The Weiner Component #89 – Money, Economic Growth, & The National Debt

English: President Barack Obama confers with F...

English: President Barack Obama confers with Federal Reserve Chairman Ben Bernanke following their meeting at the White House. (Photo credit: Wikipedia)

According to the last time I checked the Census Bureau the population of the United States was increasing at the rate of one person every 11 seconds. This included births, deaths, and immigration. This increases the overall population by about 117,818 people per year. In order for the per capita level to remain at 0% it must rise several points every year. In order for the economy to grow it has to rise beyond this point.

In order for the economy to function positively there must be a reasonable level of growth. For this to occur there must be a reasonable yearly growth of the money supply. If the amount of currency in circulation is stultified or decreases the country is in recession moving toward depression.

By the mid1970s the money supply in circulation was not increasing at a rate needed by the country for economic growth. At this point the banks by their lending policies, gradually began to fill the currency void. They gradually discovered that they could bundle their mortgages, dividing them up into infinitesimal pieces, set up hedge funds, sell the mortgage shares like stock, recover their investment, lend the money out again, and continue to do this endlessly, charging assorted fees on every level of this process. In doing this they created first billions of dollars and then trillions, always keeping a good percentage of this in the form of fees. While this process was needed for growth within the nation eventually, thirty odd years later, it had become a mad race for endless profits by the banks.

In 2008 this housing bubble the banks created burst and the country fell almost instantaneously into economic depression. What had been a dollar in value a few days earlier now became worth a nickel or at most a dime in value. The country was headed for a depression deeper than that of 1929.

Newly elected President Barak Obama and his administration stepped into the void and the Federal Government made massive loans to the banks and later to the dying American auto industry. Where did they get the money? They printed it and temporarily took on additional massive debt. All the loans were repaid within a few years with interest.

A word about the National Debt. What is it and where does it come from? The Debt is money the government spends in excess of the taxes it collects. It is currently more than 17 trillion dollars. The money is borrowed and has interest paid on it. This money is owed to individuals in and out of the United States, it is owed to countries like China and Japan, to both of whom is owed in excess of one trillion dollars, and mostly the money is owed to itself and its agencies such as Social Security, who is owed well over 2 1/2 trillion dollars, and Medicare. In fact just about all government agencies that have a surplus have had their excess taken and used in the General Fund. The interest on all of this is paid by the Federal Reserve to the General Fund. I remember reading several months ago about 88 or 89 billion dollars being transferred from the FED to the Treasury.

The National Debt is divided into two parts, public and private. Public would be what is owned by individuals or countries like China and Japan, generally acquired to balance international trade. Private ownership of the Debt is what the Federal Government owes itself. It admits to owning about 50% of its own debt. By my estimate the Federal Government directly or indirectly through its agencies actually owns roughly about 75% of its own debt.

Where does it get all this money? Simple! It prints it and issues the currency as needed. After all there is nothing behind the United States dollar but the word of the U.S. Government. There is nothing behind any currency but the word of the government using it.

By the year 2000 the banks had created trillions of dollars and were going strong with mortgages, both new ones and refinanced ones. Money that had been needed for economic growth and development was being readily supplied with the banks taking a good share of this currency. Large numbers of people were using their homes as bank accounts, refinancing again and again. The major banks were making billions in fees and wanted profits of many more billions. The mortgages were considered safe investments and they sold like shares of stock with a promised safe return. These were the Hedge Funds bought nationally and internationally that were touted as hedges against any type of financial loss and they paid nice dividends.

The situation grew more-tense as time went by with many bankers encouraging homeowners to lie on their applications. After all prices had been and were continually rising on real estate. Anything that could be mortgaged was mortgaged more than once. The situation grew more and more chaotic, until toward the end of 2008 when the entire economy collapsed. Shortly thereafter Barak Obama took office as the 45th President of the United States.

His theme had been “It’s time for a change.” By 2010 the economy had been saved but there wasn’t enough “change” to satisfy the majority of the voting population and the Republicans gained control of the House of Representatives. The Tea Party was in control of the Republican Party, moving its position far to the reactionary right. All possibility of fiscal policy ended. There would be no more government projects. In fact the Republicans had two specific goals: one was to shrink the economy by curtailing spending and the other was to make Barak Obama a one term president by not allowing him any legislative victories or successes.

