I've just commented over at Capitalists at Work and I must be a pain in the neck for the poor chaps there and indeed with poor old Sackers too.The view I push is that the CBs are the central problem, that if you get rid of their control and command under the guise of reacting to market forces, replacing them with a downsized series of micro-economies, then the macro-boom-and crash-economy will be a thing of the past.
1. Eliminate the CBs by governmental decree and vest the power in the Treasury instead;
2. Withdraw from the IMF, BIS and other predators;
3. Replace debt bills with debt-free Treasury notes;
4. Slowly up the reserve requirements of the individual banks, to be kept within the Treasury - slowly, to control inflationary fallout from this.
Naturally, this view is passed over by the experts and it's felt that Higham should go and take his pills when he comes out with this stuff. He's patted on the head as the amateur he is, though showing a healthy interest and yet this, by Greenspan, is a most interesting statement today:
"The crisis will happen again but it will be different," he told BBC Two's The Love of Money series. He added that he had predicted the crash would come as a reaction to a long period of prosperity.
But while it may take time and be a difficult process, the global economy would eventually "get through it", Mr Greenspan added.
"They [financial crises] are all different, but they have one fundamental source," he said. "That is the unquenchable capability of human beings when confronted with long periods of prosperity to presume that it will continue."
Now he is a cynical bastard because he knows exactly what the gameplan is for coming out of this one, with the profits of GS, JPM and others already made, with their coffers topped up and the bailouts fading into the vague folk memory until one day, as he says, it will happen all over again because the predators who control the debt-based macro-economy and who keep us in near-penury need a re-injection of obscene profits.
Thus the whole ugly cycle continues. And to what does Greenspan ascribe the blame? Human beings wishing prosperity to continue.
This is one of the most disgusting distortions he could possibly have perpetrated on us. Based on an element of truth - that humans do have that desire for the good times to keep rolling - he conveniently eliminates from his reasoning, the role of the predatory CBs in playing on that and instead of managing the economy, as they're charged to do, they exacerbate the situation, e.g. with sub-primes and the hedge-fund scandals, pretending not to be able to predict trends in a volatile economy when most of the time it is induced and they even write about it in FOMC reports!
The unquenchable capability of human beings ... The unquenchable capability of the CBs to stand by, doing nothing to prevent amateurs like us prosperitizing ourselves to extinction while they smile on and allow it to happen, allow us to get ourselves in hock to our eyeballs because we can't afford our lifestyle because the prices have been artificially inflated and Papa CB waits until the appropriate moment and turns off the tap.
You do see what this is all about, don't you? By blaming us [partly true], he says it will happen again but the only way out of it is the global economy.
No, no, no, no - exactly the opposite, you manipulating bastard!! Your ilk should be strung up and the four steps above followed. Until then, the wolves are in charge of the sheep pen and are putting out that they are worthy gentlemen with the best interests of the sheep at heart.
And people, especially those within the financial sector, fall for it. And it's not as if we don't have chapter and verse on this - read Sonus in the sidebar for a start.
Why do people refuse to do their research and see things for what they are?
UPDATE Wednesday 14:15
Have you seen it yet? Bank of England considering negative interest rates. Think it through and consider the implications. Now if you needed immediate proof of the pudding - there it is. Did the local bank manager decide this? No. Did the local council? No. Who did consider it?
Yes, that's right - the effing CB. Do you see what I'm getting at in this post? It's time to take the CBs out of the equation.
I am convinced you give Central Bankers far too much credit for intelligence. Take a different look at Greenspan and see not a clever, manipulative genius, but a man trying to act a role that the public doesn't understand in the first place, by speaking slowly and mumbling platitudes.
ReplyDeleteThere are those who do understand, but Greenspun and our current resident genius are only struggling to keep up. The type of man that would hire and trust somebody better than he was is not generally going to be a politician.
If I am right, all other issues detract from your other focus--centralization. Centralization first within nations, and then among them. Centralization is the end of all progress, but is a disease that requires no evil genius: it is in our bones--universality,centralization, conformity, solidarity, collectivism.
