'Time for a New Theory of Money' by Ellen Brown

Ellen Brown
Oct. 29, 2010

This is pure socialism, it's not "new" and it's not a solution to anything.

If I didn't know any better I would think it's almost an insidious scam, the government's way of keeping their whole ponsi-scheme going by giving it some populist tinge.

The truth comes out in this line,"By turning banking into a public utility operated for the benefit of the community, the virtues of the expandable credit system of the medieval bankers can be retained, while avoiding the parasitic exploitation to which private banking schemes are prone."

In other words, collective ownership of the means of production, plain old socialism.

"...public utility operated for the benefit of the community"

Do you like your public utilities? Ours are insanely expensive and horrible. Horrible toxic fluoridated tap water, horrible socialist roads which are the most likely cause of death, horrible schools which destroy people's entire lives, horrible regulatory schemes, horrible taxes, horrible wars of aggression, it's too much to list. Everything which is evil is done by the collectivist "public," aka the "government" aka whatever gang of thugs deems themselves the state.

"...the virtues of the expandable credit system of the medieval bankers"

In other words, the virtues of inflation and a group of collectivists having total control to print all the money they want to fund their various socialist schemes.

"...while avoiding the parasitic exploitation to which private banking schemes are prone."

Marx's exploitation theory. No faith in freedom, no understanding of voluntarism, a full embrace of socialism and fascism.

Does she even believe this stuff? Gary North's huge expose destroyed every aspect of it. She's basically dropped her whole book like a hot potato, it's all fake Greenbacker history, it's all total lies and socialist fantasies, he tore it apart limb from limb.

Her book is the equivalent of a "get rich quick book" for socialists. There is no such thing as something for nothing, at least not when it comes to wealth production, printing money doesn't create one dime of prosperity, nor one dime of wealth, it creates more paper, nothing more. Just dressing socialism up in a different suit doesn't change it.

The funny thing is, this is basically what we have right now. The federal reserve was created under the same auspices, the only difference is it asks to be paid back and charges interest on it's loans. As horrible as a central bank is, the act of charging interest and not just giving the money away is a check on inflation. If the government just printed at will and financed whatever scam it wanted, the whole system would collapse practically overnight because it would be insanely hyperinflationary and blatantly obvious the money is worthless. (As it should)

This system is collapsing right now, we don't need another system of currency communism, we need to go back to a free-market banking system, we don't need to replace it with another socialist scam. - ChrisBy understanding that money is simply credit, we unleash it as a powerful tool for our communities.

[...]The functional equivalent of a community currency system can be achieved using the national currency, by forming a publicly owned bank. By turning banking into a public utility operated for the benefit of the community, the virtues of the expandable credit system of the medieval bankers can be retained, while avoiding the parasitic exploitation to which private banking schemes are prone. Profits generated by the community can be returned to the community.

A public bank that generates credit in the national currency could be established by a community or group of any size, but as long as we have capital and reserve requirements and other stringent banking laws, a state is the most feasible option. It can easily meet those requirements without jeopardizing the solvency of its collective owners. [...]

We have emerged from the financial crisis with new clarity: Money today is simply credit. When the credit is advanced by a bank, when the bank is owned by the community, and when the profits return to the community, the result can be a functional, efficient, and sustainable system of finance.

Read More