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24 October 2008 Thought for the Week:

'The Lord Chief Justice of England, Lord Acton, in 1875 said: 'The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks. That time has come. '

Preface to 'Bankers and Bastards, by Paul McLean and James Renton, 1992.


by James Reed
Australia 's major banks, it has been revealed, were reaping record profits, whilst at the same time telling us how terribly poor they were, as their justification for rising mortgage interest rates off their own bat, independent of the Reserve Bank ( 'Banks raking in record profits but crying poor The Australian 24/9/08 p.1).

None of this should surprise us. The historical arrogance that comes from having a monopoly over the creation of credit no doubt produces a pathology which makes these institutions highly immuned to telling the truth.

As with postmodernism, there is no truth in the world of money beyond that of money: money is the alpha and omega and reason for the existence of being itself. The banks are bastards, of course, and philosophically horrendous ones at that.

Further reading:
'Bankers and Bastards, by (former Senator) Paul McClean and James Renton, Barrister/ Solicitor of the High Court of Australia
Written in 1992 this book is about the way banks and bankers have moved from being the respected pillars of the community into being profit-orientated purveyors of dubious financial 'products '. The authors became involved in the matter because people came to them for help. Price $20.00 posted

'The Money Trick from the Institute for Economic Democracy.
Creating money from nothing is a bank 's best trick. The manipulation of money and credit creation affects every country in the world, in peace or conflict. It is little understood by ordinary people as well as most bankers, accountants and economists.
An informed population can take steps to end this dictatorship of finance so the power of credit can be harnessed for the common good, not for greed and power.
What we all need to be able to do is draw on the social credit of our communities and nation! Price $13.00 posted.


by John Brett:
One of the foundations stones of our successful nation, bearing in mind it was started as a penal colony, was that 'The Rule of Law was in place and adhered to from the moment Governor Philip set foot on the shores of Botany Bay.

Whatever those laws shortcomings might have been, if there were shortcomings, they delivered a very different nation to other new nations of those times being formed around the world, particularly in South America where the 'Rule of Men led to so much bloodshed and desecration of indigenous peoples. Not entirely remedied to this day.

While our founding people had come from a nation with a thousand or more years experience in the evolution of The Rule of Law, which came to them from the defunct Roman Empire a thousand years before them, that long history was studded with examples of reverting to the Rule of Men whenever a war started. Still happening to this day.

Most Australians only have a vague idea what the Rule of Law means, but if you give them a simple example they will agree that it is important and should be taught in our schools and universities. Which raises the question 'Why isn 't it taught in our schools any more '?

An example that convinces them, because of its partial failure, are the laws about 'Property '. Somebody breaks into your house and steals your jewelry or TV, or steals your car or your money. You notify the police, whose function is to find the missing property and the person who stole it. The accused is then dealt with in the Law Court, where they may be instructed to return the stolen property, and for punishment pay a fine or go to prison.

The 'Rule is that the law applies to everybody, even the Police and the Magistrate, as well as the people who make the laws.
But there is a vast field of human activity where the Rule of Law does not apply, where over 90% of all human activity is licensed to proceed, where you may never recover your stolen property, because there are no laws and therefore no police to apprehend an accused, or even carry out an investigation.

In this field, the Rule of chosen Men reigns supreme. They are unknown, unchallenged, unseen, unimpeachable, unmerciful, unjust and most of all unlawful. These are the people who create and destroy the world 's money supply, a 'Law unto themselves.
They insist there can be no Laws about their activities, because, apart from notes and coins, all money is invisible and you cannot have laws about things that are invisible! (No law of gravity?)
As money is the major dynamic of all power exercised on earth by man, where very little activity would take place without it, these men amongst themselves virtually control the world unseen.

This is why, outside of the 'Law of the Land 2,000 years ago, Christ whipped out the money-makers who were installed in the Temple. At the following midnight (illegal) trial, only false accusations were brought against him and no mention was made of his illegal whipping of the money-makers, days before.