It requires little geniuses here and there to grease the wheels with the epoxy of centralization, but the grand design was already within us. This is why it is so simple to lead people to such destructive things, and so difficult to explain otherwise.
Your prescriptions make sense as they favor the invisible hand and not centralization. Hayek's great understanding was that capitalism is transcendent, and far surpasses the reach of our understanding, wishes, purposes, and sense of perception. It incorporates and generates knowledge which no individual brain and no single organization could posses or invent. (None!) We can only be governed beyond the limits of human awareness by abstract rules of conduct, and not centrally directed control.
Mises explained that credit expansion is the government’s foremost tool in their struggle against the market economy. Garet Garrett repeated that brilliantly in the 1920's. The game has remained exactly the same since 1913. Government control of credit is absolute power, even when it is only the power to ruin.
Mises--There was no reason whatever to abandon the principle of free enterprise in the field of banking.
But there is. It is the playpen of second-rate men seeking first-rate power.
Greenspam had a total mind-make-over when he joined the Fed.
ReplyDeleteHe was not that an accomplished economist before that point, and when at the Fed he acted out the game plan.
Years of experience gave him charisma, and this gave him an implied intellectual ability.
The urge to centralise is indeed within us, to seek personal aggrandizement, and the hoops that any aspiring politician has to jump through, created by prior politicians in part, create a natural selection process that does not deliver of the best, into positions of power.
Philosophers speak in generalities based on their, and other previous experiences, judged in turn against their own previous life experiences.
The detailed facts behind the multiple dramas that James speaks of, however, do not provide evidence of a general drift towards centralisation, although this is present in the history of many past nations, but of a specific plan, hatched hundreds of years ago, and carried out by selected, groomed, bribed men of power, that harnesses this centralising predilection within us, for the benefit of certain people.
Within that plan was the ruination of religions, freemasonry, societies structures, families, and science, and their increasing rejection was accompanied by the centralised accretion of power.
A privileged few were aware of this plan.
A few researchers have uncovered it.
It has many facets, and writers have stumbled on elements of it in the past without realising the importance of their findings. Books were published which fill in the gaps.
During its early years it was opposed by Monarchs, who were variously dealt with.
Now we approach the endgame.
Greenspan has some nerve coming out in public with this crap.
ReplyDeleteIf he had any decency he´d retire to his study with a bottle of whisky and a revolver.
... I raise my glass to Anonymous tonight.
ReplyDeleteI do too ... cheers, sir.
ReplyDelete"A specific plan, hatched hundreds of years ago, and carried out by selected, groomed, bribed men of power, that harnesses this centralising predilection within us, for the benefit of certain people."
ReplyDeleteBeing unaware, I cannot comment except to say scheming for ultimate power is normal human behavior, and perhaps yours is only one of many, even if one that stuck better than most. A civilization that can be taken by conspiracy is a civilization that should be taken by conspiracy.
More important than conspiracy is the entire thrust of civilization and the battle for it, not a manipulation of it. That battle is between our collectivist instincts dating from Aristotle's opinions and catching a second wind with the French writers that prepared Rousseau and Marx, and the odd counter instinctive understandings of individualism and liberty also being discovered at that time, but prepared by the basic individualism inherited from Erasmus and Montaigne, Cicero and Tacitus, Pericles and Thucydides.
Individualism and liberty cannot by definition be conspiracies, so that is always a game that can only be constantly parried, not won.
More important than conspiracy is the entire thrust of civilization.
ReplyDeleteThis is the classic error - to ascribe to "conspiracy" that which has not been researched.
This is not even in question - there are more than enough quotes from their own mouths and from the thrust of history to show that there is indeed a coterie of a few thousand men and to a lesser extent, women, who have organized the world of money in such a way that the average cit has just sufficient sense of his own self-actuality so as not to cause trouble in any significant and organized sense.
There is sufficient even on this blog to establish this.
This might be a start.
Or this.
