THE ISLAND OF GUERNSEY, WHICH IS LOCATED IN THE ENGLISH CHANNEL, WAS AN ECONOMIC DISASTER 176 YEARS AGO. IT HAD DEBTS THAT WAS DROWNING THE COUNTRY. FORTUNATELY, IT HAD PEOPLE WHO COULD THINK LOGICALLY. ONE OF THEM SAID, “OUR GOVERNMENT IS CUTTING OUR THROATS BY BORROWING THE BANK-NOTE MONEY OF THE BANK OF ENGLAND (A PRIVATE BANK). INSTEAD, LET’S HAVE OUR OWN TREASURY AND CREATE OUR OWN CURRENCY.”

THIS RESULTED IN A HIGH STANDARD OF LIVING. NO UNEMPLOYMENT, A MODERN INFRASTRUCTURE AND NO GOVERNMENT DEBT. THE GUERNSEY GOVERNMENT PRINTED THEIR OWN TREASURY NOTES, WHICH WERE DEBT AND INTEREST FREE. THE NOTES WERE SPENT INTO THE ECONOMY FOR GUERNSEY’S NEEDS AND TAXING IT BACK WITH SMALL TAXES. TAXES CAN BE SMALL WHEN THERE IS NO INTEREST TO PAY ON GOVERNMENT DEBT.

GUERNSEY HAS CONTINUED TO DO THIS AND NEVER HAS INFLATION. THEY HAVE RID THEMSELVES OF ALL THEIR DEBTS. PRIOR TO THIS THEY HAD DEBTS SO GREAT THEY WERE PAYING 80% OF THEIR TOTAL INCOME IN INTEREST ALONE.

A PRIVATE CENTRAL BANK HAVING BEEN GIVEN THE POWER TO CREATE MONEY FROM THIN AIR, AND LENT TO GOVERNMENT WITH INTEREST, HAS THE POWER TO CONFISCATE THE WEALTH THAT ITS CITIZENS CREATE. IT ALSO PLACES A HEAVY BURDEN ON FUTURE GENERATIONS, FOR PAYING OFF THE CREATED INTEREST. THOMAS JEFFERSON (THIRD PRESIDENT OF THE UNITED STATES) STATED “A PRIVATE CENTRAL BANK ISSUING THE PUBLIC CURRENCY IS A GREATER MENACE TO THE LIBERTIES OF THE PEOPLE THAN A ATTACKING STANDING ARMY.”

PEOPLE CARRY MONEY AND HAND IT TO ANOTHER WHEN THEY BUY SOMETHING, BUT MOST MONEY IS JUST FIGURES ON PAPER OR FIGURES IN A COMPUTER. NATURE DOES NOT CREATE MONEY; MAN’S BOOKKEEPERS CREATE MONEY. ONLY GOVERNMENT MUST MINT OR PRINT CURRENCY. UNBORROWED TREASURY NOTES (MONEY) BACKED BY BALANCING TAXES IS THE LOGICAL PAPER CURRENCY. THE KEY WORD IS TREASURY. THE GOVERNMENT CAN SPEND TREASURY-NOTE BILLS DIRECTLY OUT OF ITS TREASURY WITHOUT BORROWING.

THIS AVOIDS THE TRAP OF FORCED BORROWING OF MORE MONEY TO PAY THE INTEREST ON PREVIOUS BORROWINGS. GRADUATED INCOME TAXES SOUND JUST BUT MUST BE AVOIDED, BECAUSE IT CREATES GOVERNMENT TYRANNY AND PUNISHES INCENTIVE AND SUCCESS.

A GOVERNMENT CAN ESTIMATE HOW MUCH MONEY IT CAN SPEND BY HOW MUCH MONEY ITS CITIZENS ARE WILLING TO REPAY. IT IS A TRUISM THAT CITIZENS CAN PAY BACK MONEY THEIR GOVERNMENT SPENDS ON THEM, BUT CAN’T PAY IT BACK PLUS THE INTEREST, WHICH GOVERNMENT CREATES BY BORROWING FROM OUTSIDE SOURCES. A NATION’S ECONOMIC RECOVERY WILL BE MUST FASTER BY BORROWING TAX-FREE MONEY FROM ITS OWN GOVERNMENT AND TREASURY. ALSO, THE GOVERNMENT SHOULD NOT SELL ALL ITS GOLD, BUT RATHER PLACE A CERTAIN PERCENTAGE IN VAULTS FOR THE BACKING OF ITS CREATION OF MONEY.

TODAY, THE ARMENIAN GOVERNMENT HAS BORROWED SUCH HUGH AMOUNTS OF FUNDS FROM ONE-WORLD BANKS THAT IF THEY SOLD ALL OF HAYASTAN, THEY COULD NOT PAY THOSE LOANS BACK. THE REASON THE INTERNATIONAL MONETARY FUND AND WORLD BANK ARE LOANING THOSE FUNDS IS SO THEY CAN DICTATE TO ARMENIA’S GOVERNMENT, IN TURN AFFECTING ITS DESTINY ADVERSELY. AT SOME POINT SOON, THE CONSTITUTION OF ARMENIA MUST STATE THAT THE GOVERNMENT IS FORBIDDEN TO PAY INTEREST ON FOREIGN BORROWED MONEY. THE ONLY ROLE OF ARMENIA’S GOVERNMENT SHALL BE TO PRINT MONEY AND REGULATE ITS VALUE RELATIVE TO GOLD. THE GOVERNMENT SHOULD SAFEGUARD GOLD IN ORDER TO BACK ITS PRINTED MONEY.

AT THIS TIME IT WOULD BE MOST WISE AND PRUDENT FOR ARMENIA’S PARLIAMENT TO DECIDE TO PRINT ITS OWN CURRENCY FOR CIRCULATION, INTEREST FREE TO THE POPULACE, WHILE CONCURRENTLY REDUCING THE BURDEN OF DEBT CREATED BY BORROWING FROM THE THIEVERY OF INTERNATIONAL BANKING INSTITUTIONS.

ARMENIA MUST BE MASTER OF ITS OWN WEALTH.

ARDAVAST AVAKIAN
SEPTEMBER 20, 2001