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The Truth Is Finally Out: Money Is Just An IOU & The Banks Are Rolling In It

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The things “conspiracy theorists” have been saying for years are coming true one by one. The more recent mainstream topic is the revelation that money is just an IOU. This comes as the Bank of England published a paper called “Money Creation in the Modern Economy” which revealed how our financial system functions and what role money plays.

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Another recent conspiracy theory that was revealed as true involved fluoride, which was classified officially as a neuro-toxin in the world’s longest running and most popular medical journal, The Lancet. This after so-called conspiracy theories had been saying it for decades. It’s important to mention 9/11 has been proven beyond any reasonable doubt that the official story is false. Mainstream ad campaigns have been popping up over cities in North America to raise awareness and hopefully force the US government to re-visit and admit what they’ve been hiding.

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Now sure, not all of this financial system information was hidden completely from the public, but one had to go looking pretty hard to find out that banks are actually operating under behaviour that would be illegal for you and I or that the central banks who lend money to our governments are not actually government run, but instead are private institutions with more power than any government on earth. Yes, these things that were once only said by few and were once laughed at and ridiculed as be conspiracy theories are now becoming very public and mainstream knowledge. The question becomes, when will we the public, realize that we are being enslaved and lied to and choose to do something about this on a mass scale?

The Guardian, a fairly mainstream news and media site, was the first I saw posting about the fact that money is now being publicly called an IOU. This is another positive step forward as we see the awareness of people and the overall consciousness of our planet changing which results in a change in the way we see our world. Amazing times we are living in.

Written by: David Graeber
The Guardian

Back in the 1930s, Henry Ford is supposed to have remarked that it was a good thing that most Americans didn’t know how banking really works, because if they did, “there’d be a revolution before tomorrow morning”.

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Last week, something remarkable happened. The Bank of England let the cat out of the bag. In a paper called “Money Creation in the Modern Economy“, co-authored by three economists from the Bank’s Monetary Analysis Directorate, they stated outright that most common assumptions of how banking works are simply wrong, and that the kind of populist, heterodox positions more ordinarily associated with groups such as Occupy Wall Street are correct. In doing so, they have effectively thrown the entire theoretical basis for austerity out of the window.

To get a sense of how radical the Bank’s new position is, consider the conventional view, which continues to be the basis of all respectable debate on public policy. People put their money in banks. Banks then lend that money out at interest – either to consumers, or to entrepreneurs willing to invest it in some profitable enterprise. True, the fractional reserve system does allow banks to lend out considerably more than they hold in reserve, and true, if savings don’t suffice, private banks can seek to borrow more from the central bank.

The central bank can print as much money as it wishes. But it is also careful not to print too much. In fact, we are often told this is why independent central banks exist in the first place. If governments could print money themselves, they would surely put out too much of it, and the resulting inflation would throw the economy into chaos. Institutions such as the Bank of England or US Federal Reserve were created to carefully regulate the money supply to prevent inflation. This is why they are forbidden to directly fund the government, say, by buying treasury bonds, but instead fund private economic activity that the government merely taxes.

It’s this understanding that allows us to continue to talk about money as if it were a limited resource like bauxite or petroleum, to say “there’s just not enough money” to fund social programmes, to speak of the immorality of government debt or of public spending “crowding out” the private sector. What the Bank of England admitted this week is that none of this is really true. To quote from its own initial summary: “Rather than banks receiving deposits when households save and then lending them out, bank lending creates deposits” … “In normal times, the central bank does not fix the amount of money in circulation, nor is central bank money ‘multiplied up’ into more loans and deposits.”

