A little known historical fact that will collapse even further the reputation of the City of London!
It will also disgust you!
By Justin Walker
UPDATED 05/12/2012 – Justins’ Video Presentation from the BCG Conference 2012
As I start to write this article, today is Remembrance Sunday and I’m listening live to the sombre but magnificent strains of Elgar’s Nimrod as the parade at The Cenotaph assembles for the nation’s annual act of remembrance to the fallen. Like almost everyone else, I’m always humbled and moved by the veterans’ march-pass to pay their respects to fallen friends and comrades – but this year I will find it particularly poignant in the light of my recent research concerning a little known fact about the outbreak of the First World War. Let me explain.
Yesterday, I watched by sheer chance the spectacle of the Lord Mayor’s Show on television. This year’s parade for the inauguration of the 685th Lord Mayor of London, Alderman Roger Gifford, was no different from any other. As ever it was a combination of centuries old, corporate traditions, with floats and vintage vehicles representing the various Worshipful Companies, combined with local units from the armed forces along with enthusiastic and diverse community groups of children and young people. It was pageantry and modern day life parading together side by side to show off all that is best about our capital city.
Alderman Roger Gifford, the new Lord Mayor of London, enjoying his big day.
All very innocent and benign you would think. There was Roger Gifford, a banker by trade, smiling and clearly enjoying himself hugely as he doffed his large black tricorne hat to the passing parade. All around him on the VIP stand were his family, friends, business acquaintances and representatives from the City of London – people who just seemed relaxed, normal and happy.
A good time was had by all – but how many people know what’s really going on in the City of London?
Looking at this joyous and colourful scene on the streets of London, I was reminded of the fictional character Richard Hannay in John Buchan’s pre-First World War famous spy novel The Thirty-nine Steps. The final scene sees the hero Hannay confronting The Black Stone, the network of ingenious German spies who had morphed into the higher echelons of British society and had discovered, by the use of magnificent disguise and deception, the war-time dispositions of the Royal Navy. Having tracked them down to their secret lair on the Kentish coastline, Hannay is confronted by a scene of complete domestic normality. There is nothing about the Germans or the villa that could suggest anything other than a typical British upper middle class household at ease with itself enjoying a seaside holiday. But just one sudden flicker of recognition restored Hannay’s confidence that he had discovered The Black Stone.
Well, such a flicker of recognition also restored my confidence. As soon as I saw the giant wicker effigies of Gog and Magog on the parade, the mythical ‘protectors’ of the City of London, my confusion disappeared. The façade of decency and respectability was gone in an instant – the truth of what we were really looking at had once again been restored http://www.reformation.org/gog-and-magog.html).
Gog and Magog
For those of us who, after many years of careful and detailed research, now understand the hidden machinations of global finance and who are aware of the secretive network of criminals and traitors who seek world government on their terms, this annual spectacle of corporate celebration and respectability by people who are not household names clearly masks an evil that must now be exposed quickly and effectively.
With the exception of a few thousand very powerful people, the entire world’s population, all seven billion of us, are trapped….trapped into a criminal debt creating banking ‘system’ that has taken hundreds of years to perfect and to come to fruition. This ‘system’ results in enslavement and servitude. It creates dreadful unhappiness amongst ordinary decent people and causes wars, debt, starvation, pollution and environmental destruction. It feeds on greed, fear and division. It forces people onto the corporate treadmills of mass mindless production and mass mindless consumption. It uses lies, deception, intimidation and entrapment at all times. It is a system that is so clever and so cunning that most of the world is completely oblivious to its existence. It is a system that allows a few winners at the expense of a huge number of losers. It is a system that considers itself to be unbeatable and indestructible and is now so arrogant that it believes it can control everything and everyone on its terms. It is a system where psychopaths and sociopaths can flourish. And without question the centre of this system, the heart of this global corporate beast is the innocent sounding Square Mile known as the City of London.
Put very simply, the banking dynasties, such as the House of Rothschild, control the political processes around the world to such an extent that their network of private central banks have the right to create money completely out of thin air and then charge interest on that ‘nothingness’. The polite term is ‘Fractional Reserve Lending’ but in reality it is just simple fraud. The result is that the whole world is currently drowning in a sea of fraudulent debt.
