Session 4: Saturday, June 2nd: 4:00 - 5:50pm
LOST SCIENCE OF MONEY by Stephen Zarlenga; GreensForMonetaryReform.org; monetary.org
The essential feature of CAPITALISM is macro-usury – the misuse of the money system. The U.S. monetary system is the mysteriously-public-private Federal Reserve, but what is not taught in our schools and media is the fact that our money is created by private commercial banks, not by our government. Paper currency and coin account for only about 3 percent of the U.S. money in circulation; the other 97 percent is created by private banks when they make loans to individuals, businesses, and governments. Banks create money simply by entering the loan amount into the borrower’s account. In effect, they create money out of thin air, then charge interest to the borrower. That interest is their profit – in other words they don’t have to work for their pay but, like parasites, they feed off all the rest of us working people. This is capitalism’s most essential feature and completely missing from the study and definition of capitalism. Come hear from a group of monetary reformers who reside here in New York City. The panel will explain how the system works and how it creates wealth inequality, debt, poverty, ecological destruction, and corruption of our democracy by Big Money. This knowledge will strengthen the Left as a force for change.