Tag Archives: modern monetary theory

The Magic of Fractional Reserve Banking

Jeremiah Project Posted on by

Primarily because people left their gold with the goldsmiths for safekeeping, they were to become the the first bankers in early England. The first paper money were “Receipts” for those gold deposits representing the gold in storage. These were easier to carry around, and safer, thus making paper money more popular. Eventually the goldsmiths realized that few people ever came back to trade in their “receipts” for the gold at any one time. It was then that Goldsmiths realized they … Continue reading →

Will the National Debt Destroy America?

Jeremiah Project Posted on by

Thomas Jefferson warned, “If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks…will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.” Ignoring Jefferson’s warning, the American people HAVE allowed private banks to control their money. And, we are beginning to see the results of that decision. The rich rule over the poor, and the borrower is slave to … Continue reading →