Monday, October 18, 2010

Currency Debate Intensifies: Paper Vs. Gold

by Anthony Migchels


A most fundamental and crucial debate is now in full swing.

The two main protagonists are the Goldbugs and the Interest-Free Money community. The battle was ignited by Gary North who attacked Ellen Brown, calling her a 'Greenbacker'. Here's Ellen Brown's retort. Here's a high class framing of the debate by Eric Blair which was widely posted.

The Goldbugs and the Interest-Free Money people have been living in peaceful coexistence for many years. They have a common enemy: paper based fractional reserve banking. But now that the chances of the FED collapsing are becoming more real, the question what to do next arises.

Most people awakening to the Fractional Reserve hoax simply assume that the problem can be solved by Gold-based currency. After all: Gold cannot be printed.

But besides the system in use, there is also the question who is in control of it. We cannot solve our current problems without addressing both questions.

Even if your filters do not allow you to accept the 'International Bankers Rule the World' narrative, we can see clearly who is really in control from the trillions that Governments worldwide handed over to the Banking Fraternity.

It is clear that nobody else would have been able to coerce so many States to cough up such massive handouts.

We are all whining about the environment, all those poor hungry African people, our crumbling infrastructures. Not a dime can be found for these causes. Then the bankers start squeaking and all of the sudden a trillion is a mainstream concept.

The Goldbugs say that Government cannot be trusted with the control of the money supply because politicians will always finance their deficits with the printing press.

There is much truth in this, but please tell me: what Government has been in control of its own money the last century? In Europe privately owned Central Banks were the norm since the 17th century.

Most Central Banks in Europe were nationalized after WWII but nobody in his right mind can say that they have been under Government control. Although Central Banks will always print all the money politicians ask for, they do so in the form of interest-bearing debts, so it is quite clear who's boss.

We are facing the advent of World Currency, which, quoting Eric Blair "... is not conspiracy theory mumbo-jumbo anymore, but rather cold hard fact."

What is at stake here is this: are we going to cheer lead the advent of this World Currency because it is Gold Based and we are fed up with Fractional Reserve banking? Are we going to be the dumb little serfs they assume we are? Or are we going to get to the full picture and get it right this on

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