The Global Banking System Is Humanity’s Underwater Straitjacket
June 10, 2022
The American economy dominates the global economy. It used to be because American company’s made better products and sold them to the rest of the world. Today, American manufacturing no longer dominates, yet the American economy continues to be by far the largest. What exactly is going on? How can a country produce so little, have such a large trade deficit, and continue to grow and spend?
Consider the overflow of money pumping out of our economy originating from banks and loan transactions. This overflow is gobbled up by foreign countries and in return American consumers buy foreign goods and services. There are three reasons why foreign countries desperately need the dollar and are willing to trade their national product for it. The dollar first and foremost is needed to pay back loans that were provided by the IMF as a mechanism to ‘help’ these countries at some point in time in the long distant past, but the IMF continues to provide loans in only dollars to this day. The second reason countries hold on to the dollar is because the dollar is used in international trade. So, for example oil from Saudi Arabia must be purchased using the dollar, aka petrol-dollars. Lastly, countries like China buy US treasury bonds with dollars to keep the value of the dollar high and the price of Chinese products low.
The international currency system aka the banking system is forcing the rest of the world to work for the dollar and trade their resources for dollars. This should be great for American’s who enjoy low-cost products and an abundance of all resources provided by the mighty purchasing power of the dollar. However, when you look a little closer, the exact same scheme is set up inside the United States. The American people are also forced to work for the dollar or face starvation, homelessness, and bankruptcy. So, in essence everyone on the entire planet indirectly or directly is working to earn dollars or face harsh consequences. This may not seem like a big deal because it seems unavoidable but when you consider that there might be a better way, one that does not prevent humanity from establishing a sustainable society, eliminates poverty and opens the door to global peace. It is with this realization (the possibility for a better more perfect world) one can conclude that the banking system that controls this international currency system is a straitjacket that leaves us no option to escape from drowning in our own pollution.
Escaping from Our Constraints
How exactly has the American banks pulled off this global banking system dominance. When America won World War II, it literally did just that. America won the world, and American banks set up the rules that allows America to dominate the world with its currency. The rules for international trade and currency stability were established at the Bretton Woods Agreement in 1944. These rules established the US dollar as an alternative to gold. It also established the IMF as a lender of dollars. This meant that countries that need help need to borrow in dollars and pay back the debt in dollars. In short, the American banks cleverly locked the world into a dollar dominated global economic system for the benefit of American banks. However, the price is enormous, since the end of humanity is now a real possibility, not to mention the extreme amounts of suffering that people all over the world must put up with.
So, to escape the banking system simply change the banking system. US dollar dominance on the global stage means that every other economy in the world is a function of the US dollar being exported for goods. Other countries need the dollar to pay off debts, trade with other countries, and control the value of their own currency, and therefore they need the dollar to print and lend out their own currency.
As it stands today, trade is inequitable, with countries manipulating currencies and the poorest of countries continuing to struggle with making any progress. There is a solution however, that considers the notion of an international currency that levels the global playing field; every country has what it needs to trade on a fair and equal level, using the same baseline currency to trade with, and that currency benefits every country that participates in the exact same way. It all starts with a currency that provides power to the people first that then provides power to companies and governments to trade.
It’s time we start considering something different. It’s becoming increasingly clear that how the global economy functions today, and how it’s traditionally operated, is not the best solution for individual countries or for the collective international marketplace or the future of humanity. Learn more about a solution that eliminates the inequities created by the traditional economic institutions – banks – that are at the root of our poorly functioning global economic systems.