The Bankers’ “Power Revolution”: How the Government Got Shackled by Debt
by Ellen Brown
Posted June 19, 2019
We have a $22 trillion debt that cannot possibly be repaid. The government just keeps rolling it over and paying the interest to banks and bondholders, feeding the “financialized” economy in which money makes money without producing new goods and services. The financialized economy has become a parasite feeding off the real economy, driving producers and workers further and further into debt.
The irony is that the United States does not need to carry a debt to bondholders at all.
We need a new model, one designed to serve the needs of the public and the economy rather than to maximize shareholder profits at public expense. More…
Our current monetary system is based on debt that requires interest payments to private parties. The burden of these interest payments is already overwhelming our ability to pay.
Why are we paying interest on our money supply when the money could just as easily be created interest free? Who would benefit from keeping the system exactly as it is today?