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On Target

5 December 2008 Thought for the Week:

Those whom the gods wish to destroy, they first load with debt. Yesterday, Alistair Darling, the Chancellor, loaded the British economy with the highest level of debt ever recorded – a £512 billion mountain, stretching out to 2015. That, and the total for public sector net debt smashing through £1trillion in 2012-13, are history-making figures. Amid the leaked cut in VAT to 15 per cent and the leaked rise in tax for the well-off, it was the numbers on debt that visibly shook MPs at Westminster yesterday. The red-ink numbers dominated a defining Budget of this government that was designed to rally confidence and stimulate spending.

-- “Borrowing our way out of debt!,” by Bill Jamieson, 25 November 2008
Source: http://thescotsman.scotsman.com/latestnews/A-sixyear-500bn-bet-on.4726593.jp

Washington has accelerated attempts to avert a deep and protracted recession by earmarking another $800 billion to bail-out America's fractured credit markets. The sum is additional to the $700 billion worth of taxpayers' money approved by Washington last month to rescue America's banks. The latest bailout was announced as it emerged that the US is plunging into a recession far faster than Wall Street had expected. New official data showed that the world's largest economy had shrunk at its fastest rate than at any time since the terrorist attacks of 2001. The revised GDP figures for the third quarter of the year that indicated the US economy had contracted by 0.5 per cent came as other data provided gloomy evidence that Americans have stopped spending.

-- “US injects further $800bn to kick-start lending” Suzy Jagger, New York
Source: Times Online, 25 November 2008

“It is our duty to shop until we drop. Monuments will be erected in shopping malls to commemorate those selfless types who, though maxed out, still went over the top into a hail of special offers with faith that "Your country needs you".
On memorial day each year there will be 10 minutes silence, as future generations ponder the sacrifice of the fallen and we will forever sing nostalgic songs such as "I've Forgot My Pin Number" and "Where’s My Fiscal Stimu-la-la-la-las". Never was so much spent by so many, to save but a few.”


SAVING WESTERN CIVILISATION PART III

by James Reed

Resisting the treason of the intellectuals: Many Christian thinkers have felt that there is something fundamentally wrong with the modern world. Hilaire Belloc compared Western civilization with the civilization of ancient Rome and he said in his essay 'The Barbarians (In: One Thing and Another (1955)) : '[Rome] was undermined from within by very much the same forces which are destroying the supports of our own traditional culture. Belloc went on to say that those forces are 'the forces of contrast between well-being and indulgence, coupled with the contrast between freedom and servitude and enforced by the contrast between human and inhuman relations. This has provided a sense of cosmological and metaphysical 'homelessness in modern man.

In the West, all that gave meaning and stability to previous generations God, race, family, nation is under attack and 'deconstruction. A liberal-Left elite, but one increasingly in harmony with the economic globalist Right, is particularly hostile to mainstream Western societies and has sought to change their ethnic and racial natures through large-scale non-White immigration. These 'new class elites ', comprising academics and other 'intellectuals ', have largely abandoned the quest of pursuing the Truth, and see reality as a social construction: one in which they as masters of language, can manipulate. The new class elites are hyper-individualists, believing that society does not exist and they do their best to make that a self-confirming prophecy. However, the new class is silent about the collectivistic nature of the entities which are to replace the nation-state: transnational corporations, financial institutions and wealthy cultural and ethnic groups.

Central to the hatreds of this new class is the legacy of Christianity and the heritage of England and the English. In his book 'America 's British Culture (Transaction Publishers, 1993), Russell Kirk sees the new class creation of multiculturalism as 'animated by envy and hatred Detesting the achievements of Anglo-American culture, they propose to substitute for real history and real literature and even for natural science an invented myth that all things good came out of Africa and Asia (chiefly Africa) (p.92) This is reinforced by the juggernaut of Third World immigration, which will make American whites a racial minority long before 2050. In a 1998 speech Bill Clinton celebrated this demographic swamping thus: 'The driving force behind our increasing diversity is a new large wave of immigration because of immigration there is no majority race in Hawaii or Houston or New York City.

For some more conservative intellectuals, the potential for chaos to arise from this demographic replacement is too important to ignore, political incorrectness or not. Thus the respected social and political theorist Arthur M. Schlesinger in his book 'The Disuniting of America (Norton, 1992) has said: 'On every side today ethnicity is the cause of the breaking of nations. (p.10). And 'The hostility of one tribe for another is among the most instinctive human reactions. (p.10). 'Mass migrations have produced mass antagonisms from the beginning of time. (p.10). 'Ethnic and racial conflict, it seems evident, will now replace the conflict of ideologies as the most explosive issue of our times - all of this on page 10 of his book!

