Ending This Crisis

ending this crisis, avoiding the next
5 years on
JCS presentation at A.L.I. 23-9-2013
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en finir avec cette crise, et viter la prochaine
presentation held at A.L.I. in Luxembourg on 23 august 2013
Jean-Claude Schmitz consultant Dipl Ing ETHZ Luxembourg
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Money rules the world
Questions:
Who rules over money ? According to which principles ? Where does money come from ? Has there ever been a public debate about this ?
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Introduction
This presentation will analyze the monetary and financial background of the current crisis and propose ways and means to get out of it
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The Pyramid of State Organization
Organisation of the State

level level
8 7 6 5 4 3 2 1
8 7 6 5 4 3 2 1
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level level
8 7 6 5 4 3 2 1
power
system
8 7 6 5 4 3 2 1
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level level
8 7 6 5 4 3 2 1
legal & judicial power
system system
8 7 6 5 4 3 2 1
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level level
8 7 6 5 4 3 2 1
monetary legal & judicial power
system system system
8 7 6 5 4 3 2 1
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level level
8 7 6 5 4 3 2 1
tax & finance monetary legal & judicial power
system system system system
8 7 6 5 4 3 2 1
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level level
8 7 6 5 4 3 2 1
economic structure tax & finance system monetary system legal & judicial system power system
8 7 6 5 4 3 2 1
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level level
8 7 6 5 4 3 2 1
investments economic structure tax & finance system monetary system legal & judicial system power system
8 7 6 5 4 3 2 1
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level level
8 7 6 5 4 3 2 1
socials investments economic structure tax & finance system monetary system legal & judicial system power system
8 7 6 5 4 3 2 1
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level level
8 7 6 5 4 3 2 1
culture socials investments economic structure tax & finance system monetary system legal & judicial system power system
8 7 6 5 4 3 2 1
The pyramid means that any higher level depends on sound lower bases; that the quality of the monetary and finance systems seriously impact real life
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level level
8 7 6 5 4 3 2 1
culture socials investments economic structure tax & finance system monetary system legal & judicial system power system
8 7 6 5 4 3 2 1
autocracy ?
democracy ?
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a few quotes
Franklin D. Roosevelt, 1936: Government by Organized Money is Just as Dangerous as Government by Organized Mob Dwight D. Eisenhower, 1961 we must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military industrial complex. The potential for the disastrous rise of misplaced power exists and will persist. The prospect of domination of the nation's scholars by the power of money is ever present and is gravely to be regarded. be alert to the equal and opposite danger that public policy could itself become the captive of a scientific technological elite.
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EuroZone Key Financial Figures
30 Trillion 25 private debt
EuroZone Key Financial figures year 2010 value & increments
20
total debt
15
10
% PRD PDF PDB
Circulating Money Mass
non-circulating money mass
money mass M3
Gross Domestic Product
public debt
public debt
0 Debt Debt; details PDB GDP CMM NCMM M3
According to Simon Thorpes sums (http://simonthorpesideas.blogspot.fr) , total EuroZone debt is 2,5 times bigger than the mass of existing money M3. We see that the public part of debt, non-circulating money mass, gross domestic product are in the same range as M3. But the money that manages to circulate is only 8% of M3; the rest is idle!! From year to year, M3 is progressing in sync with public deficit, debt and non-circulating money; total debt is increasing faster than that due to interest; while economic activity (GDP) and circulating money hardly move

Compounded interest
Why do we have 2,5 x more debt than money ?
4,0 factor 3,5 3,0 2,5 2,0 1,5 1,0 0,5 year 0,0 0 5 10 15 20 25 30 35 40 45 50 3% 2%
compounded interest ( ZinsesZins ): value of debt after x years
Since all our money is borrowed, 30 .. 45 years later the value of that debt has more than doubled in real terms due to real interest rates, and continues to grow relentlessly