The USA now has a National Debt of over 16 trillion dollars, whilst the UK owes its creditors over one trillion pounds http://www.debtbombshell.com/. The planned contagion of spiralling and unlawful debt is now sweeping over Europe with a renewed vigour. Greece and Spain are being torn apart by appalling austerity measures to the point that civil war or military intervention are now being openly talked about on the streets. Italy is giving all the signs that its economy is now entering into very stormy waters indeed. Ireland, Portugal, France and Belgium are already in a mess and are unlikely to see their debts become more manageable. Tens of millions of people have experienced a major downturn in their quality of life, along with their prospects for a more secure and better future, as unlawful austerity measures brought in by corrupt politicians begin to bite. Even the stronger economies of Germany, The Netherlands and Luxembourg have now been downgraded by Moody’s, the Rothschild controlled credit rating agency
A simple solution to end this madness – The Greenback:
What is happening to all of us is criminal. However, there is a very simple solution that the banking dynasties do not want you to know about. Nine months ago I wrote an article entitled ‘The case for a Greenback Pound’ for the UK Column which you can read here http://www.ukcolumn.org/article/case-greenback-pound.
At the height of the American Civil War, the US Treasury warned President Lincoln that further funding would be needed if the Federal North was to have the resources needed to defeat the Confederate South. The President initially went to the Rothschilds and the private banks who wanted between 24 and 36 per cent interest. Lincoln knew that if he agreed to take loans from the bankers that he would be putting his country into a debt noose that would strangle the economic prosperity out of his country and which would be almost impossible to pay off.
On the advice of a businessman with proven integrity, Colonel Dick Taylor from Illinois, Abraham Lincoln made the decision to print debt-free and interest-free paper money based on nothing more than the honour of the American Government. Called ‘Greenbacks’ because they were coloured green on one side only, the US Treasury issued 450 million dollars worth of these notes and they were immediately accepted as legal tender by a willing and grateful nation. The war was eventually won and this very popular new paper currency seemed set to continue. In the words of Lincoln himself:
“The government should create issue and circulate all the currency and credit needed to satisfy the spending power of the government and the buying power of consumers….. The privilege of creating and issuing money is not only the supreme prerogative of Government, but it is the Government’s greatest creative opportunity. By the adoption of these principles, the long-felt want for a uniform medium will be satisfied. The taxpayers will be saved immense sums of interest, discounts and exchanges. The financing of all public enterprises, the maintenance of stable government and ordered progress, and the conduct of the Treasury will become matters of practical administration. The people can and will be furnished with a currency as safe as their own government. Money will cease to be the master and become the servant of humanity. Democracy will rise superior to the money power.” Senate document 23, Page 91. 1865
However, the response by the private bankers to this sudden threat to their banking empire was swift and brutal as this extract from The Times of London in 1865 shows: “If that mischievous financial policy, which had its origin in the North American Republic, should become indurated down to a fixture, then that Government will furnish its own money without cost. It will pay off debts and be without a debt. It will have all the money necessary to carry on its commerce. It will become prosperous beyond precedence in the history of the civilised governments of the world. The brains and the wealth of all countries will go to North America. That government must be destroyed, or it will destroy every monarchy on the globe.” On Good Friday, April 14th 1865, a lone gunman ended the presidency of Abraham Lincoln. Sadly, his Greenback legacy died with him as the private bankers managed to ‘persuade’ Congress to revoke this successful initiative in favour of the debt creating National Banking Act which eventually led to the formation of the privately run Federal Reserve in 1913. Since then, America’s unlawful debt has risen to over 16 trillion dollars.
“I have two enemies; the Southern army in front of me and the financial institutions in the rear. Of the two, the one in the rear is my greatest foe.” Abraham Lincoln
So there we have it. The solution for dealing with private debt-creating bankers is simple – there is nothing, absolutely nothing, to stop any sovereign government from issuing through its treasury its own debt-free and interest-free money based on nothing more than the wealth and integrity of the nation. This is the BIG SECRET that the City of London would rather keep to itself and not get out. If this simple fact were to become mainstream then people everywhere would simply walk away and the entire banking system would completely collapse.
And now we come to a very little known historical episode that I alluded to at the beginning that takes this concept of the debt-free ‘Greenback’ from America to Britain…….and in so doing exposes the truly appalling values that are prevalent even today within the City of London.
The Great War and the debt-free Bradbury Treasury Note:
Three weeks ago, as part of my ongoing research into the banking elite, I came across a fascinating book entitled The Financiers and the Nation by the Rt. Hon. Thomas Johnston, P.C., ex-Lord Privy Seal. It was written in 1934 and republished in 1994 by Ossian Publishers Ltd. Here is the link to the text of this quite remarkable and rare book:
http://archive.org/stream/financiersandthe033017mbp/financiersandthe033017mbp_djvu.txt
In Chapter 6, entitled ‘Usury on the Great War’, I’ve selected the following paragraphs which I believe are both shocking and self-explanatory:
WHEN the whistle blew for the start of the Great War in August 1914 the Bank of England possessed only nine millions sterling of a gold reserve, and, as the Bank of England was the Bankers’ Bank, this sum constituted the effective reserve of all the other Banking Institutions in Great Britain.
