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31 October 2008 Thought for the Week:

Usury overthrows trade, decays merchandise, undoes tillage, destroys craftsmen, defaces chivalries, beats down nobility, brings dearth and famine, and causes destruction and confusion.
- - Thomas Wilson, 1569

I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.
- - Thomas Jefferson, 1802

“The recovery to profitability has been amazing, leaving Barings to conclude that it was not actually terribly difficult to make money in the securities business.”
- - Peter Baring, Chairman of Barings, to Brian Quinn, Director of the Bank of England, 13 September, 1993 - as quoted in “Nick Leeson: Rogue Trader,” 1996

The Prime Minister of Iceland, Geir Haarde, sent shivers through the global financial system when he asserted that Iceland can not, and will not pay the foreign liabilities of its banking sector and that the interests of Iceland will have first priority.
Yesterday, Haarde told a press conference:
'The point is this. The total indebtedness is such that there is no way that the Icelandic population can take responsibility for the debt these private companies have incurred. It happens everyday in bankruptcies, that some are burnt.'
- - Harsha Sanka, freedom@harshankar.org 2008


THE COLLAPSE OF FINANCIAL PAPER CASTLES

by Brian Simpson Ecological economist, Professor Herman E. Daly of the University of Maryland has said that the present financial crisis is due to the 'overgrowth of financial assets relative to the growth of real wealth.

Daly has said that 'financial assets have grown by a large multiple of the real economy and that 'paper exchanging for paper is now 20 times greater than exchanges of paper for real commodities.

It is in the nature of the present financial system - born of debt due to the creation of credit ex nihilo as a debt to the financial system itself - that debt will always outgrow the product of real physical wealth. Debt, a virtual quantity is potentially infinite but real physical wealth on a finite planet, is by definition finite.

Paul Craig Roberts, Assistant Secretary to the Treasury in the Reagan administration has observed that because 'exploding debt liens have simply outgrown the wealth, no bail out can succeed:
'Historically, debt that cannot be redeemed has been repealed by inflation. The same inflation that wipes out debt will wipe out savings.

That will be the next scene in the great saga of the economic collapse of globalism. It is a pity that we small folk must be hurt as the evil giants tumble.


REMEMBER NICK LEESON, DERIVATIVES AND BARINGS BANK?

by Betty Luks
The unfolding revelations of the gambling habits of the banks, hedge-funds, etc., on the Money Market 's roulette tables reminded me of the fellow who, in 1995, brought down Barings, Britain 's oldest merchant bank. The up-and-coming derivatives/options trading 'whiz kid Nick Leeson, was sent out to SIMEX, the Singapore money market to trade on the bank 's behalf.

Until the 1996 publication of his own story in 'Nick Leeson: Rogue Trader '* his role in the affair was shrouded in rumour. The UK authorities and the Bank of England didn 't pursue the legal means to bring him to trial in the UK.
On Friday 1 December 1995, he pleaded guilty to two offences of deceiving the auditors of Barings in a way 'likely to cause harm to their reputation and to cheating SIMEX.
The following day he was sentenced to six and half years in prison and when his book was published he was serving that prison sentence in Tanah Merah prison, Changi, Singapore.

As to the Bank of England 's report into what happened and why, Leeson was scathing:
' 'while I have included references to the Bank of England 's report in the book, I would in no way like the reader to think that this signifies my agreement with that report. It doesn 't. The Bank of England 's report is a waste of paper and is shamed by the Singaporean version.

He continues:
'I also believe that very high-level questions need to be asked both of the Bank of England and of the Serious Fraud Office (SFO). So far these questions have been avoided. '
'There are reasons why I did not return to the UK to stand trial. I will not pretend to know or understand the machinations behind the decision, but I would like to draw attention to the fact the Singaporean report states that they were restricted in their access to the majority of evidential documents held in the UK. This is contrary to the views expressed by the SFO throughout my internment in Germany.

* Try the internet for copies of 'Nick Leeson: Rogue Trader ', 1996 published by Little, Brown and Company ISBN: 0 316 87958 4.


LIKELY TO CAUSE HARM TO THE BANK 'S REPUTATION?

If Nick Leeson in 1995 can be gaoled for being 'likely to cause harm to a bank 's reputation what can the public expect to happen to those who have been instrumental in causing banking defaults on a massive scale - and thus 'likely to cause harm to many a bank 's reputation in 2008?