But a way was found to unlawfully dispose of him. Would it be so again, if he were to reappear at the Temple in Wall Street this month? Would we all be part of the rent-a-mob led by our church leaders crying, 'crucify him crucify him - instead of the Barabasses in the Banks?  


by James Reed
The economic collapse so far: we are in the middle of an economic crisis as great as that of the 1930s. Due to intrinsic instabilities in the private-credit-creation-debt-producing economic system, crises like this are inevitable. But such crises are made worse by layers of shonky banking practices. Something like the US-style subprime housing crisis is now rocking Sydney (The Australian 26/9/08, p.4).

The economic writers that I have read believe to a man that all will be well after one year, two years - because today, unlike the 1930s, economists understand monetary policy. Governments will bail out sinking, stinking banks. So much for the Darwinian rule of Free Markets! But a cost of these bailouts is a transfer of 'economic toxins from private firms to the government.

At some point an economic doomsday will arise, as government debts spiral out of comprehension. It is better that the crash happens now while there is still time for social crediters to work on their fellow Australians to help bail out the sinking ship of state - and set it to rights. Left too long, the crash is likely to be so severe as to destroy all the lifeboats.


by Jeremy Lee
My recent article claiming that the $US dollar crisis was designed has produced further, ample evidence. Secretary to the Treasury Henry ( 'Hank ') Paulson, who demanded carte blanche, immunity from legal challenge or surveillance, to manage a tax-funded bailout package of $700 billion for his Wall Street mate, finally had his package bulldozed through.

The minority who held the first vote back were subject to arm-twisting and head-kicking, and the second attempt was successful. But the meltdown didn 't go away.
In fact it spread through Europe and Asia. Prime Minister Rudd and Treasurer Swan departed Australia 's shores for Wall Street after assuring us that we had to have a 'global solution '.

Obviously, they had no idea that, in early Australian history, their own party, the ALP, had formed the Commonwealth Bank as a 'peoples bank to prevent the very 'debt bubble now destroying the world 's economies.

The Commonwealth Bank and Sir Denison Miller:
The Commonwealth Bank originally was run by a single Director, Denison Miller, who used the bank intelligently in war and peace to finance Australia. Under his policies, Australia did not need foreign debt, financial poverty, unpayable mortgages and inflation for its economic development.

If Prime Minister Rudd, Treasurer Swan and, for that matter, members of the Opposition, took note of Australia 's early successes, this country could lead the world out of this mess. The mesmerizing seduction of Hank Paulson, the Federal Reserve in America, the IMF and World Bank etc., would fall to the ground as the worthless dross it really is. Not all industrial nations are swallowing the Paulson/Bush plan.

The article below, by author and economist William Engdahl, merits close attention as an example of the divisions at the top.

BEHIND THE PANIC : Financial Warfare over future of global bank power
by F. William Engdahl, 9/10/08:

What 's clear from the behaviour of European financial markets over the past two weeks is that the dramatic stories of financial meltdown and panic are deliberately being used by certain influential factions in and outside the EU to shape the future face of global banking in the wake of the US sub-prime and Asset-Backed Security (ABS) debacle. The most interesting development in recent days has been the unified and strong position of the German Chancellor, Finance Minister, Bundesbank and coalition Government, all opposing an American-style EU Superfund bank bailout.

Meanwhile Treasury Secretary Henry Paulson pursues his Crony Capitalism to the detriment of the nation and benefit of his cronies in the financial world. It 's an explosive cocktail that need not have been. Stock market falls of 7 to 10% a day make for dramatic news headlines and serve to foster a broad sense of unease bordering on panic among ordinary citizens. The events of the last two weeks among EU banks since the dramatic state rescues of Hypo Real Estate, Dexia and Fortis banks, and the announcement by UK Chancellor of the Exchequer, Alistair Darling of a radical shift in policy in dealing with troubled UK banks, have begun to reveal the outline of a distinctly different European response to what in effect is a crisis 'Made in USA.

Well-thought-out long-term strategy:
There is serious ground to believe that US Goldman Sachs ex CEO Henry Paulson, as Treasury Secretary, is not stupid. There is also serious ground to believe that he is actually moving according to a well-thought-out long-term strategy. Events as they are now unfolding in the EU tend to confirm that. As one senior European banker put it to me in private discussion, 'There is an all-out war going on between the United States and the EU to define the future face of European banking.

