Introduction to the Supporting Documentation for the Proposal for an Economics of Goodwill Proclamation
Many of the problems in banking begin with the moral hazard in having possession and control of other people’s money.
And the specific moral hazard in banking means that what is considered right or wrong, or a part of the basic moral tradition within any society or nation, is forgotten while gaining wealth from the use of other people’s money.
And the moral hazards of banking are a central part of the backstory on the development of our destructive global economy, global warming, and the age of war.
Google Search “Images Devaluation of US Dollar” and you will find dozens of charts and documents reporting a loss in the value of the US dollar.
The value of our money does not evaporate into thin air.
The use of the fractional reserve money system and use of Banker’s Acceptances are specific bank and money system practices that constantly reduce the value of our money, and promote conflict and chaos in national and global economies, and this chaos promotes conflict and destructive behavior.
The fractional reserve money system began over 1,000 years ago in the goldsmith shops on Fleet Street in London, England.
1,000 years ago, rather than carry bags of gold in public, merchants visiting London preferred to store their gold in the goldsmith’s safes on Fleet Street.
The goldsmiths provided a written receipt for each bit of gold in storage in the goldsmith’s safe.
The goldsmiths quickly discovered that the people of London preferred to trade pieces of paper that represented gold, rather than to carry bags of gold, and it was rare for anyone to exchange gold receipts for actual gold.
And so, the goldsmiths of Fleet Street began to write out false gold receipts for each bit of gold in storage in the goldsmith’s safe.
And then, the goldsmiths used the false gold receipts to make purchases in London.
The past minutes of the Federal Reserve Board have praised the deceptive goldsmiths of Fleet Street for their cleverness in producing false gold receipts as a money substitute that has produced our modern debt-based fractional reserve money system now in use in national central banks, and the related privately operated corporate banks of every nation in the world.