It is highly dismaying, this notion that such is not the case when the documentation is there for all to see.
This shifting of the role of villain to the elected goverment iself is shift desirable to these people - that they control, influence and manipulate policy but the elected reps take the rap.
The reps are technically responsible but they do not create the policy - they have always taken advice on that, from House to Bernanke and these men themselves are in thrall to others whom even Wilson ackowledged in his famous quote, plus that of many other leaders and leading public figures.
It was no accident that mobs chased Biddle back to his house, where he barricaded himself in. The mob knew who had caused the recession - things were so much clearer in Jackson's day.
Today, people are blind to reality.
Why rob just one person when you can rob a whole nation? And why rob just one country when you can rob them all?
ReplyDeleteIn 1913 the US sovereign authority to create its own money and credit was usurped by a transnational private banking cartel that has systematically infected our economy with a staggering national debt ~ more than eleven trillion dollars. The dollar has lost 95% of its value since 1913. The combined public and private debt of Americans is 53 trillion dollars. Eighty-five cents of every dollar is now consumed by interest. The US economy is collapsing in bankruptcy, drained of its vital resources by the systemic usury parasite.
The US is not the only nation to succumb.
The usury parasite has infected 186 countries, feeding itself through the central bank syndicate, a shareholder-owned consortium of private banks, headquartered in Switzerland at the Bank for International Settlements. Created in 1930, the BIS obscures its criminal activities, and those of it agents, with astounding claims of legal immunity that prohibit any form of oversight, intrusion or prosecution The Bank functioned as a Nazi money laundering operation in World War II. Today it serves as the cashier’s window for the global casino. Each central bank member has an exclusive monopoly on its government’s monetary system, with the power to create public debt and expand or contract the host’s economy at will. Coordinating their monetary policies with each other through the Bank for International Settlements, the central bankers meet behind closed doors, appoint their own governors and set their own rules. Their books are not subject to audit by the governments that host them. They work in concert to protect their fraternity, sharing the credo that a threat to one member is an attack on them all.
Based on the same credo, NATO was created after World War II to enforce “finance capitalism” in Western Europe where populist movements were gathering momentum for economic reform. The International Monetary Fund (IMF) and World Bank were established as tentacles of the Bank for International Settlements to strip the assets of war-torn European nations as collateral for unpaid war debts, moving on thereafter to “Third World” countries. Government treasuries are the parasite’s target. World Bank contractors coerce and bribe government agents to accept massive loans for elaborate engineering projects. Loan terms mandate that Western corporations receive the work contracts and thereby become the beneficiaries of this borrowed money while the taxpayers are strangled with insurmountable debt. As these governments invariably default, the IMF acts as debt collector and restructures the debt, reimbursing private investment banks with new loans funded by the taxpayers of its 186 member countries. In return for IMF loans, debtor nations are forced to surrender their national sovereignty and “open” their economies to “free” market investors that strip the assets of the country with deregulation and privatization schemes. Describing this looting as “structural adjustment programs” and “conditionalities,” these robber barons lower wages, raise taxes, slash social programs, privatise banks, water and public utilities and transfer the nation’s assets to private bank accounts. What is left in the wake of these predators is bankrupt economies, devastating poverty and a disempowered cheap labour force, stripped of their assets, their land and their rights.
Flushing the global economy of this systemic disease begins with understanding how the usury parasite debilitates its host with suffocating debt.
ReplyDeleteAlthough governments have inherent authority to create their own money, they borrow it from central banks, with interest. Only 3% of the US money supply is composed of coins and Federal Reserve notes (dollars); 97% comes from bank credit. A central bank fabricates paper notes and credit by “lending” them into existence, in return for treasury bonds of the host government ~ taxpayer debt. This borrowed “money” has no pre-existing value in reality and is conjured up through accounting entries. It is literally created out of nothing. The central bank first lends these treasury bonds to its own investment banks and then to down-line commercial banks, with interest. The commercial banks then lend ten times the face value of these bonds held “in reserve,” fanning $10,000 into $100,000. This ten-fold multiplication of accounting entries, described as “fractional reserve banking,” creates massive inflation of the money supply which devalues the currency and reduces currency purchasing power. Banks further inflate the money supply (and their profits) with compound interest that multiplies exponentially. The money supply can never achieve equilibrium because the interest owed always exceeds the money in circulation. More debt must be fabricated to pay this interest, drawing new borrowers into the pyramid scheme. The escalating debt eventually reaches staggering proportions, causing systemic collapse.
