Category Archives: The Political Money System

Varoufkis launches a powerful personal counter-indictment against his accusers.

Responding to charges of treason leveled against him by his “self-styled persecutors,” former Greek Finance Minister, Yanis Varoufakis, on his personal blog, has laid down the gauntlet, accusing “Greece’s oligarchic establishment” as being “troika-friendly.”
In his post of July 28, Varoufakis defended his “defiant negotiating stance” saying:
My dastardly ‘crime’ was that, expressing the collective will of our government, I personified the sins of:
• Facing down the Eurogroup’s leaders as an equal that has the right to say ‘NO’ and to present powerful analytical reasons for rebuffing the catastrophic illogicality of huge loans to an insolvent state in condition of self-defeating austerity
• Demonstrating that one can be a committed Europeanist, strive to keep one’s nation in the Eurozone, and, at the very same time, reject Eurogroup policies which damage Europe, deconstruct the euro and, crucially, trap one’s country in austerity-driven debt-bondage
• Planning for contingencies that leading Eurogroup colleagues, and high ranking troika officials, were threatening me with in face-to-face discussions
• Unveiling how previous Greek governments turned crucial government departments, such as the General Secretariat of Public Revenues and the Hellenic Statistical Office, into departments effectively controlled by the troika and reliably pressed into the service of undermining the elected government.

Varoufakis also claimed a moral victory, arguing that “The debate about the democratic deficit afflicting the Eurozone is now unstoppable.”

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The Truth Behind the Greek Crisis

Sunday, July 05, 2015. Somewhere in Greece.

As we await the outcome of the referendum vote, the atmosphere here is one of calm expectancy. In my view, the Greek crisis is shaping up to be a major battle with the forces of banking and corporate power that are intent on imposing a neo-feudal New World Order, arrayed against those who are hoping to preserve some hope of social justice, economic equity, self-determination, and democratic government. It is a Goliath vs. David situation.

With mostly propaganda coming from the mainstream media, people’s beliefs are shaped to conform to the picture that serves the Goliath agenda. Be not deceived. This article referred to below is very important and offers a deeper insight into the Greek situation.-t.h.g.

Behind the Greek Crisis

July 2, 2015

Exclusive: The usual narrative of the Greek economic tragedy is that the country is paying for its past profligacy, but there is deeper back story of political repression fueled by major powers intervening in Greece and contributing to a dysfunctional political system, recalls ex-U.S. diplomat William R. Polk.

By William R. Polk

Read it here:

And, here is another pertinent article, this enough to make one cry: How Europe Played Greece: “We would rather Deal with Corrupt but Obedient Leaders, than Honest ones with Ideas of Sovereignty”  By Alex Andreou, Global Research, July 04, 2015

The right faces in the right places

There has been a lot of talk lately about placing the face of a notable American woman on one denomination or other of U.S. Federal Reserve note. I strongly support that effort and a number of worthy candidates have been suggested.

The big question is “Which of the present male images will be displaced?” Several people have proposed that Andrew Jackson get the axe. I have a strong opinion to the contrary, and a Andrew-Jackson-The-Twenty-Dollar-Billrecent op-ed in the New York Times prompted me to express it in writing. Unfortunately, the Times chose to not publish my letter, so I offer it here below.–t.h.g.

To the editor, New York Times:

Steven Rattner’s op-ed (NYT, June 20) proposed to “Leave Hamilton Alone” and “Evict Andrew Jackson.” There are compelling reasons to argue the opposite.

Hamilton may well have been a “visionary genius” but his talents were applied largely in the service of anti-democratic and elite interests. He was an avowed monarchist and was “distrustful of ordinary people to rightly judge matters,” siding with those who urged George Washington to declare himself king. According to Thomas Jefferson, “Hamilton was, indeed, a singular character. Of acute understanding, disinterested, honest, and honorable in all private transactions, amiable in society, and duly valuing virtue in private life, yet so bewitched and perverted by the British example, as to be under thorough conviction that corruption was essential to the government of a nation.

Many of the measures that Hamilton proposed, like those employed to encourage loyalty to, and establish and the credit of the federal government, were clearly important in making the fledgling United States better able to stand up to the European imperial powers. But his insistence on establishing a central bank, modeled after the Bank of England, was intended to establish aristocratic rule indirectly by financial means.

