Banknotes

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The Nelson Nash institute

Monthly Newsletter

Banknotes

November 2021

Own Your Debt

by Robert P. Murphy

There are various ways of motivating the philosophy of Nelson Nash

that he lays out in his classic book, Becoming Your Own Banker (BYOB). In

this article I want to focus on the benets of “owning your debt,” a phrase

that I rst heard from David Stearns. I want to be clear that what I discuss in

this article is not the sole rationale for implementing Nash’s Innite Banking

Concept (IBC), but I hope my discussion resonates with a large segment of

American households who are crippled by outside debt.

An introducon to IBC

The central message of Nelson Nash in BYOB is that everybody needs to rely (at

least implicitly) on nancing for life’s major purchases. Even if you buy a car

with cash, you are forfeiting the opportunity of investing that cash and earning

a return on it. So even people who always “pay cash” still experience the same

implicit tradeos between spending now versus later. Therefore, Nash argues,

the real question is whether you are going to obtain your nancing from a bank

controlled by outsiders, versus a bank that you control.

Now once you’ve decided that it makes sense—for a variety of reasons—to

rely on nancing coming from yourself, Nash then explains that in today’s

environment, the most convenient and advantageous way to establish your

own private “bank” is to take out large, dividend-paying whole life policies.

There are ways to calibrate such policies so that they are excellent tools for

cash ow management. They are the best place, all things considered, to

“warehouse your wealth” (which is the title of a subsequent Nash book).

As time passes and you plow your savings into properly designed whole life

insurance policies, their cash values grow. Then, when you need to make a

major purchase, you can take out a “policy loan” from the insurance company,

with your cash value serving as collateral. The terms on this loan are quite

generous: There is an attractive interest rate, no credit check, no questions

about the use of the funds, and no payback schedule. The explanation for

these attractive features is that the collateral on the loan, from the lender’s

perspective, is absolutely airtight: the life insurance company itself guarantees

the asset. In this respect, a policy loan is a safer investment from the insurer’s

viewpoint than even a U.S. Treasury bond.

IN THIS MONTH’S

ISSUE:

• Own Your Debt

• Central Banks and

Socialism Are Forever

Linked Together

• BecomingYour

OwnBanker,PartIV

Lesson1Equipment

Financing

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To be clear, Nelson Nash is not advising everyone

to “invest in life insurance.” Again, he recommends

using these policies as warehouses for one’s wealth—a

headquarters, if you will. If a person sees an attractive

real estate deal, he is certainly free to take out a policy

loan and use the funds to invest in the land. Indeed,

that’s part of the rationale for implementing IBC: You

always have ready access to your wealth, allowing

you to pounce on investment opportunities as they

arise.

Advice from the nancial “Experts”

Naturally, Nash’s advice is far too straightforward for

the gurus to endorse. The conventional wisdom from

nancial planners is that while it may be important

to have life insurance in the form of a cheaper term

policy (not a more expensive whole life policy) for

its death benet protection—especially for a young

breadwinner with kids to support—nonetheless life

insurance makes a terrible saving or investment

vehicle. Rather, the conventional nancial advice in

America today says that an individual should turn to

tax-qualied mutual funds to build up a nest egg for

retirement. Putting the two ideas together yields the

familiar slogan: “Buy term and invest the dierence.”

According to the gurus, “buy term and invest the

dierence” is a much more sensible strategy. For a

given death benet, the premium on a term policy is

lower than for a whole life policy, so that the pure life

insurance coverage is cheaper. Then with the savings

(because the premium is lower), the household can

invest in, say, a 401(k) mutual fund with pre-tax

dollars. These holdings then grow at historically higher

rates than the cash value in a whole life policy. Thus

it seems that “buy term, invest the dierence” is a no-

brainer: you get the desired death benet coverage for

your family at the lowest possible price, while your

retirement investments earn a better rate of return.

What kind of an idiot would follow the Nelson Nash

strategy in light of this seemingly superior approach?

In other issues of the LMR I have tackled this

mindset;

I won’t repeat my arguments here in this

article. Instead, I want to describe the trap into which

many American households fall, because they follow

this typical advice that I have just described. In the

next section, I’m doing nothing more than restating

what Nelson Nash describes as the typical American’s

problem early on in BYOB, but I’ll talk about it from a

slightly dierent angle.

