IMF's epic plan to conjure away debt and dethrone bankers

So there is a magic wand after all. A revolutionary paper by the International Monetary Fund claims that one could eliminate the net public debt of the US at a stroke, and by implication do the same for Britain, Germany, Italy, or Japan. One could slash private debt by 100pc of GDP, boost growth, stabilize prices, and dethrone bankers all at the same time. It could be done cleanly and painlessly, by legislative command, far more quickly than anybody imagined. The conjuring trick is to replace our system of private bank-created money -- roughly 97pc of the money supply -- with state-created money. We return to the historical norm, before Charles II placed control of the money supply in private hands with the English Free Coinage Act of 1666. Specifically, it means an assault on "fractional reserve banking". If lenders are forced to put up 100pc reserve backing for deposits, they lose the exorbitant privilege of creating money out of thin air.The nation regains sovereign control over the money supply. There are no more banks runs, and fewer boom-bust credit cycles. Accounting legerdemain will do the rest. That at least is the argument.

Read more at link.

Best to put the bad news at the end of the article first...who wants a state of no freedom and a Leviathan state?

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I have faith that this will not happen. Especially after reading the White Hats report. Of course if you listen to Dr. Doom he's convince that we are going down. I do agree that the US is going to take a hit as a world leader when it comes to the US dollar - as other nations are now trading using their currency instead of using the dollar. And by now we know that the Federal Reserve banks main goal is to print money which is not backed by the gold standard. Europe is also going down. There was a great article earlier on Global Settlements that was quite interesting. With the stroke of a pen all debt gone. Of course it would be great if the global leaders got together and declared a Jubilee year where all debt is cancelled down to the individual level. That I don't see happening.

At first I used to wonder about the White Hats and if what they had to say held water. Meaning being skeptical was a given. Now a corner has been turned as a result of finding out who these guys really are. We're just the observors of the game anyway. Might as well just keep an eye on events unfolding and not get caught up in any of the drama.

I also seriously doubt there will be a war with Iran. Not going to happen as there are too many others with vested interest overseeing that situation as well. However, I don't know how safe Isreal is with the current hostilities in the mideast.

As for the elections...