When this card was presented anywhere, the storekeeper phoned the central computer to check the credit rating. If it was clear, the person could buy what he wanted up to a certain amount.
At first people were allowed to spend a small amount on credit, and if this was repaid within a month, no interest was charged. This was fine for the wage earner, but what businessman could even begin? He had to set up machinery, manufacture the goods, pay wages etc. and sell all his goods and repay the money. If he exceeded one month, he was charged a 1.5% for every month the debt was owed. This amounted to over 18% per year.
Businessmen had no option but to add the 18% onto the selling price. Yet this extra money or credit (the 18%) had not been loaned out to anyone. Throughout the country, businessmen were given the impossible task of repaying $118 for every $100 they borrowed - but the extra $18 had never been created at all.
Yet Fabian and his friends increased their standing in society. They were regarded as pillars of respectability. Their pronouncements on finance and economics were accepted with almost religious conviction.
Under the burden of ever increasing taxes, many small businesses collapsed. Special licenses were needed for various operations, so that the remaining ones found it very difficult to operate. Fabian owned and controlled all of the big companies which had hundreds of subsidiaries. These appeared to be in competition with each other, yet he controlled them all. Eventually all competitors were forced out of business. Plumbers, panel beaters, electricians and most other small industries suffered the same fate - they were swallowed up by Fabian's giant companies which all had Government protection.
Fabian wanted the plastic cards to eliminate notes and coins. His plan was that when all notes were withdrawn, only businesses using the computer card system would be able to operate.
He planned that eventually some people would misplace their cards and be unable to buy or sell anything until a proof of identify was made. He wanted a law to be passed which would give him ultimate control - a law forcing everyone to have their identification number tattooed onto their hand. The number would be visible only under a special light, linked to a computer. Every computer would be linked to a giant central computer so that Fabian could know everything about everyone.
________________________________________________________
By the way, the correct terminology used in the financial world for this system is "fractional reserve banking".
The story you have read is of course, fiction.
But if you found it to be disturbingly close to the truth and would like to know who Fabian is in real life, a good starting point is a study on the activities of the English goldsmiths in the 16th & 17th centuries.
For example, The Bank of England began in 1694. King William of Orange was in financial difficulties as a result of a war with France. The Goldsmiths "lent him" 1.2 million pounds (a staggering amount in those days) with certain conditions:
- The interest rate was to be 8%.
- The King was to grant the goldsmiths a charter for the bank which gave them the right to issue credit.
Prior to this, their operations of issuing receipts for more money than they held in deposits was totally illegal.The charter made it legal.
In 1694 William Patterson obtained the Charter for the Bank of England.
IMPORTANT UPDATE from the author, October 9 2008:
This story was placed on the Internet to be used as an educational tool only.Many people have taken my story, translated into other languages and placed it on the Internet where it has been very helpful.
Sadly, some people have taken my story and claimed it as their own with no acknowledgment to me. Not only that, they have changed my story to suit their own personal philosophy, by leaving some sections out and adding in extra parts, usually about conspiracies (true or false), so called ancient wisdoms, mysteries, and religions etc By doing this, these people are actually helping the enemy. How ?
Sooner or later, the words of Lord Acton will materialise – he said – the issue which has swept down the centuries and will have to be fought sooner or later is THE PEOPLE VERSUS THE BANKS. This battle is getting closer every day in every language. Please do not give the enemy anything that he will use to divide THE PEOPLE with side issues which will give the enemy enormous advantage in distracting people from the real issue that 100 + 0 does not = 105
Feel free to make as many copies of this article, and to reproduce this article, so long as you link to www.Relfe.com and say © Larry Hannigan 1971, Australia and make it clear that the original story is not to be altered.
Quotations:
Encyclopaedia Britannica, 14th Edition - "Banks create credit. It is a mistake to suppose that bank credit is created to any extent by the payment of money into the banks. A loan made by a bank is a clear addition to the amount of money in the community."
Lord Acton, Lord Chief Justice of England, 1875 - "The issue which has swept down the centuries and which will have to be fought sooner or later is the People v. The Banks."
Mr Reginald McKenna, when Chairman of the Midland Bank in London - "I am afraid that ordinary citizens will not like to be told that the banks can, and do, create and destroy money. And they who control the credit of the nation direct the policy of governments, and hold in the hollow of their hands the destiny of the people.
Mr Phillip A. Benson, President of the American Bankers' Association, June 8 1939 - "There is no more direct way to capture control of a nation than through its credit (money) system."