But none of this leads Schlesinger to be critical of American immigration; indeed he takes the common multicultural position that America has been multi-ethnic from the beginning, although inconsistently he says that America 'was inescapably English in language, ideals and institutions (p.14) and 'the majority of the populations of the 13 colonies and the weight of its culture came from Great Britain. (p.27). Schlesinger is concerned about non-White minorities rejecting the ideal of 'one America and going down the road of racial separatism, but he hopes that inter-racial and inter-ethnic marriage will produce 'one people. Like most intellectuals, he ignores the real possibility that this race-mixing will only produce further fragmentation.

Julien Benda in his book 'La Trahison des Clercs (1978) ( 'The Treason of the Intellectuals) attacked the intellectuals of his day for abandoning disinterested scholarship and pursuing nationalist agendas that he predicted (correctly), would lead to war. In those days the nation-state was the highest economic unit, so the intellectuals naturally prostituted themselves to it, but today they worship either the global marketplace, or the 'global community (of intellectuals). The intellectuals are a 'new class, the 'idea crunchers and 'rootless cosmopolitans.

They exist at a lower level of power in the pantheon of the gods of capitalism than the 'super class of 'money crunchers or 'nation breakers of chief executives and the like. Sitting above them are the global financial elites who control the financial fate of the world.

As shown by Paul Johnson in his book, 'Intellectuals (1988) through an examination of the lives of a multitude of intellectuals, including Bertrand Russell, Jean-Paul Sartre, Ralph Waldo Emerson, etc., intellectuals have usually been hypocrites, liars, sexual perverts, morally corrupt and brutal. Many liberal-Left intellectuals, like Bertrand Russell and Jean-Paul Sartre have displayed a shocking degree of misogyny. Both men were cruel and deceptive to their women (wives and lovers). Sartre 's passion for sex was a great as his passion for alcohol and barbiturates. Sartre wrote a preface to the Africanist Frantz Fanon 's 'Les Damn 's de la terre (1961) where he said that for a black man 'to shoot down a European is to kill two birds with one stone, to destroy an oppressor and the man [who] oppresses at the same time. (Johnson p.245)

Black American conservative, Thomas Sowell in his paper 'Intellectuals rightly mocks the idea that an Obama administration will end America 's 'anti-intellectualism. There are, he points out, good reasons for suspicion about the intellectuals. They were wrong about Communism and many simply lied about the politically-caused famines in the Soviet union. Further more, intellectuals are often the slaves of ideology and follow that rather than the argument and the pursuit of truth.

Today the traditional university is long dead. In Australia our universities have become degree factories serving the elite of Asia. In this context, it is crucial that movements such as the League exist, not only to preserve books that the Establishment flushes down the memory-hole, but to provide a weekly commentary on the news where, to the best of our abilities, the ideas and ravings of the new class elites are opposed. It is vital to our resistance to the tyranny of our times that such a process of critical discourse continue, because there is no other source for it.
In a sense, movements like the League can take the place of the traditional university, keeping the flame of knowledge burning, in the new Dark Age, which we are now in.


FREDRICK TOBEN RELEASED AFTER 50 DAYS IN BRITISH JAIL

Victory for Revisionism, David Irving reports on his website 20/11/ 2008. Fredrick T 'ben was released from jail in London because the cowardly government lawyers dropped their appeal. He will return to Australia.

The government's probable reasoning:
The application of the European Arrest Warrant to somebody who had broken no British law was barmy. The present Attorney General, Baroness Scotland, went unambiguously on record in 2003 in the House of Lords, assuring that such an application would not be possible.


DERIVATIVES: SITUATION WORSE THAN GOVERNMENTS ADMITTING

Readers will remember On Target Vol.44 No. 38 ( 'Governments Saving Corrupt Banks To Hell with The People! ') dealt with the 'derivatives scandal, tracing the origins of such trades and seeking to discover what was the real situation not what our financial, political and intellectual elites would have us believe.

We explained the derivatives markets create nothing, but serve to enrich non-producers at the expense of the people who do create real goods and services. In the US early in the 1990s derivatives trading was challenged as being an illegal form of gambling, but the practice was legitimised by the then Federal Reserve chairman Alan Greenspan. From then on the derivative trades grew exponentially until they became larger than the entire global economy.