In this banker 's view, the ongoing attempt of Italian Prime Minister Silvio Berlusconi and France 's Nicholas Sarkosy to get an EU common 'fund ', with perhaps upwards of $300 billion to rescue troubled banks, would de facto play directly into Paulson and the US establishment 's long-term strategy, by in effect weakening the banks and repaying US-originated Asset Backed Securities held by EU banks.

Old hands at using panic to centralize power:
As I document in my forthcoming book, 'Power of Money: The Rise and Decline of the American Century, in every major US financial panic since at least the Panic of 1835, the titans of Wall Street 'most especially until 1929, the House of JP Morgan 'have deliberately triggered bank panics behind the scenes in order to consolidate their grip on US banking. The private banks used the panics to control Washington policy including the exact definition of the private ownership of the new Federal Reserve in 1913, and to consolidate their control over industry such as US Steel, Caterpillar, Westinghouse and the like. They are, in short, old hands at such financial warfare to increase their power.

Now they must do something similar on a global scale to be able to continue to dominate global finance, the heart of the power of the American Century. That process of using panics to centralize their private power created an extremely powerful, concentration of financial and economic power in a few private hands, the same hands which created the influential US foreign policy think-tank, the New York Council on Foreign Relations in 1919 to guide the ascent of the American Century, as Time founder Henry Luce called it in a pivotal 1941 essay.

Henry Paulson 's background:
It 's becoming increasingly obvious that people like Henry Paulson, who by the way was one of the most aggressive practitioners of the ABS revolution on Wall Street before becoming Treasury Secretary, are operating on motives beyond their over-proportional sense of greed.

Paulson 's own background is interesting in that context. Back in the early 1970 's Paulson started his career working for a rather notorious man named John Erlichman, Nixon 's ruthless adviser who created the Plumbers Unit during the Watergate era to silence opponents of the President, and was left by Nixon to 'twist in the wind for it in prison. Paulson seems to have learned from his White House mentor.

As co-chairman of Goldman Sachs according to a New York Times account, in 1998 he forced out his co-chairman, Jon Corzine 'in what amounted to a coup according to the Times. Paulson, and his friends at Citigroup and JP Morgan Chase, had a strategy it is becoming clear, as did the Godfather of Asset Backed Securitization and deregulated banking, former Fed Chairman Alan Greenspan, as I have detailed in my earlier series here, Financial Tsunami, Parts I-V.

Knowing that at a certain juncture the pyramid of trillions of dollars of dubious sub-prime and other high risk home mortgage-based securities would come falling down, they apparently determined to spread the so-called 'toxic waste ABS securities as globally as possible, in order to seduce the big global banks of the world, most especially of the EU, into their honey trap. They had help.

In recent testimony under oath by Eric Dinallo, the Superintendent of the New York Insurance Department at the AIG Bailout Oversight Hearing, into the AIG rescue by Paulson, Dinallo testified that funding cutbacks in recent years directed by the Bush-Cheney Administration had reduced the responsible department that should regulate or watch over the $80 trillions in Asset Backed Securities (ABS), which included the toxic sub-prime and Alt-A mortgage securities and much more.

The Bush Administration took the staff from more than one hundred people down to one---yes that was not a typo. One as in 'uno. Was that just ideological budget cutting fervor, or was it deliberate? Was former Goldman Sachs man, the man who convinced the President to hire Paulson, Bush 's former Director of the Office of Management and Budget (OMB), Joshua Bolten, now the President 's Chief of Staff, responsible for insuring there was no effective government oversight on the exploding securitization of mortgage assets?

These are perhaps some questions which the good Congressmen ought to be asking people like Henry Paulson and Josh Bolten, and not such red herring questions as how large Richard Fuld 's bonus pay at Lehman was. Are Mr Bolten 's fingerprints on the corpse here? And why is no one questioning the role of Paulson as CEO of Goldman Sachs, then the most aggressive promoter of exotic and other Asset Backed Securitization products on Wall Street?

