Home

John "the Engineer" Turmel

Submitted by AstralP on Sat, 12/30/2006 - 18:28.
People
Average rating
 
 
 
 
 
(0 votes)
AstralP's picture

John Turmel's official website
Turmel DVD
Movie trailers
Death Gamble MP3
In John's words:

“Most people are used to borrowing from the chartered banks which charge interest because they have depositors they must pay interest to. Above the chartered banks is the Bank of Canada which does not need to pay interest to any depositors and so can create and lend new money like a casino creates and lends new chips. When every citizen signs up for an online interest-free Bank of Canada account and credit card and needs pay no debt service on the loan,

John Turmel's LETS and UNILETS strategy is to use the Bank of Canada to permit all citizens and corporations to convert interest-bearing chartered bank debt to interest-free central bank debt so that all payments go against principal until debts are finally paid off, no matter how slow the repayment schedule. It's the interest growth on debt that keeps people in debt forever. Interest-bearing currency is simply replaced by interest-free currency and getting everyone eventually out of debt bondage.

HOW "MORT-GAGE" INTEREST CREATES A DEATH-GAMBLE


All Economics is based on the false premise that "interest fights inflation" when the truth is that "interest causes inflation." Almost everyday in every financial story of every newspaper and radio or television program, it is repeated over and over the interest fights inflation. They all agree that interest causes unemployment but all have been conditioned to believe that it is necessary to fight inflation. "Inflation is coming so we'll have to raise interest rates" is hypnotically chanted like a mantra.

The word "mort-gage" is derived from the French word "mort" meaning "death" and "gage" meaning "gamble". Bankers create the money supply when they make loans. Producers are forced to gamble by borrowing newly created Principal(P) to pay for production costs and then inflating their prices to recuperate both the created Principal and the non-created Interest (P+I) from their sales. Because total goods priced at (P+I) can never be sold when consumers only have P dollars available, a minimum amount of goods must remain unsold and a minimum number of producers must fail and suffer foreclosure. The economist Keynes likened the mort-gage death-gamble to the game of musical chairs. Just as there are insufficient chairs for all to survive the musical chairs death-gamble, so too, there is insufficient money for all to repay (P+I) and survive the mort-gage death-gamble.

»
Anonymous's picture

TRANSFINANCIAL ECONOMICS....AN EVOLVING PARADIGM.

Submitted by Anonymous (not verified) on Tue, 01/02/2007 - 21:38.
Dear All, Yes, your website is interesting. However, I feel we need to view things very differently when it comes to money, and power. It is absurd to think that corporations, and banks would accept a moralistic approach to their transactions, and responsibilities unless it increased their profits!!! To try, and do so is ludicrous.....unless ofcourse one had a huge amount of public support. But, even then as we have seen with the illegal war on Iraq little, if anything is really changed. I believe that corporations can be "bribed" to act responsibly as money is the only thing they really understand at the end of the day. It is possible to "modify" their behaviour with the creation of new unearned money via grants, and subsidies. To some extent, this already happens ofcourse....curtesy of the taxpayer. However, with my research, and development project of Transfinancial Economics this process of "behaviour modification" is feasible...using newly created funds without taxation of any sort... As for banks they too could still create credit with interest....yet, this interest would be produced by an independent public authority. In other words, interest free loans. It is quite clear that to try, and stop the present banking system on this is plainly daft. Obviously, and ethically it would be right but clearly it is not going to happen...and if it were to be so it would take many decades. Unfortunately, time is running out for humanity...so we need to adopt realistic, but radical policies for change in the present capitalist system into something more akin to global justice. Transfinancial Economics, or TFE is something which the banks, and corporations would love because (as already indicated)it would also mean that direct, and indirect taxation would not exist. Inflation would be controlled by advanced computer technology, and thus, devaluation of currency would not occur. This is a big subject. In an ideal world banks should not be able to produce super-normal profits from the people. It is a massive monopoly. Yet, we have to be intelligent enough to realize that positive (as opposed to negative moralistic) engagement with them, and the corporations ofcourse is probably the only way forward. Bizarre as it may seem NGOs such as yours would still be able to fight the moral crusade against the banking system, and would be better equipped to do so. The reason being is that we are dealing with an ethical issue, and as such grants created via new unearned money would be possible. In other words, fundraising in the main (for many NGOs) would not exist. Yet, such finance would also be dependent ofcourse on the amount of public support too...in the later stages of development. It would be advisable to read my work in progress paper on the internet plus the addendum of the one which appears on the new world view website (if I recall its title correctly). This is very important if you are serious about global justice. Robert Searle. PS. Apologies for any errors in the above if they appear!
»