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It's the currency - STUPID!

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Posted: Wed Jul 30th, 2008 03:03 pm

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Joe Kelley
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http://www.globalideasbank.org/site/bank/idea.php?ideaId=904

Because it was a depreciating currency, it circulated with rapidity, boosting the local economy. Also, not only did people merely pay their current taxes in the currency, but also discharged their tax arrears. Further, many paid their taxes in advance because it was financially advantageous.

Apart from the obvious employment benefits, physical assets were created. These included improvements in the main street and its drainage system, street lighting, new road construction, manufacturing of kerb stones and drainage pipes, construction of a ski-jumping platform, and fencing and construction of a new water reservoir.

Although the Worgl money was unanimously accepted at the local level, there was great opposition from two centralist forces - the Tyrol Labour Party and the Austrian State Bank.

In both cases, there seemed to be the fear of the experiment spreading, for the idea was copied by the neighbouring town of Kirchbichel. The town monies were valid in both places. Other towns in the Tyrol also decided on issuing depreciating money, but did not proceed because of threats from the State Bank.

The experiment curtailed

Ultimately, the State Bank threatened legal proceedings and on September 1st 1933, the experiment was terminated.

http://www.fourwinds10.com/siterun_data/business/currency/news.php?q=1217011692

Or so it seemed. Hitler and the National Socialists, who came to power in 1933, thwarted the international banking cartel by issuing their own money. In this they took their cue from Abraham Lincoln, who funded the American Civil War with government-issued paper money called "Greenbacks." Hitler began his national credit program by devising a plan of public works. Projects earmarked for funding included flood control, repair of public buildings and private residences, and construction of new buildings, roads, bridges, canals, and port facilities. The projected cost of the various programs was fixed at one billion units of the national currency.

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Posted: Sun Aug 3rd, 2008 12:59 pm

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http://www.informationclearinghouse.info/article20407.htm

Chávez thanked the private managers of the bank for having turned it into a very efficient institution, but added that the bank would cease to be a capitalist bank to turn into a socialist one: "Profits will not go to one private group, they will be invested in socialist social development. Socialism is stronger every day that passes!"

What is the difference between "legal Tender Laws" and Socialism?

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Posted: Sat Aug 9th, 2008 04:45 pm

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http://www.john-f-kennedy.net/executiveorder11110.htm

With the stroke of a pen, Mr. Kennedy was on his way to putting the Federal Reserve Bank of New York out of business. If enough of these silver certificats were to come into circulation they would have eliminated the demand for Federal Reserve notes. This is because the silver certificates are backed by silver and the Federal Reserve notes are not backed by anything. Executive Order 11110 could have prevented the national debt from reaching its current level, because it would have given the gevernment the ability to repay its debt without going to the Federal Reserve and being charged interest in order to create the new money. Executive Order 11110 gave the U.S. the ability to create its own money backed by silver.

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Posted: Wed Aug 13th, 2008 02:37 pm

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http://www.lewrockwell.com/north/north646.html

As I have said for months, the FED is deflating. We should expect prices to follow.

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Posted: Thu Aug 14th, 2008 10:59 pm

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http://www.breitbart.tv/?p=151953

Who are the bad guys?

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Posted: Fri Aug 15th, 2008 10:54 am

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http://www.lewrockwell.com/kwiatkowski/kwiatkowski208.html

Kirkpatrick and Aron, as with every topsy-turvy articulation from the AEI, have it exactly right – except for orientation. American interest in Georgia in the past decade is the result of neoconservative fear that Russia will bankrupt America’s heavily indebted and credit-dependent government.

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Posted: Sat Aug 30th, 2008 10:08 am

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http://www.informationclearinghouse.info/article20647.htm

This is precious; Mike Whitney (propagandist?) is being schooled.

Here is Mike’s question:

And how in the world is the Federal Reserve going to keep the banking system functioning when earnings can't even cover current liabilities? Do the banks have some secret source of revenue we don't know about or is the system headed for disaster?

Here is the answer:

The banks don’t have a secret source of revenue. It’s right out in the open. They will take their junk mortgages to the Federal Reserve and borrow the money at full face value. The government will be left with the junk.