In other words, everything we know is not just wrong – it’s backwards. When banks make loans, they create money. This is because money is really just an IOU. The role of the central bank is to preside over a legal order that effectively grants banks the exclusive right to create IOUs of a certain kind, ones that the government will recognise as legal tender by its willingness to accept them in payment of taxes. There’s really no limit on how much banks could create, provided they can find someone willing to borrow it. They will never get caught short, for the simple reason that borrowers do not, generally speaking, take the cash and put it under their mattresses; ultimately, any money a bank loans out will just end up back in some bank again. So for the banking system as a whole, every loan just becomes another deposit. What’s more, insofar as banks do need to acquire funds from the central bank, they can borrow as much as they like; all the latter really does is set the rate of interest, the cost of money, not its quantity. Since the beginning of the recession, the US and British central banks have reduced that cost to almost nothing. In fact, with “quantitative easing” they’ve been effectively pumping as much money as they can into the banks, without producing any inflationary effects.

What this means is that the real limit on the amount of money in circulation is not how much the central bank is willing to lend, but how much government, firms, and ordinary citizens, are willing to borrow. Government spending is the main driver in all this (and the paper does admit, if you read it carefully, that the central bank does fund the government after all). So there’s no question of public spending “crowding out” private investment. It’s exactly the opposite.

Why did the Bank of England suddenly admit all this? Well, one reason is because it’s obviously true. The Bank’s job is to actually run the system, and of late, the system has not been running especially well. It’s possible that it decided that maintaining the fantasy-land version of economics that has proved so convenient to the rich is simply a luxury it can no longer afford.

But politically, this is taking an enormous risk. Just consider what might happen if mortgage holders realised the money the bank lent them is not, really, the life savings of some thrifty pensioner, but something the bank just whisked into existence through its possession of a magic wand which we, the public, handed over to it.

Historically, the Bank of England has tended to be a bellwether, staking out seeming radical positions that ultimately become new orthodoxies. If that’s what’s happening here, we might soon be in a position to learn if Henry Ford was right.

Source:

http://www.theguardian.com/commentisfree/2014/mar/18/truth-money-iou-bank-of-england-austerity

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Attention Readers: We’ve Moved Our Journalism To The Pulse

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A large portion of our journalism that you’re used to seeing on our Collective Evolution platform has now moved over to The Pulse. We will be publishing most of our news articles there, while Collective Evolution focuses more on personal development.

You can follow The Pulse on Telegram, Facebook, Instagram and Twitter.  

We’ve done this for a number of reasons, mainly due to the struggles we’ve had with regards to extreme censorship at Collective Evolution. We hope you join us over at The Pulse in our quest to keep doing what we do!

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Abductions & Car Vandalism – Startling Australian UFO Report Unclassified

Gautam Peddada

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An uncovered Australian report performed by their Department of Defence. “Scientific Intelligence — General — Unidentified Flying Objects” is trending again. Those who have done extensive research on UFOs will find the Australian version of disclosure to be far more intellectually honest than the American version. Albeit it was conducted decades ago.

According to ex-US intelligence official Luis Elizondo, the Defense Department’s Inspector General is presently conducting three reviews. The inquiries vary from the Department of Defense’s handling of UFO claims to Elizondo’s alleged whistleblower retribution. The open IG cases are crucial to Australia’s report because they establish beyond a shadow of a doubt that the US Department of Defense is being dishonest and shady when it comes to the UFO subject. For decades, Australia has been a loyal friend of the United States. Within Australia’s boundaries, they share a military installation (Pine Gap). When a close defense ally’s intelligence agencies determined that the US was not being intellectually honest in its approach, perhaps it is reasonable to conclude that there is more to the tale than the 144 incidents studied since 2004 by the UAPTF.

The CIA became alarmed at the overloading of military communications during the mass sightings of 1952 and considered the possibility that the USSR may take advantage of such a situation.

Australian UFO study.

