The Ownership of Wealth in Our Global System: Unveiling the Roots of Modern Monetarism

The distribution of wealth in our modern global system is far from equitable. This article delves into the power structures behind the wealth of the elite, their control over monetary systems, and the implications for the broader population. Drawing from the foundational work on this topic, we will explore the relationship between central banks, fiat currency, and the concept of usury in shaping today's monetary landscape.

The Creature from Jekyll Island: Unpacking the Book

The Creature from Jekyll Island, a book by G. Edward Griffin, has popularized the idea that a few powerful individuals own and control the vast majority of the world's wealth. Griffin’s arguments, rooted in economic history and current monetary practices, highlight the actions of central banks and other financial institutions in perpetuating an unfair system.

The Genesis of Central Banking

Central banks, like the Federal Reserve in the United States, were originally established with the intent of regulating the money supply and maintaining financial stability. However, over time, these institutions have evolved into powerful entities with the ability to create money out of thin air. Griffin argues that this power allows the central banks to indirectly control national economies and the wealth within them.

The Role of Fiat Currency

Fiat money, such as the US dollar or the euro, is not backed by physical commodities like gold, but rather by the faith and credit of the issuing government. In many ways, fiat currency is an IOU from the central bank to the public. What Griffin reveals, however, is that this IOU is actually issued to a select few, such as the Rothschild banking dynasty, who then profit from the creation and manipulation of this currency.

The Power Dynamics Behind Modern Monetarism

The power dynamics behind modern monetarism are rooted in the concept of usury, which refers to the practice of lending money at interest. Usury has been a central feature of modern monetary systems ever since the shift from commodity money to fiat currency. According to Bank of England governor Mark Carney, interest-free loans are not an equitable solution, as they are unaffordable for most borrowers in the current system.

Understanding Usury: The Heart of the Issue

Usury, or charging interest on loans, has long been seen as one of the key mechanisms by which wealth is extracted from the broader population. In Griffin's analysis, this system is inherently exploitative, as it requires individuals and nations to continuously incur debt just to maintain their current standard of living. The Rothschild family, mentioned in Griffin's book, is emblematic of these powerful interests that benefit from the constant cycle of debt and inflation.

The Historical Context of Usury

The concept of usury has its roots in biblical times, where it was initially prohibited in both Judaism and early Christianity. However, as financial systems evolved, so too did the acceptance and legalization of usury. The shift from barter systems to monetary systems and the introduction of central banks facilitated this transformation, allowing the elite to profit from financial mechanisms that would otherwise be considered unethical or exploitative.

The Modern Debt-Based Monetary System

The modern debt-based monetary system is characterized by the creation of new money in the form of bank loans. This system is exacerbated by the fact that all banks are required to keep only a fraction of their deposits in reserve, allowing them to create additional credit out of thin air. As a result, the debts incurred by individuals, businesses, and governments are interconnected, creating a complex web of financial obligations.

The Struggling Majority: A Closer Look

The distribution of wealth in the modern economic system leaves the majority of humanity struggling to make ends meet. Working families, small businesses, and independent entrepreneurs are often burdened with overwhelming debt, making it difficult to improve their financial situations. The power imbalances highlighted by Griffin and others show that the current system is designed to benefit the already wealthy, while the struggling majority is left to bear the brunt of financial instability and economic oppression.

The Impact on Society

The unequal distribution of wealth and the grip of usury on the economy have far-reaching consequences for society. Economic inequality fuels social unrest, as the gap between the rich and poor widens over time. It also hampers social mobility, making it increasingly difficult for individuals to break free from the cycle of debt. Moreover, the constant pressure to maintain income levels to cover debt payments can lead to a culture of financial insecurity and stress.

Shaping a More Equitable Future

Efforts to address these systemic issues are gaining momentum. Social movements, progressive politicians, and economists are advocating for reforms that seek to break the hold of usury and central banking. Proposals range from the establishment of a universal basic income to the creation of alternative financial systems that prioritize social welfare over profit. These discussions are crucial in identifying ways to distribute wealth more equitably and create a more just economic landscape.

Conclusion

The Ownership of Wealth in Our Global System remains a pressing and controversial topic. The insights provided by The Creature from Jekyll Island and other works highlight the importance of understanding the historical and structural elements that contribute to the inequalities we see today. By acknowledging the role of usury and the power of central banks, we can begin to envision a future where wealth is distributed more equitably and financial systems serve the good of all, rather than just a select few.