The Biblical (Torah) Monetary System (Roman 13:8) “Let no debt remain outstanding, except the continuing debt to love one another, for he who loves his fellowman has fulfilled the law.” The Bible regards debt as a form of servitude: (Proverbs 22:7)-“the rich rule over the poor, and The Borrower is servant to the Lender.” No monetary system which is based on debt is legitimate (Torah) - Sueh Systems enslaves the economy to those who set the monetary rules of the game. If money were not debt money, the Federal Reserve System and other central Banks could not exist. The Biblical Principles of Money: Standard weights and measures, with penalties imposed by the Civil Government agains those who tamper with the scales A prohibition on all forms of multiple indebtedness, meaning Fractional Reserve Banking Competitive entry into the silversmith, goldsmith, or any other smith business The State is not to be trusted with the right to issue money -The Biblical case for freedom in money is the same as the Biblical case for freedom in general: The State is to prohibit fraud and violence. The rest is up to individuals Fractional Reserve Banking is fraudulent. It is a violation of the Torah (Biblical principle of honest weights and measures) Debasing Metal Coinage is Fraudulent. It is a violation of the principle of weights and measures Government-issued money is a violation of consumer sovereignty in money. It is a power that the State invariable violates, eventually. Money can be Gold, Silver, Platinum or what is deemd money by the king Contracts should be written in a way chosen by the parties involved in whatever form of currency they agree to use Only one things has fixed value: The Word and the Law of YHWH 22 Biblical Monetary System: The borrower is servant to the lender Uncollateralized debt is to be avoided Money must not be based on debt Honest weights and measures are to be enforced by State law Multiple indebtedness is fraudulent, and therefore illegal Fractional Reserve Banking involves multiple Indebtedness The State can legitimately establish the form of privately issued currency it will accept as payment of taxes The Big Banks eventually capture the control over government policy There is no fixed value of gold or silver The State must not fix the price of anything including the exchange ratios between moneys No one should be compelled to accept any form of currency Many moneys can exist in an economy A gold market has been popular in history Gold and Silver are expensive to mine, hence, they maintain their value relatively well Traditional gold standards are nevertheless State standards Freedom of Money leads to parrell standards; no fixed price between any two moneys Bank Charter interfere with Freedom For every loan there must be a deposit of corresponding maturity Banking can become a means of The Kingdoms of YHWH Son Dominion Son YHWH extend credit: non-Son of YHWH borrow 23 100% Reserve Banking: No state or Federal Charters for banks The State- granted monopoly of money creation would end Do it yourself banking would become the model One legal rule would restrict banking: No Fractional Reserves Model Depositor will have choices: First, he can deposit his money in a bank for safekeeping, and pay a fee for the services The bank would segregate theses accounts and not allow the money to be loaned out -Not only interest be paid on the accounts, but a fee would be imposed *A free service indicates theft somewhere in the system -A violation of 100% Reserve rule -The way for the bank to profit on such deposits would be through charging the user for services rendered. *Obvious service would be check-writing priviledges. Second, there would be another type of deposit from which loans could be made. (These loans would be of a specified period at an agree-upon rate of interest. The depositor might be given a choice: -Higher rate of interest, but without the bank’s guaranteeing repayment from the Lender, or a bank guarantee or repayment, at a lower rate of interest -The loans would be “True Loans.” There would be no provision for early withdrawal by the depositor. The loaned-out money is gone. Two people cannot write checks on the same deposit; Depositor and borrower. If the depositor needed money before the loan came due, he would borrow the money from the bank, using his, not as collateral. -Both sides of the loan would be of equal time length. This way, bankers would not be able to lend long and borrow short. They would not be able to loan out money for long periods, yet also guarantee to return deposits on demand. -This is what corrupt warehouse owners do when they issue more receipts for gold than they have gold on reserve, and then use gold deposits by one person to pay off the gold withdrawals. -Every transaction would be true-specific. There would be no long-term loans without long-term lenders. -This would protect the banking system from banks runs. It would also protect the community from counterfeit money being created by Fractional Reserves Bankers. Government Bank Examiners would check the banks in the same way that they check scales of retail sellers: -They would see to it that every loan had a corresponding deposit. -The bank would be allowed to pull loans of the same length of maturity (in order to decrease the risk to a depositor that “his” debtor might default on the loan.) -No lending depositor would have check-writing privileges. Check-writing privileges would be offered only to those people who put their money in a fee-for-service safekeeping account -A 100% Reserve Banking Program is simple in principle: “Something for something, and nothing for nothing. No free anything.” - No impossible promises. -You can write checks at any time against money that we already loaned, so that we can pay you interest -When you are promised the use of money that has been loaned out, you know you’re getting conned The Bible says to “owe no man anything.” This is a good rule for the House of YHWH -it also says that the sign of YHWH -Prospered nation is that people will loan to foreigners, thereby bring them under some degree of submission. The Hebrew were allowed to loan money to strangers in the land to foreigners, and still collect payment beyond the seventh year.- Why? Because debt is a means to bring other people under your authority. The Torah teaches that evil and wicked people should be under the authority of ____Law, as administered by YHWY’s people Extending loans to others was a means of dominion. Fundamental Principles of Biblical Money We shouldn’t expect something for nothing, such as the depositor’s withdrawal on demand of loaned-out funds, or counterfeit money making everyone richer The State shouldn’t interfere with private non-coercive decision (contracts) It is cheaper to print paper money than it is to mine metals Money isn’t money unless people expect other people to accept it in trade later on, meaning: *Money requires continuity of acceptance over time *Debasing money is a form of tampering with weights and measures *Debasing money reduces its value in trade *Debasing money therefore reduces the wealth of people who hold money *Warehouse receipts should be backed 100% at all times by whatever is promised by the receipt Any society which enforces civil laws against any violation of fixed, defined weight and measures and any violation of the rule against multiple indebtedness will have honest money *The Problem: The problem comes when the State, as the enforcer, gets into the business of stamping its mark on “Certified Money.” This process soon becomes money creation, then a monopoly of money creation, then debasing the money, and finally elitist private control over “government” money by central bankers. Men cannot be trusted to possess, or monopolize power. No human agency can safely be trusted with absolute power. An Absolute Monopoly over anything is exclusively YHWH’s perogative. For He alone has an absolute monopoly over everything. All of men’s possessions and powers are to be limited
Posted on: Sat, 01 Feb 2014 16:03:31 +0000
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