Paying back the Debt ?
paying back the debt ? I
today tomorrow
With debt 2,5 times bigger than money, and only 7 % of that actually circulating, will we ever be able to pay back our debt ?
paying back the debt ? II
today tomorrow
paying back out of live economy
overall Debt
non-circulating ?
overall Debt
result: real economy would immediately collapse paying back out of the live economy and out of savings will not help much either as
overall Debt
non-circulating
overall Debt
non-circulating ?
result: most of the debt is still there long after we used up all our money
Conclusion:
debts are piling up that can never be repaid within the current system; but ask for an ever-growing part of GDP being transferred to bond-holders as interest payments
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EuroZone Objectives & Mantras
declared objectives of the European Union and the EuroZone
peace, freedom, growth & jobs

our Mantras: protection of private property free circulation of goods services capital people
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EuroZone Rules & Targets
Our Rules: independent Central Bank 100% money creation as money-debt Central Bank does not finance the State Bond/debt service guaranteed Our targets: Central Bank: public finance: inflation 0 .. 2 % < 3% deficit and < 60 % debt
hidden target ? offer enough tax loopholes to well-connected and well-heeled, so that they can hoard their money and place it out of sight

results 2013
13 years after setting the Lisbon targets 14 years after introduction of the Euro 5 of those years in full crisis we have: 6 .. 10 .. 25 .. 35 % unemployment - 5,5 ... 0 ... 0,4 % growth 3 .. 8 % public deficits 25 .. 80 .. 120 .. 200 % public Debt monetary mass monetary flows debt mass debt flows neither managed nor controlled neither managed nor controlled neither managed nor controlled neither managed nor controlled
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Results 2013 & Comments
- even more with the young and the old - anemic, much lower than anybodys interest rate - despite all the efforts - and growing, any level is unsustainable by itself
Unemployment: 6 .. 10 .. 25 .. 35 % Growth: - 5,5 ... 0 ... 0,4 % public deficits : 3 .. 8 % public Debt : 25 .. 80 .. 120 .. 200 % neither managed nor controlled: - monetary mass:
- un-controlled creation & destruction of money by commercial banks - flows faster out of real economy than public debt can put it back, but readily flows towards speculation and hoarding - debt increases faster than money - to the public
- monetary flows:
- debt mass - debt flows
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Results 2013 : Conclusions
We must be doing something wrong, the set of mantras and targets and laws we use does not lead to success When something so important goes so wrong for such a long time, despite everybody forcing himself to do as required, then we have to question The ruling philosophy rulemaking process rulemakers rules rulers
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Our Mantras
protection of private property
Comments
roman law; essential, but what about: Hellange, Petite Marquise,Taxes, Monopoles,GDP
free circulation of goods services capital people invasion from China & Germany ? for tax avoidance flees from taxation and accumulates in havens should move to where the jobs are: more Spaniards and Greeks to Germany !?
Central Bank independent 100% money creation as money-debt
from Finance Ministry by commercial banks ! All lent out against interest
Central Bank does not finance the State State is financed by taxes and debt bond safety
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a bit less safe in Greece and Cyprus ?

