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Aug 15, 2010
Zeitgeist Addendum
Rating:
(5 stars out of 5)
Release Date: 2008
Cast: Jacque Fresco, John Perkins
Director: Peter Joseph
Writer: Peter Joseph
Genre: Documentary, History
Run Time: 123 minutes
Not Just Another Conspiracy Theory
I must have seen this movie 3 times, and always, I come away from it overwhelmed. But after reading, TIME's Man of the Year edition about the current Federal Reserve chairman, Ben Bernanke and about the inner workings of the Federal Reserve, I came away from this movie, more convinced it's factual and not another conspiracy theory.
3-Part Movie
I'm creating a 3-part review of this movie as follows:
- Fractional reserve banking system (modern day slavery thru debt)
- Economic hitmen, jackals and the US military (economic subversion by the US government against sovereign governments)
- Venus Project (Jacque Frescoe's proposed replacement to the fractional reserve banking system)
What is the Fractional Reserve Banking System?
To cut it short, a fractional reserve banking system is a system of creating money from debt that accrues interest. In this system, every dollar deposited can be multiplied in value by up to 9x its original amount through the perpetual loan-deposit process that happens in the economy. This may sound benign, but the social ramification is staggering. According to TIME Magazine, "In this system, too many withdrawals at once could cause a crisis". Of course! How could you withdraw $1000 from a $100 deposit? Somebody has to take a fall - and that's you and me. Society is oblivious to the inevitable financial catastrophy until there's a market meltdown. By that time, the public is already left holding the bag - homes are foreclosed, savings wiped out, etc. This is not speculation. The specifics are outlined in the Federal Reserve's bible, Modern Money Mechanics. This bible spells out the Fed's policies on money creation in black and white.
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There are 2 ways to enslave society. One is through the sword. The other one is through debt.
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The Big Picture
Let's step back and see the big picture, without getting caught up in the confusing details:
- 1% of the world's population owns 40% of the world's wealth
- 34,000 children die everyday from poverty and disease
- half of the world's population live on less than $2/day
There's something very wrong about this picture. But by design, this is what happens in a fractional reserve banking system.
A Biased Monetary System
I used to think the above happens because some people are simply smarter than others (or more fortunate than others). But after seeing this movie and synthesizing the information presented, I begin to realize it not just about being smart or lucky. The system itself is biased to benefit small pockets of society (the banking system, the government and big corporations), and conversely, biased against everyone else (you and me), through the ingenious manipulation of the money supply and accrued interest. Stay with me. The plot thickens.
Inflation
In this system, money is created (printed) from thin air with nothing to back it up, therefore diluting the value of the money already circulating in the economy. This causes inflation. Inflation is the hidden tax that everybody pays because it makes us buy less with the same amount of money.
Money Created From Debt
Money is created from debt. Debt accrues interest, and both need to be paid back to the banks. But all the money in circulation only represents the principal. The operative question is, where will the money to cover the interest come from? Answer? Nowhere. It doesn't exist. The ramification of this is staggering. The money owed back to the banks will always exceed the money in circulation. So, new money has to be created to cover the perpetual deficit built into the system. This inherently causes inflation as new money erodes the purchasing power of money in circulation. Mathematically, defaults and bankruptcies inevitably happen, leaving poor pockets in society holding the bag. So, where is real wealth going to? The bankers. Why? Because if you fail to pay your mortgage, the bank forecloses your property. And foreclosure is a constant with the fractional reserve system - by design, it will inevitably happen. The banks always win. Recent case in point? The subprime mortgage crisis of 2007 which continues to date.
Modern Day Slavery
Slavery is nothing but the control of labor. In a fractional reserve system, capital controls labor. Whoever controls capital enslaves those who use it. The Federal Reserve perpetuates modern slavery by controlling the money supply and interest. What's interesting is, the public at large is oblivious to this invisible economic manipulation.
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