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The following is an excerpt from Ken’s book Economic Essentials

The Swiss Federal Institute of Technology did a study to map the power structure of the global economy. They found a Super-Entity of 144 corporate fronts globally, with 75% of these fronts being financial institutions named the One BankOne Bank controls 40% of the global economy and all the big banks in the world. One Bank does not own 40% of the world’s economy, but it controls 40% of its economy. Following the words of Nelson Rockefeller: “The secret to success is to own nothing, but control everything.” There would be a check on this global power in a society where the rule of law protects the everyday person because the average person can claim ownership. But we no longer live in a world where the average person can claim ownership because most people are in debt. The lender maintains control because debtors do not own their house or car. Nine-eleven, the threat of global warming, COVID-19, and the war in Ukraine have magnified this process of corporate ownership.

Societies need an organized hierarchy to maintain order; the first entity in today’s economy is the central bank, not the federal government. As proof, we only need to consider the Federal Reserve. Despite calls from Congress to audit the Fed, the Fed has refused to open its books to anyone because bankers control our money supply, not governments. Violating agreements between the government and bankers can be a problem. Unless there is some way to coerce both entities to cooperate, eventually, someone will cheat. The solution to cheating is to codify the agreement between the bankers and the government into law. The government gains from this arrangement because it can hide from citizens behind the central bank. This partnership happened in the US with the Federal Reserve Act of 1913. This arrangement benefits the central bankers because it enables central banks to write the rules. The government can no longer create money. To finance a deficit, it must sell bonds in the Open Market or borrow from the central bank. In the US, the Federal Reserve is our central bank. The Fed then monetizes the debt – it creates money by pushing a few keys on its computer while charging the government interest.

Because cash is an obstacle to the New World Order, it aims to establish a universal virtual currency where money is bits and bytes on a government computer. India has declared that 90% of its paper money will no longer be legal tender. The European central bank has stated that it will stop printing high-valued notes. Denmark is the first country to ban cash, and Venezuela outlawed almost half of its currency. Canada and Singapore have phased out their large denomination bills, and the Philippines, Denmark, and others are nudging citizens to electronic payments. If official virtual currencies replace cash, whoever controls your bank account, controls your life. The government can track and record all your financial transactions in a cashless society. When you buy a cup of coffee, the government knows how much you drink and from where you drank it. Transgression against the government, real or imaginary, could mean that your life would be over until you made good. Leave a comment with your thoughts. Did you learn something?

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Published by Kenneth E. Long

Author, college professor of economics, swimming and tennis enthusiast

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