"I'm as mad as hell, and I'm not going to take this anymore!"
I consider myself privileged to be able to work for you, and your indulgence of the occasional tirade on the unjust monetary system we endure. I have met many wonderful people over the years and for this reason, if you can bear with me again, I would like to share with you a meeting I attended during my vacation that could be of help to you, and those closest to you for generations to come.
On my way to lunch at the Okura hotel in Amsterdam, my host explained that a friend of his would join us. Hanks friend, Michel is a Dutch private banker based in Luxembourg and lives in Belgium, such are the lengths people go to live life without interference.
Michel told me he works for just a single Dutch client, a nameless family with global interests. Once business was completed the conversation moved on to banking and the risk we face today.
Surprisingly, Michel generally agreed that our monetary/ banking system is at best immoral, definitely meets the definition of counterfeiting, and quite probably the catalyst for greater pain ahead. But he also said:
“What can we do about it?”
Now you may imagine that at this point I was leaning across the table, grabbing the lapels of his suit and screaming “Buy Rare Coins!!!” but you would be mistaken.
After many years in this industry, I suddenly felt impotent; I did not know how to respond. Here was a guy, with access to potentially many hundreds of millions of Euro’s, just how many coins could he buy?
First to understand my fury at the predicament, we need to be clear on the difference between money and credit. You may have credit of one million pounds in your bank account, but it is credit. Your credit is somebody else’s debt. In the UK economy less than 5% of money supply is actually physical coins and notes.
The other 95% is debt created by private banks, lent to individuals with an interest charge and credited to various accounts.
I often meet so called financiers that make the mistake of believing that under the fractional reserve banking system, the bank you deposit your money in, keeps a “Fraction” and lends the balance.
This is not so.
If you deposit ten thousand of your currency into a bank, that bank keeps the ten thousand, and creates an additional nine thousand to lend. And they have the audacity to add an interest charge on top. That nine thousand is then credited to another account, which that bank keeps and lends an additional eight thousand one hundred; the next bank lends 7,290 so on and so forth ad infinitum.
The broad economic term is money multiplier, although this is just one of the measures, and should the original £10,000 be multiplied ten times (if only) under Fractional Reserve banking principals an astonishing £126, 580 would be created. Plus interest.
What I find truly revolting is that banks leveraged deposits many multiples of the above using what we now call toxic assets. Yes, the innocent term CDS, CDO, MBS, CMBS et al, all allowed banks to multiply, the money multiplier.
This is why my blood boils when I read that X country has lent X billions of taxpayer funds to X bank. I tear my hair out when teachers, doctors, police are forced to take a thirty percent pay cut to repay illusory debt. Continued back Page
The actor Howard Beale in the 1976 movie says it far better than I: 'I'm as mad as hell, and I'm not going to take this anymore!'
“ I don't have to tell you things are bad. Everybody knows things are bad. It's a depression.
Everybody's out of work or scared of losing their job. The dollar buys a nickel's work, banks are going bust, shopkeepers keep a gun under the counter……..and we sit watching our TV's while some local newscaster tells us that today we had fifteen homicides and sixty-three violent crimes, as if that's the way it's supposed to be….
I don't know what to do about the depression and the inflation and the Russians and the crime in the street. All I know is that first you've got to get mad.
You've got to say, 'I'm a HUMAN BEING, Goddamnit! My life has VALUE!'
Things have got to change. But first, you've gotta get mad!... You've got to say, 'I'm as mad as hell, and I'm not going to take this anymore!'
Then we'll figure out what to do about the depression and the inflation and the oil crisis. But first get up out of your chairs, open the window, stick your head out, and yell, and say it:
