Become Your Own Central Bank and Don't Be Left Holding "IOU Nothings".
In this report, I cover the early market action from London on Monday, September 9th, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.
Today I look into the subject of Central Banking with a focus on the ECB and the soon to step down President Mario Draghi. The major Central Banks have of course been running very unconventional policies for over a decade as they continue to create credit or fiat currency out of thin air in order to keep a mountain of debt and the current system from collapsing.
I reference an essay by a former Central Banker, John Exter, in which he warns back in 1972 that Central Bankers will eventually run themselves out of the money-making business if they continue to inflate the monetary system with what he calls "IOU NOthing" money. John Exter notes that the best store of value money has been and will always be commodity money like gold and silver.
My conclusion is that we could be reaching the point where Central Bankers do run themselves out of the money-making business but at the same time we should not hold our breaths for that eventuality and that we as individuals need to become our own Central Banks and hold what we think is the best store of value money.
Currencies Today Are "IOU Nothings" by John Exter: https://www.aier.org/research/currencies-today-are-iou-nothings
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@maneco64, In my opinion masses are deceived in regards to Central Banks and in my opinion Banks work for Elite and their system suppresses common public.
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Today we are dependent on industrial factories for our necessaries, themselves dependent on fabrication of economic means by banksters parasitizing everyone to create that dependence beyond the ongoing evolution of industry. In every field decentralization of means of production and distribution of those means to individuals refutes the paradigm of statism, and saps the flow of our blood and treasure, daily decreasing that vampiric power that feeds on our dependence.
A race is on. Will physics set us free by revealing means of individually producing our necessities, or will our deranged and depraved overlords to set us upon each other in a gobal war that cements their power over us that survive? You, I, and we can prevail in this competition by becoming autocrats, and eschewing the 'free' goods and money that costs us our souls, that only flow to us when we abnegate our authority over ourselves by granting it to insipid overlords.
The banksters craft money out of thin air. When the only market for their magic is thin air, we will have won, if we prevail by creating our own goods. To do so we must refuse the global slaughter in the offing, and fail to die on battlefields from Iran to Venezuela, so that the market of thin air isn't due to the absence of consumers, but instead due to demand satisfied by our own production of bespoke goods.
The actual economic solution to the vampiric banksters is a post market economy. Make your own goods, and make your own way. None you can follow can lead you anywhere but astray.
The only way to victory is your own way.
Time for bitcoin