Irish Government To Auction National Assets: Criminal Stupidity Or National Sabotage?
The Sovereign Independent • by Gabriel Donohoe • September 19, 2010
The Irish Government is so hard up for cash that it is considering auctioning off national assets like state lands, buildings, state agencies, and other valuables that belong to the Irish people. The Government says that the money is needed to support economic growth and employment.
Is there an alternative?
Absolutely! There is an alternative that will allow the Government to raise money without going into debt or paying interest and yet still keep all our national assets.
It is called monetization. Banks and financial institutions do it all the time to increase their capital reserves to enable them to lend (create) more money. If, for example, a bank owns property valued at €10 million it can create and loan, through the Fractional Reserve System, an amount of about €120 million in cash or credits.
A state-owned bank would work for the enrichment of all the citizens of Ireland, not just for the few shareholders of private banks. At the moment, private banks create almost all our money, set interest rates, decide whom they will lend to and whom they will not. This allows them to wield tremendous power and gives them the ability to override parliamentary decisions and government policy. In other words, unelected private banks decide national (and international) economic policy and governments are completely subservient to their every diktat. That is the key reason why the entire world is now in utter financial chaos.
Read the entire article here.
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