MOE MONEY

[Dennis1209]

In the sweat of thy face shalt thou eat bread, till thou return unto the ground; for out of it wast thou taken: for dust thou art, and unto dust shalt thou return. (Genesis 3:19)

Man has a long history and aversion to manual labor and sweat to produce something. Man devised ways to make a living, not to work, off the backs of the productive, called banking, finance, and control.

WŎRK, v. i. pret. and pp. worked or wrought. [Sax. weorcan, wircan, wyrcan; Goth. waurkyan; D. werken; G. wirken; Sw. virka, verka; Dan. virker; Gr. εργαζομαι.]

2. To labor; to be occupied in performing manual labor, whether severe or moderate. One man works better than another; one man works hard; another works lazily.^[1]

I would particularly like to discuss or debate the evolution of finance and banking with someone with a degree or someone in banking and finance. How we got here, where we are presently at, and where we are headed:

And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name. (Revelation 13:17)

Money is a divisible, portable representation of stored wealth (labor) regardless of its form. Throughout time and history, that representation has been repeatedly devalued and debased. From the king shaving off edges of precious metal coins, debasing the percentage of valuable metal content, to today’s hidden inflation tax, printing presses printing (nonexistent credits) 24/7, to Xs and Os.

No one can define what a U.S. Dollar (or any other currency) represents anymore or its purchasing power over time. Backed by the good faith and credit clause is a bad joke, over 40 TRILLION of them and counting, making them less valuable by the minute, backed by an I.O.U. Nothing. Financial collapse is inevitable and soon.

“Those who cannot remember the past are condemned to repeat it.” George Santayana

God is on the throne and in control. His plan and purposes are manifested for our generation. All the prophetic markers for the terminal generation are front and center. Tick, tick, tick.

 

---

^[1] Webster, Noah. Noah Webster’s First Edition of An American Dictionary of the English Language., Foundation for American Christian Education, 2006.

[Sower]

6 minutes ago, Dennis1209 said:

In the sweat of thy face shalt thou eat bread, till thou return unto the ground; for out of it wast thou taken: for dust thou art, and unto dust shalt thou return. (Genesis 3:19)

                                    Work is the best narcotic!

     Instead of putting all our exchange of labor into a bank to be handled by the exchangers ,
              we purchase metals of value they can not manipulate as well.  Yet.

[Sower]

28 minutes ago, Dennis1209 said:

I would particularly like to discuss or debate the evolution of finance and banking with someone with a degree or someone in banking and finance. How we got here, where we are presently at, and where we are headed:

I have a degree in sweat only. My banker is God. I learned I can not out give him. In God I trust.
             (Best I can do here below, Dennis)

Quote:

The Evolution of Banking Over Time

From the ancient world to the digital age

ByAndrew BeattieFull Bio

 

Andrew Beattie was part of the original editorial team at Investopedia and has spent twenty years writing on a diverse range of financial topics including business, investing, personal finance, and trading.

Learn about our editorial policies

Updated March 24, 2023

Reviewed by

Khadija Khartit

Fact checked by

Hans Daniel Jasperson

 

Trending Videos

Banking has been in existence since the first currencies were minted and wealthy people realized they needed a safe place to store their money. Ancient empires also needed a functioning financial system to facilitate trade, distribute wealth, and collect taxes. Banks were to play a major role in that, just as they do today.

Key Takeaways

Religious temples became the earliest banks because they were seen as safe places to store money.

Before long, temples got into the business of lending money at interest, much as modern banks do.

By the 18th century, many governments gave banks a free hand to operate, based on the theories of economist Adam Smith.

Numerous financial crises and bank panics over the decades eventually led to increased regulation.

Banking Is Born

The barter system of exchanging goods for goods worked reasonably well for the earliest communities. It prove problematic as soon as people started traveling from town to town in search of new markets for their goods and new products to take home.

Over time, coins of various sizes and metals began to be minted to provide a store of value for trade.

Coins, however, need to be kept in a safe place, and ancient homes did not have steel safes. Wealthy people in Rome stored their coins and jewels in the basements of temples. They were seen to be secure, given the presence of priests and temple workers, not to mention armed guards.1

Historical records from Greece, Rome, Egypt, and Babylon suggest that temples loaned money in addition to keeping it safe. The fact that temples often functioned as the financial centers of their cities is one reason why they were inevitably ransacked during wars.1

Open a New Bank Account

Coins could be exchanged and hoarded more easily than other commodities, such as 300-pound pigs, so a class of wealthy merchants took to lending coins, with interest, to people in need of them. Temples typically handled large loans, including those to various sovereigns, while wealthy merchant money lenders handled the rest.1

Banking in the Roman Empire

The Romans, who were expert builders and administrators, extricated banking from the temples and formalized it within distinct buildings. During this time, moneylenders still profited, as loan sharks do today, but most legitimate commerce—and almost all government spending—involved the use of an institutional bank.

