2019 Spring Newsletter
- Summer travel plans
- Announcing Beyond Money Podcast
- Elections 2020
- Global War Profiteers vs. the People of the United States
Summer travel plans
My travels last year were quite limited for various reasons. This year I’m planning to spend six weeks in Europe and the UK starting in early May and extending to the middle of June. My first objective is to meet up in London with colleagues who have been working toward organizing a mutual credit clearing network to enable moneyless trading among cooperative businesses and small and medium sized enterprises. I also have plans to meet up with colleagues in Italy, and I am slated to spend the first two weeks of June as a facilitator in residence (FIR) at the Kalikalos holistic summer school at Mt. Pelion in Greece, where I have previously conducted workshops and spent a lot of productive and enjoyable time. At this point I have some unscheduled blocks of time mainly in the latter part of May, which makes possible visits to other places as opportunities arise and the spirit moves me.
Announcing Beyond Money Podcast
Building upon last year’s interview with executives of the Moxey trade network, Ken Freeman and I have been working together to set up the Beyond Money Podcast website. The site is now live with the first two of what we hope will be a long series of audio interviews with major players who have knowledge and/or experience in some aspect of alternative currencies and exchange systems.
In the premier
episode I provide a broad overview of the money and banking
system, its history and dysfunctions, and discuss reciprocal exchange
alternatives that have emerged and are continuing to develop. The second
episode is an interview with educator and social activist
Heloisa Primavera, in which she tells about the conditions that led to the rise
of the social money movement in Argentina around the turn of the century, its
eventual fall, and current efforts to rebuild it.
I have long argued that the global interest-based debt money regime is dysfunctional, destructive and unsustainable, yet debts in both the private and public sectors continue to explode exponentially along with increasing disparities of incomes and wealth, causing social, economic and financial pressures to continue to build. The need for strong measures and serious restructuring is enormous but the vested interests, fearing their loss of power, are resistant to change.
In his latest book, “…And Forgive Them Their Debts, renowned economist Michael Hudson, reveals that periodic debt forgiveness has been a practice in many cultures going back thousands of years, even predating the Jubilee prescribed in Mosaic Law and described in Old Testament of the Bible. Hudson’s long historical purview is highlighted in the book’s subtitle, “Lending, Foreclosure and Redemption from Bronze Age Finance to the Jubilee Year.” He argues that periodic debt forgiveness is a necessity to preserve civilization because of the inevitable imbalances that develop over time. The Financial Times has called this book one of the best economics books of 2018.
I’ve not yet read the book, but I met Hudson more than 30 years ago and have followed his work ever since. There are numerous videos available in which Hudson describes his research findings and prescriptions, including this recent interview by award winning journalist Chris Hedges: On Contact: The history of debt forgiveness.
It is to be expected that such a proposal as debt forgiveness, if acknowledged at all, would be greeted by the mainstream as “radical,” “impractical,” or even “communistic,” but it is not hard to see the necessity of making a periodic reset when it comes to debt. Anyone who has ever played the game, Monopoly, knows that, if played long enough, one player ends up owning everything and all the others end up with debts they cannot pay.
Bankruptcy procedures have long since been established to enable some financial restructuring for individual and corporate debtors. These procedures invariably include the reduction of debts in whole or in part. Debtor prisons have long since been abolished but debt bondage remains in many forms and laws tend to favor creditors and the owners of capital over those whose livelihood depends on their ability to sell their labor in the market.
As conditions build
toward the next financial crisis, the powers-that-be will undoubtedly employ
ever more desperate measures to hold on to power. An
article in SD Bullion outlines the ways we should expect them
to react to the eventual crisis.
Here is an excerpt:
“Writing for the Financial Times in February of 2018, the former head of research for the central bank of central banks (the BIS), William White stated the common sense perspective that, “Governments and international forums need to revisit bankruptcy procedures. Debt that cannot be serviced will not be serviced.
“What Mr. White failed to mention in his somewhat recent op-ed article was that the BIS’ FSB has been writing and enacting new global bank and globally important financial institution bankruptcy laws for years now.
“Far [too] few people banking in supposed first world nations fully understand the existence nor the potential implications of current Bank Bail-in Laws and other financial emergency provisions which have been enacted in recent years.
financial spillover lock down laws
have been put into place since the last great recession in 2008 thoughout the
G20 nations (yes the USA is part of the G20).”
The bottom line is that, as always, those least able to afford it will be required to pay the cost of systemic failures. Your “money in the bank” may not be as safe as you think. Now that depositors are “legally treated as unsecured creditors,” the stage is set for partial or total confiscation of depositors’ funds. A global financial reset is inevitable. It can be done intentionally in an orderly fashion, but more than likely, the debt crisis will be left to fester until or the reset happens spontaneously and chaotically. The big question is, when will it occur?
