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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.
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.
“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.”
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.
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.
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:
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
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.
As to the Bank of England 's report into what happened and why, Leeson was scathing:
* 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:
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 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.
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?
What happened back in the early 1900s?
What happened next?
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.
Meanwhile, The Scotsman tells us:
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:
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.
Following is the "Cook Plan":
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 ':
YOU CAN READ ABOUT IT
by James Reed
This problem is due to the problematic nature of the modern school, where decades of socialist doctrines and leftist dogmas have taken their toll.
TERRORISM, POSTMODERNISM AND THE CULTURAL WARS
by Brian Simpson
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:
Arguing with Atheists:
A Trail of Destruction:
State Orchestrated Terrorism:
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.
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
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.
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
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.
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.?
On Sat, Oct 18, 2008, Richard D. Fuerle, Esq. US Citizen wrote:
For Australians to write to the British government, the address in Australia is:
The URL for British Consulate:
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