According to the World History Encyclopedia, Julius Caesar initiated the practice of allowing bankers to confiscate land in lieu of loan payments. This was a monumental shift of power in the relationship of creditor and debtor, as landed noblemen had previously been untouchable, passing debts on to their descendants until either the creditor’s or debtor’s lineage died out.2

The Roman Empire eventually crumbled, but some of its banking institutions lived on in the Middle Ages through the services of papal bankers and the Knights Templar. Small-time moneylenders who competed with the church were often denounced for usury.3

European Monarchs Discover Easy Money

Eventually, the monarchs who reigned over Europe noted the value of banking institutions. As banks existed by the grace—and occasionally, the explicit charters and contracts—of the ruling sovereignty, the royal powers began to take loans, often on the king’s terms, to make up for hard times at the royal treasury.

This easy access to financing led kings into gross extravagances, costly wars, and arms races with neighboring kingdoms, not to mention crushing debt.

In 1557, Philip II of Spain managed to burden his kingdom with so much debt due to several pointless wars that he caused the world’s first national bankruptcy—as well as the world’s second, third, and fourth, in rapid succession. These events occurred because 40% of the country’s gross national product (GNP) went toward servicing the nation's debt.4

The practice of turning a blind eye to the creditworthiness of powerful customers continues to haunt banks today.

Adam Smith Gives Rise to Free-Market Banking

Banking was already well-established in the British Empire when economist Adam Smith introduced his invisible hand theory in 1776. Empowered by his views of a self-regulating economy, moneylenders and bankers managed to limit the state’s involvement in the banking sector and the economy as a whole.5 This free-market capitalism and competitive banking found fertile ground in the New World, where the United States of America was about to emerge.

In its earliest days, the United States did not have a single currency. Banks could create a currency and distribute it to anyone who would accept it. If a bank failed, the banknotes that it had issued became worthless. A single bank robbery could crush a bank and its customers. Compounding these risks was a cyclical cash crunch that could disrupt the system at any time.6

Alexander Hamilton, the first secretary of the U.S. Treasury, established a national bank that would accept member banknotes at par, thus keeping banks afloat through difficult times.7 After a few stops, starts, cancellations, and resurrections, this national bank created a uniform national currency and set up a system by which national banks backed their notes by purchasing Treasury securities, thus creating a liquid market. The national banks then pushed out the competition through the imposition of taxes on the relatively lawless state banks.8

The damage had been done, however, as average Americans had grown to distrust banks and bankers in general. This feeling would lead the state of Texas to outlaw corporate banks with a law that stood until 1904.9

Merchant Banks Come Into Power

Most of the economic duties that would have been handled by the national banking system, in addition to regular banking business like loans and corporate finance, soon fell into the hands of large merchant banks. During this period, which lasted into the 1920s, the merchant banks parlayed their international connections into enormous political and financial power.

These banks included Goldman Sachs; Kuhn, Loeb & Co.; and J.P. Morgan & Co. Originally, they relied heavily on commissions from foreign bond sales from Europe, with a small backflow of American bonds trading in Europe. This allowed them to build capital.

As large industries emerged and created the need for major corporate financing, the amounts of capital required could not be provided by any single bank. Initial public offerings (IPOs) and bond offerings to the public became the only way to raise the amount of money needed.

Successful offerings boosted a bank’s reputation and put it in a position to ask for more to underwrite an offer. By the late 1800s, many banks demanded a position on the boards of the companies seeking capital, and if the management proved lacking, they ran the companies themselves.10

J.P. Morgan Rescues the Banking Industry

J.P. Morgan & Co. emerged at the head of the merchant banks during the late 1800s. It was connected directly to London, then the world’s financial center, and had considerable political clout in the United States.11

Morgan & Co. created U.S. Steel, AT&T, and International Harvester, as well as duopolies and near-monopolies in the railroad and shipping industries, through the revolutionary use of trusts and a disdain for the Sherman Antitrust Act.12

It remained difficult, however, for average Americans to obtain loans or other banking services. Merchant banks didn’t advertise and rarely extended credit to the “common” people. Racism was widespread. Merchant banks left consumer lending to the lesser banks, which were still failing at an alarming rate.

