Until the control of the issue of currency and credit is restored to government and recognized as its most conspicuous and sacred responsibility, all talk of the sovereignty of Parliament and of democracy is idle and futile.
— Canadian Prime Minister William Lyon Mackenzie King, 1935
The Dodd-Frank regulations are so lethal to community banks that some say the intent was to force them to sell out to the megabanks. Community banks are rapidly disappearing – except in North Dakota, where they are thriving.
Globalization of trade and central banking has propelled private corporations to positions of power and control never before seen in human history. Under advanced capitalism, the structural demands for a return on investment require an unending expansion of centralized capital in the hands of fewer and fewer people. The financial center of global capitalism is so highly concentrated that less than a few thousand people dominate and control $100 trillion of wealth.
Have you ever wondered what happened to the £375billion, equivalent to £6,000 for every man, woman and child in the UK, created by the bank of England electronically? This colossal sum of new money is created through the programme called Quantitative Easing (QE), and pumped into the financial markets by the purchase of government bonds.
Predictions are that we will soon be seeing the “nuclear option” — central bank-created money injected directly into the real economy. All other options having failed, governments will be reduced to issuing money outright to cover budget deficits. So warns a September 18 article on ZeroHedge titled “It Begins: Australia’s Largest Investment Bank Just Said ‘Helicopter Money’ Is 12-18 Months Away.”
Last week a new leader of the British Labour Party was chosen. Already the chimes can be heard from the belfries of thousands of Labour parishes, with coronation eulogies published in the journals of political dissent. The abdication of the Miliband dynasty would seem to herald the end of New Labour’s reign of terror begun when Thatcher acolyte, Anthony Charles Lynton Blair kissed hands in 1997.
British MP Jeremy Corbyn has proposed a “People’s QE” that has critics crying hyperinflation and supporters saying it’s about time.
Dark horse candidate Jeremy Corbyn, who is currently leading in the polls for UK Labour Party leadership, has included in his platform “quantitative easing for people.” He said in a July 22nd presentation:
The paradox in the question of who wins in a currency war presupposes that any participating combatant can actually claim victory. If winning means ending up with the most cash, when the value of the money as a store of tangible wealth is debased, it is doubtful anyone can be declared the victor. The absurdity of lowering the purchasing power of a country’s currency to enable exports to be more competitive is economic sacrilege that the heretical “Free Trade” mythos is based upon.
The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.
— Former Fed Chairman Alan Greenspan on Meet the Press, August 2011
In a post on “Sovereign Man” dated August 14th, Simon Black argued that Donald Trump may be the right man for the presidency:
The erasure of national sovereignty leads, not to Shangri-La as some would have us believe, but to a supranational consolidated ‘sovereignty’ presided over by banking interests, which is no sovereignty at all. On the contrary, it’s the Town Hall of the Panopticon. Greece is not some idiot uncle who simply needs a loan to get back in the fold. That’s a tragic misread. Greece is the canary in our mine-shaft, loss-leader on the road to global debt servitude. As goes Greece so too will go the world in due course. Others wait in the wings: Puerto Rico, Italy, Portugal, the US.