They successfully achieved their first goal of contracting government expenditures, particularly on entitlement programs to the poor and to the states, forcing state governments to shrink their services, and they added to the unemployment caused by the Real Estate Bubble bursting. The House of Representatives would not even take up fiscal policy, keeping unemployment high and forcing the country to continue with an infrastructure well over fifty years old. They left any possible improvement to the economy to the Federal Reserve which, under Chairman Ben Bernanke’s guidance, used imaginative Monetary Policy to bring about some recovery.

Two major problems developed from the 2008 economic crisis: first the amount of money in circulation had to be increased significantly and second, many people were underwater on their mortgages; that is, they owed more on their property than it was worth. Something had to be done to alleviate the housing crisis. An additional crisis was who controlled the mortgages that had been broken into hundreds of pieces and attached to innumerable hedge funds. What the FED came up with was to add 85 billion dollars to the economy; 45 billion was spent buying up mortgage paper and 40 billion was used to buy up government debt. This was done monthly for several years, adding trillion of dollars in currency to the economy.

Toward the end of his tenure as chairman of the Federal Reserve, Ben Bernanke announced that the FED would decrease its purchases by 10 billion monthly. The new chairperson of the FED, Janet Yellen, stated that she would continue the policy, ending it in October of 2014.

Many prices had been gradually rising and the fear was that the country might fall into an inflationary spiral, too much money being in circulation and forcing prices up.

Toward the end of 2013 the housing crisis seems to have leveled off. There has been new construction throughout the United States and property values have gradually risen, taking a lot of people out from being underwater.

On Tuesday, July 16, 2014 Federal Reserve Chairperson Janet Yellen announced in her report to Congress that the FED might not completely stop buying debt and mortgage paper at the end of October.

What will happen should be very interesting. Following October is the 2014 Midterm Election. How will the country react if there is a stoppage of all Monetary Policy? Will there be a significant drop in the Stock Market, which today is far higher than it was just before the 2008 Crash?

How will the country react? Will they even notice the change? Will the election be affected in any way? The times are certainly changing!

There is enough money now in circulation, far more than there was in 2008. The problem is its distribution. More and more of it seems to go to the upper 20% of the population, forcing many in the middle class economically downward. Unemployment has dropped to a fraction above 6%. What the country needs is a redistribution of the National Income downwards and a rebuilding of its infrastructure. Affordable Health Care should have a single entity running it and not for profit. This would be the Federal Government and it should be paid for out of taxes like Social Security and Medicare. Instead we allow private companies to become richer running it. We need a greater level of fairness in this country.

 

 

 

 

 

 

The Weiner Component #73 – The Problem of the Distribution of the National Income

Manhattan Panoramic View, NYC

One of the greatest misnomers to come out of the 2008 Real Estate Debacle was that the CEOs’ large compensation packages and the massive spending by the general public were closely interrelated.  The spending affected the extent of the salaries but it was separate from them.  The bundling of mortgages caused the Real Estate Bubble.  Going back to the last two decades of the 20th Century many individuals and families began to add their home equity to their incomes in order to enjoy all the comforts possible.  With the continual rise of real estate values over a thirty plus year period this seemed infinitely possible.  With the ever-growing demand for major and minor items by the general property owning public the country was in a period of immense profit for all types of retail concerns.  People bought cars, boats, bigger houses in better neighborhoods.  They frequented restaurants, bought new clothing, TVs, almost anything.  As corporate profits increased CEOs demanded and got greater and greater bonuses and overall compensation packages.  There was full employment; banks were earning greater and greater profits.  The country, the world was living in a sort of fairyland that would presumably go on forever.

And then, at the tail end of 2008, the bubble burst and hard reality set in.  Property values dropped, in many cases, well over fifty percent.  Demand for products fell and there was massive unemployment.  People could not meet their bills.  Many owed far more on their homes than they were worth.  Everyone, including the CEOs faced disaster.  Then the government jumped in with $900 billion worth of loans and saved both the banking industry and the country from a massive depression.

The CEOs were very frustrated.  They had gotten these phenomenal salaries and now they were gone or practically gone.  For some bonuses had been cut in half.  The CEO of Bank of America was very upset particularly after President Obama had insisted that no bailout money be used to pay bonuses.