USA Banker's Magazine, August 25 1924 - "Capital must protect itself in every possible manner by combination and legislation. Debts must be collected, bonds and mortgages must be foreclosed as rapidly as possible. When, through a process of law, the common people lose their homes they will become more docile and more easily governed through the influence of the strong arm of government, applied by a central power of wealth under control of leading financiers.
This truth is well known among our principal men now engaged in forming an imperialism of Capital to govern the world.
By dividing the voters through the political party system, we can get them to expend their energies in fighting over questions of no importance. Thus by discreet action we can secure for ourselves what has been so well planned and so successfully accomplished."
Sir Denison Miller - During an interview in 1921, when he was asked if he, through the Commonwealth Bank, had financed Australia during the First World War for $700 million, he replied; "Such was the case, and I could have financed the country for a further like sum had the war continued." Asked if that amount was available for productive purposes in this time of peace, he answered "Yes".
From "Hand Over Our Loot, No. 2, by Len Clampett:
"There are four things that must be available for paid work to take place:
- The work to be done.
- The materials to do the work.
- The labor to do the work.
- The money to pay for the work to be done.
If any of those four things are missing, no paid work can take place. It is a naturally self-regulating system. If there is work to be done, and the material is available and the labour willing, all we have to do is create the money. Quite simple."
"Ask yourself why it was that depressions happened. All that went missing from the community was the money to buy goods and services. The labour was still available. The work to be done was still there. The materials had not disappeared, and the goods were readily available in the shops, or could be produced but for the want of money.
Extract from a letter written by Rothschild Bros of London to a New York firm of bankers on 25 June 1863:
"The few who can understand the System (Cheque Money and Credits) will either be so interested in its profits, or so dependent on its favours, that there will be no opposition from that class. While on the other hand, the great body of people mentally incapable of comprehending the tremendous advantage that capital derives from the system, will bear its burdens without complaint and perhaps without even suspecting that the system is inimical (hostile, hurtful) to their interests.
The following quotation was reprinted in the Idaho Leader, USA, 26 August 1924, and has been read into Hansard twice: by John Evans MP, in 1926, and by M.D. Cowan M.P., in the Session of 1930-1931.
In 1891 a confidential circular was sent to American bankers and their agents, containing the following statements:
"We authorise our loan agents in the western States to loan our funds on real estate, to fall due on September 1st 1894, and at no time thereafter.
On September 1, 1894, we will not renew our loans under any consideration.
On September 1st we will demand our money - we will foreclose and become mortgagees in possession.
We can take two-thirds of the farms west of the Mississippi and thousands of them east of the great Mississippi as well, at our own price.
We may as well own three-fourths of the farms of the west and the money of the country.
Then the farmers will become tenants, as in England."
From "Hand Over Our Loot, No. 2"
In the United States, the issuing of money is controlled by the Federal Reserve Board. This is not a government department but a board of private bankers.Most of us would believe that the Federal Reserve is a federal arm of the national government….This is not true…In 1913 President Woodrow Wilson signed the document that created the Federal Reserve, and committed the American people to debt slavery until such time as they awake from their slumber and overthrow this vicious tyranny."…
"The understanding of this issue of money into the community can be best illustrated by equating money in the economy with tickets in a railway system. The tickets are printed by a printer who is paid for his work. The printer never claims the ownership of the tickets … And we can never imagine a railway company refusing to give passengers seats on a train because it is out of tickets. By this same token, a government should never refuse people the access to normal commerce and trade by claiming it is out of money."
Suppose the government borrows $10 million. It only costs the bankers a few hundred dollars to actually produce the funds, and a little more to do the book-keeping. Do you think it is fair that our citizens should struggle to keep their homes and families together, while the bankers grow fat on these profits?
Credit created by a Government-owned bank is better than credit created by private banks, because there is no need to recover the money from people by way of taxes, and there is no interest attached to inflate the cost. The public work completed with the credit by the Government bank is the asset that replaces the money created when the work is finished.
None of our problems will disappear until we correct the creation, supply and circulation of money. Once the money problem is solved, everything else will fall into place.
Each of us can help to turn this ship around:
- The first thing is to teach people. VERY FEW know about or understand this information yet. Please pass this information on to those on and off the net.
- Research this subject for yourself to increase your understanding.
- Join with others who want to return the control of government to the people. Remember - they are 'public SERVANTS'! We are not their servant. They should do OUR bidding.
- Regardless of your political leanings, encourage your local Member to investigate and correct our money system. (They probably need to be educated too!). You can do this by email, letter, telephone or personal discussion.
- Legislators receive an average of only 100 letters on any given issue. So if you write you opinion and get others to write, say 25 letters, you send a strong message. (Have a letter writing evening).
|