Category Archives: The Political Money System

The war against cash continues apace

Thanks to Michael Nevradakis for his excellent article, How Greece Became A Guinea Pig For A Cashless And Controlled Society, that recently appeared in Mint Press News.

The world has long been heading toward a neo-feudal world order headed by a global elite that uses its control of money, banking and finance to fleece and disempower the masses. Georgetown Professor and Bill Clinton’s mentor Carroll Quigley, told us 50 years ago that:
“The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent private meetings and conferences. The apex of the system was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world’s central banks which were themselves private corporations. Each central bank . . . sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world.”
––Prof. Carroll Quigley, Georgetown historian, mentor of former President Clinton, and author of Tragedy & Hope: A History of the World in Our Time, 1966, p. 324.

To anyone who cares to look, it is clear to see how that precise agenda has been playing out over the past several decades, and what the end state will be. The war against cash is a logical next step in achieving the plan that Quigley outlined. I strongly urge the reader to study Nevradakis’ entire article here.

Recovery? What recovery?

Despite the happy talk coming out of Washington and New York about the supposed economic recovery, the present economic and political order remains on course toward self-destruction. I’ve said it over and over again that the fundamental flaw is the compound interest that is built into the global debt-money regime. The fact that virtually all money is created by banks that “lend” it into circulation at interest causes debts to grow faster and faster with the passage of time. A quick glance at the timeline for public and private debt makes this obvious.Total-US-DebtTo2014

Prof. Richard Wolff, in the video below, does not mention this debt-growth imperative, but he does a good job of explaining how the governments and the central banks managed to temporarily forestall total collapse following the 2008 financial crisis, and why their actions are failing to solve the basic problem of slack demand.

We need to look beyond economic ideologies to find ways of defusing the debt bomb which grows bigger and more deadly with every passing day. A shift toward innovative, interest-free, approaches to the exchange of value and the financing of enterprise development provides the most promising route toward a soft landing. See The End of Money and the Future of Civilization.

Bloomberg: The IMF Should Get Out of Greece

It has long been evident the Greek government, over the years, has been so overburdened with debt that much of it would eventually need to be forgiven. Now, even the mainstream media is touting that as the necessary solution to Greece’s predicament. In his recent article, published on the Bloomberg website, Princeton Prof. and former IMF deputy research director Ashoka Mody argues that the IMF is to blame for Greece’s debt situation and that it ought to pull out. He proposes that the IMF’s principal shareholders — the Europeans and Americans, must “honorably accept real losses.”

But he also points out that “the IMF’s Board, over the fierce opposition of several executive directors, the Europeans and Americans pushed through a bailout program that, contrary to the fund’s rules, did not impose losses on Greece’s private creditors. The decision was based on a spurious claim that “restructuring” private debt would trigger a global financial meltdown.”

So, here we have another case of private bank creditors being bailed-out. Yes, the Greek debt must be forgiven to allow the Greek economy to recover, but the burden now falls upon European and American citizens instead of on the banks’ owners, where it properly belongs.

Roberts says raise taxes on corporations’ offshore profits; the FED manipulates all markets, may crash the economy.

Here is another excellent interview of Dr. Paul Craig Roberts in which he outlines the political situation in the U.S, some of the prospects for the Trump administration, limits to Presidential power,  and what would need to be done to rebuild the American economy.

Israel Slaps Capital Tax on Bitcoins

According to Barter News Weekly, the Israeli government will now charge capital gains tax on profits made from Bitcoin transactions. here is their report:

TEL AVIV – Transactions involving Bitcoins in Israel could be treated as barter transactions, and profits from coin sales could be charged a capital gains tax.

Late last week the Israeli Tax Authority issued a circular detailing the authority’s stance on the taxation of cryptocurrencies, saying that the Bitcoins and other cryptocurrencies shall be treated as assets when sold.

Cryptocurrencies are often considered to fall into a legal grey area for the purposes of taxation, with some countries classifying them as financial instruments, or currency, or an equivalent of a currency, or an asset.

The ITA has now decided that any cryptocurrency sold in Israel shall be regarded as the sale of an asset, and, subsequently, will carry a potential capital gains tax obligation.

The profits made from the sale of cryptocurrencies will need to be declared to the tax authority.

Some experts have noted that if the currency is treated as assets, any businesses accepting crypto-coins as payment will need to treat the transaction as a barter transaction, and will be required to complete their tax filling obligations accordingly.

The treatment of cryptocurrency as an assets does not preclude any transactions from falling under the scope of the country’s VAT system.

It has been said that, “the power to tax is the power to destroy.” Well, the decision of the Israeli tax authorities to tax Bitcoin transactions as asset transfers may not destroy Bitcoin as a speculative medium, but it will surely inhibit its use as a payment medium. The money and banking cartel hates competition.–t.h.g.

A World Without Money and Interest

During my October tour, I gave three presentations in Kuala Lumpur, Malaysia and another in Sardinia, Italy. Two of the Malaysia presentations were at the International Forum on Inclusive Wealth, but I do not yet have recordings of those. The third was an extended presentation and discussion (on October 10) at the Institute of Advanced Islamic Studies titled, A World Without Money and Interest: A pathway toward social justice and economic equity. Here below is the video of the proceedings, or you can watch it on YouTube at https://youtu.be/8BejigzDAVY. The audio only is here, and the slides that were used in that talk can be viewed here.

Prepare to be poorer

Michael Hudson is one of the few academic economists who is worth listening to. He understands how bankers and politicians of both major parties have been deceiving and fleecing the people and he is willing to expose it. In this video he explains how it works and how both Trump and Hillary have planned to continue (and intensify) the fleecing

Michael Hudson: Donald Trump Wants to Make the 1% Even Richer