CGPGrey Debt limit is not in the constition Debt limit Set by the congress Budget also set and

approved by Congress, president can only recommend Debt limit is not about future spending, not like raising credit card limit Debt limit is about paying bills already incurred 1 trillion pounds - being traded by UK banks in derivative Manufacturing industries paid 378 billion pounds in tax - twice of financial ser vices industry 1 million employed by financial service industry in 1992 and same in 2008 Only 3% of loans were made to manufacturing before crisis 18% loans to other productive industries 75% loans to mortgages The Council/Corp of City of London - public institution with bank backing Undeclared assets http://nyuad.nyu.edu/news-events/abu-dhabi-events.html?month%5B%5D=10&keywords= http://www.adah.ae/#!future-events/c1pha Our deposits are actually loans to the bank High powered money - money deposited by the commercial bank at the central bank For example if Reserve ratio is 9:1 Initial loan of $10,000 -> seller of car will deposit it into their bank Seller's bank can give out loan of $9,000 ie 9:1 of $10,000 initial deposit Russial doll - create more money from initial loan - Total $100,000 So with High powered money of $1111,12 at central bank, banking system created $ 100,000 out of thin air Banking is a closed loop so theoritical $100,000 created by the same bank that g ave teh initial $10,000 loan to the car buyer from its $1111 high powered money deposit at teh central bank since 1 bank deposits is another ones loan So now banks collect interest on $100,000 it never had in the 1st place Fractional reserve banking system - like musical chairs Each and every time a bank makes a loan, new bank credit is created - new deposi ts - brand new money - Graham Towers - Governor, Bank of Canada, 1934-54 Money used to represent value Money now represents Debt Now paper money can only be replaced with paper or digital money Our deposits are actually loans to the bank No Debt, no money 27% money supply reduction from 1929 to 1933 Only principal money is created, someone has to become bankrupt for others to pa y their loan interest Time lag between money created and money owned - keeps the system going More debt needs to be created - keeps the system going The greatest shortcoming of the human race is our inability to understand the ex ponential fuction - Albert A.Bartlett, Physicist Q1: Whd do govts choose to borrow money from private banks at interest when govt coulc create all the interest-free money it needs

Q2: Why create money as Debt? Why not create money that circulates permanently? Q3: How can a money system dependent on perpetually accelerating growth be used to build a susantable economy? Q4: What specifically needs to be changed? Inflation is equal tax on money The inability of the colonists to get power to issue their own money permanently out of the hands of George III and the international bankers was the Prime reas on for the revoluntionary war - Benjamin Franklin Battle to be free from European banking system lost in 1918 - Federal Reseve act signed by Woodro Wilson - them being response to create money Bank of England created in 1694 - Fractional gold receipt - 2:1 Federal Reserve Act - pact between govt and banking cartel Govt MP - need money Roebuck - $800 hunt in Croatia Roebuck hunt in Kyrgyzstan - $3500