Pung Your Money in Prison

Now in fairness, I should be clear that Dave Ramsey

tells his followers to stay out of debt altogether. So in

that respect, someone who literally obeys the Ramsey

approach is going to be ahead of the average Joe. But

more generally, that’s not what American households

do when they listen to the conventional nancial

wisdom.

For millions of American households, this is what

happens in practice: After they siphon some of their

paycheck into stocks and bonds which they can’t

touch until retirement, they then discover that they

can’t aord their desired lifestyle. So what do they

do, when they want to buy a car or a house, send their

kid to college, or pay for a wedding? Because the

government won’t let them access their “savings”—

which makes it an odd form of “savings”—these

households have to go hat-in-hand to outside creditors.

Depending on how much outside debt a household

takes on, the situation can border on the absurd.

Currently the average credit card debt per U.S. adult

is just shy of $5,000, while the average balance on a

card that usually carries a balance was above $8,000.

Looking at households (not individuals), the national

average of credit card debt is $7,000, while focusing

on just households with credit card debt the average

gure jumps to a whopping $15,000. Nearly 30

percent of Americans report having higher credit card

balances than they could pay o with their “emergency

savings.” Finally, the average APR on a credit card

with a balance on it was 13.14% as of February 2014.

These statistics are staggering.

The conventional

wisdom of putting money into a 401(k) is clearly not

working for any household carrying credit card debt.

The Federal Reserve may have a “zero interest rate

policy” but the credit card companies certainly don’t.

If a debt-strapped household can somehow manage to

pay o its $15,000 of credit card debt rolling over at

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13%, why that’s the equivalent of a guaranteed rate

of return of 13% on a $15,000 investment. The stock

market doesn’t oer that kind of sure thing.

Let me spell out the absurdity to make it crystal clear:

There are households who have thousands of dollars

of credit card debt rolling over at more than 10% APR,

while they simultaneously hold more than enough

to pay o these balances tied up in tax-qualied

mutual funds that feature a mix of equities and bonds.

When questioned, the people making these nancial

decisions might justify the arrangement by saying that

they need to “save for the future,” and that it would

be “irresponsible to tap into my retirement.” Yet the

blend of growth and safety oered by the mutual

fund(s) does not match the guaranteed return—in the

sense of total wealth—that comes from paying down

credit card debt.

This is particularly true in our environment where

“safe” bonds have very low yields, while credit card

APRs are still quite high for many households. And as

an added kicker, keep in mind that many households

have variable-rate debt, on credit cards and other types

of loans (some even with adjustable rate mortgages).

If interest rates should rise rapidly—which is entirely

possible in our current economic environment—such

households will suer a crushing blow.

Own Your Debt

Thus we see that there are millions of households

waiting to be helped with IBC. Note, I’m not saying

that IBC only makes sense for such people—after all,

the IRS changed the tax rules in the 1980s because so

many rich people were piling into whole life policies.

Instead, I’m just focusing on this particular aspect of

the case for IBC.

To repeat, the technique I am about to describe is not

the only way that people use IBC, but for millions

of middle-class households with sizable assets in tax-

qualied plans, and who are carrying large amounts

of credit card debt, the technique makes perfect sense,

and is a specic application of IBC.

The technique is to sell o enough of the outside

assets—even if that means paying a tax penalty

because they are in 401(k) or similar environments—

in order to fund a dividend-paying whole life policy

large enough to then allow for the rapid payo of the

credit card debt.

The benets of this move are obvious. On the one

hand, it represents a simple swapping o assets and

liabilities: On the asset side, the household reduces

its holdings of stocks and bonds in the tax-qualied

environment, while raising its cash surrender value in

the form of a whole life policy (and also the death

benet coverage which has an economic value itself ).

On the liability side, the household pays o its credit

card debt while incurring a comparable loan owed to

the life insurance company.

Yet this “mere” swapping of assets and liabilities puts

the household on much rmer ground. The assets now

grow at a more dependable rate: there are guaranteed

returns, and the dividends thrown o by the policy

are also more stable than the volatile stock market.

