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Posts Tagged ‘usury’

On the August 2, 2014 episode of Exposing Faux Capitalism with Jason Erb, I discussed:

More analysis of The Gold Standard: Perspectives in the Austrian School (pp. 20-25), with Rothbard’s critique of a basket of currencies, bi-metallic standard and case for a single commodity gold standard.

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Tom J. “UsuryFree” Kennedy was on the Power Hour with Joyce Riley on July 8, 2014 in an interview I helped to arrange.

He spoke about his experience in founding usury-free community currencies, and why they are an essential component to a sound monetary system (starting 8 minutes in).

For more on Tom J. Kennedy, see:

1) Exposing Faux Capitalism with Jason Erb: Episode 54: Interview with Tom J. Kennedy

2) To blow off ritualistic steam, watch Gerald Celente. For real solutions, watch Wayne Walton and Tom J. Kennedy.

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One of the misconceptions bandied about in the alternative media is that Former Federal Reserve Chairman Alan Greenspan claimed in 2007 that the Fed was above the law, as this popular video indicates.

Here’s what he actually said:

The Federal Reserve is an independent agency, and that means, basically, that there is no other agency of government which can overrule actions that we take.

He didn’t say that the Fed is above the law — he made the true claim that no other *agency* of government can overrule it, where agency means some other body created by Congress. Congress itself can get rid of the Fed, and should, because its purpose was to serve the big financial interests and not the interests of the people, such as limited state banking and usury-free community currencies would.

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The Power HourHere is my summary of my December 16, 2013 interview on the Power Hour with Joyce Riley:

9m – Iceland was able to have the reform they did because of a severe shock — 80% drop in their currency in just 4 months, and because of their relatively small population
10m – Challenge with banking reform in U.S. at national level is second-worst representation in the popular legislature of any nation in the world, and the Federal Reserve has been acting as the world’s bank
11m – Three big private banks in Iceland, with liabilities around 5 times their Gross Domestic Product
12m – Not even economically possible for the icelanders to shore up their banking system by backing up debts
12m – U.S. has world’s reserve currency, but if iceland issued so much currency, it would result in massive hyperinflation
13m – Iceland’s choice was between massive hyperinflation or more austerity than Greece
13m – Despite no prosecutions for financial crimes of 2008 besides insider trading, the Justice Department didn’t say there was no fraud — they said the banks were too big to prosecute
15m – Similarities between U.S. and Greece
15m – The Canadian dollar, for the first time in over 20 years, became worth more than the USD, in 2007
16m – The USD would be so much less than the Canadian dollar, if it wasn’t the world’s reserve currency
16m – Over 50% of all the world’s currency reserves are held in USDs
16m – Over 30% of the economy is government in the U.S.
17m – A challenge to the USD’s world reserve currency status could blow up its value
18m – Bitcoin the most significant privately-issued currency since the global financial crisis of 2008
18m – Came out in January 2009 by a group of anonymous Japanese programmers
18m – Went from $20 USD earlier in the year to $1000 in late 2013, starting to rival gold, which was almost $1300 an ounce
25m – All currencies backed up by productivity
26m – Bitcoin transaction costs are nearly infinitesimally small, compared to Paypal’s cut of around 2%
26m – Unlike gold, Bitcoin can be feasibly divided down to one millionth of a unit, so you can still use it to buy a loaf of bread
27m – Given the choice between gold, Apple stock and Bitcoin, I would take Bitcoin for now
28m – Speculation that there could be some intelligence involvement with Bitcoin, because all transactions are public, and the people transacting are private only to the extent that they keep their IDs private
29m – Silk Road operation got shut down because they were using Bitcoins to transact in illegal drugs
37m – Looking ahead for more problems in the Eurozone – because of past history, with Iceland, Ireland and Cyprus
38m – Bail-in provisions to force bank depositors to buy bank stock if banks run into problems
39m – Real reform involves privately issued currencies free from government control, except for those regulations that government imposes, appropriately, or otherwise
40m – Growing interest in local, interest-free currencies
41m – Usury-free currencies essential, because people cannot exponentially increase their production to pay off compounding debt
41m – German scholar Margrit Kennedy calculated that around 40% of all money is used to service usury
42m – Plan to pay sheriffs in local currency, because if they are paid in Federal currency, they are beholden to the Feds
43m – I don’t see a solution to our financial and economic problems at the federal or international level — only at the local and state levels
43m – The Bank of North Dakota run by bankers, in the public interest
44m – Question: Is Bitcoin considered a commodity yet? – I say yes, because 1) The units are 100% similar to each other, 2) One million of one millionths of a Bitcoin is equal to a single Bitcoin 3) They are traded on international markets
45m – Ron Paul Liberty Dollar – over-the-top claim by the federal prosecutor that the founders’ efforts represented a unique form of domestic terrorism, but there was a grain of truth, because they are afraid of a cascading effect that would undermine the USD
46m – They were specifically concerned about it being tied to Ron Paul’s campaign for limited government
47m – Caller talking about website saying bankers plan to move to an international currency backed by gold
48m – Tom “UsuryFree” Kennedy called in, about Community Currencies, saying mtnHours appeal to average people because they are used for bread, beer and marijuana
49m – Ithaca Hours continually operating successfully since early 90s
50m – Founder of mtnHours got started after hearing a former GCN radio host, George Whitehurst-Berry talk about how bankers push a gold standard as a confidence measure, while having no intention for a stable currency to serve the people
54m – Exposing Faux Capitalism radio, every Sunday from 8 to 10 PM Eastern, can be found at fauxcapitalist.com
56m – CoinMarketCap.com showing a variety of crypto currencies
56m – Competition in privately-issued currencies like Bitcoin a great thing, in case some see deficiencies in a particular currency
56m – Crypto-currencies like Bitcoin could be a new dot-com boom, and even if there’s a bust in most of them, it’s a great investment and educational opportunity in the meantime, leading to a transformed economy
57m – Caller suggests having Byron Dale on the show, about monetary history

