A real way to fix the economy and it exists in North Dakota

A real way to fix the economy and it exists in North Dakota
John Gavin • ResistNet.com • October 28, 2010

Film maker Bill Still has been investigating the history of money and its effect on past governments and has discovered something that we have been ignoring for decades – that governments do not need to borrow their money. Governments have the power to create and control the amount of money in circulation and so, do not need to pay banks for their own money creation.

The cost of borrowing money from private banks is never-ending debt that enriches banks and gives bankers the power over the economy of the nation.

This knowledge has been put to use under many governments over the centuries and bankers have always convinced governements to turn control back to the bankers. The inevitable result is cycles of inflation as debt grows with the need for more money creation. Eventually the cost of paying for this ever-growing debt becomes too much for the government to pay and the economy crashes.

A few governments have been able to avoid this pitfall and have created their own state-owned banks that serve the people without the need to charge interest to the government when the money supply must be increased. The benefits have been great, except the bankers do not like being deprived of the source of their wealth. The plan requires that Congress controls the supply of money and must not provide it to special interests or political favorites. Banks must compete for the money in the free markets and so, cannot risk imposing onerous interest charges. The plan will also lower insurance premiums when open markets are created.

Read the entire post here.