit to train stupefied work animals
Part 4: Practical philosophy for virtue and a future brighter than we can imagine
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)
he legal case “COMER vs. the Bank of Canada” is still ongoing after becoming initiated in 2011 in Canada’s courts. COMER, the Committee on Monetary and Economic Reform, brought the lawsuit asserting that a 1974 change to the operations of the Bank of Canada unconstitutionally converted the bank from an interest-free monetary-creation institution to a central bank requiring payment of interest to private banking entities, after an agreement was drafted with the Bank for International Settlements in Basel, Switzerland.
The Bank for International Settlements is known as the world’s “central bank of central banks”.
From 1938-1974 the publicly owned Bank of Canada, as required by Canadian law, created the nation’s money supply interest-free and financed/loaned the government the funds for public works projects like the St. Lawrence Seaway, Canada’s interstate highways, schools, universities, hospitals, critical infrastructure, and other projects governments across the world commonly plan and develop.
According to COMER’s lead attorney Rocco Galati, Canada is the only one of the G8 countries whose central bank is publicly owned. Contrary to commonly held perceptions, the United States Federal Reserve and Britain’s Bank of England are held privately by shareholders, and – unlike the Bank of Canada which has no profit motive since it’s owned by all Canadian citizens – operate in the interests of those shareholders.
The core of COMER’s lawsuit is that the turning over of Canadian citizens’ sovereign monetary power to private interests in foreign countries contravenes Canadian law which established the Bank of Canada as a public bank creating interest-free money, and which did so from 1938-1974.
If COMER prevails in this historic legal challenge, the Canadian courts’ decision would have a resounding effect around the world, similar to the effect on public opinion that the citizens of Iceland produced after their successful efforts to regain monetary sovereignty, including significant reform of Iceland’s banking system, prosecution of high-level bank managers responsible for the nation’s economic crisis, and other changes noticed and applauded by people around the world.
Although the Bank of Canada belongs to Canada’s people and the United States Federal Reserve is controlled by private shareholders, the nations’ respective largest financial institutions have some similarities. The Fed became established after passage of the Federal Reserve Act of 1913. In 1974, when the Bank of Canada came under the control of private parties, the people of Canada joined Americans in relinquishing control over their nations’ money supply.
The actions in Canada taken by agreements with the Bank for International Settlements could be called Canada’s equivalent: “Federal Reserve Act of 1974”.
Unfortunately, a large percentage of average citizens don’t understand how money becomes created; even economics students aren’t exposed to writings on the “mysterious, arcane” subject. Most people in America, if asked what the Federal Reserve is, would respond that it’s a government institution “that prints the money”, and would be astonished to learn that the Fed is controlled by private shareholders. The same goes for people in Britain and their perceptions of the Bank of England.
One has to wonder whether the fact that so many people are “in the dark” about how money is actually created is the result of an intentional, decades-old, and ongoing effort to keep the information out of their awareness. For those who’ve spent only a moderate amount of time looking into the topic of monetary reform, their only logical conclusion is that, yes, blocking the truth about how money comes into existence has been the reality, and continues – intentionally.
Fortunately – thanks to the internet allowing easy access for men and women around the Earth to important information such as the global financial system and how it operates, plus the ability to share such information with many others nearly instantaneously – previously withheld, “mysterious”, important knowledge is becoming disseminated far and wide.
COMER’s attorney Rocco Galati has earned the respect and gratitude of Canadians and men and women around the world for his selfless efforts. If by chance you see Mr. Galati in the grocery store, the movie house or just walking down the sidewalk, give him a firm handshake, a pat on the back, a good hug, and a well-deserved thank you. The world needs a lot more men and women attorneys like him.
Palestinians are at the heart of the conflict in the M.E Palestinians uprooted by force of arms.. Yet faced immense difficulties have survived, kept alive their history and culture, passed keys of family homes in occupied Palestine from one generation to the next.
This blog is devoted to legal, historical and human rights matters, in which issues of general concern are addressed freely and spontaneously. It is intended to further an informal exchange of views in the democratic spirit of freedom of opinion and respect for the opinions of others, in an effort to understand rather than condemn, to propose constructive solutions rather than grandstand. The perspective is both from inside and outside the box and the added value lies more in the questions than in the answers.