The bank managers at the outbreak of War were seriously afraid that the depositing public, in a panic, would demand the return of their money. And, inasmuch as thedeposits and savings left in the hands of the bankers by the depositing public had very largely been sunk by the bankers in enterprises which, at the best, could not repay the borrowed capital quickly, and which in several and large-scale instances were likely to be submerged altogether in the stress of war and in the collapse of great areas of international trade, it followed that if there were a widespread panicky run upon the banks, the banks would be unable to pay and the whole credit system would collapse, to the ruin of millions of people.
Private enterprise banking thus being on the verge of collapse, the Government (Mr. Lloyd George at the time was Chancellor of the Exchequer) hurriedly declared a moratorium, i.e. it authorized the banks not to pay out (which in any event the banks could not do), and it extended the August Bank Holiday for another three days. During these three or four days when the banks and stock exchanges were closed, the bankers held anxious negotiation with the Chancellor of the Exchequer. And one of them has placed upon record the fact that ‘he (Mr. George) did everything that we asked him to do.’ When the banks reopened, the public discovered that, instead of getting their money back in gold, they were paid in a new legal tender of Treasury notes (the £1 notes in black and the 10s. notes in red colours). This new currency had been issued by the State, was backed by the credit of the State, and was issued to the banks to prevent the banks from utter collapse. The public cheerfully accepted the new notes; and nobody talked about inflation.
Internal memo for bank employees 3rd August 1914
The British Greenback – Bradbury Notes
Emergency Bradbury Treasury Notes (printed only on one side)
To return, however, to the early war period, no sooner had Mr. Lloyd George got the bankers out of their difficulties in the autumn of 1914 by the issue of the Treasury money, than they were round again at the Treasury door explaining forcibly that the State must, upon no account, issue any more money on this interest free basis; if the war was to be run, it must be run with borrowed money, money upon which interest must be paid, and they were the gentlemen who would see to the proper financing of a good, juicy War Loan at 31/2 per cent, interest, and to that last proposition the Treasury yielded. The War was not to be fought with interest-free money, and/or/with conscription of wealth; though it was to be foughtwith conscription of life. Many small businesses were to be closed and their proprietors sent overseas as redundant, and without any compensation for theirlosses, while Finance, as we shall see, was to be heavily and progressively remunerated.
Human misery at its worst – the more the misery, the better the profits for the bankers and the happier they are! The time has come to end this criminality. The immediate issuance of debt-free and interest-free treasury notes by governments ‘of the people’ will collapse this insanity forever!
So there we have it in a nutshell! The real values of the private bankers and the City of London exposed for all to see. Whilst hundreds of thousands of British soldiers were dying on the killing fields of Flanders and elsewhere doing what they saw as their patriotic duty, British bankers, safely out of danger and not sharing the appalling conditions on the Western Front, were only interested in one thing – how to make obscene profits from Britain’s desperate efforts to win the war. To say that the private bankers and the City of London have the morals of sewer rats is to be extremely unkind to our little rodent friends. But this is the clincher.As a direct result of the greed and treason of the British private bankers in preventing the continuance of the Bradbury Treasury Notes, Britain’s National Debt went up from £650 million in 1914 to a staggering £7,500 million in 1919.
And this is where it all gets particularly interesting. The following is an extract from the official and current HM Treasury’s Debt Management Office website….and it appears to be completely at odds with the account given by the Rt. Hon. Thomas Johnston.
http://www.dmo.gov.uk/index.aspx?page=About/treasury_history)
The threat of World War One pushed British banks into crisis; exacerbated further as half the world’s trade was financed by British banks and as a consequence international payments dried up. In response to this crisis, John Maynard Keynes (the renowned economist), persuaded the Chancellor Lloyd George to use the Bank of England’s gold reserves to support the banks, which ended the immediate crisis. Keynes stayed with the Treasury until 1919. The war years of 1914-18 had seen an increase in the National Debt from £650 million at the start of the war to £7,500 million by 1919. This ensured that the Treasury developed new expertise in foreign exchange, currency, credit and price control skills and were put to use in the management of the post-war economy. The slump of the 1930s necessitated the restructuring of the economy following World War II (the national debt stood at £21 billion by its end) and the emphasis was placed on economic planning and financial relations.
Why is there is no mention whatsoever of the £300 million of Bradbury debt-free paper Treasury Notes issued in 1914? Instead, it says Lloyd George, on the advice of John Maynard Keynes, used the Bank of England’s gold reserves which, according to Johnston, only amounted to £9 million. What is going on here? Who is telling the truth? Could it be that HM Government, the puppets of the City of London, don’t want you to know about the simple but effective concept of debt-free and interest-free Treasury Notes?
What do the system-serving politicians and economists say about the issuance of Treasury Notes?
