No body wants to live their lives, feeling the burden of debt every day. We all want a free, secure and peaceful life. But unfortunately, most Americans are forced to face this reality of life each day.

There are many families who struggle every day to maintain their living standards, while coping with the stress and the depression that is caused by debt.

In order to free yourself from this dilemma, it’s important that you do more than just try to pay what you owe; it is essential that you must also be aware of what you owe, what you do, and where the problem lies.

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Increased unemployment is becoming the major cause of foreclosures. Obama Administration’s plans to keep people in their homes are shattering at their best. shattering with them are the dreams and hopes of millions  who want to see an  end to housing crisis and rebound  of nation’s failed economy.

Experience tells us, that in past few recessions, it was the real-estate sector that triggered all the right area’s of economy to stimulate it back to normal. real-estate industry helped in increasing production, creating jobs and spreading wealth. In all the previous recessions, investors jumped in at right time to take advantage of lower prices but no such miracle is happening this time around.

Even the consumers with good credit standing, who got themselves locked into fixed rate mortgages ,are finding it difficult to make their mortgage payments as things have changed for them. most of them are jobless now. Foreclosures are likely to increase in numbers and home prices will go down even more.

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The creation of money is called most astounding sleight of hand ever invented. The creation of money is now privatized, as it is now being hold by a private banking cartel instead of congress. Most people think that government is the authority behind the issuance of money, but actually this is not the case. Except of the coins, the banks create all money, not the government. Federal Reserve Notes are issued by a private banking cooperation named the Federal Reserve, and lent to the government. Moreover Federal Reserve Notes and coins together compose less then 3% of the money supply. The other 97% is created by the commercial banks as loans.

This seems unbelievable that banks create money, they lend. Same was the feeling of jury in Landmark Minnesota case, until they heard the evidence. First national bank of Montgomery vs. Daly (1969) was a courtroom drama worthy of a movie script. Defendant Jerome Daly opposed the bank’s foreclosure on his $14,000 home mortgage loan on the ground that there was no consideration for the loan. Daly, an attorney representing himself, argued that the bank had put up no real money for his loan. Associate Justice Bill Drexler recorded the courtroom proceedings; he said his role was to keep order in the courtroom. Drexler had not given much mental acceptance for defense and watching this The Bank President Mr. Morgan took a stand and admitted that the banks routinely created money for loans and that this was standard banking practice. Presiding Justice Martin Mahoney and the jurors all agreed that it seems like a fraud.

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The American way is giving debt and we always accept it. I did that some years back. I tried to the best of my abilities to pay back the credit card bills, study loans, car loan and other essentials like food, gas bills, electricity bills that an adult requires in present years.

I tell you a story of my childhood friend who also accepted debt like many of other people. Almost seven to eight years ago, he was enjoying his music career which was on the peak that time. As it is in the cycle of life, time changed and somehow he lost his job. He tried to find another job but even at that time the job opportunities in music were very less.

Then he decided to switch off to a teaching job in school. He was selected as an assistant to some professor and began to earn 9.75 dollars per hour. That account for a dramatic decrease in his income. On the other hand, he had no health insurance, no savings, and even could not pay his rent. He was using the money of his retirement account and was using credit card. After three years, luckily he got a good job in Northern Virginia with decent salary. But to bear the expenses of moving across the country all money was used from the retirement account.

He soon realized that he was using his credit card to fulfill his basic necessities like food, traveling expense and utility bills. He had $30,000 each in credit card debt and school loan debt.

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“The Money Myth Exploded” was one of the first articles of Louis Even, and to this date it remains one of the most popular illustrated story to explain in layman’s language how money was and still is created by private banks as a debt.

1. Shipwreck survivors

An explosion had blown their ship apart. Each one grasped the first bit of wreckage that came to hand. And when it was over, there were five left, five huddled on a raft which the waves carried along at their will. As for the other victims of the disaster, there was no sign of them.

Hour after long hour their eyes searched the horizon. Would some passing ship sight them? Would their make-shift raft finds its way to some friendly shore?

Suddenly a cry rang out: “Land! Look! Over there, in the direction the waves are carrying us!”

And as the vague silhouette proved itself to be, in fact, the outline of a shore, the figures on the raft danced with joy.

They were five. There was Frank, the carpenter, big and energetic. It was he who had first cried, “Land!”.

Then Paul, a farmer. You can see him, front and left in the picture, on his knees, one hand against the floor, the other gripping the mast of the raft.

Next is Jim, an animal breeder; he’s the one in the striped pants, kneeling and gazing in the direction of land.

Then there is Harry, an agriculturist, a little on the stout side, seated on a trunk salvaged from the wreck.

And finally Tom, a prospector and a mineralogist; he is the merry fellow standing in the rear of the picture with his hand on the carpenter’s shoulder.

2. A providential island

To our five men, setting foot on land was like returning to life from the grave.

When they had dried and warmed themselves their first impulse was to explore this little island on to which they had been cast, far from civilization.

A quick survey was sufficient to raise their spirit. The island was not a barren rock. True enough, they were the only men on it at the moment. But judging from the herds of semi-domesticated animals they encountered, there must have been men here at some time before them. Jim, the animal breeder, was sure he could completely domesticate them and put them to good service.

Paul found the island’s soil, for the most part, to be quite suitable for cultivation.

Harry discovered some fruit trees which, if properly tended, would give good harvests.

Most important were the large stands of timber embracing many types of wood. Frank, without too much difficulty, would be able to build houses for the little community.

As for Tom, the prospector, well, the rock formations of the island showed signs of rich mineral deposits. Lacking the tools, Tom still felt his ingenuity and initiative could produce metals from the ores.

So each could serve the common good with his special talent. All agreed to call the place Salvation Island. All gave thanks to Providence for the reasonably happy ending to what could have been stark tragedy.

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