The collapse in shares of a copper trust set off the Bank Panic of 1907, with a run on banks and stock sell-offs. Without a Federal Reserve Bank to take action to stop the panic, the task fell to J.P. Morgan personally. Morgan used his considerable clout to gather all the major players on Wall Street and persuade them to deploy the credit and capital that they controlled, just as the Fed would do today.13

The End of an Era, the Birth of the Fed

Ironically, Morgan’s move ensured that no private banker would ever again wield that much power. In 1913, the U.S. government formed the Federal Reserve Bank (the Fed). Although the merchant banks influenced the structure of the Fed, they were also pushed into the background by its creation.14

Even with the establishment of the Fed, enormous financial and political power remained concentrated on Wall Street. When World War I broke out, the United States became a global lender, and by the end of the war, it had replaced London as the center of the financial world.

At that point, the government decided to put some handcuffs on the banking sector. It insisted that all debtor nations pay back their war loans—which traditionally were forgiven, especially in the case of allies—before any American institution would extend them further credit.15

This slowed world trade and caused many countries to become hostile toward American goods. When the stock market crashed on Black Tuesday in 1929, the already-sluggish world economy was knocked out. The Fed couldn’t contain the damage, which led to some 9,000 bank failures from 1929 to 1933.16

New laws emerged to salvage the banking sector and restore consumer confidence. With the passage of the Glass-Steagall Act in 1933, for example, commercial banks were no longer allowed to speculate with consumers’ deposits, and the Federal Deposit Insurance Corp. (FDIC) was created to insure accounts up to certain limits.17 The insured limit as of 2023 is $250,000 per account.18

World War II and the Rise of Modern Banking

World War II may have saved the banking industry from complete destruction. For the banks and the Fed, the war required financial maneuvers involving billions of dollars. This massive financing operation created companies with huge credit needs that, in turn, spurred banks into mergers to meet the demand. These huge banks spanned global markets.

More importantly, domestic banking in the United States finally settled to the point where, with the advent of deposit insurance and widespread mortgage lending, the average citizen could have confidence in the banking system and reasonable access to credit. The modern era had arrived.

Banking Goes Digital

The most significant development in the world of banking in the late 20th and early 21st centuries has been the advent of online banking, which in its earliest forms dates back to the 1980s but really began to take off with the rise of the internet in the mid-1990s.

The growing adoption of smartphones and mobile banking apps further accelerated the trend. While many customers continue to conduct at least some of their business at brick-and-mortar banks, a 2021 J.D. Power survey found that 41% of them have gone digital-only.19

What Does a Central Bank Do?

A central bank is a financial institution that is authorized by a government to oversee and regulate the nation’s monetary system and its commercial banks. It produces and manages the nation's currency. Most of the world’s countries have central banks for that purpose. In the United States, the central bank is the Federal Reserve System.20

Who Regulates Banks in the U.S. Today?

Depending on how they are chartered, commercial banks in the United States are regulated by a number of government agencies, including the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corp. (FDIC).

State-chartered banks are also regulated by the state in which they do business.21

Investment banks are largely regulated by the U.S. Securities and Exchange Commission (SEC).22

What Is the Difference Between a Commercial Bank and an Investment Bank?

Commercial banks provide services to the general public and to businesses. They take deposits, issue loans, and operate ATMS.

Investment banks provide services only to large companies, institutional investors, and some high-net-worth individuals. Those services include helping companies raise money by issuing stocks or bonds or obtaining loans. They may also be deal-makers, facilitating corporate mergers and acquisitions.

Investopedia / Yurle Villegas

The Bottom Line

Banks have come a long way from the temples of the ancient world, but their basic business practices have not changed much. Although history has altered the finer points of the business model, a bank’s purposes are still to make loans and to protect depositors’ money.

Even today, where digital banking and financing are replacing traditional brick-and-mortar locations, banks still perform these fundamental functions.

Psalms 37:25
"I have been young, and now am old; Yet have I not seen the righteous forsaken, nor his seed begging bread"

 

[Dennis1209]

1 hour ago, Sower said:

I have a degree in sweat only. My banker is God. I learned I can not out give him. In God I trust.
             (Best I can do here below, Dennis)

Quote:

The Evolution of Banking Over Time

From the ancient world to the digital age

ByAndrew BeattieFull Bio

 

Andrew Beattie was part of the original editorial team at Investopedia and has spent twenty years writing on a diverse range of financial topics including business, investing, personal finance, and trading.