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EuroZone Targets
Central Bank: inflation 0 .. 2 % public finance: < 3% deficit and < 60 % debt
&
Comments
instead of targeting circulating monetary mass, and working on that with the finance minister unless growth is bigger than interest rate and the debts rate of growth, it is impossible to stabilize any level of public debt, let alone paying any of it back without causing another recession and that growth is far from being there great success
hidden target : offer loopholes to well-connected and well-heeled, so that they can hoard their money and place it out of sight
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Gross Domestic Product GDP EuroZone ~ 9 T / year
GDP
9 TE
the sum of our salaries and profits
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Gross Domestic Product GDP EuroZone ~ 9 T / year
GDP
9 TE
CMM
Since most of us get paid by the month, and do a good job at spending the cash just as fast, money tends to circulate once per month, So the money that circulates is 1/12 of GDP Circulating Mass of Money CMM EuroZone = GDP / 12 = 0,75 TE
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Circulating Monetary Mass
CMM
This the money that while circulating keeps us all busy, and pays for our salaries If 10 % of it is lost, there will be ~ 10 % more unemployment, If it increases by 10 %, we will
employ 10 % more people, or earn 10% more, or have 10 % inflation, or any combination thereof
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year-to-year changes of Financial System main figures
Conclusion: A lot of money and debt are created each year, But very little of the money reaches the real economy, While all the debt has to be supported by the real economy
M3
10 TE
GDP
9 TE
CMM 0,8 TE
Private Debt
NCMM
18 TE
dGDP dM3 0,7 TE
Public Debt
7 TE PDF 0,6 TE PRF 0,7 TE
GDP : Gross Domestic product M3 : money mass CMM : Circulating Money Mass NCMM: Non-Circulating Money Mass PDF : Public Deficit PRF : Private debt growth 1 TE = 1 Trillion = 1x 1012 = 1 000 000 000 000
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at i n cu l r i C
gM
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Private Debt Public Debt
at i n cu l r i C
gM
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Commercial Bank
at i n cu l r i C
gM
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Commercial Bank
at i n cu l r i C
gM
- ci Non
rcu
ass M y etar n o gM latin
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Central Bank
Commercial Bank
at i n cu l r i C
gM
- ci Non
rcu
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Central Bank
Commercial Bank
at i n cu l r i C
gM
- ci Non
rcu
go rn ve en m t
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Central Bank
Commercial Bank
at i n cu l r i C
gM
- ci Non
rcu
go rn ve en m t
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bubbles ?
Private Debt Public Debt real estate
bonds stock; shares
existing assets
Central Bank
Commercial Bank
gold ; silver
at i n cu l r i C
gM
Foreign exchange
- ci Non
rcu
go rn ve en m t
raw materials food speculation items
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bubbles ?
bonds stock; shares
existing assets
Central Bank
Commercial Bank
gold ; silver
at i n cu l r i C
gM
Foreign exchange
- ci Non
rcu
go rn ve en m t
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the situation today
bubbles ?
bonds stock; shares
existing assets
Central Bank
Commercial Bank
gold ; silver
at i n cu l r i C
gM
Foreign exchange
- ci Non
rcu
go rn ve en m t
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Growth drowned by Debt and hampered by unreformed Structures
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What is at stake !
Excerpts from the Economist July 27, 2013 Free exchange Blog on a paper by Martin Ravallion, economics professor at Georgetown University, ex- World Bank Research Director
Penury portrait:
evolution of thinking on poverty over the past three centuries
Not that long ago every element of the received wisdomthat poverty is a problem, that public policy should try to reduce the numbers of poor, and that there are good ways to try to do so without hurting the economywould have been suspect. According to the mercantilist thinking that dominated European thought between the 16th and 18th centuries, poverty was socially useful. True, it was miserable for the poor. But it also kept the economic engine humming by ensuring the availability of plentiful cheap labour. de Mandeville: Going to school in comparison to working is idleness If poor people were regarded as instrumental in ensuring economic development, that explains why there was little appetite for policies to help them leave poverty behind. What action there was tended to be palliative in nature Thomas Malthus, a clergyman, blamed the plight of the poor on their own flaws Outdoor reliefgiving the poor moneyneeded to be stopped. why the poor stayed poor. The fault had long been placed at their door: the poor were variously lazy, prone to alcoholism and incapable of disciplined work . but the horrors of the Depression in the 1930s led many to re-evaluate the idea that poverty was mainly the result of peoples own actions worldwide consensus now : everyone thinks that poverty alleviation is both desirable and possible

the situation today
bubbles ?
bonds stock; shares
existing assets
Central Bank
Commercial Bank
gold ; silver
at i n cu l r i C
gM
- ci Non
rcu
go rn ve en m t
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Germany during hyperinflation
bonds stock; shares
existing assets
Central Bank
Co nti
Con tinuo us fe ed
Commercial Bank
gold ; silver
nu ou
sf
ee d
ng lati u c Cir
MM
i u la t c r i -c Non
s Mas y r ta one M ng
The central bank pumped so much money into the real economy, that money & savings got worthless and debt lost its meaning. Assets remained unchanged, umemployment or food was not that serious a problem as later on.
go rn ve en m t
raw materials food

The great depression ; D; US
bubbles ?
bonds stock; shares
existing assets
Central Bank
Commercial Bank
gold ; silver
M gM atin l u Circ
- ci Non
rcu
While pulling money out of circulation, Central Banks had an easy time wrecking every economy, getting the rot out the economy ; Governments sat idle
go rn ve en m t
ending this crisis, avoiding the next Germany after WW II, at the moment of the Whrungsreform
bonds stock; shares
existing assets
Central Bank
One kick only
Commercial Bank
gold ; silver
ng lati u c Cir
MM
i u la t c r i -c Non
s Mas y r ta one M ng
With nothing left, no debt but a good deal of cash from the Central bank, strong anti-cartel and keep-money-in-circulation initiatives, things went well for a long time after that.
go rn ve en m t
raw materials food