In OT Vol 44 No 28 we quoted Ellen Brown:
"Let the Lawsuits Begin: Banks Brace for a Storm of Litigation": https://www.webofdebt.com/articles/bracing-storm.php

Ellen Brown quoted from the San Francisco Chronicle, December 2007, attorney Sean Olender had suggested that the real reason for the subprime bailout schemes being proposed by the U.S. Treasury Department was not to keep strapped borrowers in their homes so much as to stave off a spate of lawsuits against the banks.

Sean Olender wrote:
"The sole goal of the freeze is to prevent owners of mortgage-backed securities, many of them foreigners, from suing U.S. banks and forcing them to buy back worthless mortgage securities at face value - right now almost 10 times their market worth.
The ticking time bomb in the U.S. banking system is not resetting subprime mortgage rates. The real problem is the contractual ability of investors in mortgage bonds to require banks to buy back the loans at face value if there was fraud in the origination process.

" 'The catastrophic consequences of bond investors forcing originators to buy back loans at face value are beyond the current media discussion. The loans at issue dwarf the capital available at the largest U.S. banks combined, and investor lawsuits would raise stunning liability sufficient to cause even the largest U.S. banks to fail '"

If Nick Leeson can be sent to gaol for being 'likely to cause harm to their (Baring Bank 's) reputation and to cheating SIMEX there must be literally hundreds of private bankers, their managers and minions who are legally responsible for the world 's present woes.


BRADBURY 'S FLIMSIES, BANK OF ENGLAND AND REAL HISTORY

Another matter of historical importance, was brought to mind this time by the governor of the Bank of England 's recent public statement.
Mervyn King, the good governor has revealed to a nervous British public 'the UK economy is now likely to be entering a recession. '

Well bully for him. Anyone who has been following the historical threads of money-debt-creation over the centuries could have told him this deflation of the financial system has happened on a fifty-year-or-so cycle for hundreds of years.

This time it is worse because there were too many 'cowboys playing with their customers investments on the Derivatives Roulette Wheel, and the private bankers had gotten far too greedy. What did the chairman of the Barings Bank, Peter Barings, say in the 1990s? ' 'leaving Barings to conclude that it was not actually terribly difficult to make money in the securities business.

But as to this other matter - what did the governor of the Bank of England say?
Source: http://news.scotsman.com/scotland/King---admits-that.4615304.jp

'Not since the beginning of the First World War has our banking system been so close to collapse. '

What happened back in the early 1900s?

What happened next?
Bearing in mind that early in the history of banking, the goldsmith/bankers issued notes to their customers for the receipt of deposits made to the banks, a type of IOU. Anyone who has access to an early Bank of England note, or drawing of one, will see the bank promised to pay the bearer on demand the denomination equivalent in precious metal, e.g. = one gold sovereign, when the paper note was presented to the bank. Early in the First World War period people lost confidence that the Bank of England had enough gold sovereigns in its vaults to honour its own bank notes - and a 'run on the bank took place. People wanted gold sovereigns in place of these bank receipts or IOUs.

After a time the Bank of England ran out of gold sovereigns and the banks had to close their doors; you see, ten times more IOUs (receipts, bank notes) had been issued than the number of gold sovereigns in the vaults. The banks had been practicing 'fractional reserve banking for quite some time without the public 's knowledge. The goldsmiths/bankers were up to their old, old tricks once again. With the assistance of the government of the day, a new note was printed, this time guaranteed by the government, the banks doors were reopened and the new note was issued in replacement of the old Bank of England note. This new note remember, now backed by the government of the day became known as Bradbury 's Flimsies.

The reader is able to study this bit of history at his leisure. Go to www.alor.org/ and scroll down to Movie Files. Download the section The Black Magic of the Money Cult.
For those who want them, a set of the full definition DVDs on 'Social Dynamics is available for AUS $25.00 posted from Heritage Book Services, P.O. Box 27, Happy Valley SA 5159.

Meanwhile, The Scotsman tells us:
' 'chief executives of leading banks have been summoned to a meeting with the government tomorrow. New Business Secretary Peter Mandelson said the meeting aimed to impress on bankers the importance of continuing to lend to smaller firms at competitive rates. In other words, without bank credit (read debt) at 'competitive rates the productive/economic system will grind to a halt.

You need to read 'The Money Trick to gain a better understanding of the modern private banking system and its control, directly and indirectly, over all nations. The booklet is $13.00 posted from all Book Services.


A NEW PARADIGM FOR DISCUSSION

by Richard C. Cook:
How to Save the U.S. Economy. The crashing stock market has given its verdict. The financial rescue plan currently being implemented by the U.S. Treasury Department and the Federal Reserve System will fail to revitalize the producing economy, even with continued interest rate cuts. This is because the banking system is essentially a supply-side, trickle-down mechanism with a currency based on a pyramid of bank lending and debt.
All the current plans being suggested by economists and others to save the financial system by varying degrees of tinkering are useless. Similarly useless is the pumping in of credit or liquidity by Treasury or the Federal Reserve because it is no more than new debt to roll over old debt.