It then can either take over the bank, as the Bank of England did with Northern Rock when it went bankrupt early this year, or it can let the bank “earn” money by stiffing its customers some more.

Do you have that understood; Mike doesn’t – it seems.

Later Mike offers the tired old apology for usury:

The Federal Reserve's low interest rates were the main cause of this unprecedented housing bubble

Do you see that? Mike blames economic trouble on a failure to INCREASE interest rates.

That claim followed this:

So the principle here is “Big fish eat little fish.” Wall Street will be bailed out, and banks will be allowed to “earn their way out of debt” as they did after 1980, by exploiting retail customers, above all credit-card customers and individual borrowers. There will be a lot of bankruptcies, and people will suffer more than ever before because of the harsh pro-creditor bankruptcy law that Congress passed at the behest of the bank lobbyists.

The claim that the economic problem (housing bubble) was caused by a failure to INCREASE interest rates followed this:

Michael Hudson: The credit crisis derives from “the magic of compound interest,” that is, the tendency of debts to keep on doubling and redoubling. Every rate of interest is a doubling time. No “real” economy’s production and economic surplus can keep up with this tendency of debt to grow faster. So the financial crisis would have occurred regardless of wage levels.

Quite simply, the price of home ownership tends to absorb all the disposable personal income of the homebuyer. So if wages would have risen more rapidly, the price of housing would simply have risen faster as employees pledged more take-home pay to carry larger mortgages. Stagnant wages merely helped keep down the price of houses to merely stratospheric levels, not ionospheric ones.

This is obviously a case of the capitalist mentality fogging accurate perception. The creation of a currency monopoly enables the power to INCREASE interest, without the enforced monopoly there would be no power to increase interest or even charge interest for the use of money. Banking markets would compete to offer the highest quality SERVICE for the lowest possible cost in a FREE BANKING economy.

Here is where it becomes precious:

Mike (the capitalist) says:

10 MW---The housing market is freefalling, setting new records every day for foreclosures, inventory, and declining prices. The banking system is in even worse shape; undercapitalized and buried under a mountain of downgraded assets. There seems to be growing consensus that these problems are not just part of a normal economic downturn, but the direct result of the Fed's monetary policies. Are we seeing the collapse of the Central banking model as a way of regulating the markets? Do you think the present crisis will strengthen the existing system or make it easier for the American people to assert greater control over monetary policy?
The response:

Michael Hudson: What do you mean “failure”? Your perspective is from the bottom looking up. But the financial model has been a great success from the vantage point of the top of the economic pyramid looking down? The economy has polarized to the point where the wealthiest 10% now own 85% of the nation’s wealth. Never before have the bottom 90% been so highly indebted, so dependent on the wealthy. From their point of view, their power has exceeded that of any time in which economic statistics have been kept.

Note: The answer above is true; however the answer is offered by someone who supports the anti-thesis solution. The anti-thesis to criminal capitalism is criminal socialism.

The criminal capitalists are the 10 percent who control the power to commit legal crime. When the anti-thesis solution is implemented the same 10 percent who control the power to commit legal crime merely change the name on their sign in front of their false front.

Out with the old boss and in with the new boss is called Hegelism or Thesis, Antithesis, Synthesis; also known as “divide and conquer”.

The old bad guys commit crime while in office where the old bad guys are supposedly defending things like liberty, justice, peace, and such things. The old guys pretend to champion the FREE MARKET when, in fact, their actions prove that they are enforcing an extortion racket that is only FREE from any moral sense of right and wrong; including the rightness of being honest.

Enter stage LEFT: The new bad guys claim that the FREE MARKET is to blame for all this trouble and therefore the new bad guys must control the power to enforce punishment against bad guys. How long does it take for the new bad guys to increase the rate by which the flow of wealth is extracted from honest working people by that interesting device called interest?

Right now there is a curious experiment going on in Venezuela where the power flow from the honest working people to the legal criminals is slowing down (less power is going to the legal criminals) and that measure of power flow can be accurately and simply measured by the price of oil (the price is lowering).