In addition corporate profits dropped significantly at the end of 2008.  The country was in unbelievable economic pain.  By 2010 the economy was expanding again.  This continued through 2011, 2012, 2013, and 2014.  During 2011 Congress slowed growth with the Debt Ceiling crises.  The next year the fiscal cliff held the economy hostage, again reducing job growth.  By 2013 many workers had left the labor force, because of constant inability to find almost any kind of work, supposedly reducing the unemployment rate.

In 2008, with the crash, the Gross Domestic Product was $14,720.3 trillion.  The GDP per capita was $48,951.  The following year it dropped to $14,417.9 trillion with the per capita level at $47,041.  In 2010 it slightly exceeded the 2008 level and in 2011 it was $15,533.8 trillion with the per capita rate at $48,282.  By 2012 the country was in the $16 trillion level and by 2914 it has reached $17 trillion with the per capita level also rising.

The unemployment level increased significantly from the end of 2008 on rising to 9.9% of the workforce and then gradually dropping by 2013 to about 6.7%.  Keep in mind that this percentage does not include those that are underemployed or who have given up looking for work.  We can only guess at these numbers.

Of course the irony of all this is the level of the per capita income which would give a family of four if it existed in real life a little under two hundred thousand dollars a year.  What exists is a wide distribution of incomes with the bulk of the $17 trillion going to a very small percentage of the population.  For example a person working at Wal-Mart for $7.25 an hour with a family of four would have to apply for food stamps and other government aid in order to survive while the CEO of any giant corporation would be earning about a million dollars a month or more.  If I remember correctly the CEO of Hewlett Packard received about $15 million in 2013.  The general compensation for CEOs could be more or slightly less.

Interestingly in cases like that of Wal-Mart it is the taxpayer, who generally is earning a lot less than the per capita level of income, that pick up the difference needed for the Wal-Mart worker’s family to survive through the various entitlement programs the federal and state governments provide.

Wages, salaries, compensation packages vary greatly.  Only a very small percentage would reach the actual level of the per capita income.  And a much smaller percentage would be above it.  And still a much smaller number, perhaps a hand-full, would have their income in the millions of dollars.  There are even a few in the billion dollar category.

President Franklin Delano Roosevelt, during the Great Depression and again during World War II, stated that a person could only spend so much during a year or during a lifetime.  There was no need for them to earn that much more.  He wanted to tax excess profits.  Congress in neither case would go completely along with him.

Currently the tax system is set up so that anyone earning over $140,000 a year pays a fixed rate on everything earned over this amount.  The more he earns over this the smaller is the percentage of his income that he pays in taxes.  This means that the average family earning under $140,000 a year, which is most of us, pays a greater percentage of their income in federal taxes.  In essence the rich can store endless barrels of money for countless future generations or use some of the money to buy elections while everyone else can do without and just generally survive, with some people not even really surviving.  In the case of corporate subsidies, this money can be used for lobbying and political campaigns to buy influence in the federal and state governments even though it is indirectly paid by the taxpayer.

Obviously there is something wrong with this system.  Something in the way of reform has to be brought about or eventually tragedy will occur.  People will accept a lot of inequities but eventually these inequities become so blatant and their misery so great that they will violently be objected to.

The rich seemingly have endless amounts of money.  They are using some of it to influence the general public in elections.  In essence they are buying influence in government which is being used for their own benefits.

 

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The Weiner Component #57A – The Rapacious Banks (Part 1 of 5)

Photo of Bank of America ATM Machine by Brian ...

Perhaps the most predatory group of institutions within the United States are the major banking houses.  They are rapacious, grasping, taking, plundering and in many cases outright dishonest.  These financial institutions place themselves between the general public and all the goods and services they need to live, using the money put into the banks by businesses and the general public to game the public and force up the prices of all the goods and services they need.  When caught in illegal acts by the government these banks pay large fines that represent a small percentage of what they have made from these activities.

We have in earlier articles discussed the Great Depression of 1929 and the Real Estate Debacle of 2008.  To review briefly prior to 1929 the banks created hundreds of billions of dollars through the use of ten percent margin stock purchases, that continually kept inflating the stock market over a period of many years, until through exaggerated excess it crashed and over a relatively short period of time the overall value of all stocks dropped from about 86 billion to about 19 billion dollars, and the entire economy collapsed, reaching about 25% unemployment.  (Keep in mind that gold, which was money at the time, was worth $16 an ounce in 1929.)