For the first time in many years, the people may have a chance to decide who will be a major party candidate for US President. For the past several decades, the “Demopublican” regime has forced voters to choose between two preselected candidates, both of whom can be counted upon to advance the agenda of the elite political establishment. But on the heels of the 2018 midterm election victories of many reform-minded and progressive candidates to Congress, the winds of change are beginning to blow.
In anticipation of the Democrat party primary elections, the field of potential Presidential candidates has exploded. It is extremely important that all voices and all ideas be heard. We must not allow the media to tell us which ideas are workable and which are not, or which candidate is able to win and whjich is not. To that end I am supporting with my small voice and small financial contributions the campaigns of many candidates to assure that they will qualify to participate in the upcoming debates.
The criteria established by the Democratic National Committee (DNC) for participating in the Democratic primary debates in June and July are:
- Receive at least 1% in 3 polls either nationally or in early states (Iowa, New Hampshire, Nevada, South Carolina) between January 1 and mid-May; or
- Receive 65,000 individual donations, including at least 200 from 20 different states
The DNC has also said that the field would be restricted to 20 candidates, so if more than 20 candidates satisfy the criteria above, they would knock out the bottom few.
Yang has many ideas that I like. Citing advances in automation and artificial intelligence, Yang, on his website, declares one of his main priorities:
I’m not a career politician—I’m an entrepreneur who understands the economy. It’s clear to me, and to many of the nation’s best job creators, that we need to make an unprecedented change, and we need to make it now. But the establishment isn’t willing to take the necessary bold steps. As president, my first priority will be to implement Universal Basic Income for every American adult over the age of 18: $1,000 a month, no strings attached, paid for by a new tax on the companies benefiting most from automation.
The Yang campaign reports that he has already reached the threshold of 65,000 individual donors more than two months before the May 15th deadline, and they have also raised over $750,000 in the last month.
As for Tulsi Gabbard, this excerpt from her website resonates with my own values:
She is a champion for protecting our environment, ensuring clean water and air for generations to come, investing in infrastructure and a green energy economy, healthcare for all, civil liberties and privacy, support for small businesses, criminal justice reform, sustainable agriculture, breaking up the big banks…and she needs your help!
Regime change wars are bankrupting our country and our moral authority. We need to redirect those resources into a renewable, sustainable economy that works for everyone and bring about an era of peace. We must put service above self and reclaim our great democracy from the forces of hatred and division.
As the 2020 campaign season
heats up, it is crucial that we attend to more than just the mainstream media
channels. You can find a list of my favorite sources here.
Global War Profiteers vs. the People of the United States
David DeGraw’s report on the vast extent of
corruption in the military-industrial-security complex.
The problem has long been recognized but it’s far worse than we thought. DeGraw’s report quotes President John F. Kennedy, speaking in 1961 about the state secrets privilege:
It is a system which has conscripted vast human and material resources into the building of a tightly knit, highly efficient machine that combines military, diplomatic, intelligence, economic, scientific and political operations. Its preparations are concealed, not published. Its mistakes are buried, not headlined. Its dissenters are silenced, not praised. No expenditure is questioned, no rumor is printed, no secret is revealed….If you are awaiting a finding of ‘clear and present danger,’ then I can only say that the danger has never been more clear and its presence has never been more imminent.”
1) Record Number of Whistleblowers Retaliated Against & Silenced, As Trillions of Dollars Unaccounted For
2) Department of Defense Inspector General Caught Covering Up Corruption, Altering Audit Reports
3) Intelligence Community Whistleblowers Retaliated Against, Cover-Up Attempts Reported, Key Officials Wrongfully Fired, ‘Honest Inspectors Flee,’ Prominent Insiders Speak Out, ‘There Is No Oversight’
4) C.I.A. Caught Illegally, Unconstitutionally Spying on Congress, Using National Security Classification to Cover-Up Corruption, Routinely Retaliating Against Investigators & Whistleblowers
5) First-Ever Full-Scope Audit Failed, No Congressional Briefing, Accounting Fraud “Legalized”
6) Fixable Pentagon Accounting Problems Ignored, Well-Proven, Long-Established Systemic Failure to Address Known Critical Issues
7) Many Critical Cyber Vulnerabilities Ignored at Pentagon & U.S. Treasury, An Open Invitation For Criminals Worldwide
8) Known Solutions – That Can Save Tens of Billions of Tax Dollars Annually – Not Implemented, As Key Gov Accountability Offices Drastically Underfunded & Understaffed
9) Since 1998, $21 Trillion Unaccounted For, $2.6 Billion in Bribes and 12,727 Government Officials Through Global Military Revolving Door
10) Classifying Corruption: Under the Guise of National Security, U.S. Treasury Looted & Constitution Rendered Null & Void
Download Full Report
# # #