If the price on money can be known, then that flow of power in Venezuela can be even more accurately measured as power flows from the honest people who create power to the dishonest people who steal it. If the price (interst charge) on money lowers, then the flow of power lowers as the power flows from the honest working people who create power to the legal criminals who steal it.

What is the interest rate charged by Hugo Chavez with his new bank? Does Hugo Chavez offer a quality product for the price he charges? Is Hugo Chavez money better and less expensive money compared to the competition?

The dupes won’t know why it is importation to increase the quality of money. That is a simple way to discriminate between a dupe and someone who is not duped.

I kept reading and found this:

quote:

In order for the American people or any other people to assert greater control over monetary policy, they need to have a doctrine of just what a good monetary policy would be. Early in the 19th century the followers of St. Simon in France began to develop such a policy. By the end of that century, Central Europe implemented this policy, mobilizing the banking and financial system to promote industrialization, in consultation with the government (and catalyzed by military and naval spending, to be sure). But all this has disappeared from the history of economic thought, which no longer is even taught to economics students. The Chicago Boys have succeeded in censoring any alternative to their free-market rationalization of asset stripping and economic polarization.

My strong suggestion to the reader if the reader is inclined to favor one SIDE or the other in the argument between criminal capitalism and criminal socialism is the read the following with great care:

http://anarchism.net/scienceofsociety.htm

St. Simon and those types of people constituted the type of socialism that was expressly rejected by Engles in the communist manifesto.

The anti-usury bunch figured out the whole racket and many of those people offered proven methods of avoiding the entire dynamic of dishonest power politics. The link I suggest to the reader as a very insightful work is but one of many similar ‘out of the box’ solutions to this power struggle we fact as a species.

Last edited on Sat Aug 30th, 2008 10:33 am by Joe Kelley

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Posted: Tue Sep 2nd, 2008 12:07 pm

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http://news.cnet.com/Internet-traffic-begins-to-bypass-the-U.S./2100-1025_3-6246200.html?tag=newsLatestHeadlinesArea.0

Claffy said that the shift away from the United States was not limited to developing countries. The Japanese "are on a rampage to build out across India and China so they have alternative routes and so they don't have to route through the U.S."

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Posted: Tue Sep 2nd, 2008 01:03 pm

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http://news.cnet.com/Internet-traffic-begins-to-bypass-the-U.S./2100-1025_3-6246200.html?tag=newsLatestHeadlinesArea.0

China, for instance, surpassed the United States in the number of Internet users in June. Over all, Asia now has 578.5 million, or 39.5 percent, of the world's Internet users, although only 15.3 percent of the Asian population is connected to the Internet, according to Internet World Stats, a market research organization.

When the road blocks go up, the traffic flows around the road block.

What is the path of least resistance?

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Posted: Sat Sep 6th, 2008 11:53 am

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http://www.brasschecktv.com/page/423.html

You are not innocent any more...

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Posted: Tue Sep 9th, 2008 04:16 pm

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http://joeplummer.com/ten_humans_and_a_banker.html

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Posted: Wed Sep 10th, 2008 12:28 pm

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http://www.economist.com/science/tq/displaystory.cfm?story_id=11999307

Behind these statistics lies a more profound social change. A couple of years ago, a favourite example of mobile phones’ impact in the developing world was that of an Indian fisherman calling different ports from his boat to get a better price for his catch. But mobile phones are increasingly being used to access more elaborate data services.

A case in point is M-PESA, a mobile-payment service introduced by Safaricom Kenya, a mobile operator, in 2007. It allows subscribers to deposit and withdraw money via Safaricom’s airtime-sales agents, and send funds to each other by text message. The service is now used by around a quarter of Safaricom’s 10m customers. Casual workers can be paid quickly by phone; taxi drivers can accept payment without having to carry cash around; money can be sent to friends and family in emergencies. Safaricom’s parent company, Vodafone, has launched M-PESA in Tanzania and Afghanistan, and plans to introduce it in India.

http://www.safaricom.co.ke/index.php?id=228

M-PESA is a Safaricom service allowing you to transfer money using a mobile phone. Kenya is the first country in the world to use this service, which is offered in partnership between Safaricom and Vodafone. M-PESA is available to all members of the public, even if you do not have a bank account or a bankcard.

