synopsis how privatized banking really works
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How PrivatizedBankingReally Works
The Sound Money Solution
1. Link outstanding Dollars to Gold: Creates propertyrights to unit weight of gold All Banks solvent --100% Reserve Banking -
--No more Inflation!
2. Privatize Banking: Government money monopoly abolished
3. Close Central Bank: Size and Expense of Gov t decrease,
taxes go way down, savings --- which fuel investment, go up!
L. Carlos LaraRobert P. Murphy, Ph.D.
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CONTENTS
PARTONETheQuandary
Chapter1:Introduction
PARTTWO
PARTTHREE
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Noonecanfindasafewayoutforhimself
if societyissweepingtowardsdestruction.
Therefore everyone, in his own interests,
must thrust himself vigorously into the
intellectual battle. None can stand aside
with unconcern; the interests of everyone
hangontheresults.
LudwigvonMises
Chapter1:Introduction
Whydowehavetohavemoney?
As the late economics Professor Clarence Carson explained, this is the type of
questionyouaremostlikelytohearfromayoungchild.However,whenachild
asksaquestionlikethisthereisnorealinterestinknowinganythingaboutthe
origin of money, or how it functions, or even about the fact that it is only a
mediumofexchange.Actually,thequestionstemsentirelyfromtheideathatthe
things the child wants cost money and he does not have enough of it. So in
essence,thechildsrealquestioniswhyhecanthavewhateverhewants,when
hewantsit,withouttherebeingacostattachedtoit.(1.)
Now,whenwestepbackandseriouslythinkaboutit,thisisaverygoodquestion
andnotonlyofchildren,butalsoofadults.Itisaquestionthatdoesnotpresson
us too much, so long as things are going well economically and we all have
sufficient incomes to pay for the things we want and need, butwhathappens
whenallofthatchanges,asinthetypeofchangesweareallexperiencingtoday?
Allofasuddenthealarmbellsstarttogooffandeveryonestartsclamoringfor
answersaboutmoney.
It was actually the widespread clamor for these answers that was one of the
principlemotivationsforthewritingofthisbook.Itallbeganwiththealarming
panicthatspreadthroughouttheworldintheearlyfallof2008.HereintheU.S.
itwasevidenteverywhere.Everyday,forweeksonend,peopleweretransfixed________________________________________________________________
(1)AgoodquestionputforthbyClarenceB.Carson,Textbook:BasicEconomicswithStudyGuidebyPaulCleveland,Ph.D.,
AmericanTextbookCommittee,3105FourthAvenue,PhenixCity,AL368673309
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totheirTVsetsastheylistenedtothingstheyhaddifficultycomprehending,but
knewalltoowellthattheywereexperiencingahorrificfinancialmeltdownunlike
any other they had ever witnessed. The uncertainty the crisis created for
everyonewasimpossibletohideanditwasapparentineverydayconversations.
Most notably was the fear it generated among schoolchildren from simply
observingthestateofanxietyinthefacesoftheirparents.Americans,almostin
unison, came torealize inaverypersonalway how fragileourentireeconomic
systemhadbecomeastheywitnessedgiantfinancialstructurescrumble.Infact,
collapseoftheentireU.S.financialsystemdidnotescapeanyonesmind,even
themindsofthemostsophisticatedeconomicexperts.
Todayweareleftwiththeaftermathoftheearlyphasesofourpresentfinancial
fiasco with many Americans now having lost their businesses, their jobs and
entirelifesavings.Thedramaticcrashofthestockmarketanditserraticbehavior
since, coupled with the collapse of the real estate market, has left people
everywhere asking:where in the world do you put your money now? No one,
however,is,orcanbe,confidentinhisanswer.Fearofdoubledigitinflation,even
hyperinflation,isonthemindsofmany.Goldandguns,growingstatisticallyhigh
indemand,areevidenceoftheuncertaintyofourfuture.Asournationstruggles
with these problems, as it attempts to redefine, or create a new sense of
direction,manyhavealreadylostallhopeintheeconomicprinciplesthatonce
madethiscountrygreat.Theentireideaandhopeofafreemarketeconomyisin
crisis.ArecentBritishBroadcastingCorporationpollacross27differentcountries
showed 89% of the 29,000 individuals questioned were disillusioned with
capitalism.Thisiswhythoseofuswhostillbelieveinthemarketandwantnopart
of socialismare demanding reliableanswerstohelp unravel all of the financial
confusion!