As soon as the concept of the debt-free and interest-free Greenback Dollar (and now the Bradbury Pound) is raised in polite conversation with either a politician or an economist, two immediate knee jerk verbal reactions occur from these system-servers.
The first is to say that if a government suddenly starts printing its own money through its treasury based on the credit and wealth of the country, instead of going through its central bank, we would be heading towards what happened in the Weimar Republic in Germany in the early 1920s where hyperinflation spiralled out of control and a loaf of bread was bought with a barrow load of almost worthless paper money. To this I just say look again at what actually happened in Germany at that time. It was not the Weimar’s treasury but it was the privately controlled central bank, the Reichsbank, who was printing the money, coupled with the extreme actions of currency speculators and foreign investors that caused all of the problems. Take a look at these two links:
http://www.globalresearch.ca/the-weimar-hyperinflation-could-it-happen-again/13673
http://www.freestatevoice.com.au/politics/item/1064-how-hitler-defied-the-bankers
Hyperinflation could never actually happen because the democratically elected government would actually ‘govern’…….now that is novel! Consumer prices would be managed and controlled by law. Very simple and certainly not rocket science.
The second reaction from system-servers is that the country is already printing its own money – it is called Quantative Easing, that mysterious cash injection into the economy which only seems to get as far as the banks and not to where it is actually needed. Only trouble is, it is the Bank of England doing the printing and not HM Treasury. Based around government issued Bonds (promissory notes based on the wealth of the nation), this complex process only increases the National Debt and it certainly doesn’t solve anything.
The simple truth is that people who serve the system and who have been ‘educated’ by such organisations as the Fabian inspired London School of Economics (LSE), are not suddenly going to bite the hand that gives them a very good living.
So what does all of this mean for us, the people?
Before looking at this, let’s just consider for a moment what ‘money’ actually is. It is simply a convenient unit of exchange for goods and services that people have COMPLETE CONFIDENCE in. Now if HM Government were to issue debt-free and interest-free treasury notes through HM Treasury rather than the Bank of England in order to meet the needs and happiness of all the people whilst getting them out of unlawful debt, my guess is that people might have a lot of confidence in such a benign and benevolent financial system.
There is absolutely no defence for the present system whereby private bankers create money completely out of thin air for themselves to lend and then charge interest on that ‘nothingness’. The Bank of England, with its hidden controller the Bank for International Settlements based in Basel, Switzerland (often described as the Central Bank of Central Banks), dictate behind the scenes the fiscal policies and direction that our supposed sovereign and independent government must take. We are all prisoners of this utterly corrupt system and it’s time to confront it head on to collapse it.
If our government were to go down the path of a new Bradbury Treasury Note (as well as pursuing the banksters with Common Law for their crimes against humanity) then our debt burden would be removed overnight – there would be no deficit and no national debt. Under Common Law, all debts involving the use of fractional reserve lending by the central and private banks will be written off as they were arrived at by the use of fraud. Money would be immediately made available by HM Treasury to meet the essential needs of the country. The nation’s happiness, well-being and security would be taken care of without the need for an invasive and complex tax system. We would have Gross Domestic Happiness instead of Gross Domestic Product dictating humanity’s future.
None of this is rocket science – if the Spanish and Greek governments genuinely wanted to put right overnight the economic woes of their countries, they would immediately start printing and supplying interest-free and debt-free treasury notes based on the wealth and integrity of their respective countries. They would also tell the IMF, the EU and the Bank for International Settlements to go and whistle for their ‘money’! Why? Because it was created out of thin air, it didn’t exist in the first place, and the whole banking system is fraudulent…..in other words, see you in a common law court in front of a jury!
Banks, money and finance must exist to serve humanity, not the other way round. Our enslavement by unlawful debt can be ended overnight with one signature by the Chancellor of the Exchequer. It really is that simple!
www.ukcolumn.org
www.fmotl.com
www.thebcgroup.org.uk
www.davidicke.com
http://lawfulbank.com/Welcome
Final Footnote:
Enough said! It’s time to mobilise and take our country back from the criminal debt creating bankers and their lackeys, the treasonous politicians, who allow such an outrage to happen.
Justin Walker jrgwalker@aol.com November 2012
I do think this would be an improvement over the current situation, but…
1) Central banks are abusing the position of power they are in to issue new currency. What makes you think that politicians will not similarly abuse the same position of power if it is given to them?
2) This is simply replacing one worthless monetary unit with another. What does a pound actually represent? It used to be one pound by weight of silver – an actual commodity that can’t be argued with. What does one pound represent now? A very small 9.5gram coin of copper, nickel and zinc which has an intrinsic value FAR less than that of the gold sovereign it is attempting to imitate.