Last edited on Wed Sep 10th, 2008 12:31 pm by Joe Kelley

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Posted: Wed Sep 10th, 2008 01:05 pm

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http://www.informationclearinghouse.info/article20709.htm

But at the deepest level of all, the “innovation” that created a rent-extracting loophole was the deception that making more and more bad-mortgage loans could continue for a prolonged period of time. The reality is that no exponential rise in debt ever has been able to be paid for more than a few years, because no economy ever has been able to produce a surplus fast enough to keep pace with the “magic of compound interest.” That phrase is itself a synonym for the exponential growth of debt.

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Posted: Tue Sep 16th, 2008 05:04 pm

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http://www.informationclearinghouse.info/article20771.htm

When this time arrives, US interest rates will have to rise in order for the government to be able to continue to rely on foreigners to recycle the dollars acquired in trade to finance the US government’s annual budget deficit.
The U.S. can offer two new financial products to anyone in the world.

Product one is a no interest mortgage loan on property for people with a proven ability to pay back their loans.

That would immediately relieve all the new customers (the people who recycled their 6% and higher mortgage loans for 0 % interest loans) of their interest payments to the new U.S. Bank (one that is not an organized legal extortion racket).

All those new customers could then be offered a 1 % interest loan from the new U.S. Bank and this revenue generating loan is meant to finance power generating devices like solar panel manufacturing, solar panel sales, solar panel installations, solar panel maintenance, solar panel purchases, wind generator manufacturing, wind generator sales, wing generator installations, wind generator maintenance, wind generator purchases, wave generator manufacturing, wave generator sales, wave generator installations, wave generator maintenance, wave generator purchases, electric car manufacturing, electric car sales, electric car taxi services, electric car maintenance, electric car purchases, vertical green house farm unit manufacturing, vertical green house farm unit sales, vertical green house farm unit maintenance, vertical green house farm unit purchases, and other such productive and powerful business loans.

Use your own brain for a minute, please.

The new U.S. Bank could employ precious metals as the medium of exchange or paper certificates as the medium of exchange or even digitally encrypted accounts such as those already employed by PayPal, E-bay, and modern credit card companies. The new U.S. Bank could compete against the failing Federal Reserve Corporation, rather than bail them out again and again and again with the power earned by the people through taxes.

Who would not turn in their Federal Reserve money (monopoly money) for new and secure money offered by the new U.S. Bank when you can get rid of your 6% home mortgage loan in exchange (recycled) for a 0% interest loan.

If you do that, because you can, you now have more money each month or you pay off your mortgage in less than half the time it would take with a high interest loan.

Please re-read the quote I just took out of the latest NEWS from The Dooms Day Parade:

When this time arrives, US interest rates will have to rise in order for the government to be able to continue to rely on foreigners to recycle the dollars acquired in trade to finance the US government’s annual budget deficit.
That is the same old tired extortion racket solution to the problem created by the same old tired extortion racket, where The Federal Reserve Corporation makes a killing off their money laundering counterfeit business and then The People bail them out, again, and again, and again, and again through taxes.

The People create the power that backs the money. The People can cut out the middle man and make their own currency, just like The People did way back in our colonial history.

We can afford to charge 0% interest on home and business property loans because The People who can pay back those loans will have more money to spend on things like solar panels, solar panel manufacturing businesses, solar panel sales businesses, solar panel installation businesses, solar panel maintenance businesses, solar panel electric production and sales of electricity businesses, electric car manufacturing businesses, electric car parts manufacturing businesses, and electric car taxi service businesses.

We can afford to charge 0% interest on home and business property loans because We The People can transfuse our social body with good blood, honest currency, at low interest rates, while the old and dishonest currency fades away.

We can cover all our own costs in this competitive currency business venture by charging 1 % interest to anyone who wants to employ our new money for the purchase or the production of powerful products like solar panels, wind generators, wave generators, electric cars, food producing green houses, algae fuel producing green houses, and any other product that produces more power compared to the power-less products that currently occupy much of the market share.

Do the numbers quickly and easily.

Suppose that half the population of America turned in their old dollar loans at 6 % and they now have no interest payments.

