An Introduction to Monetary Reform Principles

Linked with The Money and all its links.

Published on The Money, by Patrick Carmack, not dated, but copyright 2008.

(short excerpt): … Absent authentic monetary reform, debtor nations unable to pay their debts will ultimately be left with five (5) options:

1. To increase exports in order to increase foreign exchange revenues.
Where this is possible, it transforms the citizens into de facto workers  for foreign banks which siphon the national production out of the country, further  impoverishing the people. Increased commodity production saturates markets and reduces prices, partially or wholly defeating the purpose. In any case this is rarely possible, as  exports have usually been maximized already. 

2. This necessitates submitting to the IMF-imposed rape of their national resources and the starvation of their people while surrendering their national sovereignty by degrees.

This is the option recently taken by the S.E. Asian nations (South Korea, Indonesia, Thailand, Philippines). This is, of course, a closed loop back to debt. Of the $123  billion IMF S.E. Asian bailout, Chase Manhattan bank is in line to receive $32 billion;  J.P. Morgan for $23 billion; Bank of America for $16 billion. This $71 billion will never reach S.E. Asia, as it is transferred from the U.S. Treasury, to the IMF, to the Wall  Street banks. The IMF bailout saves their bad loans to these nations.

Courtesy of the U.S. government, some such foreign debt is being transferred (”monetized”) to U.S. taxpayers for payment via increased taxes and inflation. Interestingly, Congressional leaders were told by the Clinton Administration that unless  they agreed to fund the IMF bailout of banks which make loans to South Korea, there was  danger of invasion of South Korea by North Korea — war blackmail.

3. Unilaterally to repudiate their foreign debts … (full text, really long).

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