This debt fabrication racket is not a monetary system at all but rather a Ponzi scheme, in which a borrower pledges genuine assets in return for nothing. When a person lends real savings to another person, that money is no longer available to the lender. Temporary rent of this asset, “interest,” is compensation for that loss of use ~ the same principle as renting a home or a car. What a bank lends a borrower is “credit” for imaginary money that does not exist. Credit card debt is generated by the same fraud.
Wall Street’s Trojan Horse
ReplyDeleteToday the US, and UK nations are essentially bankrupt and hoping Barack Obama’s team of Wall Street advisors will forestall economic collapse. This expectation is as realistic as hoping that gang bangers will make our streets safe. Obama’s economic team is filled with the same Wall Street criminals that infected the global economy with a quadrillion dollar derivatives Ponzi scheme, using deliberately deregulated mechanisms. They have successfully held the nation hostage with a universal credit freeze and threats of systemic collapse if trillions of dollars in ransom demands are not met. But why would our governments agree to double its public debt to save Wall Street and UK crooks from bankruptcy? Why would our governments victimize taxpayers whose investments, pensions and real estate values have already been eviscerated by these swindlers? The answer is that the Treasury Secretary and Federal Reserve, UK banks and Treasury, have historically represented a parasitic crime syndicate, not the host government and its taxpayers.
The racketeers who bribed members of Congress to deregulate Wall Street could not have held the US nation hostage without collusion from the Treasury Secretary and Federal Reserve. These monetary “authorities” represent Robber Barons, Inc. ~ the crime syndicate that ransacks government treasuries through the BIS central banks, IMF, World Bank, investment banks and private equity firms – primarily JP Morgan Chase, Citigroup, Bank of America, Morgan Stanley, Goldman Sachs and Carlyle Group.
Past Treasury Secretary, chief economist for the World Bank, and current Director of Obama’s National Economic Council, Lawrence Summers took part in the looting of Russia, stripping one trillion dollars from Russia’s struggling economy and shifting state-owned assets to private owners. Summers succeeded Robert Rubin as Treasury Secretary and completed Rubin’s repeal of Depression-era laws that protected public assets from Wall Street theft. A former co-chairman of Goldman Sachs, Rubin assisted in robbing the Soviet treasury and was the key architect of financial services deregulation that set the stage for crashing the US economy. Moving on to chairman of Citigroup, Rubin pooled subprime loans and their financial derivatives as AAA rated securities and sold them to unsuspecting investors. Larry Summers engineered the deregulation of financial derivatives, ensuring the globalization of losses from those securities. With $2 trillion in junk securities, Citigroup’s Ponzi scheme metastasized to 100 countries making it too infectious to quarantine. To date, taxpayers have underwritten $306 billion of Citigroup’s liabilities with Henry Paulson’s TARP “bailout.”
Treasury Secretary Henry Paulson, a Goldman Sachs CEO, is also a Board Governor at the IMF. As chief architect of the TARP bailout, he awarded billions of taxpayer dollars to the investment banks that collapsed the global economy. He sacrificed Lehman Brothers, Goldman’s only competitor. As a major recipient of TARP “bailouts” ($173 billion), AIG owed Goldman billions for insurance claims on subprime derivatives that Goldman packaged and sold short, knowing they would default, thus profiting twice from financial fraud.