Suppose that number was even less than half because many people have bad credit and therefore many people would have to pay for their own bad credit by paying a higher interest rate to any bank that could cover a high risk; suppose the number of Americans not paying interest after the first new money loan issue is one hundred million people.

100,000,000

That is a one and eight zeros.

If all of those one hundred million people no longer paid 100 dollars per month in interest payments (their monthly mortgage payment goes from 1100 dollars per month down to 1000 dollars per month), then every month those one hundred million people would have 100 dollars more to survive on per month.

One hundred million people with one hundred dollars more per month looks like this:

10,000,000,000 per month more to use for survival

That is 10 billion dollars per month more money to use for survival because the interest rate on home and business property is eliminated to those people who have maintained good credit.

Those same people can now afford 100 dollars worth per month more on a new loan to place solar panels on their homes and two electric cars. That purchase eliminates the electric bill and the petroleum (gasoline) fuel bill.

If each new money loan customer had to pay 100 dollars per month in electricity and 300 dollars per month in gasoline, then each person has 100 (savings from the mortgage interest), 100 (savings from the electric bill), 300 (savings from the gasoline bill), and 500 total per month to survive on.

How much is the new solar panel and electric car loan per month at 1% interest?

http://www.bretwhissel.net/amortization/amortize.html

http://www.bretwhissel.net/cgi-bin/amortize

I get 321.64 per month for a 100,000 dollar loan which is a 30 year loan.

If a person can get a Solar Panel installation and one electric car for 100,000 dollars (new money), then that person can save the rest of the money saved by eliminating the electric bill and the gasoline bill.

The idea is not to spend the new money on poor investments so someone having the first loan may not hock the rest of their lives for solar panels and electric cars. Some people may just take the no interest loan, save 100 dollars a month in interest, pay off their house earlier, and take out a one percent interest loan to start a new business.

The point of showing the 100,000 dollar loan is to point to the method by which The People’s new bank generates revenue.

If only 10 percent of the 100 million people who take out new 0% interest loans also take out 100,000 new money dollars of The People’s money at 1% interest the flow of interest payments to the new bank would look like this:

321.64 x 10,000,000 = 3,216,400,000

3 billion 2 hundred million goes to the new bank every month.

People, the enormity of the crimes committed by the legal criminals with their banking extortion racket is unfathomable unless the falsehood is tripped away and the naked crime is staring you in the face.

If those people who supposedly represent you, the wage earner, the honest and productive human being, the law abiding tax payer, and the person who has maintained good credit because you produce power daily, each new day, over and over again, if that supposed representative of you cannot regain control of our money, then that person is as worthless as poison injected into your blood stream.

The problem is falsehood. The solution is found in the mirror. It is the currency, stupid.

Last edited on Tue Sep 16th, 2008 05:07 pm by Joe Kelley

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Posted: Sat Sep 20th, 2008 10:16 am

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http://www.rand.org/pubs/rgs_dissertations/RGSD127/sec2.html

That is a description of something called The Dictator's Dilemma

Here is the Prisoner's Dilemma:

http://prisonersdilemma.groenefee.nl/

Check out the applet.

When the prisoner's dilemma is no longer controlled by the dictator's ability to censor the free flow of information between all the prisoners, the cooperators win.

Do you see this?

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Posted: Sat Sep 20th, 2008 03:15 pm

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http://mises.org/story/3060

Services like PayPal can bring increased financial security to residents of countries where inflation is rampant. By having dollar-denominated accounts instead of accounts denominated in local currencies, individuals can reduce the annual percent inflation they suffer to the low single digits. With services such as e-gold and other commodity-denominated accounts, individuals no longer need to suffer inflation at all. They can, moreover, transfer money across borders without facing restrictions from their own governments. As Internet commerce develops, more individuals around the world will be able to work and exchange money online — bypassing the economic restrictions and regulations of some of the world's most oppressive governments.

http://www.amazon.com/PayPal-Wars-Battles-Media-Planet/dp/0974670103

The reading can be summed up as connectivity. Connectivity can be viewed as a solid block of copper where each copper atom is a human being. If one atom wants to connect with one other atom the path of least resistance will be a straight line between the two atoms.

