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A
Historic Perspective
on the 1%
In an effort to grow wealthy by exploiting the relative
scarcity discovered in the world, an elite evolved that derives
it power to control society by various subterfuges and
deceptions that continue to confound society today.
The deception was inaugurated by a scheme resting on the
sovereignty of monarchy, a hereditary right alleged to be
divinely ordained. Later, as an emerging
merchant class achieved a level of power based on their wealth, sovereign states arose in the
form of republics in opposition to the monarchy.
These republics were initiated by expressing their sovereignty
through various styles of government, some having democratic
overtones, including constitutional monarchies.
In the early seventeenth century, to the benefit of all forms of
government, came the predecessors of our modern corporations.
They began their evolution to personhood as
affective instruments of colonization, through a business
convention perpetuated by the Dutch government and the English
Monarchy with the inauguration of the Dutch
East India Company and British
East India Company .
These
entities were granted vast powers with limited personal
liability in the form of corporate immunity; these were the
first multinational corporations. They
produced great wealth by exploiting the relative scarcity around
the world, keeping secret their sea routes while controlling the
technology of ship building and ocean navigation.
Later, that same century, the Bank of England was inaugurated by
a secret group of investors, who commanded a currency system
that was based on a deceptive medieval goldsmith’s practice of
lending gold receipts in excess of the gold they personally held
on hand. This scheme
was referred to as the “fractional reserve system”, because
it was found that most of the gold left in the goldsmith’s
trust by others stayed in the vault, while the receipts for the
gold were circulated in its place because exchanging receipts proved
more convenient and safer than carry the gold (these receipts
were an early form of paper money).
In the case of the Bank of England, there was no gold
behind the currency, just some “tally sticks” were pledged,
but deposited in a value that was less than what was promised.
With no gold behind the currency, the bank, in essence
had the power to create money from nothing.
Through the implementation of the fractional reserve
system these banks were able to lend out more and more money;
far beyond the assets on deposit.
After the success of the
American colonies revolution for independence, the newly freed colonies resisted taking on
the practices of their former country. The
establishment of a national bank in the likeness of the “Bank
of England” went through fits and starts finally culminating
in the formation of the present Federal Reserve Bank, which was
granted the power to control the money supply.
The Federal Reserve System could also be called the
Fractional Reserve System, as, like the goldsmiths of old, it
lends more money than the total of initial securities on hand as
the funds move through the banking system.
The national banking system was based on debt production from
its inception; the "First Bank of the United States"
was chartered to pay off the collective war debts left after the
American Revolution. To
this day debt is still the basis for the money supply as money
enters the economy when loans are made, then multiplies as these
founds are deposited in various banks and being lent out again after accounting for the reserve amount.
When
the debtors in this system are unable to service the current
debt, expansion ceases and the money supply shrinks loans are
called and the inevitable economic bust brings on a recession
and then often a severe depression.
In these periods of bust, wealth appears to be lost, but
is actually just transferred to those that control capital.
"Them
that's got, shall get. Them that's not, shall lose
So the Bible said, and it still is news" -
Billie Holiday -
The corporatization of America took many decades to get a
foothold, corporations were initially heavily
restricted, as the early US corporate law was concerned with the
public interest and they were closely regulated by the states.
In the early formation of the Unite States, corporations were
difficult to start as they usually required an act of the
legislature to form; by law all stockholder were generally given
an equal say in corporate governance, also corporations were
required to clearly state their purposes in their charters, such
as building roads or bridges and limited in their life span,
being dissolved after they met their proposes.
Then in 1819, the U. S. Supreme Court granted corporations
rights they had not previously recognized; corporate charters
were deemed "inviolable" and the Corporation as a
whole was labeled an "artificial person,” possessing both
individuality and immortality.
In 1886 a Supreme Court decision in the case of
Santa Clara County v. Southern Pacific Railroad cited the 14th
amendment, which was used to set a precedent that holds the
corporation as a "natural person." Thereafter,
the 14th Amendment, which was enacted to protect rights of freed
slaves, was used routinely to grant corporations constitutional
"personhood.”
These super citizens act as proxies for the very wealthy, who
can enjoy the anonymity and immunity inherent in the corporate
structure, using them to influence governments worldwide to
ensure that wealth continues to flow into the hands of the
elite. It has
been reported that the top one percent of households own nearly
40% of all privately held stock, about 60% of financial
securities, and a few percentages more of business equity.
The top 10% own 80% to 90% of stocks, bonds, trust funds, and
business equity. Given these facts it becomes clear that just
10% of the people own the United States of America.
TABLE
OF CONTENTS
AN
INITIATIVE TOWARD A SUSTAINABLE FUTURE
VERACOIN™ – A Global Complementary Digital Currency
BENEFITS OF VERA-CITY, VERACOIN™
&
VERASHARES
REVENUE
STREAMS - VERA-CITY, VERACOIN™
&
VERA SHARES
TOWARDS
A PURE CREDIT ECONOMY
A
COMPLEMENTARY CURRENCY PRIMER
OPEN
ENTERPRISE MODEL - A SELF REPLICATING SYSTEM
AN
OPEN LETTER TO OCCUPY WALL STREET
THE 1%
- A HISTORIC PERSPECTIVE
IN
CONCLUSION
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