Let's Abolish Usury
By Tommy-Usury: Free

Consider how municipal governments presently finance their projects and activities. For example, let's consider how a large municipal government like the City of Ottawa expends money allocated for snow removal when it is hit with a major snowstorm. The Mayor and Councillors draw up a budget and authorize the issuance of $1,000,000. in municipal bonds. The City of Ottawa has the municipal bonds printed and exchanges the $1,000,000. in bonds with a banker for $1,000,000 in various denominations of dollar bills bearing 'usury' at 10%. Let's say the total weight of these bills is 100 pounds.

The City of Ottawa then pays the contractors the $1,000,000 for removing the snow BUT they also must pay the banker  a10% usury fee at the end of the year because the banker demands the $1,000,000 principal plus the $100,000 in 'usury' at 10%.

Therefore, the City of Ottawa must tax the citizens $1,100,000 on their property taxes to cover the $1,000,000 principal plus the $100,000 usury. For lack of knowledge, the City of Ottawa chooses to finance its projects and activities by using this method of financing which has been cleverly designed by the 'usury' elite. Therefore, the taxpayers find themselves in the impossible situation of having to repay a greater amount of money than is issued into circulation. Let's abolish 'usury' - which is the root of all poverty, scarcity and lack.

The solution is to be found in all holy books which forbid the exacting of 'usury.' In the Koran in Chapter two, at verse two seven five, there is inspired advice from God: "Those who devour usury won't stand up inasmuch, As stands those whom the Evil One has maddened by his touch." The Christian Bible says: "Let the Exacting of interest stop." (Nehamiah 5:10). Understanding that credit is only acceptable when the exacting of 'usury' has ceased, the major goal of any honourable municipal government is the total abolition of 'usury' on credit. This can be accomplished with the use of small denomination 'usury-free' bonds printed as time currency notes (1/4 hour, 1/2 hour, 1 hour and 2 hour notes) in lieu of the usual "usury' bearing dollar bills of various denominations. If Abraham Lincoln could implement a simple "usury-free' greendollar currency in the 19th Century without the features of high technology, in the 21st Century we certainly can implement an advanced 'usury-free' time currency given the ease of our modern computer technology.

The mayor and councillors of any municipality in Canada or the United States (or elsewhere) can assume the authority on behalf of their constituents to print $1,000,000 in municipal bonds which bear 'no usury' for any big project such as winter snow clearing by simply bypassing the bankers of their respective towns or cities. The municipal council would pay for the $1,000,000 of snow removal with the small time denomination, 'usury-free' bonds instead of the small denomination 'usury-bearing' bills.

These new time currency bonds retain the value of the original services performed and therefore inflation will cease to exist. The free enterprisers in the community and any contractors (or employees) that they employ can agree to accept the time based currency bonds from consumers in exchange for the same goods and/or services that they would have delivered for the $1,000,000  'usury-bearing' small denomination bonds. At the end of the year, the municipal council will only have to demand the $1,000,000 of 'usury-free' time currency bonds in property taxes to pay for the principal ONLY of bonds in taxes as the banker middleman has been cut put of the transaction. The citizens will be excited about saving themselves the $100,000 that they would have otherwise paid as 'usury' to the bankers.

Having demonstrated that small denomination 'usury-free' bonds cleared the snow off the streets as effectively as small denomination 'usury-bearing' bonds, the mayor and councillors of the municipality will print up enough bonds to hire all the able-bodied people on welfare and unemployment to work on other projects and/or activities. These newly employed workers will be excited because they will now be able to build   themselves affordable houses that can likewise be purchased with 'usury-free' time currency because these new houses can be financed with similar 'usury-free' currency. With less and less people on welfare and unemployment, municipal taxes can be further reduced.

With more people paying their fair share, property taxes will again be reduced. It is significant that the abolition of 'usury' must benefit even the rich man by resulting in tax cuts that are so massive as to exceed the spread between what s/he used to get in 'usury' and what s/he loses in inflation. In days of old, the function of 'usury' definitely benefited the rich man more, because on foreclosure the debtor would become her/his slave and be put to work. Today, in the 21st Century, foreclosures do not add to the rich man's wealth by the addition of profit-producing slaves but actually decreases her/his wealth by increasing her/his taxation to care for the ever-increasing number of unemployed and welfare recipients.

Without a doubt, the abolition of 'usury' will benefit both the rich man and the poor man. Though participation ought to be completely voluntary in any pilot project launched by any municipality, only those free enterprisers who choose to accept the 'usury-free' bonds in lie if the 'usury-bearing' bonds will save the 'usury' tax. Those who willfully choose NOT to accept the 'usury-free' bonds in lieu of the 'usury-bearing' bonds will NOT save the 'usury' tax and will be allowed to enjoy the ever-increasing taxes that they presently enjoy!

To read about how this concept has paid off in Argentina since it was introduced in the mid-1980's click here:

Readers are invited to read The Proposal To Mayor Bob Chiarelli and the 21 Ottawa Councillors by clicking here ...