3) I believe that the solution is to let anyone issue money who wants to. A monopoly on currency issue by anyone/any group is a recipe for disaster. (I know I’d issue a LOT of new currency if I had a monopoly, and line the pockets of me and my friends – you know, like the central bank is doing now!) No currency should be forced on anyone. If the transaction is not acceptable to either party, it doesn’t go ahead.
Ron Paul wrote a book called ‘The case for gold’ (about £5 on amazon) which has far more detail in it than this. Gold doesn’t have to be the currency, of course. It could be anything that is acceptable to whoever uses it.
Really great post!
If you do not want politicians lining their pockets when in power, then along with our own issuing of a national currency, would have to be a new system of government. But lets not forget politicians already line their own pockets by aiding the private bankers, we are one of the most corrupt countries in the world, we are only just waking up.
You can not have just anyone printing money, thats getting silly, and a system of barter would be too radical a change for people to adapt. So even though paper money is ultimately worthless in real value, if we can all trust the system, it works, we all use it now. Only at present it comes from private bankers with a political unelected agenda attached to it, and extortionate interest. Why should we all work for their benefit and agenda and not the general publics, when the general public has the ultimate authority to say to hell with the private bankers, to hell with their “national dept”, to hell with their quisling politicians and hello freedom. Someone set up a printing press and national mint quick, then get the necessary consent from “our sovereign the people”, its as easy as that. It can not be backed up by gold because the quisling politicians have given it all away in an attempt to sabotage our future. But realisticly there would not be enough gold anyway to back up paper money. So we all have to put trust in paper and make the system work for us. We are the most heavely taxed country in the world, print our own national money and all that ends. More spare time, more freedom, happier parents, happier children, better health, its not all work, work, work for the bankers.
Great article. Never knew that info re Bradbury notes.
However, i do second Josh’s comment.
Furthermore, while interestfree currency is a necessary solution to our present debtslavery, it would not be a whole solution, as Capitalism would still reign. The successful would become richer and richer and the losers poorer until they are forced to wageslave for the rich or starve. Without even any corruption or illegality the rich would become tyrants over serfs as they were in the 19th Century and today.
Money is power. Without land to grow food people are slaves.
The only real solution is awareness, the rise of consciousness and thereby sound sustainable economies underpinned by generosity.
Sorry Daniel but I have not heard such dross since I read part of Das Capital by that idiot Karl Marx, the well off Karl Marx along with his rich mate Engles. There is a difference between borrowing money at interest in a private arrangement and being forced as a subject of the realm to pay taxes, to cover a national debt forced on to the country by corruption and threats, from powerful private bankers. When the option is there to print our own notes, bank notes are not money, they are promissory notes, once backed up with gold and silver, now backed up by zero, we can print our own national zero.
Properly constituted authority needs to be able to print a means of exchange for every ones benefit. if some one does well, off his or her own back, good luck to them. If they are unfairly exploiting people, it is the job of a properly constituted parliament to prevent such. If we arrive at corrupt politicians being controlled by plutocrats, we have lawful rebellion, this is where we are at now. If we have “tyrants” abusing Her Majesty’s subjects, said tyrants face the lawful rebellion of the people and appropriate punishment. It often takes an idiot to be a “serf”, the nation is the ultimate ownership of all the people of England, it does not belong to Queen or Parliament or Bankers. While we have rights to private property, these rights can be taken if people buy lands at the expense of feeding the population, salus populi suprema lex.
What is “generosity”? do you mean redistribution of wealth? thereby the state sponsored theft of peoples possessions, and the receiving of that theft by the “losers”. There is no such thing as “equality” it is a false conscious, unless you want a cast iron socialist state, controlling every thing that can and can not be done, and your only freedom, is to obey. Surely this is what lawful rebellion is attempting to prevent? There are generous people, these are more likely going to be “capitalists” than socialists, Blairs Fabian socialist Labour party were so generous that they invaded Iraq, and thousands of people died so Blair could allegedley receive six million pounds a year, communism and socialism are enacted for evil, look at history, not the silly political student books. Socialism has murdered some two hundred million people, why? perhaps someones pile of bricks (house) was bigger than the socialists, or their box on wheels (car) was bigger, or they had shiney shoes. We are generally looking at envy not serfdom. I say death to all tyrants, socialist or capitalist, and freedom for the country to print its own money free of manipulation by political organisations. How we all prosper under this depends on the effort and skills of the individual. Generosity is in the soul of the man, not the authority of the state, some will give to others, some will not. What do we do, lock up those who do not? Kill them perhaps? as the Fabian Society have advocated. Or just accept that all people are different, individual, unique, not clones of the socialist organisations like Common Purpose. Print and be damned, free ourselves from socialists and plutocrats, at the end of the day what is the difference between them? You will never find a poor socialist leader, thats a fact.