Anything we want to learn ?
It should not take another big war nor a revolution to solve the problem
and it doesnt need to
Bob Dylan: Masters of War come you masters of war . You play with my world Like it's your little toy
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decisive action
Private Debt < 0,5 * M3
bubbles ?
real estate Public Debt < 3% of Budget
bonds stock; shares
existing assets
Central Bank
Commercial Bank
gold ; silver
at i n cu l r i C
gM
- ci Non
rcu
go rn ve en m t
raw materials food
= Tax
speculation items
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the Financial System; optimized for general prosperity
Private Debt < 0,5 * M3 Public Debt < 3% of Budget real estate Knowledge capital stock; shares
existing assets
Central Bank
Po siti ve
Commercial Bank
gold ; silver
JCS Engineering
e as Er s bt de ly on
mo ney
n lati u c r Ci
gM
- ci Non
rcu
s Mas y r ta one M g latin

raw materials food = Tax speculation items
go rn ve en m t
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Decisive Action : Commercial Banks I
the business model of universal banks has by now lost all credibility so: 1) forbid the commercial banks to speculate, neither with their own, nor with borrowed, nor
with deposited money, nor with money-debt generated by themselves
2) tell the banks to limit their activities to lending out money for real economy & businesses, not for speculation
3) dump the fractional reserve principle and forbid the banks to generate their own money-debt; they either lend and spend their own shareholders money, or up to twice as much as borrowed from the Central Bank => 33 % reserve 4) No bank to bank lending ( no more Libor/Euribor scandals nor domino effects )
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Decisive Action : Commercial Banks II
4. move all cash & transaction accounts to a Centralized Monetary Institution (postal cheque account ?), which does only transactions and savings, and may cover inflation 5. Commercial banks do not handle cash
6. Commercial banks do not take deposits, only investments, no state guarantees
7. All other financial services as separate businesses, each

no universal bank nor service: loans, deposition, transactions, share and bond management, consulting, fund management, insurance : all separate
Note: carefully manage the switch to 33% reserve, with authorities Proposal: buy out & nationalize all banks, put in sufficient capital, then sell again

Decisive Action : Goals for Finance Ministry & Central Bank
The Finance Minister and the Central Bank Governor have to take responsibility for the health of the monetary situation and circulation, with the balanced (scorecard ?) goals of: 1) GDP growth + Inflation = 4 .. 5 % 2) Total Debt < 0,5 x Monetary Mass 3) No public budget deficit, no public debt to speak of ( < 3 % of Budget ) In order to achieve that, circulating monetary mass has to be managed in a positive manner: - inject enough money into the system (Central Bank) - keep enough money circulating in the system (Finance Minister) This goes beyond just asking for low inflation, but like everybody else in the world, the Central Bank should be able to respect more than one requirement, and balance them against each other if needed

Decisive Action : Central Bank
Since fractional reserve by commercial banks will be forbidden, - Central Bank has to issue and lend Money-Debt to the Banks Since total debt should to be drastically reduced by a factor of 5, - Central Bank has to issue Money-no-Debt, or Positive Money to keep circulation up, while avoiding both deflation and inflation and enabling economic growth in line with population and productivity growth To keep politicians in line and guarantee equal benefit for all - Positive Money-no-Debt is best distributed equally to all the citizens of the EuroZone, on a monthly basis, directly from the Central Bank to everybodys transaction account (may be part of Basic Income) - amounts of Positive Money distributed may change up or down in order to reflect the economic situation
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Decisive Action : Financial Cloud
The Financial Cloud, the Non-Circulating-Monetary-Mass - represents money that is not allowed to circulate in the real economy : savings, profits, pension capital, funds, speculative funds, etc - is 13 times bigger than the Circulating-Monetary-Mass - a lot of it has never been taxed ( pension, tax deductions for shares, etc ) - a lot of its (speculation) business is not taxed either - blows up asset prices, not asset values - blows up total debt that is bor ne by the system, that means the real economy - is almost as big as Monetary Mass itself - absorbs each year almost all of the circulating money, which then needs to be reinjected by government debt This cant go on ! We have a free-market system that relies on enough money kept in circulation The system is being sabotaged, knowingly or not, by those who earn, collect profits, save and do neither invest nor spend into the real economy
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Decisive Action : Managing the Financial Cloud
since the interest of humanity takes precedence over the interest of a few let us - agree on a target average savings rate and total, save into postal accounts compensating for inflation; ( rate & total as compared to income and expenses ) - have the Central Bank compensate for those savings by injecting adequate Positive Money-no-Debt into the economy - have the Finance Minister ensure enough money flowing back to the real economy, through : tax discipline elimination of tax havens taxation of financial transactions taxation of wealth, if nothing else works reduce the outflow by rebalancing wages versus profits Note: a lot of currently overvalued assets will then come back down to earth.
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Private Debt
Some private debt will always be around, but it is not advisable to exaggerate just in order to keep the economy humming for a short while more Throughout history, money owners have always relished in indebting their surroundings As Tennessee Ernie Ford had it in sixteen tons :
Another day older and deeper in debt un jour de plus et encore plus endett Sankt Peter don't you call me 'cause I can't go St Pierre ne m'appelle pas, je ne peux pas m'en aller I owe my soul to the company store j'ai vendu mon me au magasin de l'usine
We do not have to follow the US in every aspect, so: - encourage use of debit cards, not credit cards - no chasing of customers with consumer debts - no chasing of potential homeowners with mortgages that they cannot repay - no chasing people from their homes with expanded collateral demands
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Home foreclosures
As Woody Guthrie saw things in Pretty Boy Floyd the Outlaw :
Yes, as through this world I've wandered I've seen lots of funny men; Some will rob you with a six-gun, And some with a fountain pen. And as through your life you travel, Yes, as through your life you roam, You won't ever see an outlaw Drive a family from their home.
oui je me suis balad un peu partout et j'ai vu beaucoup de gens tranges y en a qui te volent au rvolver y en a qui te volent au stylo et comme tu suis ton chemin oui et comme tu suis ta voie tu ne verras jamais un hors-la-loi chasser une famille de son chez-soi
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Decisive Action : Public Deficit & Debt
Public Deficits serve two purposes - fill the holes in the budget as caused by too many outlays and too little income - get money back into circulation and thus hold up economic activity and have one collateral: public deficits are private profits Public debts have accumulated over the decades, since the money to pay them back would be squeezed out of the real economy, no government can ever pay them back without causing recession and deflation (unless it uses current a account surplus & thus shifts debt to foreign countries; D ?) When compared to GDP, public debts will come down only if the economy grows faster than the debt: growth % > deficit / debt This leads to some interesting mathematics: France 2013: 80 % debt; 4,2 % deficit Actual growth : - 0,3 .. 0,5
: growth needed = 4,2/80 = 5,3 % => debt will grow to 84 .. 85 %

