Isn’t it time we reconsider the current monetary system where our paper money value can only really be considered to be backed by debt. As absurd as this may sound every time a bank loan or mortgage is given, that money is created as debt.
Bill Still and Ron Paul propose two new systems that could see this financial system re-evaluated, as more and more citizens become aware of the limitations of the current system and learn that there may be a viable and beneficial alternative.
Ron Paul, (Part of the Austrian school of economics along with the likes of Peter Schiff) is a firm believer in a gold-backed monetary system and believes that if the dollar is pegged to gold (and Silver) it will only be able to expand as more gold (and Silver) is mined and minted. This would restrict the new money released into the system severely reducing any inflation concerns; however the ability for the economy to grow would diminish to a sustainable if not stifling rate of development.
Bill Still, author of the film prodctions The Money Masters and The Secret of OZ calls for a plentiful money system and a change to the bank requirement from 1:10 to a 1:1 entirely backed system. Also that money is born into the system as wealth rather than debt whilst never getting in debt to an IMF (World Bank type monetary body.)
The current Reserve requirement system tends to benefit purely the banking institution lending the debt whereas a money as wealth system would see an expansion in the monetary system as wealth as instead of retiring debt, the completion of a loan would result in more generated wealth which is beneficial to economies at large. This would offset what many see as a potential issue in the Gold Backed System.
Find out all about these alternate systems:
Bil Still
Ron Paul
Peter Schiff
By Joseph Gale
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