We are NOT crash dummies!!!

[Previous Page] [Next Page] [Up] [Home Page] [Search] [Contents]

Debt-based monetary systems are economic suicide pacts!


To realistically solve our "budget-deficit/national-debt" problems


We are NOT crash dummies!!!

Debt-based monetary systems are economic suicide pacts!


1) Our nation's debt-based fractional reserve banking system is a Ponzi scheme which continually creates "boom then bust" business cycles including really big "busts" in 1929 and 2008. And our government has now assumed responsibility for "bailing out" Wall Street banks whenever their use of this temporarily profitable Ponzi scheme bankrupts them.

2) Our Federal Reserve debt-based monetary system is a Ponzi scheme which makes our government borrow money whenever it needs to create "new" (non-tax-revenue collected) dollars. This leads our government to not only "roll over" its "national debt" every year, but also to borrow additional money to pay the annual interest payments on our national debt each year. That in turn is making the annual interest payments on our national debt increase at an exponentially accelerating rate which in the not-too-distant future (theoretically, if it could get that far) WOULD soak up every tax revenue dollar the US could possibly raise! Those national debt interest payment requirements are DOUBLING every four years NOW, then they will be doubling every three years, then every two years, then doubling EVERY YEAR! Due to the nature of compound interest, merely "balancing" our government's budget won't solve this debt acceleration problem; it will only slow it down. Our government IS the key player in this financial dead-end Ponzi scheme (played mostly for the financial benefit of Wall Street banks).

3) Wall Street's "shadow banking derivatives casino" is likewise a Ponzi scheme which critically depends on "bets" involving credit default swaps that have no "capital reserves" backing them up. It is now estimated to have grown to involve over 600 TRILLION multi-layer-leveraged "dollars." As Warren Buffett said, "Derivatives are weapons of 'mass economic destruction!'" But our government has ALSO assumed responsibility for "bailing out" not only Wall Street banks, but also other large corporations when their use of THIS Ponzi scheme bankrupts them!

Each of these of these Ponzi schemes by itself would inevitably crash our economy unless our government scraps our present debt-based monetary system before that happens. If our present monetary system continues, then the only unknowns remaining in this regard will continue to be:

1) Which one of these Ponzi schemes will crash our economy first?

2) And when will it happen?


Our Congress can initiate an EFFECTIVE solution to these problems in less than a week by directing our government to use its Constitutionally authorized authority to create ALL "new" US dollars WITHOUT incurring any further debt! Such "new" dollars could be used to finance infrastructure programs nation-wide, guarantee Medicare, Medicaid, and Social Security payments, and pay other federal government bills thereby permitting more "revenue sharing" to state and local governments, so that they won't feel a need to lay off teachers, police, firemen, etc.

{Christopher C. Currie}
{Pascoag, RI 02859}

PS: This proposal not only enables our government to pay its bills, pay off our "national debt", and fund infrastructure projects nation-wide without incurring any debt, it will also pump the "new" money created by our Treasury throughout our entire economy through the payment of government bills (and payrolls) thereby causing that money to be circulated throughout our economy from the bottom up rather than top down (as our Federal Reserve currently does when it creates "new" money--which has proven to be largely ineffective for stimulating our OWN nation's economy).

[Previous] The Best Way To Solve Our Economic Problems
[Next] Tell Lobbying Scam Artists to BUZZ OFF!!!
[Up] Home Page
[Home] Home Page
[Search] Search www.onesalt.com
[Contents] www.onesalt.com Contents

Last modified on Tuesday, May 03, 2011