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Friday, September 18, 2020
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Reader’s comment: Living beyond our means

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In response to Catherine Blaiklock: Thanks to insane public borrowing, interest rates are about to explode, Malcolm Parkin wrote:

Thank you for that article, Catherine. You have summarised the situation well. The real joke of course is that much of the £1 trillion of national debt, and roughly the same amount of consumer debt, never existed as real money, but merely as bank book-keeping entries. The private banking system creates the money supply as debt. Money has to be borrowed to exist in the first place.

As Robert Hemphill, of the US Federal Reserve, said back in the 1930’s: ‘We are completely dependent on the commercial Banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the Banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our position is almost incredible, but there it is. It is the most important subject intelligent persons can investigate and reflect upon.’

We are simply living beyond our means. This puts a new dimension on our commitment to overseas aid. We are of course actually borrowing the money we give to other countries.

A fiscal collapse is on the cards, which is why the banks and the government wish to be rid of cash, so that our private bank accounts can be skimmed or confiscated. The difference between public and private money is going to disappear in a financial disaster.

The USA National debt is about $23 trillion and – like ours – rising as we speak, mostly on money created by the private banking system. Just like ours.

As you have said, this is the single most important problem we face.

Well done in helping to expose this menace.

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