Circuit City & General Motors Failing.... Watch "Money As Debt"
As Circuit City filed for bankruptcy protection (11/10/08 -AP), and General Motors is moving towards bankruptcy (shares fell 30% today, 11/10), it's important we understand the cause of the economic failure we are seeing today.
Thanks to our government's policies of given fractional reserve lending powers to banks (they can loan out many times more money they don't have), and enforcing their debts, and enforcing their currency as debt - not real assets - we have put ourselves in a situation that will inevitably burst. Our economy today is not sustainable; it relies on exponential growth and exponential debt. If all debts were paid off, we would have no real assets as a nation!
IF EVERY INSTITUTION AND INDIVIDUAL IN AMERICA PAID OFF ALL THEIR DEBT - There would also be ABSOLUTELY NO MONEY LEFT IN CICULATION!!!
If we don't change the system, eventually the banks of the world will own all the world's real property, assets, and wealth and the people of the world will own nothing and just be slaves perpetually working for the bankers!
Is there an easy solution? Well, it won't be easy, but it sure is simple. Watch this admittedly semi-corny yet highly educational cartoon video (47 mins long) that illustrates the problems of "Money As Debt" and the solutions that need to be implemented. Only Ron Paul was talking about this by the way... he predicted this collapse by the way.
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