According to the summary, OSI, acting through the Robertson-Panel, encouraged the USAF to use Project Blue Book to publicly “debunk” UFOs. In a tragic twist of fate, when Australian authorities sought explanations from the US Air Force, the allegation was debunked. The authors of the study were depicted as conspiratorial and even crazy by the US Air Force. Ross Coulthart reported this, and it may be heard in a recent Project Unity interview. Courthart is an award-winning investigative journalist who is drawn to forbidden subjects. He also stated on the same podcast that a senior US Navy official identified as Nat Kobitz told him that the US had been in the midst of reverse-engineering numerous non-human craft. According to his obituary, Mr. Kobitz was a former Director of Research and Development at Naval Sea Systems Command.

Continue reading the entire article at The Pulse. 

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PGA Tour To End COVID Testing For Both Vaccinated & Non-Vaccinated Players

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In Brief

  • The Facts:

    The PGA Tour has announced that it will stop testing players every week, regardless of whether they have been vaccinated or not.

  • Reflect On:

    Are PCR tests appropriate to identify infectious people? Should people who are healthy and not sick be tested at all, anywhere?

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The picture you see above is of John Rahm, a professional golfer on the PGA tour being carted off the golf course after tournament officials told him he had COVID. He was healthy and had no symptoms, yet was forced to withdraw from the tournament. He was told in front of the camera’s, and a big scene was made out of the event. You would think something like that, especially when you are a big time sports figure, would be done behind closed doors with some privacy.

Earlier on in June a spokesperson for the PGA Tour said that more than 50 percent of players on the PGA tour have been vaccinated. Although it seems that the majority of players on the tour will be fully vaccinated judging by this statement, it does leave a fairly large minority who won’t be, and that’s something we’re seeing across the globe as COVID vaccine hesitancy remains high for multiple reasons.

We are pleased to announce, after consultation with PGA Tour medical advisors, that due to the high rate of vaccination among all constituents on the PGA Tour, as well as other positively trending factors across the country, testing for COVID-19 will no longer be required as a condition of competition beginning with the 3M Open. – PGA tour Senior VP Tyler Dennis

The tour recently announced that the testing of players every week will stop starting in July for both the vaccinated and the unvaccinated. This was an unexpected announcement given the fact that, at least it seems in some countries, vaccinated individuals will enjoy previous rights and freedoms that everyone did before the pandemic. Travelling without need to quarantine and possibly in the future not having to be tested could be a few of those privileges. Others may include attending concerts, sporting events, or perhaps even keeping their job depending on whether or not their employer deems it to be mandatory, if that’s even legally possible. We will see what happens.

Luckily for professional golfers, regardless of their vaccination status they won’t have to worry about testing positive for COVID, especially if they’re not sick. This is the appropriate move by the PGA tour, who is represented by their players and it’s a move that the players themselves may have had a say in. It’s important because PCR tests are not designed nor are they appropriate for identifying infectious people. A number of scientists have been emphasizing this since the beginning of the pandemic. More recently, a letter to the editor published in the Journal of infection explain why more than half of al “positive” PCR tests are likely to have been people who are not infectious, otherwise known as “false positives.”

This is why the Swedish Public Health agency has a notice on their website explaining how and why polymerase chain reaction (PCR) tests are not useful for determining if someone is infected with COVID or if someone can transmit it to others, and it’s better to use someone who is actually showing symptoms as a judgement call of whether or not they could be infected or free from infection.

PCR tests using a high cycle threshold are extremely sensitive. An article published in the journal Clinical Infectious Diseases found that among positive PCR samples with a cycle count over 35, only 3 percent of the samples showed viral replication. This can be interpreted as, if someone tests positive via PCR when a Ct of 35 or higher is used, the probability that said person is actually infected is less than 3%, and the probability that said result is a false positive is 97 percent. This begs the question, why has Manitoba, Canada, for example, using cycle thresholds of up to 45 to identify “positive” people?

When it comes to golf, the fact that spread occurring in an outdoor setting is highly unlikely could have been a factor, but it’s also important to mention that asymptomatic spread within one’s own household is also considerably rare. It really makes you wonder what’s going on here, doesn’t it?

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