Debt Virus: A Compelling Solution to the World's Debt Problems

by Jacques S. Jaikaran

Book Overview

Envision a world without poverty or economic oppression-a place where humankind can attain its potential amidst the weightlessness of true freedom. Imagine the United States, and the rest of the... This description may be from another edition of this product.

• Format: Hardcover
• Language: English
• ISBN: 0944435130
• ISBN13: 9780944435137
• Release Date: January 1992
• Publisher: Glenbridge Publishing
• Length: 246 Pages
• Weight: 0.75 lbs.
• Dimensions: 1.1" x 6.3" x 9.3"

Customer Reviews

the hard truth about money

If you want to understand money, its function, its creators, its effects on society and the ills of all human being, it is the only book that will enlighten you about the dangerous power of banking institutions.

Debt Virus, a short synopsis

This book is written at a high school level but it is moreinformative than most college textbooks on the subject of money and banking...The problem:Every dollar in existence represents a dollar of debt owed by an individual, a business firm, or a governmental unit. Few understand that all our money arises out of debt and IOU operations.When a storekeeper secures a $10,000 loan from the bank, there is no transfer of funds. The bank simply makes a bookkeeping entry that increases the storekeeper's checking account by $10,000. By doing so, the bank has just created new money. In addition, the bank expects the storekeeper to repay the loan with interest on the money it created by the bookkeeping entry.In an all-debt or debt-dominant money system it is mathematically and physically impossible to repay the aggregate debt, for only money representing the principal is ever created. The interest that must be repaid along with the principal debt is never created. For some people to repay their principal and interest, their interest must come from the principal created for other people?s debt. A deficit in the aggregate money supply thus occurs making it impossible for other debtors to repay their principal, much less principal and interest. Given such a money system, it is only a matter of time before all the wealth of the productive sector of society is transferred into the hands of the money creators. The solution:Debt-free money, in the form of "US Notes."The dollar bills in your pocket are called Federal Reserve Notes.Under the present system, the US Treasury acts as a "print shop" for the Federal Reserve. The Treasury only prints money when asked to do so by the Federal Reserve System. Its order to print money does not come from the President or Congress. When the government wants money, it has only two choices, it can either tax American citizens and businesses, or it must borrow the money from somewhere. When the government borrows money from the Federal Reserve, it issues an IOU (a bond) to the Fed, which then creates checkbook money by means of a bookkeeping entry. This newly created money is then lent to the government, at a price, known as interest. In order to pay the interest on this national debt, the government either collects taxes, or borrows more money.The author proposes that Congress is legally entitled to order the US Treasury to print US notes. He goes on to suggest that the Treasury should be the only authorized source of money in the United States, and it ought to answer to the government. In this way, money would be created by government but no interest would be owed. This in turn would eliminate the need for an income tax.My thoughts:The author's solution is similar to what Abraham Lincoln tried to do when he issued "greenbacks" to fund the civil war. Although the author's presentation of the problem is excellent, I have misgivings about his solution. Once the government is given the right to print fiat money,

Wealth, Virtual Wealth and Debt

Frederick Soddy wrote a book in the 1920's with the same title as my review. Dr. Soddy was writing about the monetary system in England and he reached the same conclusions as Dr. Jaikaran. Dr. Soddy also won the Nobel Prize in Physics for work involving the discovery of Isotopes. Dr Soddy was clearly a very bright man, but after reading his book I must tell you he was obviously better with numbers and physics than he was with the English language. Jacques Jaikaran, on the other hand, can write. Dr. Jaikaran and Dr. Soddy reached identical conclusions about money and the way it works in our society, but after reading "Debt Virus" you'll have a clearer, more understandable picture than you will after wading through "Wealth, Virtual Wealth and Debt."This is an important book that anyone who earns, saves, invests or uses "money" (obviously I mean everyone) ought to read. I interviewed Dr. Jaikaran for a radio show I once hosted and have heard him speak back in 1995. He taught me more about money than I had previously learned in four years as an undergraduate, three years in law school and twenty five years of business. And, he did so in an engaging, easy to understand manner.Dr. Jaikaran (he's a medical doctor by the way) learned about money, after becoming a successful surgeon, when he was invited to join a bank board. Being a responsible person, he actually read the materials he was given by the bank, the FDIC, the Comptroller of the Currency and the Federal Reserve. Then after he resigned from the bank board and after the bank later failed, he translated all of that into English you and I can understand. Dr. Jaikaran has made a compelling case that our civilization is piling up too much debt, causing debt inflation and creating dangerous monetary conditions. He also provides intriguing information about who owns the Federal Reserve (it's not who you think), how banking really works, the history of money, where our money comes, what banking systems might offer safer alternative systems from and other important facts. By the way, he's not a "gold bug" arguing for a return to the gold standard.But, does any of this really matter to regular people like us? Well, if you paid attention to current events over the past five years, you will have noticed a series of currency crises in Thiland, Russia and Argentina. Those people we watched on television mobing banks, trying to get their money out of Argentina while it was still worth something and worried about the economic survival of their families, could easily have been you and me. Their system is basically the same as ours. Dr. Jaikaran is a very bright, forthright and opinionated man with strong views on a variety of subjects. You may disagree with him about somethings, I do; however, I've not been able to find fault with his facts, logic or conclusions when it comes to money and debt.If Dr. Jaikaran and Frederick Soddy are right about money and debt, and I think they are, then our monetary system is i

Incredible Reading

This is one of the most thought- provoking and scary books I have ever read. Clearly solutions must be found to the incredible build up of world debt to avoid world crisis. Dr. Jaikaran has a solution that sounds plausible and I recommend that everyone tell those in power about this book. You will not be able to put it down!

Truth Revealed on Money Creation

Dr. Jaikaran did his own independent research on the Federal Reserve [Central Bank] System. Before reading Dr. J's book I firmly believed I was using "other peoples money" already on deposit when obtaining a loan at a bank. NOT TRUE. Dr. J clearly shows that the Federal Reserve and all public banks create money out of thin air, then charge interest on it to us poor souls. For mortgages, this interest can amount to several times the actual principal "borrowed." The real problem is that the banks only create the principle amount in money, NOT the interest due. Read the book for the startling conclusion and the good doctor's recommendations.