God and Mammon, ex nihilo
January 20, 2001
There are two fundamental creations by human beings, creation ex nihilo (something out of nothing), that have affected wholesomely on its living; God and Mammon (money).
Few people dare to acknowledge that God is indeed man-made, manufactured, beautified, purified, and accommodated to fit to the modus operandi of contemporaries life over a long period of time, and discarded, if it doesn’t work for them, mercilessly, and adopted to don a new clothes for new deity.
“In the beginning God created…” in the first words of Chapter I, Genesis of Bible were originally written in Hebrew, the word, bara, means to create something out of nothing (ex nihilo).
Since men have created the anthropomorphic perception of a God, many had come to see God as physically and literally responsible for everything that happens on earth, as the same way as we ourselves make things or set events in motion.
Despite of its otherworldliness, religion is such highly pragmatic that people instantly change the colors, shapes, and morals of their deity as soon as it ceases to be effective on their daily lives…the ideas about God have never been sacrosanct but always provisional.
As a God was simply an idea formed by the human mind in one generation, the same God could be meaningless to another human mind in another generation, and without its flexibility, the notion of God would not have survived to become one of the great human ideas.
However, men have fallen, after they created a God, in an abysmal pitfall that they are impossible to prove God exists as equally impossible to disprove his existence.
Therefore, instead of declaring God is dead, people have created a new God, Mammon, that is money, out of nothing…
General public understand money mostly in the form of fiat money, like dollar bill or coin, and check that earned (created) through their labor, stock manipulation, interests accumulation, or so forth, and new money is created only by the Federal Reserve through issuing currency.
Reginald McKenna, Britain’s former Chancellor of the Exchequer said: I am afraid that the ordinary citizen would not like to be told that banks can create money and destroy money. The amount of money in existence varies only with the action of banks in increasing and decreasing deposits and bank purchases. Every loan, overdraft, or bank purchase creates a deposit and every repayment of a loan, overdraft or bank sale destroys a deposit.
As bankers call debt a commodity, nearly all or 98 percent of money supply in the US comes in the form of debt; mortgages, government debt (bonds) commercial debt, margin debt (borrowing against equity capital gains) and individual debt (credit cards).
Though for starters, who have never before thought about the matter, might greatly be dumbfounded in some dizzying and confusing state, the commercial banks like Chase, City, J P Morgan, receive income on a bookkeeping entry that it created out of nothing.
For the hard-working average Joe, it is hard to believe that the banks derive profits from the money that they have created out of nothing but simply placed it on the ledger as an asset because it is earning money and someday it will be paid back. The only cost of creating money for the banks is bookkeeping overhead!
When a borrower cannot repay the loan, the banks simply write off that loan as a bookkeeping loss to be removed from the ledger as an asset without a reduction in liabilities, and the bank loss are covered by the FDIC under the Federal Reserve System, under the argument that, if banks or corporations are allowed to fail, the nation would suffer from vast unemployment and economic disruption.
One of the most bizarre reality may boggle the taxpayer’s mind…when government borrows money from the banks, the transfer of wealth from taxpayers to the bankers is legally consummated and sanctioned through the interest payments on these loans that were created out of nothing. Few understand the IRS functions as the collection agency for world bankers, upwardly redistributing income from ordinary taxpayers to rich stock and bond holders.
One of the reasons banks prefer to lend to governments is that they do not expect those loans ever to be paid, because they make a profit from the interest on the loan, not repayment of the loan, and they are eager to roll the loan over and over until the debt is effectively unpayable.
The total outstanding US debt has grown from $425 billion in 1950 to $26 trillion as of 1999 and US consumers carried $7 trillion debt in 1999, up from $ 3.55 trillion in 1990.
In South Korea, government budget deficit continues to snowball, and DJ Kim’s regime projects that total amount of debt and loan guarantees will stand at W23.6 trillion in 2001 to W39.5 trillion in 2003 when new presidency is due to begin.
In 2001, the government have to spend W7 trillion on interest payment on the public funds injected into restructuring so far and additional W2.5 trillion in interest that is accruing from government bonds issued to make up for the budget deficit.
Few understand that these huge amount of debts were created by the simple entry on the bank ledger, a created wealth out of nothing, and the entry accrues interest payment to the bankers from borrowers, like government and Joe-six-packs.
The former director of the Bank of England, Lord Josiah Stamp, said candidly: if you want to be slaves of the bankers, and pay the costs of your own slavery, then let the banks create money. The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight of hand that has ever been invented. Banking was conceived in iniquity and born in sin.
Henry Ford Sr. said: it is well enough that the people of the nation do not understand our banking and monetary system for, if they did, I believe there would be a revolution before tomorrow morning.
Though the conventional wisdom dictates us that the Federal Reserve activates its leverage for controlling bank’s expansion of credit, the Fed’s revolving door with Wall Street strongly manifest that the Feds are exactly same financiers as the bankers who benefit and profit through the money-manufacturing process, such as money ex nihilo, and the Feds are ready to scoop the failed bankers out of trouble at the expenses of taxpayers and depositors.
And in South Korea, DJ Kim’s government has been engaging a shellgame of peekaboo, moving unrecoverable debts into bookkeeping ledgers in the KAMCO or KDIC and voila! “The debts is gone and we can balance the budget in 2003.”
Few South Koreans know that the government has injected the huge amount of the national pension funds into the gyrating stock market in order to artificially prop up the KOSPI index over 500 and lost last year half of its values that eventually taxpayers assume to pay back.
As Karl Marx said that interest-bearing capital is the mother of every insane form; debts, mere promises to pay, are nonetheless transformed into commodities in the eyes of creditor, financial center of capitalism remains in the credit markets from simple bank loans to complex bond products.
Though bankers cry in unison for the balanced budget, the Wall Street has made immense fortune through the budget deficits from Reagan to Clinton administrations.
The state remains safely under the control of bankers and financiers as far as there is an unpayable public debts in the budget.
The bankers yield enormous power to dictate the social, fiscal and political issues that benefit and promote their interests, forcing people to suffer under the austere and pitiful condition.
As the old saying goes that men serve no two masters at the same time, men chose a new God, money, that was created out of nothing by the international bankers, financiers, and bondholders under the debt-based fractional reserve banking, and men become the slave of money, without knowing that they are paying the costs (interest, taxes, insurance premiums) of their own slavery with abandon.
Many including students of finance and economics would dismiss the argument as a mad, crazy, wild conspiracy theory or commie propaganda…however, few of them know that the Federal Reserve Act of 1913, signed by Woodrow Wilson was a brainchild of the world financiers from the Wall Street and the Bank of England, who obviously acted in the best interests of their ilk, not for the public welfare.
The only thing the bankers needed was the public faith on their Mammon (money) that was guaranteed by the Federal Reserve System and insured by the FDIC.
To create money, lend it as commodity, and make profit, all in the creation process out of nothing, each and everyone must believe in Mammon (money).
Only then did Mammon replace an old God as the Supreme Court of Finance, which is accountable to none but itself, and men blindly attend the Temple of Mammon in an attempt to find the meaning and value of life, as if life minus Mammon is no great matter.