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Austerity, and its effects
Greece 2013: 160 % debt; 5,3 % deficit: actual growth: - 5,5 %
growth needed = 5,3/160 = 3,3 %, => debt will grow to 165 %
According to (Neo-)Classic Economics, the only way to get that formula under control is: reduce the deficit to zero or below But, the actual experience is that - since so much money is lost in the circuit and not replaced - growth will turn negative faster than deficits can be reduced And nothing is achieved except more debt, recession, deflation, misery, political unstability. War ? another example: Japan 2013: 240 % debt; 8,4 % deficit: growth needed = 8,4/240 = 3,5 % With Abenomics, this they might well achieve
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Public Debts: the way out
Since we cannot pay the Public Debt back without contracting our Monetary Mass, especially the circulating sort we might as well change our thinking, stop worrying about the debt, have the Central Bank take over public debts, and pay their interest by the month, pay the principal down over 20 years with Positive Money-no-Debt government to live from taxes, without deficits, from that moment on Excessive inflation will be avoided by adjusting taxation and the amount of money paid out to citizens, That will call for fine collaboration between Central Bank and Finance Ministry, and possibly for putting both back under one authority

Pension Systems : Pay-as-you-go or Capital-based I
500%
capital-based pension system

400% % of yearly salary level 300%
200%
100%
capital savings = f (age ) at 10 % average savings capital contribution / pension % of salary
0% 0 -100% 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 year 90
While contributing 10 % of his brut salary for 40 years, the person gets back the net equivalent of 22,2 % for 20 years. The same return can easily be achieved in a parallel system. The results are linear with the % contribution: if contribution is 5%, divide it all by 2; if it is 20 %, multiply by 2.

Pension Systems : Pay-as-you-go or Capital-based II
Capital-based systems
induce large capitals building up, those are subtracted from the the real economy, as they join the financial cloud, the average savings capital of 200% in this case shows that on average 2 people will be unemployed for 60 years due to this choice ! If that is a choice made by 1 million people, the result is disastrous.
Conclusions:
Capital based systems suggest that we can beat demography that way, but neglect the fact that there will be not one more person around to work in the real economy later on. It is an attempt to pull the linen closer to us as we get old, at the expense of our children. And it has the disadvantage of penalizing the contributing generation as it does penalize the same real economy within which they are contributing. => Go back to full Pay-as-you-go systems (Umlaufsystem), raise the maxima to avoid forcing well-earners towards private systems, tax private systems, europeanize/internationalize, avoid the deflationary and other risks of large capital accumulations

Economic Data;
The Economist ; July 27th 2013 Shows the problems of the EuroZone: D & NL make a lot of money but do not spend it. Interests are greater than growth, which is unsustainable within classic economics Difficult situation in Italy, dramatic in Spain and above all Greece
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Trade & Account Balances
When looking at the trade current account the question is: : + 165 B$ = 127 B : + 238 B$ = 183 B
balances of the EuroZone
Why on earth are we in trouble ?

