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The Great Unbinding Part 2

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Thomas Jefferson understood the perils of bank money issuance. In an 1802 letter to Treasury Secretary Albert Gallatin, Jefferson wrote,

"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 grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered. ...The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."

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After the 2000s real estate price inflation and 2007-08 collapse and deflation, millions of Americans (and Europeans) were evicted from their mortgaged homes. The people woke up homeless, in the nation the people built up with their own hands. In the late 19th and early 20th century, robber barons and tycoons; and Wall St bankers, corporation lawyers and stock brokers; formed gigantic combinations and trusts to buy up or absorb America's independent businesses and operate American industry as the "corporate property" of the new giant corporate oligopolies.

The scale and reach of corporate banking, industry and commerce has expanded since 1901 when JP Morgan "consolidated" the American steel industry into the goliath US Steel Corporation. Today the transnational banks and global corporations -- now effectively governing the nations as a ruling oligarchy -- are in the process of depriving Americans (and Europeans) of what remains of their property. Everything Jefferson warned against has happened. Is happening still, right now. It's not over yet.

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Banksterism is an ancient art, as is opposition to it by lovers of liberty.

In the early 2000s macroeconomist Richard Koo rediscovered the phenomenon of debt deflation depression in post-Crash Japan, and coined the term "balance sheet recession" to describe it. In 2003 Koo published, Balance Sheet Recession; and in 2008-2009 Koo published, The Holy Grail of Macroeconomics: Lessons from Japan's Great Recession. Koo correctly diagnoses the problem and prescribes the right kind of solution: government deficit spending. But Koo fails to prescribe the only sustainable solution: government money issuance to fund the deficit spending.

Debt-financed deficit spending, to solve the arithmetic problem, can only lead to limitless government debt -- which is where Japan is heading by applying Koo's prescription. As long as interest rates on bond debt remain near zero; and/or if the bulk of the bonds are bought and held by the nation's publicly-owned central bank; the scheme appears to be working. To Crash the system and foreclose on the world, all it takes is a small rise in bond interest rates.

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Debt makes nations vulnerable to powerful predators. Ask the Cypriots and Greeks, who are only the most visible of a whole host of nations who have already been taken into receivership and are under "financial management" by the international creditor-cartel. That is what the New World Order looks like. Rule by Money.

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Derryl Hermanutz Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

I spent my working life as an independent small business owner/operator. My academic background is in philosophy and political economy. I began studying monetary systems and monetary history after the 1982 banking crash that was precipitated by (more...)
 

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