Learn about our editorial policies

Updated March 24, 2023

Reviewed by

Khadija Khartit

Fact checked by

Hans Daniel Jasperson

 

Trending Videos

Banking has been in existence since the first currencies were minted and wealthy people realized they needed a safe place to store their money. Ancient empires also needed a functioning financial system to facilitate trade, distribute wealth, and collect taxes. Banks were to play a major role in that, just as they do today.

Key Takeaways

Religious temples became the earliest banks because they were seen as safe places to store money.

Before long, temples got into the business of lending money at interest, much as modern banks do.

By the 18th century, many governments gave banks a free hand to operate, based on the theories of economist Adam Smith.

Numerous financial crises and bank panics over the decades eventually led to increased regulation.

Banking Is Born

The barter system of exchanging goods for goods worked reasonably well for the earliest communities. It prove problematic as soon as people started traveling from town to town in search of new markets for their goods and new products to take home.

Over time, coins of various sizes and metals began to be minted to provide a store of value for trade.

Coins, however, need to be kept in a safe place, and ancient homes did not have steel safes. Wealthy people in Rome stored their coins and jewels in the basements of temples. They were seen to be secure, given the presence of priests and temple workers, not to mention armed guards.1

Historical records from Greece, Rome, Egypt, and Babylon suggest that temples loaned money in addition to keeping it safe. The fact that temples often functioned as the financial centers of their cities is one reason why they were inevitably ransacked during wars.1

Open a New Bank Account

Coins could be exchanged and hoarded more easily than other commodities, such as 300-pound pigs, so a class of wealthy merchants took to lending coins, with interest, to people in need of them. Temples typically handled large loans, including those to various sovereigns, while wealthy merchant money lenders handled the rest.1

Banking in the Roman Empire

The Romans, who were expert builders and administrators, extricated banking from the temples and formalized it within distinct buildings. During this time, moneylenders still profited, as loan sharks do today, but most legitimate commerce—and almost all government spending—involved the use of an institutional bank.

According to the World History Encyclopedia, Julius Caesar initiated the practice of allowing bankers to confiscate land in lieu of loan payments. This was a monumental shift of power in the relationship of creditor and debtor, as landed noblemen had previously been untouchable, passing debts on to their descendants until either the creditor’s or debtor’s lineage died out.2

The Roman Empire eventually crumbled, but some of its banking institutions lived on in the Middle Ages through the services of papal bankers and the Knights Templar. Small-time moneylenders who competed with the church were often denounced for usury.3

European Monarchs Discover Easy Money

Eventually, the monarchs who reigned over Europe noted the value of banking institutions. As banks existed by the grace—and occasionally, the explicit charters and contracts—of the ruling sovereignty, the royal powers began to take loans, often on the king’s terms, to make up for hard times at the royal treasury.

This easy access to financing led kings into gross extravagances, costly wars, and arms races with neighboring kingdoms, not to mention crushing debt.

In 1557, Philip II of Spain managed to burden his kingdom with so much debt due to several pointless wars that he caused the world’s first national bankruptcy—as well as the world’s second, third, and fourth, in rapid succession. These events occurred because 40% of the country’s gross national product (GNP) went toward servicing the nation's debt.4

The practice of turning a blind eye to the creditworthiness of powerful customers continues to haunt banks today.

Adam Smith Gives Rise to Free-Market Banking

Banking was already well-established in the British Empire when economist Adam Smith introduced his invisible hand theory in 1776. Empowered by his views of a self-regulating economy, moneylenders and bankers managed to limit the state’s involvement in the banking sector and the economy as a whole.5 This free-market capitalism and competitive banking found fertile ground in the New World, where the United States of America was about to emerge.