In fact at the time of reporting, the Bank of International Settlements had disclosed the total derivatives trades exceeded one quadrillion dollars that 's 1,000 trillion dollars. At the time, the gross domestic product of all the countries of the world was about 60 trillion dollars.

Derivatives explained:
Mr. Will Peden of Robe, South Australia (email: wm@robewaterfront.com.au) has put out a paper explaining the derivatives markets. He writes:
'Derivative markets are where participants can bet on where they think a currency, exchange rate or any one of a number of markets will be at a future date. Derivatives can be useful to hedge (or insure) where there is a risk to a bank. For example if an Australian bank borrows money from the US, in $US to use the money in Australia, it can be prudent for the borrowing Australian bank to hedge (insure) against the currency risk when the money needs to be repaid. If the $A rises in value against the $US in between borrowing and repayment, then the borrowing bank will make a windfall profit on the deal because it will not have to pay as many Australian dollars to repay the principle. Conversely, if the Australian Dollar falls in between borrowing and repayment, the borrowing bank will suffer an exchange rate loss on the deal. To remove this risk, of both a profit and loss, the bank can hedge its position in the derivatives market. The problem is that banks around the world haven 't just been hedging (insuring) in this market. They have been gambling.

The scale of the problem:
Australian Banks have a combined exposure of $13,785 Billion (or $13.785 Trillion) to derivatives and other 'off balance sheet business as at 30 June 2008. These are the most recent figures publicly available. Readers can verify these figures by getting a copy of the Reserve Bank Bulletin, September 2008, and look at Table B4, and it is the last figure on the page. The source is credited to APRA or the Australian Prudential Regulatory Authority.

This is their exposure, not their turnover.
It is unfortunate that the banks combined exposure has been increasing, even in the past year. To get this figure into perspective the total shareholder equity of the banks at the same date was a mere $129 Billion (or $0.129 Trillion). The total shareholder equity in our banks is less than 1% of the banks combined 'off balance sheet exposure.
In Australia the banks may claim that they are hedging however the size of their derivative positions dwarfs their total assets ($2T table B2) so this argument doesn 't hold water.

'Counter party failure ':
If there is counter party failure (this is where the bank, hedge fund etc at the other end of the deal goes broke) of even 1% of these positions, then the whole equity of our banks is gone. The reason that governments around the world are preventing banks failing is that if one bank folds, the counter party failure will ensure the domino effect around the world causing most banks to fail. The ironic thing is that it is the banks with severe exposure that are being saved. I.e. the ones that have gambled the most.

Bet the wrong way: A 'significant bet that goes the wrong way, that results in a loss of 1% of the total exposure, will have the same result.

Public awareness and the markets: People who know about these issues. Some senior bank people and government people certainly know about this exposure as do well-informed market traders. More and more trading people have been finding out and when they understand the problem they have been dumping shares, especially bank shares. With the exception of two articles in The Australian earlier this year, the public don 't appear to be aware of this risk to their investments.
The main articles in The Australian were: 'Bomb ticking for off-balance banks by Adele Ferguson, Monday 18 February 2008 on page 36. 'Gambles in the balance by Adele Ferguson, Week End Australian 8-9 March 2008 page 26 of the Inquirer section. Other articles have included updates since then.

Public awareness is very low: Most financial commentators have no idea of the problem. Similarly, most members of the public have no idea of the issues. It is unfortunate that many financial advisers and commentators who don 't understand the situation are advising members of the public to buy shares, especially bank shares. Some commentators are claiming that the markets are in panic and are not acting rationally. Many commentators are also advising the public to buy shares because they say the markets can 't go much lower. Some commentators also refer to yields on shares based on previous earnings, whereas astute investors realise that future earnings are going to be very different.

The 'market' is rational: Once readers understand the above they will see that the financial markets are reacting in a rational way. The banks aren 't lending to each other because they don 't know what 'unrealised losses (losses that haven 't been declared) lie within other banks and they also don 't want to get further exposure to banks that may fail if a counter party fails.

Exposure of individual banks: The public do not know which Australian banks belong to which parts of the $13.7T of exposure. The ASX should immediately suspend all bank share trading until the public knows what the exposure is of each bank and what losses lie hidden in these enormous positions. If the ASX doesn 't suspend trading in bank shares then this price sensitive information will only be known to insiders. The public needs to know this information.

