Comments about ‘Money, freedom and a lesson on the importance of saving’

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Published: Friday, May 30 2014 9:47 a.m. MDT

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Dr. G
Bountiful, UT

The only problem with the practice of money possession as suggested in this article, is that in order for some people to possess it, others have to borrow it. That's baked into our debt-based money system..

Think about it. If the banking system creates ten dollars in the whole world and loans it to you with the stipulation that in one year you repay the ten dollars plus one dollar of interest, you've essentially agreed to the impossible. How are you going to pay back eleven dollars when only ten dollars are in existence?

The bankers have a solution. They'll print ten more dollars and loan them to your neighbor with the same understanding. So you work for your neighbor, and pay back the eleven dollars.

But how does your neighbor pay back his eleven dollar debt?

Simple. The bankers create ten more dollars and loan them to yet another neighbor. And that's how money possession, in a debt-based society works. In order for each of us to possess it, lots of others have to borrow it. Sadly, in our modern debt-based world there must always be debtors.

(see next post)

Dr. G
Bountiful, UT

That's why the law of Moses limited debt creation to a period of about 3.5 years. That's also why bankruptcy laws were written into the Constitution--to keep debt levels from imploding the system. That's also why TOO BIG TO FAIL banks will be the downfall of fiat currencies world wide. Failure to remove debt will accumulate in the system until it fails.

All fiat currency is destined for extinction and all the economic systems based on fiat money will suffer economic collapse, sooner or later.

All the money in the world today is fiat. It is created on demand (or fiat), and it isn't backed by anything except confidence. You must hope that all the vendors, farmers and manufacturers in the world will accept your fiat currency as payment. You can't exchange your fiat currency at the bank for gold. Or for property. Or for anything else. You can only hope that everyone else maintains a degree of confidence in the fiat currency so they'll trade their labor or products for your currency.

When the money printers print too much and create too much inflation, the result will be epic.

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