When the debtor cannot pay the "money", the bank forecloses on the real collateral assets that the borrower pledged to "secure" his loan of banker-issued money. By this process, bankers who issue the Money of Nations acquire ownership of the real Wealth of Nations.
The Divine Right of Private Property has replaced the Divine Right of Kings as the 'justification' for the banksters' ruling power. By acquiring private ownership of the Earth, the banksters and their courtiers acquire the Divine Right to rule the Earth.
With nations on their debt-shattered knees, banks lend new credit-money to corporate monopolists to buy up the public and private economic infrastructure at debt-ravaged depression prices; unless the hedge funds and corporatists and plutocrats already have enough money savings to buy up the debt-depressed infrastructure with their own savings.
In 2007 Naomi Klein published, The Shock Doctrine, documenting some recent large scale instances of this bankster tactic of "Disaster Capitalism". But it's worse than these few instances. Under the banksters' international money monopoly, disaster capitalism is the system. This is the system performing as designed.
In the final article in this series -- Monetary Reform - The Great Unbinding -- we'll look at some past and current monetary system reform proposals.
Graham F. Towers, Governor of the Central Bank of Canada (from 1934 to 1955), testified before the Canadian Government's Committee on Banking and Commerce, in 1939. Its proceedings cover 850 pages. (Standing Committee on Banking and Commerce, Minutes of Proceedings and Evidence Respecting the Bank of Canada, Ottawa, J.O. Patenaude, I.S.O., Printer to the King's Most Excellent Majesty, 1939.) Most of the evidence quoted was the result of interrogation by Mr. "Gerry" McGeer, K.C., a former mayor of Vancouver, who clearly understood the essentials of central banking. Here are a few excerpts:
Q. But there is no question about it that banks create the medium of exchange?
Mr. Towers: That is right. That is what they are for... That is the Banking business, just in the same way that a steel plant makes steel. (p. 287)
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