Sunday, January 16, 2011

Is Calling for a New Money System Right Wing Extremism?

From today's New York Times in describing Jared Lee Loughner...
"He became an echo chamber for stray ideas, amplifying, for example, certain grandiose tenants of extremists right-wing groups – including the need for a new money system…"
Looking Behind the Mug-Shot Grin of an Accused Killer
This article was reported by Jo Becker, Serge F. Kovaleski, Michael Luo and Dan Barry and written by Mr. Barry.
New York Times January 16, 2011

The corporate press painted a perilous picture linking a domestic terrorist with the supposed exclusive right wing extremist idea that a new money system in our nation is needed.

We may never know whether this is deliberate deception or just plain ignorance. Either way, the Times has done a disservice to the public and tarnished its reputation.

Our current money system is undemocratic and unsustainable. How should one describe a system characterized by:
1. the government permitting financial corporations to create or issue money literally out of thin air as debt (i.e. loans),
2. the government borrowing that money from financial corporations,
3. the government having to pay back that money with interest.

This is either the ultimate form of madness -- if you assume those who run economic affairs of the US are financially incompetent -- or it is the ultimate form of legal thievery of wealth by financial corporations from We the People.

Why should the government borrow money when it could create its own? Why do we use Federal Reserve Notes (owned by the private Federal Reserve system) when we could use US dollars? Why do we divert billions of interest payments annually from our federal budget to banking corporations when we could spend those billions on meeting human and environmental needs of society?

A new money system is essential -- one that is democratic and sustainable.

Calling for a new system is hardly right wing extremism. It's basic. Elementary. Rational. Democratic. Liberating. It's shared by those of all political ideologies.

Calling it an exclusive idea of right wingers is an attempt to distort, distract and demean. It's part of a very long history of working to keep the public ignorant of economic issues, especially monetary matters.

It breeds massive debt,

1 comment:

  1. Sounds like a demonisation of someone they want people to hate so ... trawl the trash, write whatever they want and hope people don't look into it to deeply. Seems you've ruined their perfectly good hate-mongering Greg!