Anselm Rothschild (1744 – 1812) is being quoted to have said in 1776: Permit me to issue and control the money of a nation and I care not who makes its laws.
We, the voters, taxpayers, bank customers and law abiding citizens, have been suffering the consequences in many different ways. Henning Witte, a German / Swedish lawyer mentions six levels of consequences, which he actually calls “gradual disownership”:
- the shift of assets from normal citizens to banks
- pension contracts and savings lose their value due to inflation
- taxes have to be increased regularly
- “too big to fail” banks are rescued with taxpayers’ money
- nation states are being saved with taxpayers money
- a monetary reform such as the one from national currencies to Euro ensures the loss of value.
We know that many people in many institutions could make a big difference. Some more than others:
- Treasuries could remember M0, the interest-free Cash component in the money supply. Green Credit for Green Purposes was our submission to the Treasury Select Committee advocating that the Treasury creates and spends money through projects to combat climate change. No budget should have a built-in deficit.
- Central banks could ensure that the Cash : Credit ratio goes up from currently 3% Cash; it was close to 50% after WWII.
- Banks could be nationalised and publicly-owned to provide a public service; if run as a commercial company, they should keep their books like any other company.
- The media could be less biased and more open to the real causes of the crisis.
But institutions tend to operate business as usual.
We can move our money to smaller and ethical banks.
And we can join forces with likeminded people – at least to feel less isolated and understood .