|Immigration & the Euro. Usury Debt must feature too.|
How to solve debt problem without the pain
All of these masquerade as national or public central banks of their respective countries.
None of them are public, though, including but not limited to, the Irish Central Bank, the ECB, the Federal Reserve.
They are privately-owned and they create money and issue it into society via the more commonly known high street banks.
These banks have never created a cent of interest that is owed to them. They issue us debt but only create the principal. So how can society pay the principal plus the interest? It can’t.
The debt cannot be repaid because the interest does not exist! This explains nearly all the problems of our society.
Let’s say you borrowed €200K five years ago to buy a house.
In truth you owe close to €400K with interest.
However, the extra 200K interest due does not exist. You need to scavenge, work extra hard and even step on others to gather this scarce resource. Hence someone else always loses for you to meet your debt commitment.
If the mortgage term was 25 years, then after five years you have paid circa €80K.
The second flaw in the system is that the central bank didn’t have the initial €200K either. They work off fractional reserve banking on ratios like 10:1, e.g. they only hold 10% in assets of the value of the loans that are given out. So of the €200K principal borrowed they may have only had €20K.
Solution time: Outlaw private central banking in a government – government co-ordinated fashion. Set up public central banking.
Instantly write off all the interest due on previous debt as it doesn’t exist and is therefore not owed. Write down all debt further to the value of the actual money the old private system had to loan, i.e. €20K in our example.
Since our couple have paid €80K of real money, then their debt is already serviced in full and they are now in credit to the tune of €60K, which possibly could be written off against future taxes.
Only those who haven’t reached this legitimate debt threshold will continue to pay debt to the new public central banks.
This is but the merest hint of the freedom awaiting humanity once we wake up to what legitimate debt really is.