Andrew Jackson, on the other hand, despite his many faults, was a champion of “government by the people.” He was devout in his commitment to safeguard the Republic from corrupters and usurpers. This is best exemplified in the so-called “bank war” which pitted him against Nicholas Biddle and the Second Bank of the United States. His 1832 veto of the bill to re-charter the Second Bank saved, for a time, the American republic from an insidious scheme to swindle the American people and to take power from the elected government and hand it over to a self-serving elite who were already entrenched in Europe.

In Jackson’s Veto Message he declared his objections to the Bank which included its monopoly privilege that was to be granted “for many millions less than it is worth,” its “gratuities to foreigners and to some of our own opulent citizens,” and most of all, its establishment of a power that could rival that of the elected government and create “a bond of union among the banking establishments…, erecting them into an interest separate from that of the people.”

While Jackson’s monetary policies may not have been the best, the financial turmoil that followed the closing of the central bank can be blamed on the nefarious work of Biddle in restricting credit, and the period of “free banking” that ensued was actually of great importance in building the American economy. Even former Fed chairman Alan Greenspan has acknowledged that “The perception of the free banking era as an era of “wildcat” banking marked by financial instability and, in particular, by widespread significant losses to noteholders also turns out to be exaggerated.”

Unfortunately, Jackson’s victory was short-lived. The elite forces have, step-by-step, tightened their grip on power, arrogating to themselves, in the name free trade and national security, ever more power until democracy has become a mere charade. The present global interest-based, debt-money, central banking regime has corrupted the political process, drowned all nations and their peoples in ever-increasing debt, and all but completed the creation of a neo-feudal “new world order.”

If for nothing else, Jackson should be honored for taking a stand for democratic government and warning the people of the deceptive schemes that have been, and continue to be employed to undermine and defeat it.


Thomas H. Greco, Jr., author, The End of Money and the Future of Civilization

Wave of Action to focus on central banks


There are instances where demonstrations can be useful, at least in raising public consciousness. Most people in Western countries are still delusional about money and politics. As David DeGraw puts it “democracy” is an illusion for propagandized minds.

The reality is that our political systems have been captured by elite bankers who are bent on concentrating ever more power and wealth in their own hands. DeGraw is calling for a worldwide Wave of Action to focus attention on central banks, the institutions that are the primary instruments of control over money and economics. He says, “On June 20th, we will rally at US Federal Reserve banks, the Bank of England and central banks worldwide to focus mass consciousness on the crimes against humanity perpetrated by global bankers.”

Read his call and join the ‘wave” here.

The scam that is the global money system

It is a story that I have told in my own writings and presentations, particularly in my book, The End of Money and the Future of Civilization, but the video below is well worth viewing. I’ve not been a big fan of Glen Beck, and I abhor the Fox network, which I consider to be a propaganda instrument of the global elite, but this particular program is ironically quite good at telling the story of the creation of the Federal Reserve, the banking cartel, and the collusive arrangement between the bankers and the politicians (that pattern was actually established with the founding of the Bank of England in 1694). Beck’s featured guest, G. Edward Griffin, the author of The Creature From Jekyll Island, is particularly astute in his observations. The conversation only goes astray toward the end when it turns to gold backing, a proposal that is based on a still naive conceptualization of what money is and how it works.

Interestingly, Beck was fired by the Fox network shortly after this program aired, presumably for exposing the scam of the elite cabal that Fox is there to serve.

Money and Society: Free university-level online course being offered

A free online course (MOOC) in Money and Society is being offered by Professor Jem Bendell, PhD (IFLAS) and Matthew Slater, under the aegis of the Institute for Leadership and Sustainability of Cumbria University. The four lessons of the course, intended to” explode myths about the history, nature, present and future of money,” will commence 16 February 2015 and conclude 18 March 2015. For details and registration go to


Bank of Japan announces plan for massive inflation of the Yen, as US Fed curtails dollar monetization (QE). What does it mean for you?

A recent article in the Guardian (UK) reports that the Japanese central bank has announced plans to “inject ¥80tn (£447bn) a year into the financial system, mainly through the purchase of government bonds, in a bid to ward off the threat of deflation.”

Thus, Japan takes over much of the burden of keeping a flawed global money system alive, as the US central bank (the Federal Reserve) ends its own program of dollar inflation.

