I follow Corinne Nita and other writers on Medium because of the values expressed in their writing and the topics they choose, the economy being at the top of the list for me. For instance, this article titled ‘Economic Deficit Theories Were Wrong, the Money Tree Exists’. I loved it for the rendering of the economic pain and injustice people are feeling despite being short on the solution. Unfortunately, the quote from Margaret Thatcher, a myth supporting lie, which then led to the MMT ruse, led us right back where we started. Let me explain.
“The problem of the modern economy is not a failure of a knowledge of economics; it’s a failure of a knowledge of history.” ~ J.K. Galbraith
The Thatcher quote says, “The state has no source of money other than the money people earn.”
This is a system serving lie to maintain the myth. Any sovereign government can create money, that is what sovereignty for a nation is, because money is the governing factor which is why the Constitution (Art.1 Section 8 clause 5) gives Congress the power to create money and regulate its value. Banks do not lend depositor’s money, instead banks create the money they lend and have for over 300 years. It is the struggle between governments and banks that dominates the hidden history of money and power and is what the American Revolution was fought over. We won that war militarily but lost monetarily, which is the real power, so the struggle continued.
“The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks. “ — Lord Acton
The banks were cheating people so bad that Andrew Jackson banned the banks from creating money in the US but because he didn’t issue any US Money caused a huge depression until the ban was lifted. The struggle continued and the European banks, funding the abolitionist movement and the South, to foment a civil war to break up the US because they feared its potential to become the dominant economic power. The banks would not lend to Lincoln except at very high interest so Lincoln issued debt-free US Money, the Greenback, to fund the nation’s defense, just as the Continental had funded the Revolution, and would have issued more Greenbacks…