Wow! IMF confirms debt forgiveness and removal of Central Bankers

Thank you to Removing The Shackles for bringing this to our attention. 

*************************************

 

IMF's epic plan to conjure away debt and dethrone bankers

 

So there is a magic wand after all. A revolutionary paper by the International Monetary Fund claims that one could eliminate the net public debt of the US at a stroke, and by implication do the same for Britain, Germany, Italy, or Japan. 

 

The IMF reports says the conjuring trick is to replace our system of private bank-created money. Photo: Reuters

By Ambrose Evans-Pritchard

2:31PM BST 21 Oct 2012

One could slash private debt by 100pc of GDP, boost growth, stabilize prices, and dethrone bankers all at the same time. It could be done cleanly and painlessly, by legislative command, far more quickly than anybody imagined.

The conjuring trick is to replace our system of private bank-created money -- roughly 97pc of the money supply -- with state-created money. We return to the historical norm, before Charles II placed control of the money supply in private hands with the English Free Coinage Act of 1666.

Specifically, it means an assault on "fractional reserve banking". If lenders are forced to put up 100pc reserve backing for deposits, they lose the exorbitant privilege of creating money out of thin air.

The nation regains sovereign control over the money supply. There are no more banks runs, and fewer boom-bust credit cycles. Accounting legerdemain will do the rest. That at least is the argument.

Some readers may already have seen the IMF study, by Jaromir Benes and Michael Kumhof, which came out in August and has begun to acquire a cult following around the world.

The World Global Settlements Mortgage Debt Forgiveness is HAPPENING!

Update #2

NESARA NEWS BLOG: DEBT FORGIVENESS FROM CHASE --- MORE INTEL

I have just been informed that more reports of Debt Forgiveness of 1st Note Mortgages in California. The complete note is being paid off by Global Settlements. A large number of mortgages were with Chase Bank.

Owner will get the title free & clear.

Check out Debt Forgiveness with NESARA

 

http://nesaranews.blogspot.com/2012/09/debt-forgiveness-from-chase-more-intel.html

   ***********************************************************

Update #1

Thank you to Breaking The Shackles Blog for releasing this information to the public.  The source link is here...... http://removingtheshackles.blogspot.ca/2012/09/wgs-mortgage-debt-forgiveness-is.html

  ***********************************************************

WGS Mortgage Debt forgiveness is HAPPENING!

The World Global Settlements Mortgage debt forgiveness is HAPPENING!

You can download a scanned copy of a letter that has been sent to a customer from BOA here:
http://www.mediafire.com/?a9u6479wrackp0z

I have had 7 different sources verify individual stories of people receiving these letters across America.

This is the beginning my friends!!!!

N.E.S.A.R.A. In Action? Bank of America - Debt Forgiveness

Japan to write off Myanmar debt

Japan to write off Myanmar debt, restart loans

(Reuters) - Japan has agreed to forgive Myanmar's 303.5 billion yen ($3.72 billion) debt and resume development aid, the two sides said on Saturday, in a further move to end the Southeast Asian nation's isolation and strengthen its nascent democracy.

The announcement was made jointly by Japanese Prime Minister Yoshihiko Noda and President Thein Sein, Myanmar's first head of state to visit Japan in nearly three decades.

"In order to support Myanmar's efforts for reforms in various areas towards its democratization, national reconciliation and sustainable development, Japan will extend economic cooperation ... while continuously observing the progress of these efforts ...," Noda said in a joint statement.

Myanmar, run by the military for five decades until a year ago, has undertaken a series of reforms, allowing the main opposition to run in parliamentary by-elections, releasing political prisoners and easing restrictions on the press.

Thein Sein has stunned critics with bold moves that were unthinkable just a year ago, prompting the West to ease sanctions on a nation rich in untapped resources and seen as one of Asia's last frontier markets.

IMF urges authorities to consider debt forgiveness to restore growth

The International Monetary Fund (IMF) has urged governments to consider “bold” interventions to reduce household debt levels and stimulate growth.

High levels of household debt restrain consumer spending and delay recoveries, the Bretton Woods institution concluded in an analysis of crises over the past century.

While cutting interest rates and unemployment benefits help, the IMF said the authorities should consider going further with “targeted household debt reduction policies”.

Among its proposals, the fund suggested state-sponsored debt forgiveness plans for the most hard-hit families. Although the policies might initially be expensive, they would be beneficial by reinvigorating consumer spending and helping the economy, the IMF said.

It cited the actions of the US in 1933 in the midst of the Great Depression and Iceland after its recent banking collapse.

The Roosevelt administration in the US set up the Home Owners’ Loan Corporation to buy distressed mortgages from banks in exchange for government debt. It then restructured the mortgages “to make them more affordable”.

The policy cost 8.4pc of GDP, equivalent to £130bn in the UK this year, but saved 800,000 households from repossession. The US government had made a profit, before inflation, by the time the scheme was run off in 1951.

In Iceland, banks were made to accept reductions in mortgage interest payments of up to 40pc and the most distressed households had a portion of their outstanding debt written off.

The economy there has now recovered remarkably since its bank-led collapse in 2008.

Iceland: First Country To Forgive Mortgage Debt

  Iceland: the citizen revolt that manages to forgive mortgage banking

http://www.eleconomista.es/economia/noticias/3761330/02/12/Islandia-la-revuelta-ciudadana-logra-que-la-banca-les-perdone-creditos.html

I translated the original article using google translate. ~e

The way to tackle the financial crisis in Iceland, as well as successful as evidenced by the latest rise in ratings, is becoming more distinct from the rest of Europe (and Western). Icelanders, who came to stone the Parliament in 2009, are reaping the fruits of their fury in the form of debt forgiveness by the domestic banking.

As recorded by the U.S. agency Bloomberg citing the Icelandic Financial Services Association (banking association in the country), since late 2008, Icelandic banks have forgiven loans for a value equal to 13% of GDP, debt reduciendendo more than a quarter population.

"You can safely say that Iceland has the world record for domestic debt reduction," said Lars Christensen, chief economist for emerging markets at Danske Bank. "Iceland followed the textbook that is required in a crisis. Any economist would agree with that."