The YouTube video of 12-year-old Victoria Grant speaking at the Public Banking in America conference in April has gone viral, topping a million views on various websites. Monetary reform—the contention that governments, not banks, should create and lend a nation’s money—has rarely even made the news, so this is a first. Either the times they are a’changin,’ or Victoria managed to frame the message in a way that was so simple and clear that even a child could understand it.
Basically, her message is that banks create money “out of thin air” and lend it to people and governments at interest. If governments borrowed from their own banks, they could keep the interest and save a lot of money for the taxpayers … //
… Mr. Watson’s final argument was that borrowing from the government’s own bank would be inflationary. He wrote:
Victoria’s solution is that instead of paying market rates, the government should borrow directly from the Bank of Canada and pay only token rates of interest. Because the government owns the bank, the tax revenues it raises in order to pay that interest would then somehow be injected directly back into the economy. In other words, money literally printed to cover the government’s deficit would be put into circulation. But how is that not inflationary?
Let’s see. The government can borrow money that ultimately comes from private banks, which admittedly create it out of thin air, and soak the taxpayers for a whopping interest bill; or it can borrow from its own bank, which also creates the money out of thin air, and avoid the interest.
Even a 12-year-old can see how this argument is going to come out. (full text).
(Ellen Brown is an attorney and president of the Public Banking Institute. In “Web of Debt,” her latest of 11 books, she shows how a private cartel has usurped the power to create money from the people themselves, and how we the people can get it back. Her websites are Web of Debt.com and Ellen Hodgson Brown.com).
12-year old Victoria Grant explains why her homeland, Canada, and most of the world, is in debt, 6.44 min;
The Globalization of Poverty: Deconstructing the New World Order, on Global Research.ca, by by Michel Chossudovsky, June 3, 2012;
EUROPE’S ECONOMIC CRISIS: Unraveling the Welfare Safety Net, Europe Moves Closer to Banktatorship, on Global Research.ca, by Mike Whitney, June 3, 2012;