Fiat money – state capture and defraud of individuals and nature
Ever since money lost its gold cover in the 1980s, it became an empty currency or fiat money without cover. According to the Cantion effect: fiat money benefits the first users at the expense of the last – a basic mechanism of fraud in every pyramid scheme or robbery. This virtualization process will end with the full digitalization of money, which, keeping in mind the vast speculation in the financial sector and the ever-decreasing liquidity of banks, is a dangerous step towards modern-day slavery. The concentration of control over the “printing” of money and their flow is, in truth, a control over savings. Through the cycles of inflation and deflation and the crises associated with them, individuals, companies, and countries, unaware of the complexity of economic processes, lose their purchasing power to acquire the resources and assets and accumulate debt that underpins states, along with resource and infrastructure capture. The fiat monetary system, because of constant inflation, prompts entities to subconsciously “save” themselves from plundering their money by investing in assets or loans to purchase tangible, often unnecessary objects. The side effect is excessive economic growth and overconsumption of resources coupled with long-term dependence on creditors – banks: a “disease” that also leads to economic enslavement and what we call consumerism.
Bulgaria increased its external debt to almost 30% in 2016, well above healthy levels of 1% of GDP. THE ANALYSIS OF BULGARIA’S GOVERNMENT DEBT, initiated by the ecological NGO For the Earth, reveals that the main suspect for this growth of debt in the banking sector. This debt accumulation is also the primary method for looting the state through bad credit to commercial banks (CCB, First Private Bank, etc.), which subsequently go bankrupt, robbing both the budget (and all taxpayers through loan guarantees) and their large depositors. In our study, we have shown the evolution of debt growth and its latest leap related to banks’ “rescue plan” to guarantee their liquidity.
The increasing indebtedness of the countries after the 2008 crisis is a problem all over the world and the EU, but especially on the Balkan Peninsula. A consortium of civic organizations from the Balkan Monitoring Public Finances region, in its Public Debt in Southeast Europe study, finds that the main reason for countries’ high sovereign external debt, of up to 70%, was the lack of financial discipline. The consortium’s recommendations focus on civil control and involvement in government decision-making processes.