Furthermore, the debt (in the form of a policy loan

balance) can be paid o on any schedule the household

desires; there are no minimum monthly payments

due, which if missed will trigger penalty APRs and

black marks on a credit report.

Finally, when you consider the APR that the household

was originally paying on the credit card balances,

this new plan will mean that the total wealth of the

household appreciates at a higher rate, all things

considered.

Notes of Cauon

The actual mechanics of this operation depend on

the specic numbers of the individual household.

There are also IRS rules concerning how rapidly

wealth can be moved into a whole life policy; you

don’t want to “MEC” the policy. Furthermore, if

there are large movements of wealth out of a tax-

qualied plan, staggering that outow might make

sense to stay in a lower income tax bracket. Because

of such subtleties in execution, it’s critical to discuss

these types of nancial plans with a graduate of the

IBC Practitioner’s Program—see our listing of such

individuals at www.InniteBanking.org/Finder.

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Let me also put in a warning for any nancial

professionals reading this article: If you are talking

with a client, you cannot advise him or her to sell o

equity holdings if you do not have the proper licenses.

FINRA is very picky on such matters. For example, if

you are only licensed as a life insurance agent, then

your job (should the client desire it) is to set him or

her up with a properly designed, dividend-paying

whole life policy with the proper PUA and term riders,

which will have the correct premiums and cash value

targets for the cash ow (in and out) that the client has

in mind. The client has to already have decided where

the money to fund the policy is coming from; you

can’t steer the client into selling o stocks in order to

buy a life insurance policy from you.

Conclusion

The conventional nancial wisdom has placed millions

of American households in an untenable position.

After taking out income tax and payroll deductions,

health insurance premiums, and contributions to tax-

qualied retirement accounts, the average employee

has little left. Thus to buy a car or just keep up

with daily living entices him to turn to credit card

companies and other outside lenders.

One way of understanding IBC is that it allows you

to “own your debt.” Specically, you build up enough

cash value in one or more whole life policies so that

you can take out policy loans large enough to knock

out what you owe to outside lenders. In this article,

we focused on credit card debt because it is the most

obvious, but the principle applies more generally.

Besides looking at the specic numbers (APRs on

credit card balances, the volatility of the stock market,

etc.) the qualitative benet of “owning your debt” is

the peace of mind it yields. By collapsing your outside

debts—which are often collateralized on your assets

such as a car or house—and bringing them within one

or more whole life policies, you suddenly buy yourself

a whole lifetime to plan your nancial strategy. You no

longer have someone sending you threatening letters,

making nagging phone calls, or repossessing your car,

if you get laid o or have other nancial hardships.

Especially in this awful economy, the psychological

benet of owning your debt should not be underrated.

References

1. Specically, my September 2012 article was on “Why

Dave Ramsey Is Wrong on Whole Life.” Also related is my

June 2013 article, “Does IBC Mix Two Goals Ineciently?”

in which I showed that it made sense to use a single nancial

instrument—namely a whole life policy—as both a savings

vehicle and to provide death benet coverage.

2. Credit card statistics taken from http://www.creditcards.

com/credit-card-news/credit-card-industry-facts-personal-debt-

statistics-1276. php, http://www.nerdwallet.com/blog/credit-

card-data/average-credit-card-debt-household/, and http://www.

cbsnews.com/news/51-percent-have-enough-cash-to-pay-o-

credit-card-debt-study/.

3. By the way, I should clarify that I personally am not

wagging my nger at households carrying credit card debt—I

too behaved foolishly in my younger days and have not fully

extricated myself from my poor decisions.

Central Banks and Socialism Are

Forever Linked Together

by Jörg Guido Hülsmann

It is well known that socialism is a shortage economy.

It is the economy of ineciency and corruption, of

indierent workers and of bigwigs, of lacking spare

parts, of lacking funds, of failure, of permanent reform

needs and of constantly unsuccessful reforms. This

concerns in particular total socialism, as it was realized

in the Soviet Union or under National Socialism. But

it is no less evident in the numerous partial socialisms

that are featured in the real existing welfare state, in

its numerous state “systems.” Budget decits year

in, year out despite high contributions—that is the

reality in the state pension system and in the state

health system. The state education system is similar:

declining student performance and growing illiteracy

despite sky-rocketing expenditure. No private

entrepreneur could aord to let the costs get out of

hand in such a way. Anyone who is in competition

has to keep improving. Only those who have a legal

monopoly and can make use of taxpayers’ money if

necessary do not need it.

