Two and half thousand years ago, lawmaker Solon stood on this marble hill in Athens, on the Aeropagus, and announced the first ever Chicago Plan or New Deal. He introduced sovereign, government issued money, cancelled crushing debts and restored foreclosed properties.
As I sat up on the Aeropagus this afternoon, I thought about what a great vision and great understanding of economics Solon had. And also what a great character! He didn’t sit back passively and watch his city descend into chaos and debt. And he didn’t leave the problem to academics or self styled IMF or ESM experts either. He took a hands on approach to economics and finances.
As a member of the then supreme court of Athens, the Aeropagus, which held its sessions on this hill at the base of the Acropolis, he worked out a plan and he implemented it.
“The Athenian leader Solon implemented the first known Chicago Plan/New Deal in 599 BC to relieve farmers in hock to oligarchs enjoying private coinage. He cancelled debts, restituted lands seized by creditors, set floor-prices for commodities (much like Franklin Roosevelt), and consciously flooded the money supply with state-issued “debt-free” coinage.”
In so doing, Solon laid the foundation for the financial and economic prosperity of Athens. He introduced a whole raft of reforms to enable the first ever democratic state to be born.
Today, we need Solon’s reforms, sovereign money and debt cancellation more urgently than ever in the UK, the USA and the eurozone.
Our system of the private creation of money is resulting in crushing interest, debt and taxes.
97% of our money is created by private banks when they give us loans and charging us interest.
The debt burden has reached the point where the economies of the UK, USA and eurozone could soon implode.
Worse, under the fractional reserve banking system, banks do not lend any money in the first place. They create money as a book keeping entry. Yet they demand in return collateral and interest and things of real value. Professor Franz Hoermann has called the private creation of money a model for expropriation.
It is also a method of fraud.
US lawyer Jerome Daly used this argument to stop the foreclosure of his house in 1969.
The judge died soon after and Daly was smeared.
This landmark ruling can be used to day to stop austerity. Wherever a court follows due process, it must come to the same conclusion as in the Jerome Daly case. Namely, the banks have not fulfilled the consideration necessary for any contract, ie they have not given anything of value in exchange for something of value.
Let’s make use of this information now reaching countless people through the internet in 2016.
I group of young Americans holding a Bible study on the hill where Paul gave his first “sermon” converting Dionysios, the Aeropagite…