DEBT PAYMENTS

SOCIAL PROGRAMS

 




 




From 1946 - 1973 the French Government borrowed interest-free from Banque de France, reducing national debt to 21% of the GDP.


1973





PENNSYLVANIA (1723)

Paper notes were put into circulation and interest charged on them. The interest defrayed much of the costs of government and made taxes largely unnecessary. Within two or three years of the issuance, the economy of Pennsylvania was alive and well. The notes continued to be issued, but at no higher rate to ensure their purchasing power remained constant.


BANK OF NORTH DAKOTA

In the USA, almost all 50 states are insolvent. North Dakota is one of the solvent states. Since 2000, its GNP has grown 56%, personal income 43%, Wages 34%. ND's budget surplus is over $1 billion. What does ND have that other states don't? The answer seems to be: its own bank. Full Article




 

 

 

DEBT PAYMENTS

SOCIAL PROGRAMS

 

 

 


 

But deciding that government money was to henceforth be created by commercial banks, the debt today is 78% of the GDP!


Instead...




THE AMERICAN CIVIL WAR:
GREENBACKS

On February 25, 1862, the US Congress approved the issue of paper money backed not with gold or silver but simply with the full faith and credit of the government, and valid for public and private debts.


 


CITY BANKS?

A city bank is just as viable an option as a state bank. If the needs of the city are not being met by the prevailing currency, a bank with its own currency or credit system could be created.

Such a bank could serve the needs of the local people in a fair and beneficial way, 'with the full faith and credit of the city government.'

The Bank of North Dakota serves as an outstanding example of what, on the state level, could be done on the city level.










CANADA

CANADIAN FEDERAL GOVERNMENT

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The situation in Canada, as previously described, is not exceptional; and the examples below are by no means exhaustive. One sees the same problem everywhere: be it in France Spain, Portugal, Ireland- or the U.S.



FRANCE

If it had continued to do so, the French national debt today would be 8.6% of the GDP.


...Could have been...




THE BANK OF ENGLAND 1694:
BIG MISTAKE

While the American colonies were proving government could issue paper money efficiently- without causing inflation- and profitably for the people, we have the counterexample of the Bank of England, a private, profit-making institution adopted as the government model in most developed and developing countries. A Big Mistake.

ANOTHER BIG MISTAKE:
THE U.S. FEDERAL RESERVE
-A STUDY IN SOCIAL CONTROL-



CALIFORNIA

At the end of 2010, California had a general obligation and revenue bond debt of $158 billion. Of this, $70 billion (44%) was owed for interest. If the state had incurred that debt to its own bank- which would then return the profits to the state- California could be $70 billion richer today. INSTEAD OF: slashing services, selling off public assets, and laying off employees, it could be adding services and repairing its decaying infrastructure.




BRIC vs. THE WEST

The BRIC countries (Brazil, Russia, India, China) all have publicly owned banks. All have grown in economic terms by 92% over the last decade, while the Western economies (The US, Canada, Great Britian, Eurpoe) are floundering. The primary reason for this is the continuing hemorrhaging of money into debt payments rather than its use in the Real Economy.