In its earliest days, the United States did not have a single currency. Banks could create a currency and distribute it to anyone who would accept it. If a bank failed, the banknotes that it had issued became worthless. A single bank robbery could crush a bank and its customers. Compounding these risks was a cyclical cash crunch that could disrupt the system at any time.6

Alexander Hamilton, the first secretary of the U.S. Treasury, established a national bank that would accept member banknotes at par, thus keeping banks afloat through difficult times.7 After a few stops, starts, cancellations, and resurrections, this national bank created a uniform national currency and set up a system by which national banks backed their notes by purchasing Treasury securities, thus creating a liquid market. The national banks then pushed out the competition through the imposition of taxes on the relatively lawless state banks.8

The damage had been done, however, as average Americans had grown to distrust banks and bankers in general. This feeling would lead the state of Texas to outlaw corporate banks with a law that stood until 1904.9

Merchant Banks Come Into Power

Most of the economic duties that would have been handled by the national banking system, in addition to regular banking business like loans and corporate finance, soon fell into the hands of large merchant banks. During this period, which lasted into the 1920s, the merchant banks parlayed their international connections into enormous political and financial power.

These banks included Goldman Sachs; Kuhn, Loeb & Co.; and J.P. Morgan & Co. Originally, they relied heavily on commissions from foreign bond sales from Europe, with a small backflow of American bonds trading in Europe. This allowed them to build capital.

As large industries emerged and created the need for major corporate financing, the amounts of capital required could not be provided by any single bank. Initial public offerings (IPOs) and bond offerings to the public became the only way to raise the amount of money needed.

Successful offerings boosted a bank’s reputation and put it in a position to ask for more to underwrite an offer. By the late 1800s, many banks demanded a position on the boards of the companies seeking capital, and if the management proved lacking, they ran the companies themselves.10

J.P. Morgan Rescues the Banking Industry

J.P. Morgan & Co. emerged at the head of the merchant banks during the late 1800s. It was connected directly to London, then the world’s financial center, and had considerable political clout in the United States.11

Morgan & Co. created U.S. Steel, AT&T, and International Harvester, as well as duopolies and near-monopolies in the railroad and shipping industries, through the revolutionary use of trusts and a disdain for the Sherman Antitrust Act.12

It remained difficult, however, for average Americans to obtain loans or other banking services. Merchant banks didn’t advertise and rarely extended credit to the “common” people. Racism was widespread. Merchant banks left consumer lending to the lesser banks, which were still failing at an alarming rate.

The collapse in shares of a copper trust set off the Bank Panic of 1907, with a run on banks and stock sell-offs. Without a Federal Reserve Bank to take action to stop the panic, the task fell to J.P. Morgan personally. Morgan used his considerable clout to gather all the major players on Wall Street and persuade them to deploy the credit and capital that they controlled, just as the Fed would do today.13

The End of an Era, the Birth of the Fed

Ironically, Morgan’s move ensured that no private banker would ever again wield that much power. In 1913, the U.S. government formed the Federal Reserve Bank (the Fed). Although the merchant banks influenced the structure of the Fed, they were also pushed into the background by its creation.14

Even with the establishment of the Fed, enormous financial and political power remained concentrated on Wall Street. When World War I broke out, the United States became a global lender, and by the end of the war, it had replaced London as the center of the financial world.

At that point, the government decided to put some handcuffs on the banking sector. It insisted that all debtor nations pay back their war loans—which traditionally were forgiven, especially in the case of allies—before any American institution would extend them further credit.15

This slowed world trade and caused many countries to become hostile toward American goods. When the stock market crashed on Black Tuesday in 1929, the already-sluggish world economy was knocked out. The Fed couldn’t contain the damage, which led to some 9,000 bank failures from 1929 to 1933.16

New laws emerged to salvage the banking sector and restore consumer confidence. With the passage of the Glass-Steagall Act in 1933, for example, commercial banks were no longer allowed to speculate with consumers’ deposits, and the Federal Deposit Insurance Corp. (FDIC) was created to insure accounts up to certain limits.17 The insured limit as of 2023 is $250,000 per account.18

World War II and the Rise of Modern Banking

World War II may have saved the banking industry from complete destruction. For the banks and the Fed, the war required financial maneuvers involving billions of dollars. This massive financing operation created companies with huge credit needs that, in turn, spurred banks into mergers to meet the demand. These huge banks spanned global markets.

More importantly, domestic banking in the United States finally settled to the point where, with the advent of deposit insurance and widespread mortgage lending, the average citizen could have confidence in the banking system and reasonable access to credit. The modern era had arrived.

Banking Goes Digital

The most significant development in the world of banking in the late 20th and early 21st centuries has been the advent of online banking, which in its earliest forms dates back to the 1980s but really began to take off with the rise of the internet in the mid-1990s.

The growing adoption of smartphones and mobile banking apps further accelerated the trend. While many customers continue to conduct at least some of their business at brick-and-mortar banks, a 2021 J.D. Power survey found that 41% of them have gone digital-only.19

What Does a Central Bank Do?