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Now there is one partial socialism that stands out from

the usual array of failures. Here we see gains instead

of losses. Here we often nd all the other signs of a

successfully run company, from the private legal form

to the pinstripe-lled boardroom. We are talking about

central banking. The term “central bank” actually

refers quite clearly to a centrally planned economy.

But when people talk about the Fed, the ECB or other

central banks today, hardly anyone thinks that they

are talking about an ospring of the socialist spirit.

On the contrary, central banks are typically viewed

as particularly “capitalist.” After all, what would be

more capitalist than money? And what would be more

closely related to money than a bank?

Upon closer inspection, however, it appears that

this connotation may not be entirely correct. In the

unbridled market economy, private property and

competition prevail. Central banks, on the other hand,

are usually state institutions. Even those central banks

that are private-law organizations (as in the United

States, Japan, and Switzerland) are subject to special

laws and their directors are appointed by national

governments. In addition, central banks always and

everywhere enjoy a legal monopoly. Their banknotes

and their deposit money are largely withdrawn

from free competition. The market participants are

compelled to use the money of the central banks.This

money is one of a kind. Indeed, it can basically be

produced in unlimited quantities. The production of

money by the private commercial banks is limited by

their equity capital and also by the cash deposits of

their customers. But central banks do not need equity

or cash deposits. It is they who create cash. They can

generate cash out of nothing and practically for free.

Certain legal limits are set for them, but in times of

crisis, as in 2008–09 and in 2020–21, these limits

can be relaxed quickly and dramatically. If necessary,

they can also be abolished entirely.

Central banks therefore have potentially tremendous

power. If only let loose, they can control all of the

economy and society. There is almost no limit to

the number of new loans they can issue. The can

provide these loans to some and deny them to others.

And by implication they can also control the use

of all available resources. After all, labour usually

moves where it is best paid. Raw materials and capital

goods are typically sold to those who oer the highest

prices. If you control the printing press, you can also

let the real resources ow exactly where you think it

is right. Whether this use of funds is also protable

plays a rather subordinate role for central banks

(unlike commercial banks). You do not have to work

hard and invest well to cover losses. One push of a

button is enough.

Central banks are therefore made for do-gooders.

He who runs a central bank does not need to do

painstaking educational work in order to bring about

any social change. The humanitarian with the printing

press can nance all changes he wishes for at the push

of a button. He can just pay other people to do what

he wants. He does not need any savings or capital for

this. He does not need a democratic majority either.

As long as he has the printing press under control, he

could by and large not give a damn about what other

people think or wish.

This momentous fact has not escaped the attention

of socialist theorists. The Saint-Simonians in

France had already grasped it at the beginning of

the nineteenth century. They understood that the

economy of a country could be controlled particularly

easily and safely with the help of the printing press.

A few years later, the demand for the “centralization

of credit in the hands of the state through a national

bank with state capital and an exclusive monopoly”

soon also held center stage in the 1848 Communist

Manifesto by Marx and Engels.

Unsurprisingly, the enormous possibilities of creating

money from nothing have been used again and

again to nance state industrial policy and socialist

experiments. In the 1970s, British historian Antony

Sutton reported that some of New York’s Wall Street

banks had nanced the radical transformation of

traditional European societies. They supported Lenin

and Stalin as well as Adolf Hitler with billions of

dollars. That would not have been possible without

the renancing from the American central bank.

In our day, too, the historical connection between

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the central banking system and political utopias is

being brought back to life. This time it appears in the

form of a “green” and egalitarian transformation of

the economy and society. The directors of the ECB

[European Central Bank] and the Fed have already

ocially committed to this.

The new humanitarians with the printing press are

undoubtedly a great danger to humanity. They threaten

everyone’s prosperity by channeling scarce resources

into unprotable (and therefore unsustainable) uses.