The major banks that had been bundling mortgages for decades also brought about the Real Estate Debacle of 2008, selling the bundles, and reinvesting the original funds into new mortgages, which were subsequently bundled and sold again.  This process continued infinitely creating multi-trillions of dollars in new revenue, a good percentage of which went to the banks as profits and fees.  The process continued until the bubble burst toward the end of 2008.  If not for government bailouts the entire economy would have collapsed.  With the bailouts unemployment hit about 12%.  Here in late 2013 we still have only partial recovery with both the Republicans in Congress and the Republican dominated states holding it back.  Unemployment is currently hovering at about 7%.

Since the bank bailouts these institutions have looked for and found innumerable other ways to up their profits and compensation packages.  None of these methods have had anything to do with serving the general public, whose insured money they use for their machinations.

As a footnote, consider that if the banks had been allowed to fail in 2008 the Federal Government through the Federal Insurance Deposit Corporation (FDIC) would have been responsible for paying all deposits in these banks up to $250,000, a quarter of a million dollars.  The money the government spent on the bailout was probably less than this amount would have been and it has since been paid back with interest.

Banking foreclosures from 2009 on, after the Real Estate Bubble burst, and housing prices dropping rapidly and significantly caused a large number of homeowners to be far underwater on the amount of money they owed on their property.  The banks had encouraged them to use their homes as bank accounts and continually refinance, even toward the end refinancing in many cases up to 125 percent of the appraised value of the property.

As we’ve seen the banks did not hold the mortgages on a large number of these properties.  The paper had been divided into fractional pieces and become part of innumerable hedge funds.  The banks had formerly issued and sold the paper but still serviced these loans.  Non-ownership of these mortgages did not stop many of the large banking houses from foreclosing on these properties they did not own.  Any money they made on the foreclosure was pure profit.

The banks computers generated the papers they needed for foreclosures and they used robo-signers to foreclose on these properties.  Interestingly for a while the courts considered the bank’s papers and efforts sacrosanct, even to the point of holding many attorneys, who represented homeowners, in contempt for questioning bank documents.  Eventually the evidence came out about the false documentation and the robo-signing of multi-thousands of these foreclosures.  At this point virtually all the major banking houses stopped foreclosing.  The banks were fined in the millions of dollars but these amounts were a fraction of what they had made from their illegal activities.  No one in the banking industry went to jail for any of the illegal activities they committed.  Eventually the Federal Government began buying up the mortgage paper.

Under the Obama Administration the main executives of the banks that accepted bailout money could not receive multi-million dollar compensation packages.  The CEO from the Bank of America complained about this and stated that the B of A would pay off its loan as quickly as possible so they could resume proper pay packages.

After the bailout the banks became very cautious with their funds.  It became difficult for ordinary consumers to receive loans.  In order to purchase a house they had to have a significant down payment.  Small business entrepreneurs found it impossible to borrow money for almost any purpose.  The banks had essentially stopped serving the public; they were looking for ways to make large profits.  One of the areas they moved into was the futures market.

Almost all commodities, be they necessary food items such as beef or wheat and corn, lumber, financial currencies, oil, or electricity, are sold on the Futures Exchange.  The futures market is a central financial exchange where banks or individuals can buy specific quantities of a commodity or financial instrumens at a specified price with delivery set at a specified time in the future.

Since the Real Estate Debacle of 2008 the large banks in the United States have gone into this in a large way.  J. P. Morgan Chase stated, when they were accused of lying to a U.S. Government investigative committee, that the eight or ten million dollars a month that they would lose from selling electricity in California was insignificant.  Someone from Goldman Sacs said about a year or so ago that they made forty-nine dollars from every barrel of oil sold in the United States.  And this does not include beef, pork, or any other products sold on the future markets.  Somehow I get a rather sick feeling when I think that the major banks are using the money we deposit in them to squeeze dollars out of us for all the products we need to live.

Toward the end of 2013 the city of Los Angeles accused banking giants Wells Fargo & Co, and Citigroup Inc. of a “continuous pattern and practice” of mortgage discrimination that led to a wave of foreclosures, reduced property tax revenue, and increased costs for city services.  The two lawsuits accused both banks of engaging in predatory lending and saddling minorities with loans they couldn’t afford and resulted in a high percentage of foreclosures, The suits cited reports for low income and minority neighborhoods that claimed the mortgage crisis resulted in more than 200,000 foreclosures in LA from 2008 through 2012 and depressed property values, leading to an estimated loss of 48 million dollars in tax revenue for the city.  The suit alleges that the banks predatory lending started in 2004 and still continues.  What will happen here should be very interesting.