A central bank is a financial institution that is authorized by a government to oversee and regulate the nation’s monetary system and its commercial banks. It produces and manages the nation's currency. Most of the world’s countries have central banks for that purpose. In the United States, the central bank is the Federal Reserve System.20

Who Regulates Banks in the U.S. Today?

Depending on how they are chartered, commercial banks in the United States are regulated by a number of government agencies, including the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corp. (FDIC).

State-chartered banks are also regulated by the state in which they do business.21

Investment banks are largely regulated by the U.S. Securities and Exchange Commission (SEC).22

What Is the Difference Between a Commercial Bank and an Investment Bank?

Commercial banks provide services to the general public and to businesses. They take deposits, issue loans, and operate ATMS.

Investment banks provide services only to large companies, institutional investors, and some high-net-worth individuals. Those services include helping companies raise money by issuing stocks or bonds or obtaining loans. They may also be deal-makers, facilitating corporate mergers and acquisitions.

Investopedia / Yurle Villegas

The Bottom Line

Banks have come a long way from the temples of the ancient world, but their basic business practices have not changed much. Although history has altered the finer points of the business model, a bank’s purposes are still to make loans and to protect depositors’ money.

Even today, where digital banking and financing are replacing traditional brick-and-mortar locations, banks still perform these fundamental functions.

Exactly! Years ago, I researched and wrote a lengthy, boring thesis on the history of barter and money. I wanted to factually expose what causes inflation and our corrupt banking system, what is coming, and the powers behind them.

Had Aaron Burr and Alexandar Hamilton had their dual several years prior, I doubt Central Banks and our predicament would have formed. Two informative secular reads are “The Creature from Jekyll Island” ~ by G. Edward Griffin, “The Law” ~ by Frederic Bastiat, and "The New Economic Disorder" ~ by Larry Bates.

Our US Congress voluntarily gave up its Constitutional authority and mandate to coin and regulate money in favor of the Federal Reserve, which is neither Federal nor has any reserves. It is a private for-profit bank associated with the Rothchilds and others.

As I mentioned, banking is a Ponzi scheme of excessive usury and sleight of hand (ledger), fostered by the fractional reserve system, backed by almost nothing for depositors. Loans and debt are counted as positive assets on a leger. I would go on to explain how it works, but it would be lengthy.

The point I was intending is an end-time application of progressive enslavement. Few take the time to read the numerous banking Terms of Service (TOS) changes; everyone is getting them.

If a person took the hour or so to read them, they would discover they are no longer customer service-oriented, but now our masters having to jump through hoops and legal mumbo jumbo. Privacy, reporting, and what you need to know are especially telling and interesting.

In the next few years, there will be no more fiat physical legal tender. The World Economic Forum (WEF) and UN Agenda 2030 now operate with digital currencies from central banks and some countries, a prelude to the near One World economic system, a.k.a. the One World Government.

The history and greed of these devices and how we got to where we are are interesting.

We are in good hands; nothing takes the Lord by surprise.

[Marilyn C]

10 hours ago, Dennis1209 said:

 

I would particularly like to discuss or debate the evolution of finance and banking with someone with a degree or someone in banking and finance. How we got here, where we are presently at, and where we are headed:

 

 

---

^[1] Webster, Noah. Noah Webster’s First Edition of An American Dictionary of the English Language., Foundation for American Christian Education, 2006.

Hi Dennis,

Good topic and one we follow. Yes, this present monetary system is in for a momentous bust. But, as we know there is a plan for a global currency under one umbrella. The IMF (International Monetary (Mafia) Fund) has been made (after WW 2) to do this job. 

At the moment they have increased their SDR`s (Special Drawing Rights) to many countries. They now have a wide reach with all in debt to them. The SDR`s are a token that can be exchanged for one of the currencies in their basket of currencies, (Dollar, Euro, Pound, Yen, & Yuan.)

The New SDR- System.

Over the past few years there have been many voices calling for a New SDR-System to be the basis of the World`s financial & economic system. To name a few ....

In 2010 there was published an article be the former Finance minister of Colombia. It was titled `Building an SDR-Based Reserve System.`

In 2016 in China`s most prominent international monetary magazine, there was an article titled `Revive the IMF`s SDR Substitution Fund.` It explained in detail how a transition from a dollar-centred system towards an IMF-SDR system was planned as early as the 1970`s.