How did the banks get to this position? Essentially their mindset is that the government won 't allow the big banks to fail so the banks keep punting recklessly. If the banks bet and win, they get to keep the profits, and if they lose then the governments of the world will step in and rescue them. This is what is happening now. How did the government let this happen? Government regulators have been asleep at the wheel and used totally inadequate risk modelling.

Government action required: A lot of money will be wasted and opportunities lost unless the bank exposure to derivatives is quarantined.

The government must: Force the banks to disclose their full exposure to the public: The markets get more spooked by not knowing than knowing. The public need to know the extent of the problem. There is nothing in the disclosure rules that says if the news is really bad then the public shouldn 't be told.
Also, small investors are getting burnt by buying when larger investors know what the problems are and are selling to the smaller investors ' '


FINANCIAL WORLD - A HOUSE OF DEBT CARDS

by Wallace Klinck
But it is more than the derivatives gambling. What most people have not, or cannot, grasp is that the system, based on debt, must eventually collapse. Wallace Klinck explains:
The system, being increasingly non-self-liquidating causes the financial world to resort to a proliferating series of evermore tenuous artifices in an attempt to make an unworkable system function. When the debt load becomes stretched to the limit of any hope of debts being serviced, confidence breaks and the whole thing comes down like a deck of cards, making nonsense of all previous denials that the financial system is unsound. Then the government, if wholesale ruination is to be avoided, is more or less 'compelled to intervene with injection of more of the same debt poison which caused the collapse in the first place.

They just borrow more money from the banking system and carry on by further inflation of the money supply with its concomitant upward pressure on the price-level, the inherent deficiency of purchasing-power being off set further into the future by transforming the debt of the private sector into permanent state debt.

Of course we are all expected to work harder and longer to meet the burden of inflating prices and increased taxation resulting from interest charges on bloating state debt. Of course, attempts by the state to reverse this situation by endeavouring to run on balanced budgets and to pay down state debt just constricts the economy, while leaving the community of lesser governments and individuals to shoulder the burden of the false debts that are increasing exponentially.

We now witness the futility and tragedy of this unrealistic policy in the recent so-called credit "meltdown" and the inevitable contraction of the economy which must come from the deflation. But it serves those who confiscate the wealth of others and those who would enhance the power of the state by proposing increasing state intervention in the lives of the people--serving also the policy of forcing nations increasingly into mergers leading to an eventual global government.

A MUST READ: '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! $13.00 posted.


IS A GOLD-BACKED MONEY SYSTEM THE ANSWER?

by Wallace Klinck
Response to 'Fiat Empire: Why the Federal Reserve Violates the U.S. Constitution.

Many folk have received emails promoting an American film featuring Rep. Ron Paul and author G. Edward Griffin and their proposals for rectifying the present financial 'crisis in America.
The promo states: 'FIAT EMPIRE features former presidential candidate Ron Paul R-Texas) and is inspired by "The Creature from Jekyll Island" a book by well-known author and Freedom Force founder, G. Edward Griffin.

Canadian social crediter Wallace Klinck explains why advocates of Social Credit do not agree with the proposal of a gold-backed money system.
'Ron Paul and Edward Griffin are advocates of gold backed money and although they provide some interesting information in their works I consider them to be quite incorrect in wanting to base their nation's money on gold.

What really constitutes backing for money is the productive capacity of the nation to provide the many things that people desire or need. That this capacity should be regulated by the available amount of gold is quite absurd and seems little more than idolatry.

The central problem, essentially, is that the banking system in creating the nation's money supply through their loaning operations are claiming ownership of the money which they create, while of course they create none (or very little) of the nation's real wealth. It is a gigantic counterfeiting operation which could be made to work very well if appropriate accounting conventions were set in place to restore the effective ownership of the money created by the banks to the people.

When banks create money as loans they are simply providing the means to draw upon the nation's real credit. That they should be able simply to foreclose upon real assets in the event of failure to perform in repaying these loans is preposterous--even more so because the financial system works in such a way as to ensure inability to repay all debts.