Also a federal judge is currently considering a possible 165.8 million dollar penalty against Bank of America Corporation after a jury found its Countrywide Unit fold defective loans to Fannie Mae and Freddie Mac.  U.S. lawyers requested that the bank pay 863.8 million dollars, which is as much as the government agencies lost in the loans.

The banks do not serve us instead they use us, squeezing every possible dime they can out of the public and the Federal Government.

 

 

 

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The Weiner Component #53 – My Book: Economics in the 21st Century

Forex Money for Exchange in Currency Bank

If you have enjoyed and/or found my articles useful there is a book that I have written that deals with all these subjects in much greater detail and depth.  It’s called Economics in the 21st Century.  The work was published in 2012 in Kindle and can be downloaded on either a Kindle or any computer for a small fee.  You go to Amazon.com, scroll to Kindle and follow the instructions for locating and downloading the book.

The work begins by examining the Real Estate Fiasco of 2008, its origins in the 1970s, its successful growth and insane collapse toward the end of 2008, thirty-eight years later.  It provides an analysis of what brought about the 2008 economic boom and crash, the results and scenarios for change.

The book looks at popular but misguided economic (values) beliefs and common misperceptions that arise from them.  It shows how Microeconomics – the so-called common sense economics – that deals with business functionality, local and state taxes, and household budgets is now perversely interpreted and used as the basis for entire societies to operate; that is the governments of the United States and Europe.  It explores how Macroeconomics, the way that nations should operate, has been overlooked and usually ignored.  The fact that governments largely control their money supply (the amount of money in circulation) because they can print currency as needed.  This look at economics from an historical perspective provides a broader and deeper comprehension of today’s crisis and gives possible scenarios for the future of this century.

The study examines the current economic ongoing recession in the United States, minutely investigates the 2008 Real Estate Debacle from its beginnings, tracing it from the 1970s to the present.  The work concludes that the monetary increases over the years were necessary for a growing economy but utilized faulty means for the needed monetary increases.

The book’s underlying premise is that the prosperity of the nation is based upon the amount of money in circulation and its distribution among the general population.  The bundling and sale of mortgages from the 1970s on massively increased the amount of currency in circulation without causing any real inflation.  The Real Estate Debacle at the end of 2008 significantly reduced that amount.  People had been using their homes as bank accounts, many constantly refinancing them.  With the sudden decrease in property values the country fell into a recession that could have easily become a depression far worse than 1929.  We should note that the bottom twenty percent of the population did not share in this prosperity.  They were renters and had no houses to use as bank accounts.

In 2008, when Barak Obama was elected President of the United States, he got in on a campaign that stressed “Change.”  But the economy had been so damaged by prior Administrations that most of the first two years were spent in recovery and in passing the Affordable Health Care Bill.  In the 2010 Midterm Election the Republicans were able to take control of a number of states.  Because it was a census year they gerrymandered those states in their favor.  Having also taken control of the House of Representatives they were able to maintain that control for two more years, even though the popular vote favored the Democrats by 1.4 million votes.  From 2011 on they passed no legislation that would favor any additional employment.  Actually they further exacerbated the problem of unemployment in the nation by shrinking necessary government employment and further limiting the money supply in circulation.  What has kept this country economically afloat has been the creative Monetary Policy of the Federal Reserve, adding 85 billion dollars to the economy every single month.  This has countered the restrictive actions of Congress but has not been enough to bring about full recovery.  We still have slightly over seven percent unemployment.

Historically the work examines other economic crises and their causes, particularly the Great Depression of 1929.  It shows how the National Cash Flow, the amount of money in circulation in the nation determines the level of prosperity or hardship in the country.  International trade and money are handled from totally different viewpoints than those traditionally taught and/or widely believed.  The reality of the National Debt is questioned and explored in terms of private and public debt.  Public Debt is held directly by the Federal Government and its agencies.  Private Debt is that held by outside entities such as individuals, companies, foreign nations such as China and Japan.

