Samedi le 15 novembre 2008
....printing money is a sovereign act and is governed by laws. A creditor cannot refuse payment in money that has legal tender and demand instead payment according to his or her wish (gold, silver or what not) if he or she has not negotiated it beforehand. Those who control the money supply through ad hoc rules can favour some over others. Thus the paradox of modern democracy is that a sovereign people (through its supposed representatives, parliaments, heads of state and government) have de facto no power or right over the US Federal reserve (or the European Central Bank) with regards to such an important sovereign act. In order to protect the public and avoid political interference printing money has been privatised and placed beyond public control. Through its representatives the sovereign cannot be trusted and thus is not sovereign. Few know that the US Federal Reserve was established under private law; the same is true for the Bank of Italy and many other central banks. It has been so since the dawn of parliamentary government, right after the Glorious revolution if 1688.
5:34:30 AM