Exclusive: Roxane Premont answers Glenn Beck's question about replacement of Baltimore bridge
By WND Guest ColumnistPublished April 9, 2024 at 7:34pm
Roxane Premont
On his April 2 radio show, Glenn Beck asked, "Why is President Biden insisting on paying for the reconstruction of the Francis Scott Key Bridge?
The ship is insured, and so is the bridge. TD Cowan Investment Bank says that the cost can be handled by the many co-insurers." (paraphrased)
The answer to that question, to our endless wars and to skyrocketing federal spending are all the same. Deep inside the Federal Reserve there is a hidden truth.
The Federal Reserve absolutely needs politicians to spend money.
Spending (borrowing) is the life blood of any central bank. If politicians do not spend money – ever increasing amounts of money – then the Fed's true customers – the large too-big-to-fail banks that sit on the New York Fed governing board – cease to exist. Why?
To understand why the Federal Reserve needs politicians to spend money, we first need to step back in time to when gold was money.
Prior to the 15th century, Christian Europe had for over 1,000 years made the charging of interest – any interest – on loans a crime punishable by death.
Biblical injunctions against usury are many and clearly described as "an abomination worthy of death."
[He that] Hath given forth upon usury, and hath taken increase: shall he then live?
he shall not live: he hath done all these abominations;
he shall surely die; his blood shall be upon him. (Ezekiel 18:13-15)
But just as modern Christianity has recast the Bible during the past 30 years, from viewing homosexual sex as being shameful to being something worthy of celebration, something similar happened with usury and lending.
Jim Capo writes that in 1515 Pope Leo X issued a papal bull that included the first formal authorization of usury.
Prior to the introduction of usury, kings had to limit spending to some portion (tax) on what the subjects could produce via agriculture and craft.
But rationalizing usury allowed kings to finance their next conquest or palace irrespective of the health of the treasury.
Modern banking was born.
But the need to pay bankers back interest required more gold to service those payments.
This fueled exploration of the New World in search of increasing amounts of gold.
Kings also resorted to coin clipping.
Either way, the increased number of coins (increased money supply) allowed people to bid up prices (price inflation).
But this created angry subjects, which risked revolution.
Once usury is allowed, it always leads to forms of government theft that result in price inflation, even with a gold standard in place.
This is why we hear financial experts state that we must expect at least a 2% inflation target, that 2% inflation is required – even during the very best of times – to service interest on last year's loans.
The problem, as Aristotle once said, is that "money does not grow."
There are three sources of money.
First, commercial and local banks create money when they issue loans for homes, cars, or business development. Most people believe that banks take money from depositors and lend it to borrowers.
Actually, banks conjure money into existence, like King Midas with his magic hand, when they issue credit, as described by the Bank of England.
This makes the use of the terms "lend" or "loan" a lie..
The Public Banking Institute writes:
"In our current system, banks create money, by bookkeeping entry, in the form of bank deposits (checkbook money) when they extend loans.
In the process of extending a loan, both a loan (an asset) and a deposit liability are created – that is, no net asset is created.
The important thing to remember is that when banks lend money, they don't necessarily take it from anyone else to lend – they 'create' it." [Emphases added.]
Today, money IS debt.
Attorney John Titus explains that this means that that 0.01% of the population can create money out of thin air and lend it at interest.
If you had the magic money tree, how long do you think it would take for you to control every politician?
Second, the U.S. Treasury creates paper and coin money. This accounts for less than 0.01% of our total money supply.
We could have the Treasury create our entire money supply interest free, but do not!
Instead, in 1913 the Federal Reserve was surreptitiously created.
Jim Capo explains that with the Federal Reserve Act, "the Fed not only gained the power to counterfeit the currency of the United States, but also the ability to charge citizens of the United States interest (usury) for their service of doing so."
Third, today the Federal Reserve creates an ever-expanding fraction of the nation's money supply.
Money comes into existence whenever the Federal Reserve "lends" money to the U.S. government by putting treasury bills out for sale.
There are six "too big to fail" banks that are involved in this process of "monetizing our federal debt."
So now we can answer Glenn Beck's question:
"Why is President Biden insisting on paying for the reconstruction of the Francis Scott Key bridge?"
Why won't he allow insurance companies to foot the bill?
Here is the answer provided by the Public Banking Institute:
"While banks or the Federal Reserve create the principal portion of loans, they do not create the interest.
Thus, our current private system is inherently inflationary and Ponzi-like, because new loans must always be issued to create the money to pay the interest on the previous loans."
Politicians are useful idiots.
They do the spending the Federal Reserve needs as an excuse to lend more money into existence than the year before.
That extra lending creates the money needed to service interest payments on the federal debt from the previous year.
Enough money must also be created to service interest payments on your credit card, the interest on school construction loans, house notes, etc. across the entire economy.
Since all money in our system is a form of debt, the federal government must go into greater and greater debt to create the nation's money supply.
We are all in BONDage!
If politicians fail to do greater spending than the year before, so that too little money is created to service all interest payments across the economy, then banks, including those banks that sit on the Fed's New York governing board, would not get paid and would die.
Put another way, the federal government goes into ever greater debt in order allow debt-based money, the largest banks and the Fed to exist.
The demand for increasing debt is so great that U.S. politicians seek to pay for the salaries of Ukraine's own government employees and even the collapse of a Baltimore bridge that is insured.
Simplistically, this problem can be described as money supply (1) + interest (1) = new money supply needed (2).
The following year will be 2+1=3 needed, and the next 3+1=4 needed, and so on until the system collapses.
Thus after 100 years of Fed control, our dollar today buys what a penny did in 1913, as this compounded money creation to cover previous interest rises ever faster.
Financial experts argue for cutting spending.
But there is always one thing most experts leave off the table for cutting.
Usury. Interest is now the single largest item in our federal budget.
Cutting needs to begin with interest payments.
But the economic expert protests,
"That would destroy our nation's credit rating!" and "Bondholders must be made whole."
Would not being able to borrow be so bad?
Isn't that what got us here in the first place?
Shouldn't bondholders be allowed to assume the risk that they took?
Isn't that why we paid them interest in the first place?
Ron Paul and Donald Trump have both stated that we "write down" that portion of the debt we owe to "ourselves" via OUR Federal Reserve.
A managed default would also give us room to pay important external creditors, like China, that have missiles pointed at us.
Roxane Premont is the former Public Policy Director of The North Carolina Education Reform Foundation. She is retired and enjoys gardening, writing, and volunteering at her local food pantry.
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