The World Plus 5%Why Growth Cannot Be Sustained

Normally, I write my own articles. However, I have found a great article by Larry Hannigan that I feel everyone should read.

The origins of our current economic/political situation date back to 1694 when The Bank of England was created. King William of Orange was in financial difficulties as a result of a war with France. The Goldsmiths “lent him” 1.2 million pounds (a staggering amount in those days) with certain conditions:

1. The interest rate was to be 8%. It must be remembered that Magna Carta stated that the charging or collecting of interest was a serious crime.
2. The King was to grant the goldsmiths a charter for the bank which gave them the right to issue or create credit out of nothing. Prior to this, their operations of issuing receipts for more money than they held in deposits was totally illegal. The charter made it legal.

In 1694 William Patterson obtained the Charter for the Bank of England.

Larry Hannigan’s fable illustrates the evolution of banking and power since that time, from a simple barter system to the Fractional Reserve banking which enslaves us today.

Please take the time and CLICK HERE to read Hannigan’s story on his website.


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