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Stan MonteithHere is a summary I prepared of my interview with Dr. Stan Monteith on Radio Liberty, December 3, 2013.

2m – Canada now more economically free than the United States
3m – most recent to free enterprise in U.S. was for nearly 30 years after the end of the privately owned Second (central) Bank of the United States
3m – no World War prior to privately owned Federal Reserve central bank
3m – James Madison was against the power of Congress to charter a central bank prior to being President, once President, he chartered the Second Bank of the United States
4m – 4 revolutionary changes in 1913 – bogus direct personal income tax, direct election of senators, Federal Reserve and
5m – Rise of Petrodollar since 1947
6m – Canada more economically free because of its relatively increasing adherence to U.S. founding constitutional principles, and a deviation away from Canadian founding principles
6m – government privilege of banks creating credit tied to national currency
7m – Dick Cheney against bailout of big car manufacturers, but no problem with bailing out the big bankers
8m – reform of decentralization, decoupling of bank-issued credit to U.S. dollar
8m – gold standard was setting U.S. dollar relative to an ounce of gold
16m – U.S. has second-worst representation in its House of Representatives relative to any country in the world
16m – I identify Canada as more economically free and decentralized than U.S. in past few years due to better national representation and influence of majority French-speaking province of Quebec pushing for more decentralization to protect its powers
18m – most money in Canada is debt, just like U.S.
18m – Canada’s central bank is publicly owned, but still tied into privately owned Bank for International Settlements
18m – BIS regulation that you can’t borrow directly from your own central bank
19m – interest income from Federal Reserve goes back to the Treasury — over $70 billion recently, but most interest stays with the privately owned member banks
20m – usury originally defined as any amount of interest
20m – not possible for everyone to exponentially increase their productivity relative to compounding debt
27m – Tom J. “UsuryFree” Kennedy calls in, asking about usury-free community currencies
28m – Ithaca Hours, Mountain Hours
28m – Wayne Walton founded usury-free Mountain Hours
29m – local businesses will accept a portion of payment in MHs, or 100%
29m – an associate of the founder, Joby Weeks, lost money with his involvement with Ron Paul Liberty Dollars, and found that paper-based MHs circulated better than the gold coins, because gold was more valuable to hold on to, as a store of wealth, rather than function as a medium of exchange, which is the primary function of money
31m – value of local currencies determined in the marketplace, and they function to promote monetary reform
33m – community currencies are backed by the honesty and integrity of each entrepreneur, and the quality of goods and services they offer
34m – U.S. Constitution does not allow the federal government to “back up” the money supply with precious metals, nor does it allow it to declare any currency legal tender for private debts or payment of goods and services
42m – agree with caller who said the primary reason for giving Congress the power to coin money was to facilitate commerce that was running into problems with states minting and printing their own coins and notes, respectively
42m – Gresham’s Law, whereby bad currencies drive out good currencies, in the presence of legal tender laws – e.g. of Federal Reserve Notes and credit driving out gold, because gold is more valuable to hold on to
43m – difficulty of determining value of precious metal coins, because of how they were stamped by different states
43m – Congress’ power to coin money isn’t restricted to only gold and silver — copper coins were also coined — but no power to make them legal tender for private debts
44m – if States decide to make legal tender laws, they are then required to make gold and silver coin a tender in payment of debts (and not goods and services)
44m – caller supported local currencies for sequestering value locally, but need for currencies to facilitate international trade
47m – biggest problem now with monetary system is usury
47m – can’t have gold backed currency with usury, or eventually the private bankers will own all the money supply, or assets secured by their debts
47m – agree with Milton Friedman who told Bill Still that if you don’t end fractional reserve banking, you’ve done nothing to reform the system
48m – fractional reserve banking a ticking time bomb, and agree with those who say it’s fraud, because it’s your deposit functioning as a lottery ticket
48m – Islamic Banking charges fees instead of usury