Can the Federal Government, which owns fifty percent or more of its own debt, owe itself?  The contradictions in our economic system are examined.

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The Weiner Component #37 – The Concept of Money

Chicklet-currency

Cash, currency, paper bills, checks, credit cards, electronic deposits and transfers are all examples of money.  But what is it really?  What is its real value? 

Money, the currency of each nation, is the means of exchange used within that society, the means of exchanging goods and or services earned in the present or at some time in the past and saved for present or future use.  It is also a means of setting up the economic pecking order of individual levels within a society.  In the United States, for example, the more you earn, the more successful you are.  Generally it also denotes to which economic class you belong, what level of economic prosperity an individual has or has not achieved. 

Determining the actual value of money is interesting.  There is nothing behind any currency other than the word of the nation that issues it or the National Debt of that particular country.  Up until 1933 when Roosevelt took the country off the gold standard by collecting all the gold coins, had them melted down into gold bricks, buried them in depositories, issued gold certificates to the Treasury, and had the banks issue paper bills denoting that they were “Federal Reserve Notes,” money had been exchanging value for value.  A one ounce gold coin was a twenty dollar piece which could be exchanged anywhere for $20 worth of goods or services throughout the world.  The Roosevelt Administration changed the value of gold from $18 dollars an ounce to $36 and required that all gold mined in the United States be sold to the Federal Government.

Historically, the problem was that there never, with the exception of the Sixteenth Century when the gold in the New World was looted and sent to Europe, enough gold available to serve the business needs of the various industrial nations.  As a result of this, the amount of gold available for all commerce both within and between nations had been and was stretched by using paper bills that theoretically could be exchanged for gold at anytime.  Of course when this was done there was a run on the banks, causing bankruptcies and a depression. 

The amount of currency needed in circulation today has to be enough to allow for a full exchange of all needed goods and services in the society.  The money itself has no real intrinsic value; it is merely a tool that allows for this exchange.  The amount in circulation has historically been arbitrary, generally determined by the amount of gold coinage available, and then partially controlled by the state and by the financial institutions within the society that have continually operated on the basis of pure profit for themselves regardless of the consequences to the general society. 

This lascivious control, mostly by private enterprises has led to innumerable economic disasters such as the Great Depression of 1929 and the Real Estate Debacle of 2008; both of which almost toppled the entire society.  The two economic disasters were based upon an ever-increasing frantic race for increasing immediate gains, banks and a part of the general population rapidly acquiring massive amounts of currency for themselves.  This issue was not understood until well into the Twentieth Century and the assorted nations have never yet exercised their sovereign power to totally control or regulate the money supply. 

In the United States the myth that is constantly being propagated is that the Federal Government is inefficient or incapable and that only private enterprise and the Market System can properly run the economic system within the country.  It is bogus nonsense!  It was the Federal Government that both in 1933 and in 2009 saved the country from total economic collapse.  And, in both cases,  it was private enterprise and the Free Market System that almost destroyed the economy.

The reason we have had recovery since the bank caused disaster of 2008 has been through the actions of the Obama Administration and the creativity of the Federal Reserve in utilizing imaginative Monetary Policy.  In 2009 and 2010 the President and Congress saved the nation from total economic collapse.  Since 2011, when the Republicans gained control of the House of Representatives they have done everything they could to hamper economic recovery by their austerity program which has tended to actually shrink a recovering economy.  They seem to be more concerned with discrediting the Obama Administration than working to bring about recovery.  Their constant cry is to cut government spending, particularly in discretionary programs, and reduce the National Debt.  One direct result of their austerity program has been the collapse of a fifty some year old bridge in Washington along a major highway.

Money has no real value; it is a tool that the society uses to exchange some form of labor for goods and services needed for comfortable living.  As long as there is no wild inflation, more money being available in the general society than products that can be produced, there is no danger from rapid inflation.  .

In the crazy escalation of currency during the Real Estate Bubble that exploded in the latter end of 2008, where people utilized their homes as bank accounts, there was no real inflation, only economic growth.  The money supply shrank enormously as real estate values collapsed.  We have still not fully recovered from that bank-induced recession that could have toppled the entire economy.

It is time to stop treating money as the ultimate object of wealth and begin treating it as an object of exchange, as a tool that can be utilized to create and maintain a healthy economy with everyone prospering. 

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