Bloomberg provides a “quick take” on the FED policy saying, “It was the biggest emergency economic stimulus in history and now it’s over. The U.S. Federal Reserve’s once-in-a-lifetime program to buy immense piles of bonds, month after month, in an extraordinary effort to restart a recession-deadened economy came to an end in October after adding more than $3.5 trillion to the Fed’s balance sheet – an amount roughly equal to the size of the German economy. The bond-buying program, called quantitative easing or QE, had been controversial since its start in 2009, as had the Fed’s decision in 2013 to gradually reduce the monthly economic boost, a plan that became known as the taper. Whether the Fed tapered too soon, given global economic weakness, or too late, given signs of bubbles in some markets, was hotly debated. But even after the taper’s end the Fed continued to pump support into the economy the old-fashioned way, by holding its interest rates near zero.”

As I’ve pointed out before, “Quantitative easing” is simply a euphemism for inflation of the currency (mainly by central banks buying government bonds and other uncollectable debt). Other things being equal, currency inflation eventually leads to price inflation. But other things are not equal. The US has indeed seen significant inflation of prices in some sectors, especially food, but other prices are being kept down, primarily because of layoffs and underemployment, leaving consumers with lower incomes and reduced purchasing power. If income from wages and interest on savings are held down, people must either do without or borrow more money to maintain their levels of spending. The following table from the Federal Reserve shows the growth in consumer credit over the past few years.

Consumer Credit Outstanding ($ Billions)
2009 2010 2011 2012 2013 2014
As of 8/31
2,552.8 2,647.4 2,755.9 2,923.6 3,097.9 3,225.3

These figures cover most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate.

Those figures show a more than a 26% increase in consumer credit just over the past four and one half years, much of it high-interest credit card debt. Although credit card debt has declined somewhat from its 2009 peak, according to, falling indebtedness is largely due to defaults rather than repayment.

The same site reports that, in total, American consumers owe:

  • $11.63 trillion in debt, an increase of 3.8% from last year
  • $880.5 billion in credit card debt
  • $8.07 trillion in mortgages
  • $1,120.3 billion in student loans, an increase of 11.5% from last year

Central banks find currency inflation necessary in order to offset the reductions in the money supply caused by charging interest on money that banks create when they make “loans.” There is never enough money in circulation to enable repayment of the aggregate of principal plus accrued interest of money created as bank “loans.” Thus the “natural” tendency of the usury-based debt-money system is toward deflation. Central governments then must become the borrowers of last resort and central banks become the lenders of last resort as bankers and politicians continue their absurd dance that is a death spiral of recurrent and ever more extreme financial crises.

The real solution to our monetary, financial, and economic problems is to end the usury-based debt-money system. But the bankers, the rulers of the world, will not stand for that. By control of the money creation process, they have extended their power to tightly control the political process, as well. Thus, the wealth and purchasing power of the vast majority of people will continue to decline as the system continues to pump up the wealth and power of the few who control the money system, and their minions.

According to the Fed, between 2010 and 2013, “mean (overall average) family income rose 4 percent in real terms, but median income fell 5 percent, consistent with increasing income concentration during this period.” And “Families at the bottom of the income distribution saw continued substantial declines in average real incomes between 2010 and 2013, continuing the trend observed between the 2007 and 2010 surveys.”

So, what can people and communities do to counter these trends and regain control of their economic fortunes and enhance their political power?

Considering the dynamics of power that prevail in the so-called democratic countries today, reliance on the political process to effect systemic reforms seems futile. So, while it is necessary to continue to protest the status quo and reframe the political dialog, it is even more important to take action to rebuild society from the bottom upward. We must reduce our dependence upon the very systems that are being used to disempower us, of which the political money system is foremost.

That is not so daunting as it might first appear, and conceptually it is not very complicated. It is what my work of the past quarter century as been all about. The biggest difficulties have had to do with dispelling erroneous myths about money and banking and helping people to see beyond the orthodox. This, and the lack of adequate tools have retarded the process of taking promising alternatives to scale, but that is quickly changing as new technologies that enable moneyless trading become available.

But don’t sit idly by waiting for things to happen “out there.” Start with your own personal development and empowerment, while working to strengthen your various communities and networks, your city, state, and region. Some tips to get you started can be found here. –t.h.g.

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