The cause of the financial failure is that the producing and consumer economy is "maxed out" and is unable to repay existing loans much less new ones. This is because purchasing power in the U.S. has collapsed.

Purchasing power has collapsed not only because we have outsourced our industry abroad and allowed our infrastructure to crumble, but also because of structural defects identified decades ago by C.H. Douglas and John Maynard Keynes. These defects occur due to the need for retained earnings (i.e. savings) to overcome the Law of Diminishing Returns. This leads to insufficient aggregate demand; i.e., the gap between prices and purchasing power that is endemic in an industrial economy.

The problem is not the collapse of the stock market which simply reflects the deflation of the bubble economy. The problem is the oncoming recession/depression caused by the absence of an economic engine to generate new producing power.

Keynesian plans for top-down creation of jobs by government deficit spending has never worked and has always ended in an attempt by the government to inflate its way out of debt. Everything being suggested by the Obama/McCain campaigns is based on the failed Keynesian formula.
An entirely new paradigm is needed. This can be provided through dividend-based economics like the Alaska Permanent Fund, the 2008 tax rebate stimulus, and the basic income guarantee (negative income tax) discussed during the 1960s and 1970s.

Following is the "Cook Plan":
Non-taxable vouchers should be issued at the rate of $1,000 per month per adult and $500 per month per child which may be used for food, housing, fuel, communications media, utilities, and educational services provided at outlets within the U.S. Distribution of vouchers may be delegated to state and local governments. Vouchers will be deposited by service providers and vendors only in a new network of local chartered savings banks 'one for each county in the U.S. Deposits will be made to the bank in the county of the local point-of-sale.

Banks will lend locally at zero-percent interest using voucher deposits as capitalization. The banks may create loans at a 1:10 reserve ratio with borrowers paying administrative fees only. Borrowers must provide a 20% down payment as collateral or purchase default insurance at 2% of the loan principal. Lending will be made only to business entities, including family or commercial farms, operating from an established location within the county.

This system will create a grassroots "bottom-up" economic infrastructure to parallel the "top-down" Federal Reserve System which is collapsing. Transfers between local savings banks and the banks of the Federal Reserve System will be denominated in U.S. dollars with vouchers redeemed within the banking system.

The system could be implemented within a matter of weeks through seed-money provided by the federal government. It could be replicated by any other nation. It is requested that readers give this plan the widest possible distribution.

Richard C. Cook is a former U.S. federal government analyst, whose career included service with the U.S. Civil Service Commission, the Food and Drug Administration, the Carter White House, NASA, and the U.S. Treasury Department. His articles on economics, politics, and space policy have appeared in numerous websites and print magazines. His book on monetary reform, entitled We Hold These Truths: The Hope of Monetary Reform, will soon be published.


SO, THERE IS NOW A 'COOLING OFF PERIOD

Andrew Bolt, Herald Sun 22/10/08, drew attention to a blogger, Benny Peiser, who says Europe is going cool on warming policies, and is belatedly checking just how much it will hurt to cut emissions. But what also took our attention was the following: Emeritus Professor Chris Ollier, a geologist of the University of Western Australia, sees clear parallels between global warming science and Lysenkoism, Stalin 's own bogus 'science ':
1. Work first through political organisations;
2. Claim that the science is settled. There is nothing to debate;
3. Disregard, or deny, all the accumulating evidence that the predictions might be wrong;
4. Demonise the opposition (Mendelian geneticists; 'Global Warming Deniers);
5. Victimise the opposition (execution and exile; loss of jobs or research funds, public and media humiliation);
6. Relate to a current ideology (Stalinism; Environmentalism);
7. Support a vast propaganda machine; and,
8. Create a huge bureaucracy where many people have careers dependent upon 'the ruling concept '.

Others have noted the parallels, too.


YOU CAN READ ABOUT IT

by James Reed
At present the sad news is that about one in four Year 9 students are only reading at the level of the top 20 per cent of Year 3 students. The first national literary and numeracy tests have revealed that one in 10 students across the nation failed to meet the minimum literacy standard for their year.

This problem is due to the problematic nature of the modern school, where decades of socialist doctrines and leftist dogmas have taken their toll.
Feminism, a badge of honour among the largely female population of teachers, is a ruling ideology that discriminates against boys and produces enormous psychological problems from its onslaught.

Much school time is spent on politically correct issues such as Aborigines, women, gays, migrants, refugees, 'racism you name it.

