That's all very interesting.  But what are the implications?


>From: Dirk Johnson <[log in to unmask]>
>Reply-To: - Ezra Pound discussion list of the University of Maine
>    <[log in to unmask]>
>To: [log in to unmask]
>Subject: Re: Slouching toward Bedlamham
>Date: Tue, 26 Dec 2000 10:26:03 -0800
>
>It's pure fiat money (i.e., money simply printed on paper without value
>other than that which law gives it).  The entire U.S. (and European) system
>is based upon debt, not value.  If all debt were paid, under the current
>system of banking, there would be no money at all.
>
>The money is created from debt and then used as a "reserve" to create
>further debt under a fictitious fractional reserve (fictitious because the
>reserve doesn't actually exist except as previous debt), which in turn is
>used as a reserve upon which fractional loans and so forth again and again
>up to, if memory serves me, 23 times, when it exhausts itself.  Of course,
>new debt is simply issued by the government (bonds, bills, notes) and new
>money is printed to buy it and the whole shebang starts again.  Banks
>charge
>interest on all of it.
>
>The classic case of usura.
>
>Since debt is the standard, precious-metal charge cards are directly to the
>point, since debt has more value to banks than gold (or any other
>commodity)
>does.
>
>Dirk Johnson
>Assistant Vice President
>Kelling, Northcross & Nobriga
>A Division of Zions First National Bank
>
>-----Original Message-----
>From: charles moyer [mailto:[log in to unmask]]
>Sent: Monday, December 25, 2000 9:50 AM
>To: [log in to unmask]
>Subject: Slouching toward Bedlamham
>
>
>     Merry Christmas, Pounders and other Personae who have found a medium
>for
>projecting themselves (in their plurals) through the Internet. Today's
>words
>of wisdom come from Mark Twain who wrote that "It is by the fortune of God
>that, in this country, we have three benefits; freedom of speech, freedom
>of
>thought, and the wisdom never to use either."
>     Twain again makes me aware of my shortcomings. Nevertheless, if the
>bankers are still on line maybe they could explain what was meant by the
>following discussion which took place between Congressman Wright Patman,
>chairman of the Banking and Currency committee and Marriner Eccles,
>Chairman
>of the Federal Reserve Board in 1913.
>
>     Mr. Patman: "Mr. Eccles, how did you get the money to buy these two
>billion dollars of government bonds?
>     Mr. Eccles: "We created it."
>     Mr. Patman: "Out of what?"
>     Mr. Eccles: "Out of the right to create credit money."
>
>     Don't get me wrong. I'm as willing as the next guy to be  a
>"believer",
>and I wouldn't want to think that some group of cyclical, precession of the
>equinoxes, "occult" nuts have a monopoly on the poetic truth, nor would I
>want to throw a wet blanket on the chrematistical meliorists' burning
>embers
>of faith in the goose; but why do we never see a bank call itself "The
>First
>Fractional Reserve Bank"?  And why is it inversely true that as the
>standard
>of money goes from the most precious metal to the lesser, and then to none
>at all that the credit card advertising hype proceeds from nothing of value
>to the "Silver Card", to the "Gold Card", to the "Platinum Card" on to a
>"God-knows-what-metal-next Card". Some like it shiney?
>     Any comments or should I borrow Joe Brennan's copy of "Nostrodamus"
>for
>answers?
>
>CDM

_________________________________________________________________________
Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com.