Of course, this is not a new problem. As new as it may seem to our present
generationin2010,thestruggleforthecontrolovermoneyisasoldasmankind,
butone sureplace tobeginthequeryaboutmoneywithin theUnitedStatesis
with this stark and paramount realization: OURMONEY IS NOT FULLY IN OUR
CONTROL.TheCentralBankoftheUnitedStatestheFederalReservehasa
completemonopolyonourmoneyandthiscontrolismandatedbyourfederal
government. This domination of our entire monetary system has had severe
economic andmoral ramifications. The effectsof this monopoly are the prime
reason why the value of our money has fallen some 95% since the Federal
Reservesfoundingin1913anditisthedirectcauseofourcurrentfinancialcrisis.
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We cannot ever hope to begin to think and seemoney with clarity until this
realization is exposed and fully understood. To begin talking about the free
market, money, savings, interest, credit, investments or banking without first
havinga complete grasp ofthis truth, the factthatwe areunder the grip ofa
centrally planned money mechanism, leads nowhere but to even greater
confusion and disenchantment. However, in order for this truth to be fully
graspedbytheaverageU.S.citizentothedegreethatpublicopinioncaneffect
a real change at the topechelons ofgovernmentwill take nothing short ofa
miracle.Howintheworlddoyoutaketheprintingpressawayfromgovernment
once they have had full use of it all these many years? Until this is done,our
UnitedStateswillcontinuetoheaddownapathofsocial,politicalandeconomic
ruin.
Yesitistrue.Itisallsohugelyoverwhelmingandhopelesstoobigtofix.Infact,
justhowwouldonegoaboutchangingsuchamonstrousproblem?When life is
shortandthemomentofapossiblevictorysofarinthefuture,whyevenbother?
What is thepointofeventrying?Well first ofall consider this,and consider it
seriously.Ifchangedoesnotoccurhereinthiscountry,acountrywherechangeis
stillpossible,thereisnoplaceelseleftonthisplanetforanescape.Theentire
worldoperatesbythissameclosedandcontrolledmonetarysystem.Government
mandated paper money and banking systems are everywhere! In the United
StatestheCentralBankistheFederalReserve,inEngland,theCentralBankisthe
BankofEngland,inItalyitistheBankofItalyandsoonineverymajorforeign
country.Thepowerandgrowthofgovernmentseverywherearefueledbythese
monopoly systems and their growth has cut into the quality of life for all
individuals to staggering proportions. It is like a virus, parasitic in nature and
whichwilleventuallykillthehost.Ifwedonotmakeanefforttochangeitherein
ourcountrynowitwillneverchangeandifwedonotstepforwardtohelpchange
it,noonewill.
Second,thereisnorationalreasontoworkmyselfandyou,thereader,upintoa
revolutionary frenzy unless we stop long enough to realize that we are losing
somethingverypreciousOurFreedom!Tobring this intoperspective,consider
thattheabundancethatweseeandhave,ourhighstandardoflivingthatmostof
usenjoytoday,cameintoexistencebyamovementgerminatedfromtheideaof
freedom.Thismovementexplodedhereinthiscountryfrom1776until1914a
very briefperiod of justover135years!Comparedto theentire history ofthe
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world this is amazing! Wemust, therefore, reversethis trend for it is possible
thatwemayneverhavetheopportunitytodosoagain.
"Take for example the major movement of the great classical liberal of the seventeenth,
eighteenth, and nineteenth centuries. These, our ancestors, created a vast sprawling, and
brilliant revolutionary movement, not only in the United States but throughout the Westernworld that lasted for centuries. This was the movement largely responsible for radically
changinghistory,foralmostdestroyinghistoryasitwaspreviouslyknowntoman.Forbefore
thesecenturies,thehistoryofman,withoneortwoluminousexceptions,wasadarkandgory
recordof tyrannyanddespotism,a recordofvariousabsoluteStatesandmonarchs crushing
andexploitingtheirunderlyingpopulations,largelypeasants,who,livedabriefandbrutishlife
atbaresubsistence,devoidofhopeorpromise.Itwasarevolution,aclassicalliberalismand
radicalismthatbroughttothemassofpeoplethathopeandthatpromise,andwhichlaunched
thegreatprocessof fulfillment.Allthatmanhasachievedtoday,inprogress,inhope,in living
standards,we can attribute to the revolutionarymovement, to that "revolution". Thisgreat
revolutionwas our father; it isnow our task tocomplete its unfinishedpromise.Sowrote
AustrianEconomist,MurrayN.Rothbardin1969.