Paul Volcker, North American chairman of the Trilateral Commission and head of Obama’s Economic Recovery Advisory Board, is the Rockefeller banker whose antisocial policies under Reagan ignited the strongest political protests in the history of the Federal Reserve. Volcker’s interest rates, exceeding 20%, provoked the worst recession since the Great Depression and wrecked the US industrial economy. Volcker is a member of the Rockefeller syndicate that owns Citigroup and JP Morgan Chase, two of the investment banks that own the Federal Reserve. Volkers actions crashed the US economy, previously deliberately bloated by members of the same crime syndicate.
ReplyDeleteObama’s Treasury Secretary, Timothy Geithner, is a CFR member, an IMF director, BIS committee chairman, ex-president of the Federal Reserve and a protégé of David Rockefeller, Henry Kissinger, Robert Rubin and Lawrence Summers. As Treasury Secretary, Geithner has authority to disperse TARP funds without Congressional approval. He proposes to create one or more “bad banks” to buy Wall Street’s toxic “assets,” using a mix of taxpayer and private money and intends to expand a lending program that would spend $1 trillion to cover the decline in Wall Street gambling revenues. Geithner arranged the bailouts of Bear Stearns and AIG and played a pivotal role in the decision not to save Lehman Brothers from bankruptcy. AIG bailout funds were subsequently funnelled directly to GS, as counterparty to derivatives.
Gary Gensler, Obama’s appointee to head the Commodity Futures Trading Commission, is the Goldman Sachs alumnus who spearheaded the Commodities Futures Modernization Act of 2000, a bill that removed credit default swaps and other derivatives from regulatory oversight. The Commodities Futures Modernization Act of 2000 that ensured the derivatives cancer would metastasize globally also deregulated “electronic” energy trading, allowing Enron to bankrupt California, among others. As Undersecretary of the Treasury under Clinton, Gensler worked with Alan Greenspan and Phil Gramm to dismantle the Depression-era Glass-Steagall Act that separated commercial banks (public savings) from investment banks and prevented financial syndicates from merging into toxic monopolies too big to quarantine.
With the simultaneous passage of The Banking Modernization Act of 1999 banks were given permission to sell insurance and real estate, channeling an income stream of unfathomable proportions to the owners of the Federal Reserve. The Gramm-Leach-Bliley Act amended the Banking Act of 1933, the Bank Holding Company Act of 1956, the Federal Deposit Institutions Act, the Community Reinvestment Act of 1977 and the International Banking Act of 1978 – essentially transferring the power of Congress to the Federal Reserve by expanding its authority to control the entire US financial spectrum.
Who set the stage with financial deregulation for spreading this contagion into a global derivatives Ponzi scheme? Who systematically channeled billions of dollars into the high risk subprime market?
ReplyDeleteThe demolition wave that took down the global financial system and crashed the US economy was ignited by well placed financial explosives at ground and basement levels. On September 11, 2001, an estimated $240 billion dollars was covertly added to the M2/M3 money supply with the ’settlement’ of off-balance sheet, illegal bonds created in 1991 by George H.W. Bush and Federal Reserve chairman Alan Greenspan. This capital was injected into the economy as Ten Year Treasury notes and then fanned into trillions of dollars in credit by private banks. In the four months after 9/11, the total money supply increased by $650 billion, the single greatest burst of monetary increase ever, at that time. After pumping $3 trillion in excess liquidity into the economy, a 32% expansion of the money supply since 1994, the financial managers of this operation created comparable monetary ‘demand’ for this capital with a highly coordinated strategy to channel this excess liquidity into the high risk subprime market. A broad array of tactics was used to block actions that would have prevented systemic collapse, including a White House law suit to prevent state regulators from enforcing their predatory lending laws.
Who opened nationwide mortgage retail outlets and financed the predatory loans that were fanned into speculative equities, hedge fund, and derivative markets? E.P. Heidner, author of “Collateral Damage,” traces the primary funding for the subprime operation to HSBC, UBS, Credit Suisse First Boston, Triad Guaranty Trust Insurance Corp, Deutsche Bank, Citigroup, Bank of America, Chase Manhattan, Carlyle Group and Goldman Sachs.