It now would appear that the Paulson strategy was to use a crisis 'a crisis that was pre-programmed and predictable as far back as 2003 when Josh Bolten became head of OMB 'when it exploded, to panic the more conservative European Union governments into rushing to the rescue of US toxic waste assets. Were that to have happened, it would in the process destroy what was left of sound EU banking and financial institutions, bringing the world one step closer to a global money market controlled by Paulson 's cronies 'US-style Crony Capitalism. Crony Capitalism is certainly appropriate here.

Paulson 's predecessor at both Goldman Sachs and at Treasury, Robert Rubin, liked to accuse the Asian bankers of Thailand, Indonesia and other lands hit with the speculative attacks of US-financed hedge funds in 1997 of 'crony capitalism, leaving the impression the crisis was home grown in Asia and not the result of a deliberate executed attack by US-financed financial institutions to eliminate the Asia Tiger model among other goals, and turn Asia into the funder of US debt. Interesting to note is that Rubin is now a Director of Citigroup, obviously one of Paulson 's crony bank 'survivors, and the bank which to date has had to write off the largest sum in toxic waste securitized assets.

If the allegation of pre-planned panic, a la the Panic of 1907 is accurate, and it is a big if, then the plan worked 'up to a point. That point came over the weekend of October 3, coincidentally the national unification holiday of Germany.

Germany breaks with US model:
In closed door talks well into the evening of Sunday October 5, Alex Weber the hard-nosed head of the Bundesbank, BaFin head Jochen Sanio and representatives of the Berlin coalition Government of Chancellor Merkel came up with a rescue package for Hypo Real Estate of a nominal '50 billion.

However, behind the dramatic headline number, as Weber pointed out in a September 29 letter to Finance Minister Peer Steinbr 'ck that has been made public, not only did the private German banks have to come up with 60% of that figure, the state with 40%. But also, given the careful manner in which the Government in co-operation with the Bundesbank and BaFin, structured the rescue credit agreement, the maximum possible loss, in a worst case scenario, to the state would be limited to '5.7 billion, not '30 billion as many believed.

It 's still real money but not the blank check for $700 billion that a US Congress under duress and a few days of falling stock market prices agreed to give Paulson. The swift action by Finance Minister Steinbr 'ck to fire the head of HRE, in stark contrast to Wall Street where the same criminal fraudsters remain at their desks reaping huge bonuses, indicates as well a different approach.

But that does not cut to the heart of the issue. The situation of HRE arose as noted previously, from excesses in a wholly-owned daughter bank of HRE subsidiary DEPFA in Ireland, an EU country known for its liberal loose regulation and low tax regime.

A British policy shift:
In the UK, after the costly and foolish bailout of Northern Rock earlier in the year, the Government of Prime Minister Gordon Brown has just announced a dramatic change in policy in the direction of Germany 's position.
Britain's banks will get an unprecedented 50 billion-pound ( '64 billion) government lifeline and emergency loans from the Bank of England. The government will buy preference shares from Royal Bank of Scotland Group Plc, Barclays Plc and at least six other banks, and provide about 250 billion pounds of loan guarantees to refinance debt, the Treasury said. The Bank of England will make at least 200 billion pounds available. The plan doesn't specify how much each bank will get. That means the UK Government will at least partially nationalize its most important international banks, rather than buy their bad loans as under the unworkable Paulson plan.

Under such an approach, costs to UK taxpayers once the crisis abates and business returns to more normal conditions, the Government can sell the state shares back to a healthy bank at perhaps a nice profit to the Treasury. The Brown Government has apparently realized that the blanket guarantees it gave to Northern Rock and Bradford & Bingley merely opened the floodgates of government costs without changing the problem.

The new nationalization policy is a dramatic contrast to the Paulson ideological 'free market approach of buying the worthless bonds held by the select banks Paulson chooses to save, rather than recapitalize those banks to allow them to continue to function.

