By Raina Davis
In his monthly Deep Green Column for Greenpeace, Rex Wyler argued against a plan presented by executives at the World Economic Forum to increase international debt by 100 trillion US dollars. He discussed the human and ecological implications of extended debt, especially in developing countries, and the injustice of large banks profiting from loans based on synthetic currency, money essentially created "out of thin air."
By loaning currency rights to national treasuries, the bankers create $100 trillion with a few computer keyboard strokes. Then, they loan the fabricated money, collect interest payments and demand the principal back in real money from the debtors. Interest payments alone on $100 trillion debt (at a modest 5% annual rate) comes to $400 billion a month.