I agree with Andy in a way. You can not use “lawful rebellion” for class war or class politics. The whole point is to enforce the rights and liberties of the nation as a whole. You can not force people to be social, but you can force people to obey the law, rich or poor. If we print our own money there will be less poor people because we are refusing to be tax slaves for the private money lenders and the no good politicians. We all have a fundamental right to have private possessions, else no one would get out of bed to do anything, unless at communist gunpoint. The elderly and the sick should be the only people we are all committed to help, not sponging bankers, corrupt politicians, illuminati paedophile rings and all the rest of the dross hanging on at our expense. All the poor need (including me) is a fair foot on the ladder, not being clobbered with tax after tax to keep us all under the thumb. Not competing with the rest of the world for a job in our own country, will also help. If we can make the cost of living cheaper by printing our own money, this will be the best thing any poor man could wish for. The rich get richer, but the poor also get richer, we will have to live with that unless we introduce a maximum wage on moral grounds? Or say every one with assets over 3 million will need a licence. If they use their wealth for corrupt purposes they forfeit all assets over 3million to the use of the country. Can any one explain why that would not be fair? Wealth dependant upon behaviour, just as freedom is dependant upon behaviour.
Information exposing the global criminal private banking cartel is well documented on many Internet domains. Justin Walker has given us his own excellent researched article of truth about the banking criminals.
Whilst all reply commentators here do not deny the truth of Justin’s information above, it is a pity none can articulate a good alternative medium of exchange for trade. They fail to understand any new financial system should be by all the people as government. Not a separate government financing for the people. Then there is the important, but forgotten matter how a new system will operate to trade internationally. Suffice to say, the implementation of a fair for all medium of exchange will take non confrontational courage and conviction by us all working together worldwide for the common good of everyone and everything on the planet.
As for the present criminal financial dilemma created by the global banking cabal, I give readers an excellent article written by David Icke a few years ago:
It’s time to understand the root causes of the global financial scam:
Any ‘protest’, any ‘change’ or ‘revolution’ not founded on the list below — at the very least the list below — has got no chance of changing anything. These very pillars of the system must fall or they will block any transformation of the human condition. The system does not need to be tinkered with or even fundamentally changed (on the surface). The whole bloody lot must go … starting with …
1. An end to creating money out of thin air on computer screens and charging interest on it (fractional reserve lending).
2. An end to governments borrowing fresh-air money called ‘credit’ from private banks and the people paying interest on this ‘money’ that has never, does not and will never exist. Governments (and that concept must change radically) can create their own currency — interest free.
3. An end to private banks issuing non-existent money called ‘credit’ at all and thus creating ‘money’ as a debt from the very start.
4. An end to casinos like Wall Street and the City of London betting mercilessly on the financial and commodity markets with the lives of billions around the world.
5. An end to all professional lobby groups that earn their living and their clients’ living from corrupting the professionally corruptible — vast numbers of world politicians and the overwhelming majority on Capitol Hill.
6. An end to no-contract government in which mendacious politicians can promise the people they will do this and that to win their support and then do the very opposite after they have lied themselves into office (see Obama).
7. An end to the centralisation of power in all areas of our lives and a start to diversifying power to communities to decide their own lives and thus ensure there are too many points of decision making for any cabal to centrally control.
That is just for starters. There is so much more where that came from. What good will come from rearranging the deckchairs on the Titanic? NONE.
The banking system as we know it does not need to be ‘changed’ – it needs to be gone. It is a criminal activity based on fraud, extortion and, through its effect, on worldwide mass murder.
Its replacement needs to be decided by the population – not the very people who created it in the first place and are covertly manipulating a new global structure of financial control based on a world central bank.
Fantastic piece well put, knew most of the content already and it is a nice feeling to know others are now grasping it.
Let us hope more people are learning this at long long last and waking up to being born into a world of slavery and corruption.
I believe nations should create their own interest free money to facilitate exchange. Then seigniorage would help governments pay their bills. But Justin Walker’s claim this could pay all the bills and write off most debts is wild.
Imagine a closed nation with a GDP of £1,600bn in a year. Some £400bn of real money could sustain this. If GDP grew 2.5% that year, government could increase this stock of money by £10bn if prices were stable. And it could validate inflation of 2.5% by increasing it by £20bn. These sums are about 1% of GDP.
The much larger sums Walker proposes would cause massive inflation that cannot be avoided by his assertion that hyperinflation could never actually happen because the democratically elected government would manage and control consumer prices by law. Very simple and not rocket science, he adds. Most unlikely, I say!