A closer look says that almost all of the surplus is realised by D & NL But D & NL economies do not grow either, despite 6,4 .. 8,9 % of money flowing into their country when compared to their GDP.
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Trade & Account Balances : Questions
Where does that money go to ? Is it being taxed, or are there 20 000 folks like Uli Hoeness out there ? Why is it not used, invested or at least distributed and spent !? Whom do D & NL shift the debt towards, while they take in the cash ? Are they hoarding it on Bank & Stiftung accounts ? Are they destroying it by paying their own debts back ? Are banks cleaning up their balance sheets and build reserves with that ? What (hidden ?) agenda is causing this approach ? So despite good performance in some areas of Europe, the citizens in all of Europe are stuck in the mud because we lack the push that this money could and should enable, while suffering from the deflation politics that made its earning possible
JCS Engineering
jcswork@pt.lu
00352 621 219 375
23-9-2013
page 64 of XX

Money Shifts within the EuroZone
By first lending out money freely into other EuroZone countries, agressively indebting people & institutions like in the US sub-prime market, D (& F & .. ) banks & funds have made it too easy for years in those countries, so that competiveness there decreased, activities disappeared while debts increased After that, when disappearing activities caused concern over the capability to shoulder the debt, the banks abruptly stopping the lending and caused the collapse of these economies ( see Latin America in 1980s; Asia in 1998 ) Economies have collapsed, activites have gone and need to be rebuilt from scratch, deficits and debts have grown nevertheless, leaving situations that might take a generation or so to be repaired While economic activity is booming in the north, without its citizens benefitting from it, the south is struck with deflation and economic desertification. So what ?
We are the north, after all !

00352 621 219 375 23-9-2013 page 65 of XX

Economic war ? I
Well, we are all citizens of Europe and - should stick together, - not fight wars against each other, also not economic wars - certainly not willingly inflict deflation, default, or reparation payments on others, while destroying their economic base What to do ? - Start spending your money, share it with at least your own people - set up northern factories in the south of Europe, get those people back to work Note: this does not dispend all countries from making the necessary structural changes, it just provides a much better framework within which to do that
JCS Engineering
jcswork@pt.lu
00352 621 219 375
23-9-2013
page 66 of XX

Economic war ? II
Without any of that, - the European South is doomed, wrecked by the north just like the Global Economy was doomed and wrecked in the 1930s by USA & France hoarding gold without increasing their Monetary Mass accordingly, thus paving the way for the last Great Depression
- the losers of the economic war may separate from the Euro, but even that may not help much as so much damage is already done
JCS Engineering
jcswork@pt.lu
00352 621 219 375
23-9-2013
page 67 of XX

Paradigm Change ? I
We have the difficulty of thinking that - saving is good, - borrowing and spending is bad
(Lavare ; schwbische Hausfrau)
While living in a system that relies on - people and governments getting into debt to have any money at all - people spending their money to ensure our employment Too many people, politicians, economists are - stuck on the upper part of the story, and - do not or understand or refuse to acknowledge the lower part of it - would not assume responsibility for their actions & inactions in that respect
JCS Engineering
jcswork@pt.lu
00352 621 219 375
23-9-2013
page 68 of XX

Paradigm Change ? II
Something clearly has to give, I think that - saving should continue to be a good thing - for the sake of freedom, debt should continue to be avoided if possible But - our system should be set up in way that is does not contradict those basic human principles So let us explain to everybody, even in D - how the circulation of money is ensuring the jobs of everyone - how the reduction of circulation brings misery, and ultimately, added costs And set up a system that - encourages a limited target size of the financial cloud to correspond with our savings - uses Positive Money-no-Debt from the Central Bank to manage the circulation and neutralize debt on a continuous basis
JCS Engineering
jcswork@pt.lu
00352 621 219 375
23-9-2013
page 69 of XX

Ending This Crisis

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Ending This Crisis

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ending this crisis, avoiding the next

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