Third,andmostimportant,isthatamovementforrealchangecannotpossiblybe
effective if it starts from the top down (government down to the individual
citizen).Thegenesisfor changemuststartwith the individual. Itmusthave the
individual as the principal criterion and spread out and up from there. This
happensonlywhentheindividualseconomicsurvivalquestionsareansweredto
hisfullsatisfactionandwhenheexperiencesimmediateresultsforhimselfinthe
change endeavor he embarks upon. That is what this book is about. This is of
crucialimportancebecausewhenthereareimmediatebenefitstotheindividual
fromhisproductiveefforts,theindividualtakesnoticeandimmediatelyseeksto
duplicateit.Whenheseesthatthebenefitshegainsalsohelpsocietyasawhole,
heisencouragedandmotivatedtoinvolveothers,beginningwithhisownfamily
membersandtheneveryoneelsewithinhiscircleofcontacts.Thistypeofgood
newsalwaysspreads,slowlyinthebeginning,butthensuddenlyitturnsintoan
evangelisticexplosion.Amovementthatworksinthismannercanquicklytakeon
alifeofitsownandspreaduntilpublicopiniongrowsforcingtheupperechelons
of government to make vital and necessary changes. In the end, all economic
policies are ultimately dependent on the views of the general public and their
choiceisfinal!Itisthemassesthatdeterminethecourseofhistory,butitsinitial
movementmuststartwiththeindividual.
Forthesethree importantreasons this book contains information toguideand
empower the individual. Itdescribes indetail three independent ideas thatare
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alreadyatworkspreadingandgainingmomentumthroughoutthegrassrootsof
our country. The people and institutions involved with these ideas are
wonderfullycreative!Althoughdistinct,theseideasaresouniquely intertwined
thatbringing them togetherasone powerfulmultidimensionalelement inthis
bookwasnatural.ThesethreeideasareAustrianEconomics,theSoundMoney
SolutionandPrivatizedBankingasbestdescribedbytheInfiniteBankingConcept,
a bookwritten by R.Nelson Nash.Oncefully understood,eachof these three
ideasprovidesthebasisforaformulawithpowerfulturnarounddynamicsthat
maybeimplementedbyvirtuallyanyindividual.Theresultisaprivateeconomic
enterprise and selfperpetuating teaching tool that provides the individual the
savings,bankingandfinancingcapabilities itneedstoacquireallof hismaterial
needs,plusthepowertoliterallyreconstructnationalmonetarypolicy.Itisthese
benefits that are the key to keeping the individual inspired as he spreads the
messagetoothers.Asthemessagegrowspublicopinionwillchange.
This powerful combination is the new idea presented in this book. This is,
finally,asolutionthatanswersthequestionofwhatonepersoncanactuallydo
thatwillmake a difference in aneconomic environment that has gone terribly
awry. When you beginfirstwith the individualsownprivate economicaffairs,
things change immediately for the better. It becomes the individuals escape
routetofreedom.Furthermore,theSoundMoneySolutionsupportsthisideaand
AustrianEconomicsconfirmsit.Moreimportantly,theindividualcangointothe
economicenterpriseimmediatelyregardlessofthebridledmoneysystemhemay
be in andwhat is going on all around him in the present social, political and
economicenvironment.Althoughhis hope rests inthe ultimate triumphof the
Sound Money Solution, which is changing the national monetary policy, the
processheisengaginghelpsthrustforwardtheAustrianEconomicmessagewhile
advancinghisownpersonaleconomicbenefitsinthehereandnow.
The idea is so rational that it should not at all be difficult to grasp. All that is
required is an open mind, the understanding of a few undeniable economic
principles, the use of sincere conviction, common sense, imagination, courage
and,aboveall,discipline.Hopefully,inthesefirstfewbeginningparagraphs,the
readersappetitehasbeenwhettedenoughtowanttobecomemoreacquainted
withtheprocess.Afterunderstandingtheideaclearlyandseriousthoughtgiven
to it, it will naturally follow that the reader will want to embark upon the
endeavor.Inacting,byimplementingtheprocessinhisowneconomicaffairs,the
reader confirms the immediate benefits of the ideaand assureshimself that it
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doesinfactreallywork!This,inturn,leadsyouintotellingothersaboutyournew
foundindependenceandfreedomtherebyspreadingthesolutionforourcountry
everywhere.