But they also threaten the free social order as a

whole, in that they are preparing to disempower the

open competition of all social forces. They want to

replace this competition with the rule of a nonelected

leadership caste.

However, green central bank policy is not to be

condemned primarily because it supposedly pursues

ecological goals, but because a central bank comes

into its own here. Central banks are by their very

nature destructive. Even if they are not led by self-

proclaimed ecologists and socialists, they favor the

cousin, favoritism and the bigwig economy. The

economists of the Austrian school have shown,

among other things, that central banks always and

everywhere weaken economic growth by undermining

the propensity to save; that they are destabilizing

the economy by fueling a debt economy; that they

incite greed and avarice; and that they create blatant

inequalities in income and wealth. Central banks

cannot be reformed, they must be abolished.

This article is a translation of an article that has

appeared in the German edition of the Epoch Times,

in October 2021.

Jörg Guido Hülsmann is senior fellow of the

Mises Institute where he holds the 2018 Peterson-

Luddy Chair and was director of research for

Mises Fellows in residence 1999-2004. He is author

of Mises: The Last Knight of Liberalism and The

Ethics of Money Production. He teaches in France, at

Université d'Angers.

Thirty First a monthly series of Nelson Nash’s

personally written Becoming Your Own Banker

lessons. We will continue these lessons until we have

gone through the entire book.

Part IV, Lesson 1 Equipment Financing

Content: Page 51, Becoming Your Own Banker Fifth

Edition

Up to this point in the course we have been working

to establish the principles of the Innite Banking

Concept, and then looking at an example of how they

work for personal use. Now, let’s look at a business

use of the concept and examine the truly innite

possibilities when you put your imagination to work.

Turn to Page 55 and study FIGURE 2. On the left

side of the “Great Wall of China” is the ow chart of

what’s happening in a life insurance contract. On the

right side of the “Great Wall” is the information that

we will be studying in the next several lessons.

The business we will be studying is that of a logging

contractor in the Southeast U. S. To run his business,

he needs four Peterbilt trucks, two logging tractors

and one tree-shear. All this equipment is nanced

through a nance company that gets its money to lend

from insurance companies. These companies simply

buy large blocks of money from them and retail that

money to businesses that are on the right side of the

“Great Wall.” I refer to the nance company as a

“Gate-keeper & Toll-taker.”

His total monthly payment for all this equipment is

$16,000 per month.

The cheapest equipment item that he has is trucks.

The logging tractors cost twice as much as the trucks

– and the tree-shear is even more expensive than that.

Now, turn to page 56 where you will nd EXHIBIT

1 which is a copy of a nance contract for one of his

Peterbilt trucks. Notice that this was bought in 1984

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 Nelson Nash Institute Monthly Newsletter November 2021

for a price of $65,790 and that it was new.

In line 2, note that he paid $13,190 down and nanced

$52,600 (line3).

Skip down to line 10 and you will see that he must

pay the nance company $1502.00 per month for 48

months to retire the debt.

Item 6 reiterates the amount that he nanced ($52,600).

Line 7 is the amount of interest he must pay over the

period ($19,496). And line 8 is the sum of the two

($72,096).

The nance company made nearly $20,000 in interest

over the time period. Do you think the Peterbilt

Company made that much money from producing

this truck? Do you think the truck dealership made

that much money selling the truck? Do you think the

salesperson at the dealership made that much money

on it? Do you think all three of them made $20,000

from this sale? Absolutely not!! The “character in

the play” that made the most money was the nance

company. Business magazines have shown that Ford

Motor Credit makes more money for the company

than any other division. Do you see “The Golden

Rule”– those who have the gold make the rules – at

work here?

Search the page diligently and you will nd that the

Annual Percentage Rate for this loan is not to be found.

This is a commercial loan and it is not required to be

listed. I think the rationale goes something like this:

“If a businessman can’t gure interest rates, he has

no business being in business!” A nancial calculator

will show that it is a bit over 15% APR.

But, remembering what we studied earlier in this

course – the interest rate is not what is at issue here – it

is the volume of interest compared with the amount of

the payment each month. To nd that out, all we have

Use It or Lose It to do is divide the total interest (line

7 - $19,496) by the total payments (line 8 - $72,096).

