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Accounting Perversion in Bank Financial Statements — Root Cause of the Ongoing Global Financial Crisis
by Michael Schemmann.
The Global Financial Crisis of 2007 to perhaps 2012 — or whenever the system is finally fixed — is blamed on the credit rating agencies Standard & Poor's, Moody's and Fitch
who certified pools of sub-prime mortgages as investment grade, on corporate psychopaths who took over Wall Street (the BBC's latest of 3 January 2012), the absence of banking
supervision and capital inadequacy, all of which I believe is very much beside the point that turns the issue that our Global Financial System is kaput because of a misconception
of what is money of the quality of legal tender, not bank-created points called dollars, euros, yen etc. classified as demand deposits that masquerade as liquid money, and are everything
else but money. Thomas Jefferson, Irving Fisher, John Maynard Keynes, John Kenneth Galbraith are cited and would agree - and I believe Mervyn Allister King, the present long-serving Governor of the Bank of England.
Date of publication 4th January 2012.
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The Euro Is Still the Strongest Currency Around — Analyses and Solutions for the Money and Sovereign Debt Crises of the 2010s
by Michael Schemmann.
The ongoing hype and alarm against the sustainability of the common European currency is without a factual foundation.
In his short 96-page booklet, the author who is a professional banker, public accountant and university professor, analyses the four major world currencies and their sovereigns' ability to redeem
their respective national debts by substituting their federal money for the private banks' created quasi book money without inflation in analogy to Irving Fisher's (1935) 100% Money plan.
The author provides a plan for the Eurozone's sovereing debt redemption, proving that the Euro is still the strongest currency around, compared with the US dollar and the Japanese Yen, whose countries
sovereign debts can only be reduced through double-digit inflation. China's Yuan is the other strong currency, though smaller in volume, and its money is not yet in any meaningful use internationally.
See also open letter to the Ministers of Finance of the Euro Area of 21 December 2011. (PDF)
Date of publication 10th November 2011.
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The ABC of Sovereign Debt Redemption — A Layman's Guide To Completely Avoid Governmental Austerity Programmes.
by Michael Schemmann.
The nations' constitutional money power lies idle and unused, while debt-ridden governments impose misconceived austerity programmes on their people that are needless, do more harm than good, and are outright
stupid.
— The ABC of Sovereign Debt Redemption is a practical guide to pay off sovereign debt TOMORROW with fresh central bank money, inflation-neutral WITHOUT increasing the euro area's money supply; reforming the
out-of-control and abusive private commercial banking system in one wash.
— National debt redemption is primarily a mental exercise, resulting in prescribed accounting transactions in accordance with generally accepted accounting principles, and finally a fundamental correction of the banking
system as demanded 185 years after by Thomas Jefferson, 3rd President of the United States, for the United States, and Irving Fisher 65 years ago.
— National debt redemption will correct the usurpation of the nation's money power, and restore the money to the people, to be exercised by the government elected by the people, for the benefit of the people and not private
interest groups.
— The author is a professional banker, Certified Public Accountant and University professor. This is a book that the clever bankers don't want you to have... But their ways and days are numbered.
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European Banking Authority's Stress Teasing. The fallacy of capital adequacy requirements for commercial banks
by Michael Schemmann.
EBA is stress-testing European commercial banks using questionable capital adequacy criteria, therefore the title 'teasing'. EBA is another behemoth like the BIS in Basel,
run by bureaucrats who are at best economists in the ivory tower but don't have the faintest about what is real money, let alone banking. Alas! The Global Financial Crisis
is here to stay because it has always been here, and always will be here for the simple reason of basic misconceptions, not to say conspiracies.
The misconception is well known. Thomas Jefferson, and after him Irving Fisher wrote about it, I repeated and expanded on it. But the theory and practice is not taught
at schools of business, let alone departments of economics, because the knowledge would eliminate the abuse of so many thousand private mints run by the commercial bankers,
many of whom don't have the faintest idea about real money either. How do I know? I was one of them until I studied and learned.
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Current to publication date: July 16, 2011
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Misconceived Men of Très Haute Banque: Our Central Bankers. The Basel III Capital Accord - Another Misapplication of GAAP (2010)
by Michael Schemmann.
Financial crises have been the way of the world of money and banking for centuries. Thousands of bank failures (3,500 alone during the 'Savings and Loan Crisis' of the 1980s and 1900s in the U.S.) have been the norm rather than the exception.