Those who abhor banking should read No money, no inflation—the role of money in the economy in the Bank’s Quarterly Bulletin, 2002 Q2, ps. 162-177. Written by Mervyn King when he was Deputy Governor, it examines the apparent contradiction between the acceptance that inflation is a monetary phenomenon and a lack of references to money in the conduct of monetary policy. I like its many charts that summarise the relations between inflation and the growth of narrow and broad moneys over different periods in many nations. These show that if bank credit grows too fast, inflation follows, including hyperinflation. In the UK, over the last three decades, policy has allowed broad money to grow three times more than the value of GDP. Now demand must be weak and unemployment high to curb retail price inflation.
This article claims banks create money out of thin air then charge interest on it. This allows banks to be blamed. Coalition politicians are blaming borrowers including governments. But why are savers ignored? When more has been saved than can be spent on new investments, the excess tends to be deposited in banks. They pay interest so must persuade others to borrow most of the deposits and pay more interest. Savers drive this process because if savings are not invested, or borrowed and spent, demand falls and unemployment rises risking a slump. Yet even this highly critical article does not blame excess saving or question the legalisation of usury.
John D seeks a fair medium of exchange for international trade. During World War Two, Keynes invented the Bancor and a World Bank for nations committed to keeping their current accounts in balance. But the US vetoed his proposals that recognise the threats from savings and the system adopted at Bretton Woods concentrates on debts. George Monbiot described the rise and fall of his Clearing Union in Keynes is innocent: the toxic spawn of Bretton Woods was no plan of his. I recommend this Guardian article to anyone interested in our future wellbeing.
George talks as if saving money is some kind of a criminal act and we should all be forced to spend every penny we have. He can spend all his money if he wishes, but I, like many other people like to have, when possible some savings for unknown events. The matter is what do we have as savings? pieces of paper with no real value but what the corrupt banking elite dictate and which they use to control our politicians.
The government would pay it’s bills according to the restrictions of it’s spending which relies upon the consent of the population to pay the taxes to cover such spending. It is called “supply” and is the legitimate means of running the country. A government should have no direction to turn to private bankers to pay for anything which the general public have not agreed to supply finance for, and then the general public are taxed to repay loans with interest demanded by private bankers for government actions which the general public have not sanctioned. You could cite the Iraq war, or the European Union our foreign aid, paid for by private loan to the government against the wishes of the general public who repay with interest the loans. Because the publics bogus representatives are not lawfully and freely representing the public, but are under the control of the private individuals who benefit from the loans to the government. A government should have no debt what so ever, it should operate on supply granted to it by the public, as is the proper constitution. Our national debt only began in the seventeenth century. The Crown would need to print or mint money based upon a democraticaly agreed formula which no doubt some boffin could come up with. Perhaps there could only be permitted in circulation a set amount of money per capita. Then every time there is a birth a third of this amount is added to circulation, while the rest is added when an individual becomes eighteen.
Justin’s article is mainly concerning national debt which has been manipulated by corruption upon the people of our nation by private individuals, who now control the politics and direction of our nation against the constitution of the country. It is not just a money matter, there are matters of public health, public safety, national security and justice. These are duties which are not being performed by our bogus representatives because they are controlled by the private bankers who control the political parties and they have their hidden agenda. The banking elite can collapse our whole countries system of exchange, because it is their system. This is the threat which hangs over anyone who enters politics who does not obey the banking elite. Justins solution is therefore to do away with the banking elite and their bogus corrupt officials, by getting the Crown, being a properly constituted public body, to print or mint our own nations money, as it should be doing any way. No one can legislate for the fact that under human nature some people are savers and some people are spenders.
I agree with John D that Justin has not gone into the question of international trade, if we continue with paper money then perhaps some international body will need to be formed, that is not political, ideological or controlled by any psychopathic cult. But the idea of “diversifying power to communities”, what does that mean? did you mean devolving power? what are you classing as a community? Do we not have a national community? and a national community needs a degree of centralised power, else how would we have national defence? And how could we have national municipal laws? And how could we print of mint a national currency? Are you sugesting “community defence”, “community law” and “community currency”? what happens when the community starts controlling “all areas of our lives”? before you know it every village will have its own laws, its own army, its own money. If it is’nt broken dont fix it, the nation is not broken, it is the state that is broken. In answer to John, can you come up with an alternative means of exchange for trade? it is only a matter of trust, do we trust pieces of paper? do we trust shiney pieces of metal? lets be honest if you give a chimp a banana and a piece of gold, it would eat the banana and probably shove the gold up it’s bottom. Humans have a different concept we generally do not do something for nothing, unless it relates to our very safety and survival. There is not enough gold in the world to use as a general exchange, so is there an alternative to the paper? What we do know is that there is an alternative to who prints the paper, enter Justin.