If a third atom is threatened by that connectivity the third atom can try to block the transfer of power between the two atoms. The two atoms are then able to bypass the one dictator atom, by going around the one dictator atom within the solid block of copper atoms. The Dictator can then solicit help from more dictator atoms so as to block the new path between the two cooperating atoms. The cooperating atoms then find a new path around the greater number of dictator atoms. The way the dictator atoms can completely block the free transfer of power within the block is to completely sever the block in half, or blow up the block into tiny fragments, otherwise there will always be a connection between free copper atoms.

Last edited on Sat Sep 20th, 2008 03:17 pm by Joe Kelley

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Posted: Fri Sep 26th, 2008 02:06 pm

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http://www.google.com/search?hl=en&q=e-gold&aq=f&oq=

Douglas Jackson, the founder and director of the online payment service e-Gold and its parent company Gold & Silver Reserve, has ended a two-and-a-half-year battle with the Justice Department and pleaded guilty to charges pertaining to money laundering and operating an unlicensed money transmitting business. He faces up to 20 years in prison on the money-laundering charge and up to 5 years in prison on the licensing charge.

Jackson (at right) was indicted in April 2007, following a December 2005 Secret Service raid on his company's offices in Melbourne, Florida.

He and two other senior e-Gold directors, who also pleaded guilty to operating an unlicensed money transmitting business, have also agreed to introduce user restrictions on e-Gold and to revamp the system to make it easier to detect money-laundering activities, fixing some design flaws that Jackson acknowledges allowed criminals to use the system for illegal purposes. The company has currently suspended the opening of new accounts.

http://www.google.com/search?hl=en&q=e-gold&aq=f&oq=

quote:

Douglas Jackson, the founder and director of the online payment service e-Gold and its parent company Gold & Silver Reserve, has ended a two-and-a-half-year battle with the Justice Department and pleaded guilty to charges pertaining to money laundering and operating an unlicensed money transmitting business. He faces up to 20 years in prison on the money-laundering charge and up to 5 years in prison on the licensing charge.

Jackson (at right) was indicted in April 2007, following a December 2005 Secret Service raid on his company's offices in Melbourne, Florida.

He and two other senior e-Gold directors, who also pleaded guilty to operating an unlicensed money transmitting business, have also agreed to introduce user restrictions on e-Gold and to revamp the system to make it easier to detect money-laundering activities, fixing some design flaws that Jackson acknowledges allowed criminals to use the system for illegal purposes. The company has currently suspended the opening of new accounts.

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Posted: Fri Oct 3rd, 2008 06:46 am

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http://www.dailynewscaster.com/2008/09/28/marcy-kaptur-warns-there-are-domestic-enemies-to-the-republic/

Rep. Marcy Kaptur (D-OH) warns the American people about Constitutional enemies of the Republic and the fraudulent trillion(s) dollar bailout…

“My message to the American people don’t let Congress seal this deal. High financial crimes have been committed.”

“The normal legislative process has been shelved. Only a few insiders are doing the dealing, sounds like insider trading to me. These criminals have so much political power than can shut down the normal legislative process of the highest law making body of this land.”

“We are Constitutionally sworn to protect and defend this Republic against all enemies foreign and domestic. And my friends there are enemies.”

“The people pushing this deal are the very ones who are responsible for the implosion on Wall Street. They were fraudulent then and they are fraudulent now.”

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Posted: Mon Oct 6th, 2008 06:10 pm

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http://www.lewrockwell.com/dilorenzo/dilorenzo151.html

The Founding Father of Central Banking

Hamilton is also considered to be the founding father of central banking since America’s first central bank, the Bank of the United States (BUS), existed primarily due to his efforts as Treasury Secretary. As William Graham Sumner wrote in his biography of Hamilton, however, "[A] national bank . . . was not essential to the work of the Federal Government." The real purpose of Hamilton’s bank, Sumner believed, was "the interweaving of the interests of wealthy men with those of their government." And interweave it did, providing cheap credit to business supporters of the Federalist Party, attempting to engineer boom-and-bust cycles to influence elections (called "political business cycles" in today’s parlance) and even financing the political campaigns of BUS supporters.