Our central bankers are all too often 'misconceived' economists straight from a chair at a university, 'dreaming the academic dream of a hundred years' (John Maynard Keynes, 1924, A Tract on Monetary Reform)
and not seasoned bankers and professional accountants. The Basel Capital Accords of 1988 and 2004 are misconceived
because they confuse bank equity capital (which is merely the difference between assets and liabilities, an accounting construct and abstract) with cash and liquidity required in the form of transferable balances at Monetary Financial
Institutions or at a Central Bank, which alone redeems customer deposits and prevents bankruptcy. The booklet shows "The Way Out", citing Irving Fisher's (1935) 100% Money book, John Maynard Keynes' writings, and adapting the principles and
lessons learned to the present with practical steps to end the Global Financial Crisis.
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Mervyn King Correspondence with the Governor of the Bank of England - October/November 2010 |
Mervyn King at the Buttonwood Gathering, New York 25 October 2010
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European Monetary Reform. A Plan for the Liquidation of Central Government Debt and the Financial Rehabilitation of the Euro Area (2010)
by Michael Schemmann.
The booklet is an adaption to the author's book "Money in Crisis. A Practial Solution for 'Resolving' America's Financial System & Redeeming the National Debt"
to the current discussion surrounding the Euro and the Eurozone (or Euro Area). The book provides a historical review of currency crises and their resolutions, and provides a plan for the redemption of the EUR 7 trillion
central government debt by the central bank(s) for conversion into equity capital of the Euro Area's Monetary Financial Institutions, while reaising reserve requirement in order prevent MFIs' from creating new bank book
money to keep the money supply unchanged. The monetary reform is a technical systems adjustments that is long onver-due and puts and end to unbridled money creation by private commercial banks for nothing in return,
and puts it into the domain of the central bank(s) in favor of the state under the state's constitutional money power.
Key elements of the plan
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The Rules of Double-Entry Bookkeeping. Particularis de computis et scripturis (1494)
by Luca Pacioli.
The Author: Luca Pacioli (1445-1517) was Chair of Mathematics at the University of Perugia in Italy. He was appointed by Pope Leo X in 1514 as Professor of Mathematics at Spienza University in Rome,
a position of the highest ranking. Pacioli was a friend and an instructor of Leonardo da Vinci. The Book: Luca Pacioli's 1494 Treatise on Double-Entry Bookkeeping entitled Particularis de computis et
scripturis (Details of Calculation and Recording) is the first published book on present-day double-entry bookkeeping, a bestseller printed on the Gutenberg press at the time, which is still the foundation of
'the universal standard of accounting in the Western world' today. "It is not surprising to find a treatise on mercantile proceedings in a book on mathematics. At the time, mercantile arithmatic was an established
part of mathematics, and its teachers were mathematicians."
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A Plan for the Liquidation of War Finance and the Financial Rehabilitation of Germany (1946)
by Gerhard Colms, Joseph M. Dodge and Raymond W. Goldsmith.
The plan was prepared at the request of the U.S. Military Government for the American zone of occupation and was adopted by the Western Allieds to eliminate the enormous monetary
overhang of the Reichsmark, and introduce the (1948), which subsequently became part of the Euro's main backing. The plan is a thorough lesson in money and banking,
and basic principles that need to be considered for a monetary reform. The plan makes excellent reading even today, sixty-two years later.
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Writings on Money, Banking and Public Debt
by Thomas Jefferson
Jefferson's experience with excessive paper money issues encompassed three periods: the colonial period, the Revolutionary War, and the state-bank emissions 1811-1816, resulting in widely fluctuating prices,
and disruptions of debtor-creditor relationships demanding a banking systems to promote economic stability to which he answered in his letters and proposals. Jefferson's money and banking proposals were similar
to those of David Hume more than a century earlier. Jefferson's plan for monetary reform made the following demands. That: All emissions of paper money by private banks be prohibited. States would voluntarily
transfer the exclusive right of issuing paper money to Congress, suggesting that such emissions for general circulation should be limited to wartime financing and gradually redeemed through taxes when the emergency was over.
Bank lending be limited to the quantity of funds deposited with them. Large notes could be left in circulation for major commercial transactions (in lieu of specie) without damaging the system, but should usually be made by
bills of exchange. The more recent writers, like Jefferson, have little confidence in a monetary system based on demand for bank credit as the determinant of the money supply. As Irving Fisher put it,
"our national circulating medium is now at the mercy of loan transactions of banks; and our thousands of checking banks are, in effect, so many irresponsible private mints." Fisher was also doubtful whether the
Federal Reserve System would stabilize money; "for this function the Federal Reserve System is ill fitted in organization, personnel, inclination, and tradition."
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