IgnoringtheAustriansGotUsinThisMess
Inbringingtogetherallofthethoughtscontainedinthisbook,itisimportantfor
the reader to know that I have received an enormous amount of help and to
knowexactlyfromwherethathelpcame.Thisisimportantbecauseifthereader
istoimplementtheideapresentedhere,hewillideallyneedtotakeverysimilar
steps for amore indepthand complete understandingof it.First ofall, I have
benefitedimmenselybybeingastudentandpassionatereaderofthewritingsof
the great classical natural law theorists found in Austrians Economists. Thesemen, several who predated Adam Smith andwho famously gaveexpression to
laissezfaire in1776,havecomedowntousthroughwrittenhistory illuminating
thedifficultandtheunseenonallthingshavingtodowitheconomics.Inmyown
personalsearchforthetruthintheeconomicandfinancialrealm,Ihavefoundno
parallel and only wish that I had heard about them earlier in my life.What a
difference thatwouldhavemade! InMarch of 2009, just sixmonths after the
economiccrisisoccurred,arareandinterestingarticleappearedinthefinancial
publication, Barrons,entitled Ignoring the AustriansGot Us in ThisMess, by
Randall W. Forsyth. The article pointed out that the Austrian prescriptions tosolve the worlds economic problems were first ignored by the New Deal of
FranklinD.Roosevelt.Thatwasseventyfiveyearsago!Agrimreminderthatthe
refusaltoacceptsoundeconomicthinkinghasgoneoninthiscountryforquite
sometime.Instead,KeynesianEconomicshasnowbecomeentrenchedinsociety
everywhere. Every major university from Harvard on down is vested in this
erroneouswayofeconomicthinking.Acrossparty lines,as substantiatedby the
BushandnowtheObamaadministration,withthe$700billiondollarTARPinlate
2008 and the $787billion dollar stimulus a fewmonths later, the rejection of
sound economics obviously continues. Therefore,without question,oneof theprincipalandimperativegoalsofthisbookisforeachreadertourgentlybecome
acquaintedwithAustrianeconomics.Thisdoesnotimplythatonemustgoback
toschoolandbecomeaneconomicscholar,butrathertotakeupreadingitona
regularandconsistentbasis.Today,withthehelpoftheinternetitiseasy!Only
byseeingtheworldfromtheAustrianeconomicpointofviewisoneabletosort
outanddistinguishgoodeconomicsfrombadeconomics.
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TheScienceofHumanAction
Thereare,ofcourse,manygreatforeignAustrianscholarssuchasJeanBaptiste
Say,EugenvonBohmBawerk,FredericBastiat,CarlMenger,WilhelmRopkeand
NobelPrizewinning economist, F.A.Hayek, toname just a few.AmericanbornAustrianeconomistsincludeLeonardRead,HenryHazlittandMurrayN.Rothbard
withthelistgrowingandtoonumeroustomentionallhere.However,themost
celebrated figure of the Austrian School and writing nearly 100 years ago is
Ludwig von Mises. This great Austrian economic scholar accomplished a feat
never before done in the history ofeconomics. He tookcenturies of scattered
economic thinkingand brought itall together intoone complete fieldof study,
whichhecalledpraxeology,thescienceofhumanaction.Inessence,thisscience
underscoredthatmanalwaysactswithapurpose,neverintheaggregate,but
alwaysasanindividual.Forthatreason,mancannotbeplacedintoaformula,charted on a graph, orplaced into amathematical calculation for any type of
centralized planning or forecasting asmodern day economists insist on doing.
What you learn fromstudying theworks ofMises is that he wasoneof those
individualsof impeccablecharacterthatcomesalongonlyrarely inhistory.One
couldsaythathespenthisentirelifefightinganideawithincivilizationthatwas
false.Infact,hebelievedthisideatobesodelusionalanddestructivethathesaw
it as an evil that no one should give in to. Inmanyobservableways, from his
writingsandlectures,itbecameclearthathewasnotsomuchthinkingofhimself,
butratherlookingaheadconsideringusinourdayandtime,ourkidsandourgrandkids.Thelegacythatheleftbehind,atagreatpersonalcosttohimself,was
theencouragementforallofustojoinintothisintellectualbattleandeventually
defeatthisevilidea.Hebelievedittobeamoralresponsibilitythateachofus,
youandI,havetosociety.
