CAN’T FIGURE OUT WHY YOU’RE ALWAYS BROKE
HONESTY BOX Our news isn’t free for those who work to bring it to you; we depend on donations (click TeamWork). Please share our stories and purchase from our bookstore.
Careful with your finances and pay your credit cards on time to avoid interest charges? Don’t be too smug. Every time you purchase a train ticket; buy a pair of shoes or call an ambulance roughly 40 percent of the outlay will have gone to your bank’s vaults.
According to Ellen Brown, attorney and chairman of the Public Banking Institute, bank interest charges are regressive, which means the poor are milked to gratify the rich.
A public rather than a private banking sector would show a discount of up to 40 percent off everything we buy or use. This is the reason why Capitalism’s private banking system cannot hope to challenge nationalized banks like those of Russia, China, and Iran; the West goes to war against them when it is an option.
Those involved in growing, producing and getting raw materials to retail outlets are dependent upon bank credit. Each in this vital supply chain must pay for investment, premises, labor, materials, and transport, etc. This is before we find their service on the shop shelves or at the end of the telephone order. This credit is accumulative and variable.
German Professor Margrit Kennedy reveals that 35 to 40 percent of everything we buy goes on bank interest. This interest is led by bankers, financiers, and bondholders. Each time local government and ordinary purchasers spend $100 £100 or €100, 40 percent of their outlay is siphoned off by the banking conglomerate’s accumulative interest rates.
Dr. Kennedy discovered that even in fiscally prudent Germany such interest adds 12 percent to the cost of refuse collection. When we receive a water bill presume an eye-watering 38 percent of the invoice value will go directly to the e-vaults of the private banking sector. Public housing, it is best not to go there. Even in prudent Germany, a breathtaking 77 percent of rentable public housing goes in private bank interest.
If you are an American citizen pause before you breathe a sigh of relief. Compound interest on most mortgages amounts to 80 percent of what you pay for your home or business premises. The home of the free is actually the home of the free ride if you are a bondholder, banker or financier.
The noted German researcher and analyst draws heavily on the findings of economist Helmut Creutz. His findings are based on the German economic model. However, if you are not a German don’t get too excited; the same corrupt banking system is in place throughout Europe, UK and United States.
Financial sector profits comprise an incredible 40 percent of the price of whatever Americans purchase. This may go some way to explaining why 1% of Americans own 42% of the national wealth. Only 5% of America’s wealth is shared between those making up 80% of the population.
If we had a financial system that transferred private bank interest back to the public purse 35 percent could be lopped off the price of everything we buy. That means we could buy three items for the price of two; our salaries would go 50 percent farther than they do today.
German economist Gottfried Feder’s Programme of the NSDAP rescued the Reich from banking usury. (The Programme of the NSDAP). As a consequence, in just 36-months interest-burdened Germany catapulted over rivals to become the world’s richest nation and the German peoples the most prosperous.
Western capitalism cannot continue to be based on a system so corruptly in favor of banking conglomerates. They will be replaced by a nationalized banking system because competing nations have already done.
KEEP REAL NEWS OPEN: Donate by using PayPal, Western Union or registered mail. 2) Follow our blog. 3) Share our stories and 4) buy our books. 5) Receive free newsletters by writing subscribe to firstname.lastname@example.org. Click ‘Mike Walsh’ to meet the publisher of The Ethnic European.