Who profits from holiday debt?
by Jim Marrs - 12/21/2000
'Tis the season not only to be jolly, but to spend like there’s no tomorrow -
at least that’s what corporate America would have us believe.
With the price of fuel, including natural gas, climbing steadily, next year’s
energy bills coupled with holiday expenditures promises to put us all in a
financial bind by summer.
Even the heretofore cash-rich high-tech dotcom companies are not immune to
the capriciousness of the markets. More than 130 high-tech businesses bit the
dust during the past year and the survivors are still scrambling after
funding, usually in the form of more loans. Borrowing by cutting-edge
companies rose from about $98 billion in 1998 to more than $1 trillion by the
end of 2000.
And it’s not just cash-strapped dotcoms going into the red. Household debt
has nearly doubled since 1990, up from $3.55 trillion to $6.59 trillion.
Who profits from such massive debt? The people who loan money of course.
One little-understood aspect of the money game is demand deposits - money
placed in a bank which can be withdrawn any time on demand. We know this
system as checking accounts.
Today they are rapidly being replaced by plastic "debit" cards. Depositors
today pay ever-increasing "service charges" for the privilege of allowing
their money to be used for profit by their bank.
Consider that when a person deposits $50 in a bank, this is in effect a loan
to the bank since it must be repaid on demand. Therefore, on the books the
$50 is considered a liability. However, the bank then loans the $50 to
someone else who must repay it with interest. Now the $50 is considered an
asset. The same $50 is both an asset and a liability, thus counteracting each
other, proving that essentially this money is worthless.
But then there’s the matter of interest. When the $50 is put into a savings
account, there is some small amount of interest accrued, often on the
condition that the money can’t be withdrawn quickly. When the $50 is placed
in a checking account, the depositor draws no interest at all, but when the
bank loans $50, they charge healthy interest based on current rates and reap
the profit.
This is a primary secret of money - that in banking debt equals profit.
It is not too difficult to see that it is much more profitable to open a bank
than a checking account. It may also explain why the once mighty United
States has become a debtor nation.
Usury is a term that has all but disappeared from our language. Younger
people today have no concept of the word. Once "usury" was defined as any
interest charged for a loan, but modern dictionaries softened this to merely
"excessive" interest. The Texas Constitution once defined "usury" as any
interest in excess of 6 percent. This ceiling was increased over the years
until the whole concept was deleted. Banking critics have noted that even the
Bible only required 10 percent for God.
"Charging interest on pretended loans is usury, and that has become
institutionalized under the Federal Reserve System," argues G. Edward
Griffin, author of The Creature from Jekyll Island. This has been
accomplished by masking the operations of the Federal Reserve System in
secrecy and arcane economic terms. "The . . . mechanism by which the Fed
converts debt into money may seem complicated at first, but it is simple if
one remembers that the process is not intended to be logical but to confuse
and deceive," Griffin added.
Most people are led to believe that the accounting principles of the Fed are
simply too complex and esoteric for ordinary citizens to understand. Some
believe this ignorance may be a blessing. Henry Ford was quoted as saying,
"It is well enough that the people of the nation do not understand our
banking and monetary system for, if they did, I believe there would be a
revolution before tomorrow morning."
"Most Americans have no real understanding of the operation of the
international moneylenders," concurred the late Senator Barry Goldwater. "The
bankers want it that way. We recognize in a hazy sort of way that the
Rothschilds and the Warburgs of Europe and the houses of J. P. Morgan, Kuhn,
Loeb and Company, Schiff, Lehman and Rockefeller posses and control vast
wealth. How they acquire this vast financial power and employ it is a mystery
to most of us.
"International bankers make money by extending credit to governments. The
greater the debt of the political state, the larger the interest returned to
the lenders. The national banks of Europe are actually owned and controlled
by private interests." These same "private interests" can be demonstrated to
own and control the Federal Reserve System, which in recent years has come
out of the closet and plainly identified itself as a central bank.
Despite the word "Federal" in its name, the Fed is not part of the U.S.
Government. It is a private organization owned by its 12 member banks which,
in turn, are owned by private stockholders. And who are these stockholders?
An examination of the major stockholders of the New York City banks shows
clearly that a few families, related by blood, marriage, or business
interests, still control the New York City banks which, in turn, hold the
controlling stock of the Federal Reserve Bank of New York.
Yet in America, the ultimate control of our money rests with the bankers of
the Fed, "the crucial anomaly at the very core of representative democracy,
an uncomfortable contradiction with the civic mythology of self-government,"
as described by author William Greider, a former Assistant Managing Editor of
The Washington Post.
According to Greider, today’s money managers have designed such intricate and
esoteric details surrounding their financial transactions that the Fed has
assumed the proportions of a cult.
"To modern minds, it seemed bizarre to think of the Federal Reserve as a
religious institution," he wrote. "Yet the . . . (Fed) did also function in
the realm of religion. Its mysterious powers of money creation, inherited
from priestly forebears, shielded a complex bundle of social and
psychological meanings. With its own form of secret incantation, the Federal
Reserve presided over awesome social ritual, transactions so powerful and
frightening they seemed to lie beyond common understanding . . .
"Above all, money was a function of faith. It required implicit and universal
social consent that was indeed mysterious. To create money and use it, each
one must believe and everyone must believe. Only then did worthless pieces of
paper take on value."
Many researchers and writers see the profit of debt, couched in ancient and
mystical jargon, and coupled with the documented connections of bankers
dominating government decisions, as the cause for increasing debt, both
public and private.
"Thanks to the Federal Reserve’s decision to tolerate an enormous increase in
the money supply, and to the flood of foreign capital seeking safe haven in
the United States, American consumers and businesses still have a surfeit of
credit available to them," wrote Phillip J. Langman and Jack Egan of
business-oriented U.S. News & World Report. They also noted, "The economy
continues to create new jobs, but Americans are going into debt faster than
their incomes are rising."
Excessive debt, whether by individuals or entire nations, creates "wage
slaves," workers so mired in bills and payments that they have no choice but
to continue slaving away at jobs they hate.
Happy Holidays, wage slaves.
To learn more about money and the wealthy elite that controls it, read Rule
by Secrecy: The Hidden History That Connects The Trilateral Commission, The
Freemasons and The Great Pyramid by Jim Marrs, now available from finer
bookstores everywhere and from JimMarrs.com. For an in-depth look at UFOs,
read Alien Agenda by Jim Marrs, available from this Web site. Also Jim Marrs’
book on the U. S. Army’s remote viewing program,Psi Spies, which was
suppressed in 1995, is now available online right here at AlienZoo. Order
today.