If you or I created money out of nothing and lent it on this basis we would soon be in gaol whether we attempted any foreclosures or not. I think Ron Paul is a very honest and decent man but I believe that he has been badly misled about the real nature of money. '


THE WHITE WEST 'S HATRED FOR ITSELF

by Brian Simpson
The Obama problem is the tip of a dangerous iceberg. For many decades the cultural elites in the West have openly embraced anti-Western agendas and supported romantic leftist terrorists who were 'fighting for freedom, whatever that means. In the 1960s in Germany the Baader-Meinhof group engaged in an orgy of violence. Opinion polls showed that one in four West Germans under 30 had 'a certain sympathy for the machine-gunning group.

In a recent article, 'The Cultural Costs and Crisis of Diversity (The Social Contract, Summer 2008), Mark Wegierski points out that the 'diversity industry sees mainstream majority culture as 'bland, boring, and more or less worthless without the addition of the exotic spice. Hence the need to bring huge numbers of the Third World to spice things up.

But diversity in thought thought against the politically correct Establishment is not to be tolerated. Thus the 'diversity industry lacks 'diversity and is 'intolerant. But such contradictions are just dirty water off the multicoloured duck 's back. The intelligentsia see the end of traditional Western societies as merely a part of the inevitability of history.

Ewen MacAskill, 'Republicans Fail To See Their Beloved Small-Town Americans are a Minority (The Guardian Weekly, 31/10/08, p.9) took Sarah Palin to task for saying that the best of America is in the small towns.
Oh! MacAskill cried, what is being said here about big US cities with their ethnic, cultural and religious diversity? Only 59 million Americans live in rural areas compared to 192 million in cities.
Obama reflects the multiracial diversity of these cities.

However, when the inevitable economic-ecological crash comes as it must in an economic system such as ours that is based on the contradiction of unending economic growth my money is on the rural world to survive while the great ants nests of cities become pillars of disease and death. In the end, the cultural elite might get what they are spluttering about.


THE ATMOSPHERE OF 'RACISM '

by Brian Simpson
Frank Vanhecke, Belgium Belang leader, may be prosecuted for 'racism (a crime against the New World Order), imprisoned and stripped of his civil and political rights.
Why? A local party publication in the town of Sint-Nichlaas had an article where the author blamed vandalism at a Christian cemetery on immigrant youths.

The author of this article is not being prosecuted but Vanhecke is, even though he did not write the article. The crime is creating an 'atmosphere of racism. With such laws, so vague and elastic, even anti-globalists could be captured. No one is safe. And that is the direction the West is taking as it commits racial suicide.


ALEXANDER DOWNER BOWS TO MYTH

from Len the Cleaner
Must say I have enjoyed James Reed 's one-man campaign against B.H. Obama. But the quote of quotes, I think, goes to our own local lad, Alexander Downer. (The Advertiser 13/10/08 p.21).

Our Alex said: 'An Obama victory would be an inspiration to African people the world over. For a country which lost more soldiers in a racially motivated Civil War than in all the wars it has fought since, Senator Obama 's victory would symbolise the death of American racism.

Notice the contradictions: Obama, who says that he 'transcends race inspires Africans which is racial thinking and also contradictory Alex my lad. If this occurred then American racialism would not have died, but would be going strong in a black kind of way.

Oh, Alexander, Hussein Obama is acknowledged to be, believe it or not, an American Black, not an African Black. Sorry 'wrong continent Mr. Former Foreign Affairs Minister.

Nor did Alexander consider that Obamarama has log-standing indirect ties to the Council on American-Islamic Relations and the Nation of Islam. According to an article by Daniel Pipes, ' 'Obama Would Fail Security Clearance, Obama if not chosen by the Establishment would not get past the standard clearance process for US Federal employees. What have you to say on this matter Mr. Politically Correct?


LETTER TO THE PRESS

To The Editor, The Age, 23/11/08:
It is sad to learn of the illiberalism of state Liberal leader Ted Baillieu ('PM urged to bar UK "racist"', 22/11) in calling on our national government to bar from entry Nick Griffin, head of the British National Party.
Such censorship of alternative viewpoints is much more of a 'threat to Victoria's tradition of tolerance and diversity' than anything Mr Griffin may do or say while in Australia.
The UK legislation under which Mr Griffin was found guilty of 'distributing material likely to incite racial hatred' is as intellectually deficient and morally reprehensible as similar laws in Australia which all lovers of intellectual freedom know are an affront to human dignity.
Let us hear what Mr Griffin has to say about the 'demographic genocide' caused in Western nations by Third World immigration and decide for ourselves whether 'white supremacist' or 'British patriot' is the fairer term with which to describe him.

- - Nigel Jackson, Belgrave, Victoria

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