Traditional British history has been eliminated in favour of the 'new history '. We are now reaping the foul, Leftist seeds of destruction that were sown in the 1960s.


TERRORISM, POSTMODERNISM AND THE CULTURAL WARS

by Brian Simpson
Postmodernism is the Leftist philosophy that there is no truth or objective reality, only culturally relative realities. Consequently one should feel very guilty about White culture and support trendy Left-wing causes (e.g., homosexuals, women, coloured folk, transsexuals, etc., etc.)

Actually, the political thesis doesn 't follow from the logical thesis, even by warped Leftist logic. If all there are, are culturally relative realities, then the reality of the neo-Nazi, racist, etc., is just as 'valid as the most pink of 'pinkos '. This though is too much reality for the postmodernist and they 'never go there.

Predictably enough, there is even a postmodernist take on terrorism: it is our own fault, a view being pushed within the same segments of our so-called higher education institutes (e.g. The W.E. Australian 20-21/9/08 p.1. 'Some of Australia 's top thinkers on national security have opened a new front in the culture wars over whether a postmodernist interpretation of terrorism is brainwashing our next generation of military leaders. ').

Seldom does this school of deconstruction mention the Zionist factor or anything politically incorrect. No, we are all at fault because, from a postmodernist perspective, we are terrorists because of our historical sins against all of those coloured folk.

This is a view from the end of the line. There is nowhere else to go but down - or to put down the institutions that produce this sewer gas.


MARXISM IN ZIMBABWE AND ITS BITTER FRUITS

The following is from Dr. Peter Hammond 's Frontline Fellowship Website:

Dealing with Deceivers:
It is an unquestionable historical fact that Marxists are deceivers and tyrants. How can one make agreements with people for whom lying is an art form and treaties are 'worthless pieces of paper! to quote Lenin.

Political Suicide:
Zimbabweans should be well aware of what happened with the Unity talks between Joshua Nkomo 's Zimbabwe Africa Peoples Union (ZAPU) and Mugabe 's Zimbabwe African National Union (ZANU-PF) in the 1980 's.
Although Joshua Nkomo prided himself on being 'the father of Zimbabwean independence and was Mugabe 's senior, the power sharing agreement between Nkomo 's ZAPU and Mugabe 's ZANU ended with the extinction of ZAPU and the consolidation of power for ZANU.

Arguing with Atheists:
Vladimir Lenin explained: 'Atheism is the natural and inseparable part of communism. Marxist ideology offers no God, no soul, no free choice, no eternal life, no hope.
Rejecting, as they do, objective reality in God, and objective standards of right and wrong, as expressed in the Ten Commandments, denying the reality of eternal judgement, there is nothing that compels Marxists to adhere to the truth.
They will promise anything and everything necessary in order to obtain the advantage necessary and then, without blinking an eye, violate their own end of the bargain.

Regime Rejected:
The electorate in Zimbabwe have overwhelmingly rejected the dictatorship of Robert Mugabe and the Marxist ZANU-PF regime.

A Trail of Destruction:
Mugabe 's mismanagement has led to the highest inflation rate in the world now calculated at 230 million %; the highest unemployment in the world over 90%; and the lowest life expectancy in the world under 30 years.

State Orchestrated Terrorism:
Mugabe 's farm invasions and destruction of the once productive white farms have led to widespread famine - with half the population of Zimbabwe fleeing the country, and the other half being dependant on international aid.

National Suicide:
Not only has the agricultural economy collapsed, and the once vibrant tourist industry disappeared, but even the state university has had to close down, and schools have cancelled the last term of the year. With pervasive power failure, neither the hospitals nor plumbing are working. The entire country is in a meltdown.

Failure:
How can anybody question the fact that Robert Mugabe 's ZANU-PF regime has spectacularly failed on every level? The people of Zimbabwe have had enough. They have rejected Mugabe and ZANU. What is there to negotiate except the handover of power to the legitimately elected?

Source: https://www.frontline.org.za


BY THEIR FRUITS YOU WILL KNOW THEM

Why should we be surprised at reports of Mugabe 's brutal oppression of the people and the appalling social conditions in which they are forced to live in Zimbabwe? It is a Marxist regime that is now in control.

The mentality that produces such conditions, such 'bitter fruits was described by Boris Pasternak 's character Yuri Zhivago in the novel 'Doctor Zhivago ':

'Those who inspired the revolution aren 't at home in anything except change and turmoil: that 's their native element; they aren 't happy with anything less than on a world scale. For them, transitional periods, worlds in the making, are an end in themselves. They aren 't trained for anything else, they don 't know about anything except that.
And do you know why there is this incessant whirl of never-ending preparations? It 's because they don 't have any real capacities, they are ungifted.
Man is born to live, not to prepare for life. Life itself the gift of life is such a breathtakingly serious thing! Why substitute this childish harlequinade of adolescent fantasies...?

