Michael Sheldrake who writes a column on economics, mainly on China’s, falsely says that the money the Irish central bank is currently printing out of thin air to support its bank sector is counterfeit money becaue it is not backed by government bonds or a loan.
He is absolutely wrong. It is not counterfeit money. It is money being printed the way Thomas Jefferson envisaged it being printed ie without creating debt or borrowing from the Federal Reserve paying interest. It is money acting as a medium of exchange for economic transations as it was originally intended to do before bankers hijacked the money creation process to turn printing money by governments into a loan from a private bank requiring interest payments. It is money being printed the way the Chinese government today prints money – as a medium of exchange to facilitate economic growth and wothout creating debt or the need to pay interest. No wonder Sheldrake consistently misinterprets Chinese economic developments in his column: he has not understood this difference between the way China and the USA print money today and how it impacts on their economies.
The lion’s share of the 51 billion euros Irish central bank’s money appears to be flowing to the bondholders of the Anglo Irish Bank demanding interest payments from an essentially insolvent bank that should have been allowed to fail and should never have been nationalised, according to figures in a report FT. There is no economic reason why Ireland or say the USA does print their own money. There is only a political reason. The private banks profit from printing money as debt and they have their puppets in government, controlling monetary policy. And Michael Sheldrake perpetuates the myth that only money borrowed against a loan is real money, helping the banks continue their fraud.
full story : why-is-ireland-only-printing-its-own-money-now-to-give-to-the-banks/
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