Yes, you should pay back the fifty bucks that you borrowed from your friend last weekend, but that’s not what this medal is about, this medal goes deeper to the nature of money and currency.
Take out some cash from your wallet and look a the text at the very top.
A lot of attention gets paid to the pyramid on the back and the little owl in the corner, but to our way of thinking, the first words written on the currency are what you really need to know: Federal Reserve Note.
This piece of paper represents a small portion of debt, owned by the Federal Reserve. It started in 1913 with the Federal Reserve Act, which allowed the privately-owned Federal Reserve to issue the currency of the United States.
Mike Maloney at GoldSilver.com has put out an excellent series of YouTube videos called The Hidden Secrets of Money. Rogues should pay particular attention to the fourth video in the series
The short version basically says that the currency is loaned into existence through the issuance of debt… at interest. That interest must be paid back along with the principal, but cannot be paid back because it doesn’t yet exist, so the currency to pay the interest must also be loaned into existence, and that’s where the scam lies. The currency is loaned into existence, at interest, by a privately owned corporation, and in order for the system to function, the pool of currency must continue to grow, so that interest can eventually be paid back to that private corporation. As a knock-on effect, while the currency supply continues to grow it causes prices to rise. Sometimes its prices for consumer goods, sometimes its the prices of financial assets, sometimes its the price of a senator, but whatever the good, it takes more currency to buy the same good than it did before. Put another way, it is reducing the purchasing power of the saver, or in effect stealing the saved economic benefit of the saver’s previous labor efforts. Since its introduction in 1913, the purchasing power of the Federal Reserve Note has declined by about 98%.
We don’t think that this is the way a system of currency should be designed, mainly because its existence benefits a certain small group of people at the expense of everyone else. Although it is unlikely that the system of debt-based currency issued by the Federal Reserve is going to end anytime soon through legislative means, you can choose to minimize your participation in that system, by minimizing your reliance on the lifeblood of that system, debt.
Rogues Medallions. Rogues can earn two medallions in the debt category, gold and silver.
Silver: To earn the Silver Medallion, you must get on a negative debt trajectory. For a period of at least one year, your combined debt balances must decrease every month for a year. One way to do this is using the debt snowball method, paying off completely your smallest debt balances, until all your debts have been paid.
Gold: To earn the gold Medallion, finish paying off all of your non-housing related debt (there is a seperate medal for housing debt). Pay off your student loans, your credit card bills, your car loan and commit to not using debt in the future. Credit cards cards can be used (online transactions for example), but must be paid off completely by the end of each billing cycle.
Once you’ve fulfilled the requirements for a particular medallion, copy the Medallion image into your profile pages or sidebars, and let your social media followers know what about your accomplishments by posting one of the notifications below in your feed or timeline.
Some videos that we think you might motivate you on the path to debt destruction.
A Century of Enslavement a documentary by James Corbett that goes into the founding of the Federal Reserve system, its effects, and some possible solutions.
Strike at the Root – A short production that talks about debt reduction as a way to go Rogue in the system.
Dave Ramsey on debt reduction using the Debt Snowball