To the Editor:
The law says regular people can’t add zeros to their bank accounts and “create money out of thin air.”
However, the law allows some “other guys” this money-creating bonanza; namely, the world’s central banks (which nearly every country has), America’s being the privately-owned Federal Reserve.
These guys even collect interest on this “phantom cash” by loaning it to their own national governments.
Alarmingly, after the 2008 global financial meltdown, central banks worldwide abandoned the limits in printing thin-air money — trying to avert global economic collapse and to keep the trillions flowing to the very bankster/corporate elites worldwide which caused it.
This unprecedented, dangerous experiment in human history risks untold economic calamity. (In 1900, 18 central banks existed.)
The central bankers propped up the world economy, but couldn’t restore prosperity. America’s economy hasn’t revived much since 2008, and our government’s across-the-board budget cuts — the sequester — are only dampening growth and increasing economic hardship.
As America’s central banker, Ben Bernanke, warned Congress of these cuts’ riskyness, the stock market freaked at his threat to slow quantitative easing (involving printing thin-air trillions), which would increase interest rates and also derail the elites’ own little casino economy. —
Donna Christianson, Little Falls