The battle lines drawn:
What has emerged are the outlines of two opposite approaches to the unfolding crisis. The Paulson plan is now clearly part of a project to create three colossal global financial giants 'Citigroup, JP MorganChase and, of course, Paulson 's own Goldman Sachs, now conveniently enough a bank.
Having successfully used fear and panic to wrestle a $700 billion bailout from the US taxpayers, now the big three will try to use their unprecedented muscle to ravage European banks in the years ahead.

So long as the world 's largest financial credit rating agencies 'Moody 's and Standard & Poors 'are untouched by the scandals and Congressional hearings, the reorganized US financial power of Goldman Sachs, Citigroup and JP Morgan Chase could potentially regroup and advance their global agenda over the coming several years, walking over the ashes of a bankrupt American economy made bankrupt by their follies.

By agreeing on a strategy of nationalizing what EU finance ministers deem are 'EU banks too systemically strategic to fail, while guaranteeing bank deposits, the largest EU governments, Germany and the UK, in contrast to the US, have opted for what will in the longer run allow European banking giants to withstand the anticipated financial attacks from the likes of Goldman or Citigroup.

The dramatic selloff of stocks across European bourses and across Asia is in reality a secondary and far less critical issue. According to market reports, the selloff is being driven mainly by US hedge funds desperate to raise cash as they realize the US economy is going into economic depression, that they are exposed and that the Paulson Plan does nothing to address that. A functioning solvent banking and interbank system is far the more strategic issue.

The ABS debacle was 'Made in New York. Nonetheless, its effects have to be isolated and viable EU banks defended in the public interest, not just the interest of Paulson 's banking cronies as in the US. Unregulated offshore vehicles such as hedge funds, unregulated banking, unregulated insurance all went into building the $80 trillion ABS Tsunami as I have called it. Certain more conservative EU hands are not about to buy the remedy being offered by Washington.

The co-ordinated interest rate cut by the ECB and other European central banks while grabbing headlines, in effect do little to address the real problem: banks fear to lend to each other until their solvency is assured. By initiating state partial nationalizations across the EU, and rejecting the Berlusconi/Sarkozy bailout scheme, the governments of the EU, interestingly enough this time led by the German, are laying a more sound foundation to emerge from the crisis. Stay tuned, it 's far from over.
This is a fight for the survival of the American Century which has been built since 1939 on the twin pillars of American financial dominance and American military dominance 'Full Spectrum, Dominance.

Asian banks, badly burned by Wall Street 's manipulated 1997-98 Asia Crisis,** are apparently very little exposed to the US problem. European banks are exposed in different ways, but none so serious as in the US banking world.

F. William Engdahl is the author of A Century of War: Anglo-American Oil Politics and the New World Order (Pluto Press. The present series is adapted from his new book, now in writing, The Rise and Fall of the American Century: Money and Empire in Our Era. He may be contacted through his website, www.engdahl.oilgeopolitics.net.

** Refer to On Target Archives, Vol.44 No 26 'Defending National Economic Sovereignty and study what Dr. Mahathir did to save his nation from the manipulated financial crisis.


by James Reed
Yes, it is true. Malcolm Turnbull is even more arrogant than big Kev08 Rudd. His policies are identical - of course. The two lads are political twins, made in the same New World Order genetic engineering plant.
The extra arrogance of Mal the Turn-bull is due to his extra money. Sure Mal knew what it was to be short of money as a kid join the club. But he fought his way to richness. Nothing wrong about that.

However, as we say from the republican campaign, Mal, like Kev08, is basically a cultural deconstructionist. They are fully committed to an Asian future for Australia and seek to annul our remaining links with the past. This breed of politician only assesses things in terms of economic value.

Outside of economics, nothing exists. But that is a good thing. Now we have no more options. The mainstream parties can be seen even by blind Freddie to be the same. Now we either forge a new path, or we die. What are you going to do?


The Daily Telegraph (UK) 13/10/08 reported:
'Gerald Frederick Toben was arrested at his seat on a plane at Heathrow Airport two weeks ago by British police on a request from German authorities. He is charged with inciting racism and xenophobia through posting on the internet alleged anti-Semitic and or revisionist views, denying there was a mass murder of Jews during World War II. '

But that brave lady, Lady Michele Renouf, has proved to be 'the secret force behind a campaign to free Dr. Toben who is facing another jail term in Germany 'for being a Holocaust denier. ' He was to represent himself in court for an extradition hearing to send him to Germany from Britain, where he was in transit enroute to Dubai, but Lady Renouf has stepped in and assembled a legal team to not only get him out of British detention but challenge the validity of European warrants that can see people arrested in one country at the behest of another.