Many believe that now 50 years later after its introduction, an SDR Substitution Fund, could well be the best approach to kick-start the SDR as a truly World Reserve Currency.

This substitution Fund would enable central banks to exchange their U.S. dollars for SDR`s. Thus they would diversify away from the dollar and be dropping the U.S. dollar as the anchor for the world`s monetary system.

Also the IMF has increased its commodity content, (gold) and included major emerging markets. Note there are currently 190 countries members of the IMF.

Commercial `parties` will also be given new SDR-money (M-SDR`s) to be used as SDR-denominated financial market instruments.  

Thus a New SDR-System is emerging to replace the U.S. dollar as the World`s reserve currency.

[Dennis1209]

13 hours ago, Marilyn C said:

Hi Dennis,

Good topic and one we follow. Yes, this present monetary system is in for a momentous bust. But, as we know there is a plan for a global currency under one umbrella. The IMF (International Monetary (Mafia) Fund) has been made (after WW 2) to do this job. 

At the moment they have increased their SDR`s (Special Drawing Rights) to many countries. They now have a wide reach with all in debt to them. The SDR`s are a token that can be exchanged for one of the currencies in their basket of currencies, (Dollar, Euro, Pound, Yen, & Yuan.)

The New SDR- System.

Over the past few years there have been many voices calling for a New SDR-System to be the basis of the World`s financial & economic system. To name a few ....

In 2010 there was published an article be the former Finance minister of Colombia. It was titled `Building an SDR-Based Reserve System.`

In 2016 in China`s most prominent international monetary magazine, there was an article titled `Revive the IMF`s SDR Substitution Fund.` It explained in detail how a transition from a dollar-centred system towards an IMF-SDR system was planned as early as the 1970`s.

Many believe that now 50 years later after its introduction, an SDR Substitution Fund, could well be the best approach to kick-start the SDR as a truly World Reserve Currency.

This substitution Fund would enable central banks to exchange their U.S. dollars for SDR`s. Thus they would diversify away from the dollar and be dropping the U.S. dollar as the anchor for the world`s monetary system.

Also the IMF has increased its commodity content, (gold) and included major emerging markets. Note there are currently 190 countries members of the IMF.

Commercial `parties` will also be given new SDR-money (M-SDR`s) to be used as SDR-denominated financial market instruments.  

Thus a New SDR-System is emerging to replace the U.S. dollar as the World`s reserve currency.

How about a pot of coffee for this rant, Marilyn? 😊

I realize finance, banking, Central Banks, IMF, World Bank, etc., are boring topics to discuss. However, they are central to the coming global government and One World economic system. The pretense is the disparity between national currencies and wealth redistribution, uniting the globe under one financial umbrella. They aim to make everyone equal and equally poor, except for the ruling class.

For ye have the poor with you always, and whensoever ye will ye may do them good: but me ye have not always. (Mark 14:7)

When Congress passes lousy laws, it excludes itself, e.g., Social Security. Unless I voted them down, I want a job that automatically gets unproportional pay raises to inflation.

Most Americans are oblivious to what is about to occur and its impact on their standard of living, children, and lifestyle, but as they are touting, “you will own nothing and be happy.” ~ (WEF – citing Ida Auken)

We are insolvent and beyond bankrupt with America's public and private debt. The wealthiest nation on earth? Debt is not prosperity, and we measure economic growth by how much we borrow and spend; that is ridiculous. How long would we last if our fiscal responsibility operated like the government? What is wrong with my good faith credit and credit score? If Equifax gave the government a credit rating, would it be single or double-digit? Americans do not understand that they, their children, and their grandchildren are personally, legally, and individually liable to the lender for all government debt and promises incurred. Wealth is never destroyed; it is transferred.

The government produces nothing tangible. It has only three sources of revenue: printing, borrowing, and taxing (including the hidden tax of inflation). We are well beyond the sustainable limits of all three.

Again, Americans do not realize we do not own America anymore; hostile foreigners do. The treasury debt bonds we sell to the finance government, military, welfare, socialist programs including SS, mountains of pork, and being the global police force for our interests could automatically bankrupt us when they cash them in. China owns much American soil, and other nations have the title deed, not to mention all the investments, businesses, and corporations China and others own now. With that, what is all the fuss about China wanting to purchase TicTok?

Since WW II, the dollar has been the world's reserve currency, and dollars were mandated to purchase barrels of oil. That gave the US an advantage, privilege, and stability. As you rightly observe, when that changes, it could also trigger a national crisis.

