POPULIST ECONOMY CAN THRIVE WITH – TIME – BASED CURRENCY

Most people would like mastery over money, but in most instances money has mastery over people. Moreover, those who do have mastery over money develop mastery over people as well.

Nowhere has this become more true than in the control exerted over the American monetary system by the Federal Reserve Board and the International Monetary Fund.

It would take a legion of detectives to figure out the occult workings of these organizations; but it is the author's considered opinion that they are little more than well organized and powerful rackets maintained by powerful financiers and operated for private profit, and for the purpose of imposing and controlling the social order in this country and abroad.

The member banks which comprise the Federal Reserve System are private corporations owned by individuals as well as banks. (See Title 12 U.S.C. Section 283.) Each share of stock has $100.00 par value, and individuals may own up to $25,000.00 worth.

Although under federal law private individuals have the right to purchase stock in the Federal Reserve System, the true shareholder list is not known.

The Federal Reserve authorizes member banks to lend out money at compound interest whether they have the reserves on their books or not.

The money is literally created without backing at the Bureau of Printing and Engraving at Washington D.C.

The Federal Reserve System perpetrates a terrible hardship on the American public by two methods:

1. The promotion of usury and compound interest through affiliated banks.

2. Inflation.

Because credit is routinely expanded, the quantity of money in circulation increases yearly.

Because this money has no intrinsic backing, it is worth less and less each day and buys less and less.

Historically, we can be certain of one conclusion:

The dollar has always declined in purchasing power over the long term. Keep in mind that the cost of a home in 1827 in Boston was about one hundred dollars. One hundred years later it was about fifteen hundred dollars. Today it is one hundred times that, on the average. Homes are not larger; they are usually smaller and less solidly built. They cost more because our dollar has been debased. Every time the printing presses roll, which is often, the dollar gets debased again.

The Federal Reserve System does not have total sovereignty over our monetary system.

That honor is enjoyed not by the American people but by the International Monetary Fund (IMF).

Created by a conference of military allies at Bretton Woods during World War II in 1944, federal legislation has been enacted to allow our federal government to participate in a world monetary system which allegedly helps stabilize foreign exchange rates and balance of payment problems between nations.

The IMF also lends money to national governments who face liquidity (shortage of money) problems.

As a lender, the IMF is possessed with the power to impose conditions on national governments.

The significance of this fact was exemplified in two articles published by the Wall Street Journal on October 28, 1996.

The first item was an essay by George Melloan on the guest editorial page entitled "Global View." According to Mr. Melloan, Michael Camdessus, managing director of the IMF, recently met with the editorial staff of the Journal and discussed the widespread epidemic of judicial corruption in poor countries. The message that emerged from the meeting and resultant article was that the inadequate legal systems of the Third World jeopardized the integrity of local banks and would have to be purged of corruption as a precondition to the governments being approved for IMF loans.

Mr. Melloan further opined that the United States legal system could do with some cleansing.

The IMF, by its power to attach sweeping conditions to the financing of national governments, is developing powers akin to a world government.

In the same issue of the Wall Street Journal on another page (A12) was a story with the explicit headline "Russia Widens Pursuit Of Tax Evaders To Persuade IMF To Resume Payments."

Some organizations have pointed out that in certain countries it deems to be "basket case countries" the IMF imposes austerity measures that place large segments of their populations in the worst kinds of poverty imaginable, and starts running domestic policy.

The present system has not only created tremendous gulfs between the public and the elites, it has perpetuated a system that offers no hope and no meaningful access to the economy for hundreds of millions of people not only in developing countries but in the United States as well.

Almost no voices have been heard to challenge this state of affairs.

The international financiers who dominate the upper echelons of politics and the media have kept these issues away from the public eye.

Their organizations, such as the Trilateral Commission, Bilderberg Society

and Council on Foreign Relations, often meet in secrecy and decide issues of global importance outside of what any voters or our elected representatives may wish. They are a "super-national government” and follow their own agenda.

In 1996 the author developed a currency known as Universal Trade Hours, denominated in hours and minutes rather than in the denominations arbitrarily imposed by nation states, i.e.: yen, lira, pesos, dollars and rubles.

For the first time in recorded history, a realistic model now existed for the creation of a transnational currency which could not be intrinsically inflated, because a second is always a second, a minute is always a minute and an hour is always an hour.

The worker who produces goods or provides services can now see in this new currency a reflection of his labor quantified by the currency itself. An entirely new context for consumer-retailer, consumer-producer and employer-employee negotiations and transactions could alter the course of economic relations forever.

Universal Trade Hours could well be the death knell for usury. The usurer relies on the borrower not being conscious of the true value of money. When the borrower realizes how much of his labor time is being paid to the lender, the borrower may well have second thoughts about paying three days for six hours of products or services.

Universal Trade Hours are also a means of less developed countries equalizing the value of the labor of their work force with that of the developed sector. An hour in Lima,

Peru should be valued identically as the value of an hour in Lima, Ohio. The Universal Trade Hour is truly a bridge across borders.

Granted the idea will not be adopted quickly by the powers that be. It would change the internal workings of their international financial empire forever. But the “little people" can begin to adopt the Universal Trade Hour as a private currency without the sponsorship of governments.

At the Cambridge Sterling Society we are working on just that. Interested persons can visit the website of the Cambridge Sterling Society at www.cambridgesterlingsociety.com.

Our e-mail address is hourbanc@hotmail.com

You must be logged in to post a comment Login

Leave a Reply