“FACT: All money owed by a government or person to any bank is nothing more than a legal fiction.It does not exist. In fact, the word credit comes from the Latin word credere which means “to believe.” Debt, interest, IOU’s promises and money are all literal and legal figments of the imagination. Without belief (or ‘confidence’), then the system will die.” ~S Cundill
Welcome to a new world. A world where money does not exist and everyone lives in a Utopian society.
But not quite yet.
It will take time and an evolution of consciousness to get there. And, it will require us to open our minds to some important and startling facts about this thing called ‘money.’
1. Money does not exist
Money does not exist in the world today. Gold, silver and copper have been replaced by the promise to pay money. As strange as this may sound, a “promise to pay” made by a bank to you is termed money because these promises serve in effect as money. In other words, our global monetary system is made up of things like IOU’s, bonds and guarantees, but there is no actual money.
2. The ‘money’ in your bank account does not legally belong to you.
In legal terms, the ‘money’ in your account belongs to the bank, not to you. This is horrifying, but it is a legal fact in most countries. Instead, we enjoy a kind of rental agreement that grants us temporary permission to trade with a bank’s IOU… for a fee of course.
If I work for Vodafone and Vodafone runs out of money, then they could pay me with “airtime” instead. Airtime is a commodity that could be traded in effect as money. This is precisely how the banks work. The ‘air’ gets passed around as an exchange for goods and services.