Unpayable debts are never repaid. Dr Michael Hudson
Dr Hudson has studied the Debt Cancellation system of the
ancient Sumerians and Babylonians. The Hebrews copied it
after the Babylonian Captivity. The Bible writers called it the
Our banking system allows Bankers to charge us interest on
money they created out of thin air. This is as opposed to Abraham
Lincoln's Greenbacks which were interest free. The UK had a non-
interest bearing pound briefly during WW I - The Bradford pound. If
we had been permitted to continue, then the US and the UK would not
have national debts today.
In the US Bankers can loan out 100 dollars for every ten on deposit. This
is called fractional reserve banking. In Britain Bankers are allowed to
loan out 330 pounds for every ten on deposit. Everyone loves leverage on
the way up. But on the way down, we can lose a third of our money supply.
In the 19th Century America's worst Depression was called the 'Great Contraction'.
It has since been renamed because people might figure out how easily and
painlessly Depressions are overcome.
Just cancel the Bade Debts as the kings of Sumer did starting 4,400 years ago.
In the modern world all we have to do is to arrest the Bankers. And seize their
assets to fund Debt Cancellation. Then we need to create non-interest bearing
currencies like the Greenback. And ban fractional reserve banking.
Professor Irving Fisher called this 100% money. Bankers would prefer to do what
Germany did in 1923 which was to Hyperinflate and cancel debts by making them
appear to be smaller. That did not work out well for Germany. The US deflated their
currency by discharging debts through business bankruptcies and home and farm
foreclosure. At least three million Americans starved to death in the 1930s.
The only painless way out is to arrest the Bankers and to take back what they stole
IMF Economists: ‘We Were Wrong.’ Will Someone Please Tell The Press And The Politicians.