What was Saddam Hussein about to do on oil that would cause a chain effect that drew us into the Gulf Wars? (Hint: replace the dollar).

How we arrived at where we are today is a long-planned, intentional act. It is not a conspiracy theory to suggest that the Luciferian agenda for America goes back to our founding with the Masons and other secret societies. It is much too long to detail, but occult symbolism is plastered throughout our nation's capital, the Capitol Dome, the Washington phallus, and the pentagram street layout, which defies logic regarding tradition, efficiency, and common sense.

Ross Perot nailed it when he said the "sucking sound of American jobs leaving the country," and it was intentional. While they are at it, why not make it mandatory to create NAFTA and GATT (free trade-thousands of pages) to diminish our food production and make it legally compulsory to purchase foreign-grown food?

I have not completed the windup yet, much less the hesitation and the pitch. 😊

My point is it is not mismanagement or inept government; it is a concerted, planned effort for a utopian socialist world ruled by the elitists—two classes: the haves and have-nots.

If you were Queen Marilyn of the world and decided eight billion people were not sustainable for the planet, 500,000,000 or less would be the agenda and goal. How would you achieve that planned and stated goal?

Inciting World War III with nuclear weapons, contaminated jabs, famine-starvation, food production and control, limit and restrict fertilizer possibly, private property rain water run off taxes. Mandate electric transport vehicles that do not work in cold weather, outdated infrastructure, and inadequate power grid and production due to neglect, open borders, and illegal alien influx. Our Bible gives us a glimpse of the conditions coming, beginning with the seal judgments. Is all this flying off the pages of our Bibles?  

In our generation, the word "normal" needs to be redefined. 

[FJK]

31 minutes ago, Dennis1209 said:

When Congress passes lousy laws, it excludes itself .....

No one is above the law.

But not all laws apply to all people.

Sometimes by the way they are written, some times by the way they are interpreted, and sometimes by the way they are enforced.

That's what living in a free nation is all about, you're free to move into the category of your choice to avoid the laws you don't like.

[Dennis1209]

5 hours ago, FJK said:

No one is above the law.

But not all laws apply to all people.

Sometimes by the way they are written, some times by the way they are interpreted, and sometimes by the way they are enforced.

That's what living in a free nation is all about, you're free to move into the category of your choice to avoid the laws you don't like.

Perhaps you misunderstand my meaning? Congress excluded itself from participating in the Social Security program. Instead, they created their own lavish pay and retirement program. Spend only two years as a Representative or Senator, then a lavish pension and benefits for life. In other words, SS was not adequate for the elite.

In addition, there are a few other exemptions for which they cannot be charged or prosecuted.

Do As We Say, Congress Says, Then Does What It Wants — ProPublica

[AnOrangeCat]

6 hours ago, Dennis1209 said:

Since WW II, the dollar has been the world's reserve currency, and dollars were mandated to purchase barrels of oil. That gave the US an advantage, privilege, and stability. As you rightly observe, when that changes, it could also trigger a national crisis.

What was Saddam Hussein about to do on oil that would cause a chain effect that drew us into the Gulf Wars? (Hint: replace the dollar).

This is something that I really wish got more attention both back at the day and in the present. It's a reminder that currency as we understand it today only has value when it's backed by something. I heard about it at the time and it made all kinds of sense. Even back then it wasn't something that was ever really reported or discussed. At least for me the experience was you had to dig into places with things that were normally dismissed as conspiracy theories if you wanted to hear and talk about this sort of thing with others.

Currencies used to be backed by things with tangible value, like precious metals. They have intrinsic value and practical uses. Before metals were a big thing people traded food or things they produced. Things that were practical and useful for survival. Oil certainly has real value too.

Now? An absurd amount of value is being placed on cryptocurrencies. What are they backed by? Nothing at all, and "mining" it increases power consumption. At least to my eyes that makes its intrinsic value and practical value a net negative, yet top cryptocurrencies are worth an absurd amount of money. It really makes you wonder what the big deal is and why world governments are looking to implement their own versions.

[Neighbor]

18 hours ago, Dennis1209 said:

“you will own nothing and be happy.” ~

I already "own" nothing, and am happy, very happy! My hope certain  is not in precious medals, nor interest bearing notes, nor real estate, nor pensions. Though all are in play in my life, my hope certain is in the mercy of God from everlasting to everlasting. And so my own focus is on God as He provides manna for the day, even today. Always has, no reason to doubt His Lordship now.