The BUS was a disaster for the general public, however; excessive money creating by the BUS printing press caused 72 percent inflation in its first five years, from 1791 to 1796. It became so unpopular that its twenty-year charter was not renewed, but then the War of 1812 gave it a new life, and it was resurrected in 1817. It immediately caused the Panic of 1819, and did what all central banks have always done: generated boom-and-bust cycles for the next twenty years. The bursting of the housing bubble in our time is the latest example of this hoary tradition.

Hamilton’s BUS was de-funded by President Andrew Jackson, and then a version of it was resurrected once again in 1863 by the neo-Hamiltonian Lincoln administration with several National Currency Acts. This, and other interventions of that period (50 percent average tariff rates, massive corporate welfare for the railroad industry, income taxation, pervasive excise taxation), led historian Leonard Curry to observe in his book, Blueprint for Modern America: Nonmilitary Legislation of the First Civil War Congress, that the interventions "ushered in four decades of neo-Hamiltonianism: government for the benefit of the privileged few."

The record of Hamiltonian central banking from that time until the Fed was created in 1913 was summarized in a scholarly paper by economists Michael Bordo, Anna Schwartz and Peter Rappaport: "monetary and cyclical instability, four banking panics, frequent stock market crashes, and other financial disturbances." The Wall Street elite’s response to all this central bank-induced monetary instability was even more centralized banking with the creation of the Federal Reserve Board. It may have meant instability to the ordinary citizens, but was the source of great riches to the banking industry and other members of the politically well-connected class. Sound familiar?

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Posted: Sun Oct 26th, 2008 03:18 pm

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140^th Post

Joe Kelley
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http://www.informationclearinghouse.info/article21090.htm

"The harsh reality of the economic fallout isn't that Joe the plumber can't buy his business or that people's retirement funds are being lost or that unemployment is rising; the harsh reality is that people will die.

Already, since food prices began to rise 100 million more people have been pushed into poverty, according to the World Bank, with as many as two billion on the verge of disaster. Almost half the world's population, let's remember, live on less than $2.50 per day. Millions die annually of hunger and starvation, and more than a billion do not have access to fresh water.

These numbers are poised to rise dramatically with population growth, dwindling natural resources and higher consumer prices across all goods and services. So as the stock market tumbles and the world economy falters, it's important to remember that it's more than financial losses we are talking about, it's the loss of life.

And increasingly it isn't just people in far-off places around the world who are succumbing to such extreme hardships. Note this: Job losses in the state of Indiana have caused the child poverty rate there to spike 29% since 2000. The wealth gap in the United States and around the world is at record levels -- and it has serious consequences.

The Organization for Economic Cooperation and Development reported this week that the gap between the rich and the poor is getting bigger around the world, and that the U.S. is experiencing the biggest dichotomy.

We are experiencing the largest wealth gap in history. Further erosion of the economic floor will only send more people plunging into destitution.

This is why it's so important to fix the economic crisis -- now.

We're all linked." (MarketWatch)

The Bush administration has called for an economic summit to be held by the 20 largest economies sometime after the presidential elections. US and EU officials are hoping to stitch together another Bretton Woods wherein control of the global economic system was delivered to those same nations. It's likely, however, that the outcome will turn out considerably different than anticipated. Already, under China's leadership, 12 Asian nations have agreed to set up an 80-billion-dollar fund to protect their economies from currency-runs, capital flight or other financial disruptions. China has the world's largest reserves at $1.9 trillion followed by Japan at more than $1 trillion. Clearly the two richest nations will set the agenda and play a central role in deciding how best to deal with the global recession.

The November summit in Washington could produce some unwelcome surprises which were hinted at by Thailand's Deputy Prime Minister, Olarn Chaipravat, who told Bloomberg News: ,

"The message of this initiative is for China to consider whether or not China would open up its banking system and allow the strongest currency in the world, which is the Chinese yuan, to be the rightful and anointed convertible currency of the world."

Surely, the present financial malaise which has its roots in Wall Street and at the Federal Reserve, has demonstrated that the dollar must be replaced as the world's "reserve currency" and that America must be deposed as the de facto steward of the global economic system. Leadership implies responsibility and the US must be held to account for its failings. It's time for a change.

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