Today, it is the great work of theMises Institute, FEE, and other such private
institutes,fundedwithnoconnectionstopowerfulelites,thathavebecomethe
centersforlearningtheeconomicprinciplesthatourchildrenandgrandchildren
shouldbetaught.Theycontinuetofantheflameoflibertybypublishingscholarlyjournals, publishing books, holding conferences, teaching students and holding
seminars.Becauseoftheireffortsspanningmorethan60yearshereinAmerica,
hundreds of thousands have already joined in the intellectual battle and the
changesarebeingfelteverywhere.Thereisfaith,hopeandexpectancyatthese
independent scholarly institutions that a dramatic change in the political and
sociallandscapeisrightaroundthecornerandcanhappennearlyovernightwhen
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the ideological conditions are right. These institutions continue to provide the
educationalfueltokeepthefireburning.Everyconscientiouscitizenshouldjoin
andbecomeamemberofone.Alongwiththisbook,thesearetheplacestobegin
oneseducational journeyofAustrianeconomicswhileatthesametimestaying
involvedinthisbattleoverthemindsofmen.
TheinfiniteBankingConcept
I acknowledgeothergoodfriends and fellowAustriansas importantsourcesof
help forthewritingof thisbook.Dr.Paul A.Cleveland,Professor ofEconomics
andFinanceatBirminghamSouthernCollege,withoutquestion,is,andhasbeen,
my economics teacher. When we firstmet years ago he was able to surmise
quicklyandaccuratelywhereIwasinmyjourneyintoeconomics.Heprovidedthe
necessary guidance for me to continue to move in the right direction and
continuestodothattothisday.ThereisalsoCanadianbornDr.RichardJ.Grant,
Professor of Economics and Finance at Lipscomb University, who provided
invaluableinsightsintocurrentmonetarypolicyrelatingspecificallytotheFederal
Reserveandthebankingsystem.Withhiswideexperienceofhavingtaughtand
workedintwelvedifferentcountrieshisadvicewasinstrumentalinhelpingwith
missingpiecesIhadnotyetquitefiguredout.Andthen,ofcourse,thereismyco
authorofthisbook,Dr.RobertP.Murphy.Actuallyyoungerthansomeofmyown
children,Robertsenergyandpassionforhisworkmakeshim,inmyopinion,a
hopefulglimpseofthefutureofAmerica.Thereare,ofcourse,manyotherstowhomIoweagreatdealofgratitudeforthethoughtsprovidedinthisbook,but
withmanyapologieswillnotbelistedout.
It is alsoprobablywise forme to pointout that this book has borrowed ideas
quiteliberallyfromothers.Idoubtseriouslyifthereisanoriginalideainit.Thisis
a sort of blanket yet respectful acknowledgement to all the creators of these
ideaswhichIhaveusedwithoutstoppingtogiveofficialcredit.Atbest,Robert
andIhavearrangedwhatwethinkarebrilliantideasinamannertosupportwhat
webelieve.Ifthereaderistakenbythisbookandthelineofthoughtitprovides,thenithasaccomplisheditspurpose.Letmemakeclear,however, thatthereis
no greater idea in this book that provides the catalytic force to empower the
individual,tomovehim totake immediateaction,than the ideaprovidedbyR.
Nelson Nash and his Infinite BankingConcept (IBC). Therewill bemore to say
aboutNelsonandIBClater,however, IwillsaynowthatitwasNelsonwhofirst
suggestedIwritethisbook.WitheacheconomicarticleIwroteanddistributed
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throughtheinternet,hisencouragementbywayofa personalphonecallwould
follow.Iwouldhaveneverconceivedoftheideatowriteabookcontainingmy
thoughts had it not been for his urgings, at least not in the direction he kept
pushingmetowards.Nelson,alongtimestudentofAustrianeconomicsspanning
52years,counseledmeandspokewithmeaboutthementoringhehadreceived
earlier in his life from LeonardRead, founderofThe Foundation forEconomics
Education.Theideasforhisbook,TheInfiniteBankingConcept,hadcomedirectly
fromAustrianEconomics.ItwasthesesameconversationswithNelsonNashthat
IwouldinturnbegintosharewithRobertMurphy.Slowly,overaperiodoftwo
years,Robertbecameconvincedandconvictedwithwhathewashearing.Hisfirst
momentofrealclaritycameonedayoverlunchwithPaulCleveland.Roberthad
just finished reading Nelsons book and by the time lunch was over Robert
understoodthesignificanceofwhatthebookwasexplainingandsoonthereafter
implementedtheprocessforhimself.
