Since the dawn of commercial banking loans could be made AFTER deposits were acquired from customers (their pay checks, and from workers who earned money). All this changed on March 26, 2020 and as of January 1, 2024, every depository institution (in America) has a ZERO reserve requirement when making a loan). No customer deposits are needed. What does this mean for banks and our financial system as a whole? Is money created OUT-OF-NOTHING? Where does money COME FROM in today's world of digital/virtual currencies? Let's think on this!
What are the implications when a few mega banks can control the wealth within a nation? This type of financial system favors the few with wealth and those with authority over wealth (select politicians). This is a diabolic financial system for freedom and global prosperity. It also is totally immoral as it gives unelected bankers control over the masses of consumers. This is not Capitalism nor Socialism. It's tyranny by a cartel of bankers who can counterfeit our money.
Yes, this new policy as of January 1, 2024, is now the policy of our banks who operate under the auspices of our Federal Reserve Banking System. Check it out for yourself via google. I assume this is now an international policy as well (or soon will be). Money created from NOTHING is the new mantra for our banks and our world financial system (is now under Satan's authority). The Great Counterfeiter (Satan) is now using his invisible signals to create this new financial system Let's think up a couple examples for understanding:
1. Let's assume I am a preferred customer of Citi Bank, New York (I do have an account). Let's assume that I desire an unsecured personal loan of $100,000 (my credit gives me this favor/let's assume). What happens when this personal loan (to me) is structured and my account created? What happens (today) is that Citi will fund my unsecured personal loan with $100,000 (created out-of-nothing/the click of a computer key) and then it gets recorded as a loan...a LIABILITY and also an ASSET (simultaneously).
The creation of the $100,000 becomes a DEPOSIT (liability on the bookkeeping record) as soon as it enters my banking account and simultaneously an ASSET (loan) for the bank. I can now spend this counterfeit money as I choose. Were new products created to represent this counterfeit money? NO! Nothing was created as my banker just clicked his computer keys and funded by account. This is now allowed for all depository institutions as of January 1, 2024. I say this is diabolic finance. It's immoral and corrupt finance. All this is allowed and few seem to understand its implications.
Citi has accounts in some 160 countries on our planet. They are a global commercial bank. They have millions of preferred customers which desire money for spending, stock buying, etc. They can now bi-pass and reserve requirement (which was part of standard banking for centuries) and the need for customer deposits (prior to making the loan) and just ENTER numbers in a ledger to reflect the money creation (out-of-nothing) and the deposit which enters my personal account. Citi can now create DEPOSITS (in the billions) by making personal loans to select customers (with no new deposits as in prior history). All depository institutions can do likewise as of January 1, 2024. Who gives the banks this authority and prerogative? Did our Congress approve this policy? I don't think so! Our Federal Reserve is INDEPENDENT and acts to favor its member banks.
2. Our Central Bank has been doing this type of official counterfeiting for years. It has been called QE (quantitative easing). What a 'name' to fool most thinkers. In 2008 (during the prior financial crisis Ben Bernanke started this policy of official counterfeiting (calling it QE). Digital dollars were first created for the FED account (in the billions) and then these dollars were used to buy Treasuries, Mortgages, and Equities. Money creation from the FED'S mental decision-making (consciousness) was the operation. Bernanke was the banker who used his consciousness (mind) to THINK UP dollars (for his computer account) and to counterfeit for the greater marketplace. Money from NOTHING emerged in the computer screen of the FED'S account. Amazing what Satan's financial system allows (in today's market).
Is it any wonder that our financial markets go UP and UP with no pause for a recession (as was typical every five-six years). The Dow Index was some 6,900 back in March 2009 and today we are nearly at 40,000 (a 600% increase in the past 15 years). Money from heaven (now digital/virtual) enters the financial marketplace via bankers who can fund accounts with the click of a computer key. Their bookkeeping ledger allows this trickery/corruption as they THINK (falsely) that our digital dollar is a physical object/thing. In reality, a digital/virtual dollar is NOTHING and this unit ($1) is created from the MIND (consciousness) of these BANKSTERS). Is this moral corruption or what?
Is this a criminal financial system? Who gets to create money out-of-nothing and call the numbers real things (which exist in spacetime)? Yes, this is working (as of today) for creating financial bubbles in our world financial system (now under the control of Satan). But is it sustainable and moral? My sense is NO. It's pure trickery and gimmickry and corruption 101. This policy favors the select few (those in control and those with prior wealth) and those who can get favored treatment because of their wealth and authority (say the 1%).
Donald Trump probably is one person who gets favored. Jeff Bezos (Amazon) certainly gets favored. Warren Buffet, Bill Gates, and the Koch brothers certainly get favored. George Soros is another and many of our politicians would qualify (as they desire more spending). America's total debt is now nearly $100 trillion (when all debt is included). Our National Debt is now $34.6 trillion. Personal debt is over $25 trillion and credit card debt is over $1.3 trillion. Unfunded liabilities are over $200 trillion. It this a moral financial system for our children? Not in my view!
How long can this Satanic financial system survive? My sense is that it can survive until masses of voting citizens catch on to this trickery. I say it's Satan's trickery. Nearly everyone is fooled and tricked as few understand money and its history. We have abandoned SOUND money for trickery and casino finance. Few comprehend the trickery and the favors which our new CENTRAL PLANNERS provide to the FEW. I call this Satan's financial system as it is destined to work until this culprit/criminal is removed from his invisible AUTHORITY. It's destined to happen eventually...but not for a few more years.
Enslavement to a few unelected banksters is our destiny (so it seems). Our politicians call this Capitalism. I call it corruption 101. A Banking cartel controls the people and nothing gets done by our leaders in Congress. I tried to inform a few Congressional leaders back in 2008 but their response was that my concern is unwarranted. Even President Obama was unconcerned. The banking committee's were unconcerned. And now a new policy of official counterfeiting is being allowed. Is this Satan's financial system or not?
That is my viewpoint! Give it some consideration at your leisure.
I am: Donald B. Swenson, Economist/Philosopher, http://kingdomecon.wordpress.com. Also, donaldswenson.blogspot.com.
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