For my previous interviews on Radio Liberty, see here.

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Here is a summary of my November 17, 2013 interview on Erskine Overnight, on the Genesis Communications Network:

2m – Usury redefined from any amount of interest to an arbitrary amount set by law
3m – Actual U.S. federal debt exceeds world’s annual economic production, and derivatives estimated to be over 1000 trillion dollars
4m – Derivatives brought down Wall Street banks, unregulated credit default swaps
6m – States getting around their constitutionally mandated balanced budget requirements
7m – States and federal government should be issuing their own interest-free credit
7m – interest-free United States Greenbacks
8m – Despite more seeming competition in U.S., relative to Canada, top 6 U.S. commercial banks have over 70% of commercial deposits
9m – Bank for International Settlements in Switzerland, founded in 1930, as a bank for central bankers, with around 60 countries as members
15m – Money is supposed to primarily serve as a medium of exchange between producers
15m – Money is actually functioning primarily as a medium of power
18m – 1933 gold confiscation, 1934 silver confiscation, 40% backing by gold, confiscated gold may have been pledged to international interests
19m – Canada’s largest gold bank, Scotiabank, caught not having enough physical gold in their vaults
20m – China and India’s interest in gold
21m – Platinum also a great micro investment
26m – Bitcoins – started in January 2009, don’t know who was behind it, all transactions are public
27m – government plans to tax Bitcoin transactions – income and capital gains
27m – $150 million in total Bitcoins at start of 2013, up to $4.5 billion as of mid-November 2013
29m – Ron Paul Liberty Dollar success, and subsequent government crackdown
31m – Success of the Bank of North Dakota
31m – Bill to study state bank, passed by California’s House and Senate, but vetoed by supposed man of the people, Democratic Governor, Jerry Brown
32m – Local currencies
32m – States prohibited from coining their own currency
33m – States can issue their own interest-free credit
38m – New bail-in provisions, even worse than bailouts
39m – Difference between capitalism and free enterprise
40m – Over 95% of money today is numbers in a computer
41m – Coins are only debt-free money put into circulation by government, currently
41m – Compound interest, compounding the debt exponentially, mathematically doomed to fail, because producers cannot exponentially increase their value to debtors in the long-run
42m – Banks can charge a fee instead of charging usury
43m – Need to cut back unsustainable federal programs, because tax revenues don’t match up with spending obligations
49m – Estimated $16 trillion given to banks by TARP bailout, and $1 trillion went to European banks alone at the hands of the so-called United States Federal Reserve
50m – Out of around 190 countries in the world, only around 30-40 countries had no net debt, or there was no information for them

For more on Erskine, see my articles here.

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The Facebook page for my talk at the 9th annual Usuryfree week event in Toronto on November 16, 2013 from 7 to 9:30 PM EST can be found here.

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