Lady Renouf, briefly married to millionaire financier Sir Frank "The Bank" Renouf, said it was a matter of principal her friend Dr Toben got the best help and the Germans not be allowed to curtail freedom of speech. She said she was not a revisionist and something "bad" did happen to the Jews during the war, but on principal she supported people like Dr Toben and renowned Holocaust denier David Irving for the sake of freedom of expression.

Revisionism, she said, was not an ideology but a historical method. The 61-year-old former model and Miss Newcastle 1968 said people might not like what Dr Toben stood for but it was his and others' right to freely express themselves. "My interest is in making sure we don't have laws that we say we don't accept and yet we allow to come in to the back door," she said yesterday.

Dr Toben's solicitor Kevin Lowry-Mullins said his client was in good cheer and health and was stoic in the face of potentially being extradited and serving up to five years in a German prison.
Source: https://www.news.com.au/dailytelegraph/story/0,22049,24484456-5001021,00.html

For the folk who would like to help Dr. Toben with his financial expenses, go online and click on to his website: www.adelaideinstitute.org


by James Reed
Tim Flannery, climate change guru, used to be opposed to filthy coal as an energy source. Solar was the way to go. But recently he has changed is position. (Enough Rope ABCTV 22/9/08). His new position is that China and India are building coal-fired power plants, so we need to put a surcharge on the Australian coal industry so that we can build clean coal technologies for them! There is the greenie mind in action.

No critique of the industrialisation of China and India, so mention that they are on the path to destroying the world and need to be stopped by pulling down the global economy.
No, in the greenie world-view, criticising a non-White power would be 'racism the great 'no-no '.

No doubt it is better for our economy to collapse than for the industrialisation of China and India to slow.


"Major Douglas: The Policy of a Philosophy" by John W. Hughes.
Just imagine, the year is 1934, Montagu Norman is governor of the Bank of England, Sir Otto Niemeyer is at the Treasury.

The Great Depression is on the wane but the industrialised world is still reeling from its effects. An obscure engineer, Major C.H. Douglas and his wife Edith have embarked on the RMS Maloja.
They are bound for New Zealand via Australia and then plan to move on to America. Their mission is to persuade those countries to renounce the money market and finance prosperity using their own (social) credit.

What was this phenomenon called Social Credit and why did it cause no small alarm to both bankers and businessmen? Read about it for yourself. $50.00 posted.

"In This Age of Plenty" by Louis Even.
Louis Even is a wonderful teacher. Having studied the works of Douglas he wrote in the clearest, simplest manner about the world of plenty in which we live and how that plenty could be distributed to all.
Without in any way disturbing the system of reward for work done, Social Credit would distribute to every individual a periodical income, called a 'social or national dividend', based on the prosperity of the whole nation. Price: $32.00 posted.

The League has made available a set of full definition Social Dynamics DVDs for the price of $25.00 posted from Heritage Book Services, P.O. Box 27. Happy Valley 5159. Send for a set today.
The message contained in the Social Dynamics lectures is so vital as the whole world goes through the 'money meltdown and the Money Power scurries to set up its Socialist New World Order.

We are pleased to announce the release of the DVDs featuring Professor Andrew Fraser and Archbishop John Hepworth at the League 's South Australian Annual Seminar.

Speakers and titles are:

Professor Andrew Fraser 'Age of Disincarnation and 'Who 's Afraid of the Republic?
Archbishop John Hepworth 'Will to Power and 'Will to Freedom '.

Single DVD of either speaker for $15.00 posted or Set of two DVDs for $25.00 posted from Heritage Book Services, P.O. Box 27, Happy Valley South Australia 5159.

© Published by the Australian League of Rights, P.O. Box 27 Happy Valley, SA 5159