Well, we all know the history and the 'bitter fruits of that Union of the Soviet Socialist Republic (USSR) system. What makes us think it 'can 't happen here '?


IMMIGRATION & THE BATTLE FOR AUSTRALIAN SURVIVAL

by Brian Simpson
The great immigration invasion continues, unchallenged. Loopholes in the immigration system are so large as to be laughable. Asian students, for example can come on student visas, and then change their status through completing a trade certificate, in, say, hospitality.

Thus at least 20,000 students get permanent residence each year that way. And that is around half of the skilled migrants under the points-tested skilled migration program. (The W.E. Australian 20-21/9/08 p.11.) Rudd is implementing the largest immigration program since Arthur Calwell, allegedly to meet labour shortages.

But, as the above example shows, no labour shortage is being met. Rather a gateway for more Asians is created as part of the 'Yellow Australia Policy, the program to make Australia fully Asian and eliminate Whites.
At the same time as implementing this massive population increase, the government makes squeaks about the reduction of greenhouse gas emissions. But there is no better way of increasing greenhouse gas emissions, as well as creating other environmental problems, than by rapid population increases.

There can be no genuine concern about the environment if one embraces such hyper-immigration views. This is the philosophy of thresh and burn.


RUBENSTEIN ON THE REAL COST OF US IMMIGRATION

by James Reed
At a time when PM Rudd is turning on the tap of Australian immigration, flooding our barren country with foreign workers, it is instructive to think about the future economic impact of these short-sighted policies.

In the US, Manhattan Institute adjunct fellow, Professor Edwin S. Rubenstein has published a report 'The Fiscal Impact of Immigration : An Analysis of the Costs to 15 Federal Departments and Agencies in the magazine Social Contract. Each migrant costs taxpayers over US$ 9,000 and every immigrant household of four costs taxpayers US$ 36,000.

Rubenstein says:
'The federal government has never produced a comprehensive study of this issue. Executive agencies are not required to do Fiscal Impact Statements for new immigration policies.

If they did they would be faced with the needless costs of English-as-a-second-language-classes, the burden of alien criminals on the US prison system (27 per cent are criminal aliens with a total cost of US$ 1.5 billion) and so on. Expect these costs to rocket under President Obama the Magnificent, Obama the magical, etc., etc, ad nauseam.

Applied to Australia the costs of immigration on our infrastructure are likely to be proportionate. This is, in short, a policy of national suicide.


FREDERICK TOBEN - NOTE FROM MICHELE RENOUF

Could the following be an equally pertinent question for Australian citizens to send to their consulates like this American citizen has sent to his nearest British Consulate in the U.S.?
With peaceful Dr. Toben's arrest in the U.K. for opinion 'crime', who can deny that bloggers who travel via the U.K. should fear for their own potential plight.
Care to post the well-made question below on your website?
Regards, MLR

On Sat, Oct 18, 2008, Richard D. Fuerle, Esq. US Citizen wrote:
I sent [the British government] this message:

I understand that you are currently holding a certain Mr. Gerald Toben, whom you may extradite to Germany, where he may face 5 years in prison for comments he made on the Internet.
I, too, have made comments on the Internet that certain people may not like, which could expose me to prosecution in Germany.
Therefore I would like to know, assuming that I have made such remarks, whether it is safe for me to fly on any airline that may stop in Great Britain? Is it possible that I could be held in Great Britain, as Mr. Toben is?
Suppose my flight is not even scheduled to stop in Great Britain but must do so because of an emergency; would I still be hauled off the plane and held for extradition to Germany?
I cannot afford the considerable legal bills I would incur, to say nothing of my confinement. Would you advise me to avoid any flight that goes anywhere near Great Britain?
Is it possible for me to obtain a guarantee ahead of time from the British government whereby they would promise not to arrest me for anything I may have said on the Internet in America?
Your reply is anxiously awaited.
Signed: Richard D. Fuerle, Esq.

For Australians to write to the British government, the address in Australia is:
British High Commission, Consular Section Locked Bag 5011,
Piccadilly House 39 Brindabella Circuit,
Canberra Airport CANBERRA ACT 2609

The URL for British Consulate:
http://ukinusa. fco.gov.uk/ en
You'll note there's a little map on the right, click the drag down screen and go to the office nearest you. Or, better yet, send one to each!!

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