TheSoundMoneySolution
ThedayRobertMurphycommittedtocoauthorthisbookwithmeisadayIshall
never forget simply because of the unusual and unexpected way in which it
happened.However,itispreciselybecauseofthewayithappenedthatexplains
and proves the explosivevisionthe ideas in this book produce.To recount this
specialdayandbegintoputitintoproperperspective,keepinmindthatupuntil
thenRobertandIhadbeenvigorouslyinvolvedinnumerousconversationsabout
the humanpredicament in todayseconomicenvironment.Robert, asa scholar
and expert inAustrian Economics, couldexplainwhy thingswere theway they
were academically. He obviously could expound on these problems prolifically
having written several books and study guides to Mises Human Action and
MurrayRothbards Man, Economyand State; not to leave out the countless
articles for various independent libertarian think tanks. However, thoroughly
explaininganddiagnosingtheproblemofournationandourworldwasnot the
main issue. What everyone desperately wanted to know was how to fix it!
Additionally,webothunderstoodtheSoundMoneySolutionwellandbelievedin
itknowingthatitwasanchoredbysolidAustrianthinking.Weknewall toowell
what was required to effect the kind of national change the Sound Money
Solution called for, but the problem was that the Sound Money Solutions
required stepswerehighly unlikelytoever be implemented andwebothsadly
knewit.EvidenceforthiswasinthefactthattheSoundMoneySolutionwasput
forthdecadesagoandyet,inspiteofalloftheadvancesandgrowththeAustrian
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What Robert and I began to do next was to get honest with each other. We
agreed thatour individual concernwithregards towhatweareexperiencing in
ourpoliticalandeconomicaffairscurrentlycouldbesummedupinourknowing
whatilleffectsallthiseconomicupheavalishavingonpeoplesabilitytomakealiving.Wedidnotshyawayfromthisreality.Wehadseveralveryindepthand
personal discussions about this concern. We knew that for most all of us in
America,theneedtobeabletomakealivingisandalwayshasbeenacrucialfact
of life. It is the business from which we never retire. In fact, it is difficult to
imagineanyhumanbeingwhoisnotpreoccupiedwiththiseconomicendeavor.
Inwhatevermannerwetrytoexplainoursociety,orourgovernment,intermsof
thepast,presentorthefuture,wecannotdoitandignore "economicman"and
hisinnateneedtomakealiving.
And then it happened! All of a sudden the entire theme of this book, from
beginningtoend,hitRobertlikea2by4acrossthehead.Hiseyeswidenedwith
utteramazementandheexclaimedwithexcitement,Thats it!Momentslater
headmittedthatthevisionhithimwithsuchforcethathehadnotevenseenit
coming.IthadneverdawnedonhimuntilthatverymomentthatwhatI,Pauland
Nelsonhadbeentalkingaboutallthistimewasactually steptwooftheThree
Steps of the Sound Money Solution,Privatized Banking! However, the
spectacularandunbelievablepartaboutitwasthatanindividualcouldactuallygo
intoprivatizedbankingrightnow!Therewasnoneedtowaitongovernmenttochange.TherewasnoneedfortheSoundMoneySolutiontobeacceptedandput
forthintopublicpolicy.Privatebankingcouldbedoneimmediatelyanditcould
be done by virtually anyone! Our creative energy suddenly soared and the
missing incentive we had been searching for suddenly became clear and
apparent.Theanswerthemissinglink,wassimplytheconnectingofthisinnate
needwithinman,theneedtomakealiving,withtheSoundMoneySolution.The
key was step two of the Sound Money Solution, the business of banking,
privatized banking, the most profitable business in the world and it could be
implementedrightnowbyanyindividualcitizen!
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The Sound Money Solution
1. Link outstanding Dollars to Gold: Creates propertyrights to sound money payable upon demand 100% Reserve Banking
2. Privatize Banking: Government money monopoly abolished
3. Close Central Bank: Size and Expense of Federal Gov twould decrease, taxes go way down, savings and production go up.
L.CarlosLara
Nashville,Tennessee
January19,2010
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