Ever wondered why India'the treasure trove that attracted every greedy country Europe during the Empire Age'has never fully recovered economically even after fifty years have passed? Several years ago I came across a video that was done by a couple of very astute and courageous Americans, Pat Carmack and Bill Still. They did an incredible job of documenting the demise of economic freedom in the world'including the United States. Actually, economic freedom was the reason that America was founded. The founders wanted to get away from the economic domination of a few wealthy families who managed banking for their own benefit in the European nations. And our government succeeded for over one hundred years. Then there was an insidious sell out to the Europeans banks, and U.S. banking went into private hands. The Federal Reserve System was formed in 1913 as a smoke-screen, a quasi-private institution that charges Americans big bucks to manage and print under 10% of their money which serves to conceal the fact that the same 1913 law authorized privately-owned banks to create 90% of the total U.S. money supply as loans'now trillions of dollars. Bill Gates, reputedly the richest man in the world, has nothing remotely like this sort of economic clout'and this insidious control of the economy is largely unrecognized and deliberately kept from public scrutiny.
Since I have been involved with India, Indians and the economic realities they face for some years now, one day I told myself, 'This international banking cartel must be running India too.' There must have been a reason that the British let go of their 'Crown Jewel.' Everywhere colonies were allowed independence at the high price of retaining the private banking system that creates most of the money. In checking the background of the banking system in India, it became apparent it is also a victim of modern colonialism through the international banking system.
Although India made some good progress in nationalizing a number of major banks, it has allowed foreign private banks to continue operating in competition, which demonstrates an ignorance of how the international money system works. ALL banking must be nationalized, or the pressure remains to re-privatize, as is happening in India. But even complete nationalization of banking itself is not the best remedy, though it is, arguably, an important step in that direction for a former colony trying to rid itself of external control.
Ultimately though, the best remedy is nationalization of money, not banking. This is accomplished rather easily by law ' requiring banks to cease the practice of fractional reserve banking and, instead, to loan only such money as they have in cash deposits - not to create money as loans. A law abolishing the fraudulent practice of fractional reserve banking would apply to all bank loans in India, whether from domestic or foreign banks. Ideally, except for the central bank, banks would all be privately owned and all lending would be through them, and all money (100%) would be publicly owned (i.e., issued only by the government central bank for the benefit of all the people).
Currently in India, the central bank is publicly owned (which is good); the other banks are a mix of public and private ownership (which is inefficient and results in political control or influence over lending, as experience has shown); and money is thus created by a mix of the central bank, the publicly-owned banks and privately-owned banks. All money should be issued by the central bank as cash or central banks deposits - only these sums should be able to be loaned by other banks (i.e. they should not be able to loan more than these sums, as they do now).
Pat Carmack, the producer of the awesome documentary, The Money Masters, states, 'With very little change, the draft Monetary Reform Act on our website [www.themoneymasters.com/monetary] would solve India's economic problems once and for all.' To understand this concept a bit better, read the FAQs page at www.themoneymasters.com.
'The Money Masters Video is a 3 1/2 hour non-fiction, historical documentary that traces the origins of the political power structure that rules our nation and the world today. . . . With the formation of the privately-owned Bank of England in 1694, the yoke of economic slavery to a privately-owned "central" bank was first forced upon the backs of an entire nation, not removed but only made heavier with the passing of the three centuries to our day. Nation after nation, including America, has fallen prey to this cabal of international central bankers. ' Quoted fromwww.themoneymasters.com
The Documentary has a lot of praise from people who know and people who care:
"What you have shown in the scenario is what we are constantly doing at the personal level as well as the public level. It is the policy of exploitation that the rich employ against the poor. This is why grandfather [Mahatma Gandhi] said 'Materialism and morality have an inverse relationship - when one increases the other decreases.' If I may, I would like to keep the videos as resource material to teach students about economic violence in the world. With good wishes. Yours sincerely, ' Arun Gandhi, M.K. Gandhi Institute for Nonviolence"
"As you know, I am entirely sympathetic with the objectives of your Monetary Reform Act...You deserve a great deal of credit for carrying through so thoroughly on your own conception'I am impressed by your persistence and attention to detail in your successive revisions... Best wishes. ' Milton Friedman," Nobel Laureate in Economics; Senior Fellow, Hoover Institution on War, Revolution and Peace
"This is undoubtedly the most comprehensive presentation of the history of our money system and who is responsible for the disastrous consequences that has left us with an unconstitutional money system and multi-trillion dollar debt." ' Dr. W. Cleon Skousen, author of The Naked Capitalist and The Naked Communist
"This 3 ' hour video is professionally produced in the style of A&E Biography and covers the history of monetary reform from Roman times to the present. It is packed with great quotations which make for a powerful argument for the need to reform the money system. A MUST for serious activists." ' Ian Woods, publisher of Monetary Reform Magazine
Thank you for this Film! I would like to commend you on your careful and deliberate choice to stay solution oriented, and your firm and clear recognition of the fact that the problem of the money changers is one of disproportionate power acting on universal human frailties (implicitly, greed stemming from fear). As a Jewish man, I am inspired and impressed with you for presenting this issue, (which has historically been misconstrued, and/or misused (divide and conquer) as an excuse to inflame anti-jewish sentiment) as what it fundamentally is - a human problem that urgently confronts each and every life-loving human-being, with charity toward all, with malice toward none. Yours in solidarity, ' Eric S. Daur', Vice President, Investor Relations, Orion Marketing Group, LLC.
"The powers of financial capitalism had a far-reaching plan, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole...Their secret is that they have annexed from governments, monarchies, and republics the power to create the world's money..." ' Prof. Carroll Quigley, renowned, late Georgetown macro-historian (mentioned by former President Clinton in his first nomination acceptance speech), author of Tragedy & Hope: A History of the World in Our Time
The DVD set (two) that is available at a nominal $25 U.S., which includes shipping outside of U.S. ($20 in U.S.) Watch this film and you will understand what is 'wrong' with the world. The good part is with their outline of the Monetary Reform Act they have the answer too. It is my fondest and best wish that India will be the first large nation to step forward and declare their independence from these vultures.