The answer is 27% -- every time he makes $1.00 in

payments, 27 cents is interest!!

All this is predicated on paying the entire schedule for

48 months. If he trades the truck in at the end of 36

months the amount of interest per payment is worse.

And if he should trade it in 24 months the ratio really

becomes nasty!!

Furthermore, consider what happens at the end of the

48-month repayment schedule – his truck has 400,000

miles on the odometer, and he is back at the Peterbilt

dealership negotiating a trade-in package with them.

This time they allow him $18,000 (line 2) for his old

truck – but the price of the new one has gone up, too!!

The net eect is that he keeps nancing about $52,600

every time he replaces a truck. This is a perpetual

cycle for him and for every other person in such a

business.

We will look at ways to improve his situation in the

next lesson.

His accountant tells him, “Look how you are

accumulating equity in your equipment!” That’s true,

but he should have all of his equity in the banking

business that nances his equipment. We will look at

that possibility in the next lesson.

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You can view the entire practitioner listing on our

website using the Practitioner Finder.

IBC Practitioner’s have completed the IBC Practitioner’s

Program and have passed the program exam to ensure

that they possess a solid foundation in the theory and

implementation of IBC, as well as an understanding

of Austrian economics and its unique insights into our

monetary and banking institutions.

The IBC Practitioner has a broad base of knowledge to

ensure a minimal level of competency in all of the areas a

nancial professional needs, in order to adequately discuss

IBC with his or her clients.

Before you look for a practitioner, we suggest

listening to the following two episodes of The Lara

Murphy Show.

How-To Guide for Starting IBC, Part 1

How to begin your study of Innite Banking,

including nding an Authorized Practitioner.

How-To Guide for Starting IBC, Part 2

How to prepare for your rst meeting with an Innite

Banking Authorized Practitioner.

The following nancial professionals joined or

renewed their membership to our Authorized

Innite Banking Concepts Practitioners team this

month:

• Bruce Wehner, St. Louis, Missouri

• Ryan Griggs, Rockwall, Texas

• Jim Kindred, Saint George, Utah

• Patrick Johnson, McMinnville, Oregon

• Jake Neathery, Fort Worth, Texas

• David Cheatham, St Charles, Illinois

• Haydan Padalino, Cambridge, Ontario

• Brett Kulman, Southampton, New York

• Roman Pushkar, Steinbach, Manitoba

• Kenneth Lester, Smyrna, Georgia

• Liz Lamond, Vancouver, British Columbia

• Joel McGri, Birmingham, Alabama

• Cole Snell, Toronto, Ontario

• Jose Salloum, Montreal, Quebec

• Mark Haruguchi, Vancouver, Washington

• Tom Laune, Columbia, Tennessee

• James Pollard, La Salle, Manitoba

• Ronald Campbell, Glen Burnie, Maryland

• LaToya Chamblee, Middletown, Delaware

9 www.innitebanking.org david@innitebanking.org

This online  for the general public provides a

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The rst four modules are free, you can view them here:

innitebanking.org/foundations

The remaining eight modules are subscription-based, costing $49.95 for all eight.

Or contact an Authorized IBC Practitioner and ask for a coupon code

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Module 1: Introduction to the Nelson Nash Institute

Module 2: What the Innite Banking Concept Is

Module 3, Part 1: How IBC Works

Module 3, Part 2: Policy Loans & The Nature of Collateral

Module 3, Part 3: How to Read a Policy Illustration

Module 4: Why Nelson Calls It The Innite Banking Concept

Module 5: The Life Insurance Industry

Module 6: Why Not Buy Term and Invest the Dierence?

Module 7: Using IBC to Pass Wealth to Future Generations

Module 8: The MEC Rule and Policy Design

Module 9: Does IBC Work for Older People?

Module 10, Part 1: IBC for the Business Owner

Module 10, Part 2: IBC for the Business Owner

Module 11, Part 1: Using Your IBC Policy: Premiums, Dividends, and Policy Loans

Module 11, Part 2: Using Your IBC Policy: Premiums, Dividends, and Policy Loans

Module 12: IBC as a Way of Life

Contact an Authorized IBC Practitioner and ask for a coupon code

that will enable you to watch all twelve modules FREE.