The Free Silver Movement ...or whats wrong with Free money? The Free Silver Movement was the greatest peace movement in the history of the former United States, led by William Jennings Bryan, a trust-buster and anti-imperialist and presidential contender of the time. Free Silver opposed the colonialist monetary standards of the day, which were maintained by Elites hoarding gold and silver instead of monetizing it. (Yes, the Independent Treasury had its imperfections... arguably major flaws.) Later on John Maynard Keynes leveraged Free Silver ideas to postulate his own monetary ideology, which the Money Trust adopted to produce fiat - by decree - currency system of today, as outsourced to the privately owned Federal Reserve on June 5th, 1933. The Golden Rule: He who Has the Gold Rules The above saying was certainly true in the Panic of 1893. Prior to that time the Independent Treasury operated the monetary system kind of like a steam engine: when the economy overheated take away gold or silver (tighten); and when the steam engine loses too much steam feed it gold (loosen). The system assumed an independent assessment of monetary velocity and adjustments made according to that objective, and was owned by the people via the Treasury - not owned by private banks as today. The Independent Treasury came unglued when it adopted a partial free silver plan which failed to address the role of gold. Instead of hindering economic progress, moneyed Elites found they could blackmail the system by hoarding gold at a time of industrial expansion. In other words, by 1893 Elites understood that they could monopolize the monetary system by leveraging gold/silver and currency imbalances; resulting in the famed Robber Baron monopolies of that era - in part due to the Sherman Silver Purchase Act of 1890. Avoiding a lot of historic detail, the Independent Treasury could not effectively increase the money supply to prevent Money Trust Elites from screwing the people via the gold/silver standard, during a time of great economic expansion. To oppose the Money Trust monetary monopoly, the Free Silver movement was born. The idea went far beyond the Sherman Silver Purchase Act of 1890, looking like a form of QE or the money printing we are familiar with today. The Free Silver idea was embraced by farmers, manufacturers, small businesses and working people who had so suffered under the rule of the Robber Barons, which today we can equate to Wall Street and its primary dealers. The Free Silver Movement consisted of good people who did not make their living by producing war materials or government waste as most employees do today, because the United States was not yet a major military power in 1893. The United States at that time had not been consumed by a thirst for global conquest and corporate greed as the Merchants of Death command it to do today. Indeed, the Free Silver movement opposed war for being the wasteful and the destructive enterprise that it is, understanding that war spending detracted from internal investment in infrastructure and internal goods and services. Although the Free Silver Movement achieved great popularity - somewhat analogous to the Ron Paul movement - enter Franz Josef, 1914, and World War 1 - not to mention pointless horror and killing sponsored by the State - and exit one peace movement. While WW1 was in the works, the Money Trust or SWR* understood that a growing restive population and their wars could not be supported by the monetary standard monopolized so successfully until 1893, and a new reality set in.... that the Free Silver idea must be embraced in the form of paper notes; because major industrialized nations would be forced off gold. And by 1933 the foregoing was reality. [NB:The tortuous means to this end is described in the book, Lords of Finance) Three controls were used to effect fiat maintenance after 1933: LIBOR, Reverse Repos, and fund rates; with fund rates key to currency controls, ie tightening or loosening. But guess what... rates as key didnt work. Neither do Reverse Repurchase agreements and LIBOR has little to do with retail or commercial lending. As a result, boom or bust is still the prominent face of predatory vulture Capitalism, unchanged from 1893, and regardless of how fund rates are managed. So now we get to the real meat of the issue. In 2008 the Money Trust asked itself, whats wrong with free money? Free money means currency loaned at 0% interest rates, or nearly so. The point seldom addressed is that 0% interbank lending was one prerequisite for Fed printing of $45 - $85 BN USD monthly for at least six years. [NB: That monthly figure is much higher when considering TARPs which were paid back by the banks to the Treasury with QE created balances.] Major point being that there is nothing wrong with 0% interest rates under two conditions. One condition is met by an honest money system; that is, paper money backed by an instrument of intrinsic value - not debt and not devalued labor. The second condition is met when the instrument of creation of that money is by an institution owned by the people of the nation, and not owned by private interests, whether criminal or otherwise. There are adjuncts to this, for example the elimination of centralized OCC regulation and control of interest rates, rather than allowing competitive interest rates to exist in a truly free money market, which is beyond scope. Finally, there should be a third condition, that the Treasury fires the Federal Reserve and assumes once again on behalf of the people the essential powers that it gave away and lost in 1913. It would be nice to ask for a fourth condition: that the people demand their Central Government and the vile corporations who own it to cease and desist from their global pursuits of murder, horror, torture, surveillance, warfare and death... so favored by the SWR* - just as the Free Silver Movement demanded an end to in 1893. bankrate/rates/interest-rates/libor.aspx * Scallywags Who Rule
Posted on: Wed, 17 Dec 2014 08:14:23 +0000