Sovereignty, Monetary Sovereignty, Monetary Monopoly, 5
Historically, examples span from some periods of the Roman Empire, where wealthy owners of gold and silver were granted the right to issue coins, to the establishment of the first central bank, the Bank of England, when it was granted the privilege to issue and loan at interest paper money proportionate to the gold it loaned to the Crown; one way or another the established power – whose sole reason to exist is serving the community – granted this privilege and the ensuing profits to private entities.
Economic suppression is perpetrated by the private wealthy owners of the raw matter the money is made of, drawing a huge unjustified profit from the exploitation of their oligo−monopolistic position: as usual, they loan it at interest, they are very liable to set up an infinite debt trap, and they can let the money run low – to the detriment of people anyway – to extort more from the established power (or rather from people through it), or to divert it towards more speculative and profitable uses. It is worth stressing here that bad as these forms of economic suppression may already appear here, they are even going to acquire a far more wide and sinister order of magnitude, which I will discuss under the causing and exploitation of economic contractions and expansions.
Monetary monopoly exercised by signing away to others, for instance private individuals, the very monetary monopoly, monetary sovereignty itself. Those private individuals in turn exercise and exploit the oligo−monopoly by issuing fiat money and seizing its purchasing power the moment it gets born – just to begin with, to say nothing about the rest of their swindles. Here the question is, how come those in possession of the established power give it away?
This point may not differ substantially from the previous as to the mechanism in itself, but I decided to keep them separated to underline how things have changed in these so−called modern times, where these things have been brought to a totally different – and unprecedented – order of magnitude, so that one may be tempted to say that what characterizes these modern era as such is just this whole new order of magnitude of economic suppression through monetary manipulation on a global scale.