Prior to 9/11 the individuals and institutions that collapsed the Soviet economy and robbed the treasury were under investigation by multiple federal agencies for evidence of financial fraud – potentially related to 280,000 metric tons of stolen gold. These investigations were permanently aborted by the complete destruction of all case evidence stored in the 9/11 targets: World Trade Centers 1 and 2 were pulverized within ten seconds each falling largely within their own footprint, as if carried out by professional demolition teams; WTC 7 was collapsed within 7 seconds into its own footprint, although never hit by any aircraft; WTC 6 housing $240 billion in illegal bond certificates was exploded and the Office of Naval Intelligence at the Pentagon was demolished ~with totally inappropriate ground level forensic evidence, thereby destroying all evidence against the same individuals who subsequently funded and executed the controlled demolition of the United States. Also lost in this multiple demolition was JPM records of the Enron affair. The financial institutions, insurance companies and private security firms involved in this operation have extensive histories of CIA covert operations.
ReplyDelete“The group at the centre of this crisis is the very same set of individuals that deliberately crashed the Soviet economy in 1991, and bought up the infrastructure for ‘pennies on the dollar.’ The financial industry individuals and intelligence figureheads that need to be held accountable for the tragedy of September 11, are the same group that deliberately channeled the excess liquidity created on September 11 to fund the bulk of the high risk subprime market.”
Among the visible operatives Heidner identifies are: George H.W. Bush, Alan Greenspan, Timothy Geithner, Henry Paulson, Lawrence Summers, Robert Rubin, Gary Gensler, Robert Hormats, Stephen Friedman, Robert Zoellick, Gerald Corrigan, Peter Fisher, 9/11 commissioner Jamie Gorelick and specific CIA assets. US front groups that were used to sabotage the US economy included Freddie Mac, AIG, Citigroup, Goldman Sachs and Carlyle Group. It is therefore not surprising that the criminals who orchestrated the US financial collapse were awarded an additional $4 trillion in taxpayer “bailout” commitments by their accomplices at the Federal Reserve, Treasury and White House ~ with congressional approval.
If it doesn’t govern, it isn’t a government. What is masquerading as government is a crime syndicate with a flag.
I'm glad this has been said today and not tomorrow - tomorrow is more sacrosanct and people turn inwards.
ReplyDeleteThere was a Youtube of the Star Spangled Banner [of the combined academies] I was going to use in tomorrow morning's post but then I saw Clinton and Bush Snr out on the field and refused to use anything with them in it. So I used another one.
You'll have to provide the words yourself.
I have read your links, and they do not tie together some conspiracy that pre-dated capitalism with, or even separate, one that clearly aims to end a three century experiment in liberty. In writing of Tavistock and others you address the Marxist conspiracy, of which I have no doubt, but do not reach back to connect the one Anonymous refers to. If anything, it sounds as if two conspiracies allied at points of convenience and common interest, which could not be a lasting arrangement.
ReplyDeleteMy point, if I were to make one, is that it was understood by the Founders and practiced by the English that the only government that could be controlled was a small government. Even if it was controlled poorly, it would remain within sight and understanding.
Tocqueville letter--'You must read this book to see how the substantial honesty, good sense, moderation, and virtue of a nation, and the institutions which these qualities have created or preserved, can struggle against the vices of those who manage its affairs. Never was there a set of statesmen more dishonest than those whom Macaulay here describes ; never was there a society more admirable than that which grew up under their hands. Among nations, as among individuals, there are constitutions proof, not only against disease, but even against physicians.'
Present Western government is a vast playpen for bad intentions, or worse, good intentions. We are playing a game, not of our making, to imagine that by eliminating a conspiracy, or finding a better quality politician, we will improve the product, when we are addressing the wrong thing.
It would figure that my comment would come in on 9/11. :)
ReplyDeletePlease continue adding to this thread, Anon. I'd really love for this discussion to continue.
It's a fascinating/terrifying eye opener.
Call back later, Uber, I'm pressed for time right now.
ReplyDelete