Author Topic: Economic Permazero - vindication of Church teaching on usury.  (Read 466 times)

Offline Xavier

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Economic Permazero - vindication of Church teaching on usury.
« on: February 13, 2018, 03:10:08 AM »
In Rerum Novarum (p.3), Pope Leo XIII condemns usury, "The mischief has been increased by rapacious usury, which, although more than once condemned by the Church, is nevertheless, under a different guise, but with like injustice, still practiced by covetous and grasping men." And it's quite clear this guise is usury on a macroeconomic perspective, i.e. of fractional reserve central banking, which even some economists have said "was conceived in iniquity and born in sin". This is confirmed by Quadragesimo Anno (p. 106) "This dictatorship is being most forcibly exercised by those who, since they hold the money and completely control it, control credit also and rule the lending of money. Hence they regulate the flow, so to speak, of the life-blood whereby the entire economic system lives, and have so firmly in their grasp the soul, as it were, of economic life that no one can breathe against their will." And it has to be noted here that the "no one" can sometimes include the Roman Pontiffs themselves, who can be bullied into silence or only indirect condemnations; since it's not an exaggeration to say central bankers can plunge whole nations into unpayable debts, start world wars, or consign millions of people to poverty and hunger, as the current system does. Central banking is one of the tenets of Marx and Engels, President Lincoln fought against it; the Fed was only established in America in 1913. Central banking began only after nations had fallen from the Church, and England, in 1694 (Sweden in 1668 is insignificant in comparison) was its major victim. From there, it spread throughout the world like a cancer, till today almost the whole world has fallen under the sway of this fundamemtally Marxist error of central planning and central banking. Central banking robs sovereign nations of the power to control their own money supply, and fractional reserve banking compounds the injustice. Banks create money as a debt that society supposedly owes them and that usually can never be repaid using even all the money units in circulation put together. This is part of the reason why world debt exceeds world gdp many times over.

FRB was invented by goldsmiths who found it easy to make money with gold locked up for protection, without ever putting it to any productive use, by charging usury on it; soon, usurers found out they could illicitly make millions more than they ever dreamed by falsely pretending central banks were necessary. It's commonly taught even today that with a "reserve ratio (fixed by the central bank) of 5%" (meaning, the central bank, the supposed "lender of last resort" requires banks to hold only 5% of its initial deposits, say 100, lends the remaining 95 to bank A, which does the same to bank B - so that only 100 actual dollars in the economy seems to be 100+95+(95% of 95)+ ... until everybody realizes the whole sysyem is a Ponzi scheme, and bank runs and credit crunches, such as the Great Depression and Great Recession, are engenderd) $100 can become, theoretically, $2000=100/(0.05)

Warren Buffett intuited some years ago "If the government absolutely said interest rates are going to be zero for 50 years, the Dow would be at 100,000," the main reason they will not do it (keep interest rates at permanent zero) is because more and more people will then start to question why the fed is even necessary in the first place. Thus, these hucksters, as soon as the economy starts to perform in any measure comparable to its actual capacity, will claim the economy is "overheating" (using a false engine analogy) and that it needs to be "cooled" (in other words, the Fed deliberately will ensure the economy grows less than it could) and deviate from permazero. Bankers have followed this policy for decades. We have to credit President of St. Louis Fed James Bullard for having the honesty and decency to admit "This contrasts sharply with conventional wisdom and central bank rhetoric, including much of my own"

Thanks in large measure to him, permazero is now an absolutely solid and well established idea in the academic literature of economic journals. Hopefully, the abolition of the Fed will be the next logical step.

How best can we end central banking or at least lower to zero or close to zero the usury that it causes forever?
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Offline james03

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Re: Economic Permazero - vindication of Church teaching on usury.
« Reply #1 on: February 13, 2018, 10:53:13 AM »
since it's not an exaggeration to say central bankers can plunge whole nations into unpayable debts, start world wars, or consign millions of people to poverty and hunger, as the current system does.

First off, I hate fractional reserve lending, central banks, and usury.  That being said, what you wrote IS an exaggeration if you don't make distinctions.  Central Banks CAN'T plunge whole nations into unpayable debts.  CB's ENABLE leftist governments to run government programs on debt.  That distinction is important.  For if you get rid of CB's (a good thing), and turn the printing press over to the government, you get Venezuela, because you haven't eliminated the leftist mindset.
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Offline mikemac

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Re: Economic Permazero - vindication of Church teaching on usury.
« Reply #2 on: February 13, 2018, 01:18:06 PM »
How best can we end central banking or at least lower to zero or close to zero the usury that it causes forever?

You touched on it in another thread recently.

I know the Tea Party was seriously looking at this; until the libertarians took over that movement.

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