2013 must be the Year We Britons take back Our United Kingdom from LibLabCon and get rid of them and their beloved doomed EU/ECHR out of Britain bring in a Glass Steagall Act on the Banks that was in the US untill repealed by President Clinton We cannot tolerate Cameron,Clegg and Red Ed no longer nor their War Mongering keep the hell out of the Middle East I object to this Illegal War Mongering our Armed Forces are being cut by the ConDems and Formerly Labour and Our Forces to Protect Our Country not a Mercenary Outfit,a Greenback and Bradbury are a good plan Blockade Parliament to Force out LibLabCon,and dump the EU/ECHR the Peoples of Europe will soon wake up believe Me support UKIP and others offering Alternatives to Restore Democracy,Prosperity and Respect to our Country destroyed by Blair and Cameron only by getting rid of LibLabCon and Brussels will achieve this
Justin, I like your article and the research you have done and I want to take something about the writing off and paying off of debts for which you have been justly criticised although for the wrong reasons.
On the writing off of debts.
No, you can’t honourably renege on a debt just because you were only lent made up money. You used that made up money to buy things. You can’t just take a free ride like that.
You can repudiate a debt as odious and there is a lot of this to do.
You can renegotiate the interest payable on a debt that drags on.
You can declare yourself unable to cope and ask for patience or even relief.
You can insist that you must maintain yourself first and then do your best to repay.
Most importantly we can repudiate the accumulated interest on the money that government and banks conspired to borrow into existence when the government could simply have printed it. Those loans should be returned without interest, through the banking system that created it, and the government should ‘print’ and spend legal tender into the economy to replace their use as money.
On paying down debts.
Some say just end all debts by paying them all off with newly printed money. That is a bad idea. The whole idea of having a national currency is that we value it. Rewarding creditors with newly printed national currency just gives them instant access to our wealth. Creditors have already agreed to wait the terms of their loans, let them them wait for access to our wealth and as far as possible pay them back with the same made up money that they lent us, Render unto Caesar what is Caesar’s. National currency should be issued into the economy where we can use it. Not to pay off external creditors nor into the reserves of banks.
On the issue of currency
The best kind of money is a national currency that can be seen as being issued fairly and wisely.
Three ways I can see are:
As payment for any contribution to the nations common wealth thus allowing government to mobilise the efforts and resources of the nation to carry out their democratic mandate.
As a citizens dividend to ensure an agreed minimum level of comfort provided out of the standing wealth of the nation.
Temporarily as the means of honouring the governments deposit insurance scheme. I don’t think there is any other way and you can’t the working money of the economy just disappear.
Many of us have been writting in the comments section for news stories on MSN, trying to raise the profile of the Bradbury pound, highlight that Cameron, Clegg, Osborne and Milliband the leader of labour are actually working for the bankers that have manipulated control over the EU.
Today, May the 15th MSN has blocked and censored this avenue for public awareness and you can now only comment via the social spyware systems facebook and twitter. Of course if you comment via these systems they will be on to you. Whats next? A fake sedition law?
As long as ….our? politicians are picked by London’s own organisations before they are voted for by us suckers we will never have a democracy. Our representatives should never need to leave our constituency they prostitute our democratic function in speaking to each other why allow them to conspire they should collect and present our votes on the issues of the day and do exactly as we tell them. They are our public servants not Wetminsters MPs if they do not serve us they are traitors and we should do them .. in for their callous mendacity!
Andy the second exaggerates when he says my post requires everyone to spend every penny; May 8 & April 17. I imagined our nation with £400bn of money linked to the value of GDP. This is very roughly £10,000 per person and is similar to his idea of only permitting in circulation a set amount of money per capita. But despite its value to individuals and society, I did criticise saving.
I urge anyone concerned with international finance to read George Monbiot’s article on Keynes’s Clearing Union. Keynes hoped nations could balance their current accounts if interest was charged on overdrawn debtors and if big creditors were taxed! Despite two pleas for help, my URL ends with a ” that must be removed in the browser.
On its own, saving removes money from circulation which depresses activity and reduces prices. Whether this is good or bad depends on what else happens:
If society creates more money to replace that saved, the depression is avoided but the amount of money will rise. If this continues, prices may rise:
If savings are borrowed and spent, demand is restored as is the amount of money in circulation. But debts increase as will the flow of interest from borrowers to savers:
If savings are borrowed but not invested, borrowers may become unable to service their loans:
If savings are borrowed and invested, the investments should enable the loans to be serviced and:
If savings are spent on new investments, wealth, work and/or well being should increase but:
If savings are spent on existing investments, their prices will rise which may please their owners and society but harms those wanting to buy them.
Trusted IOUs may come to be regarded as money, as Bank of England notes were. This stimulates the economy but is inflationary. Contrast monetisation to clear debts with traditional debt forgiveness and modern bankruptcy where savings are lost to restore activity.
The recent credit crunch illustrates two ways in which too much saving ends badly. The credit ratings of simple borrowers fell so much and the prices of existing assets rose so much that savers took fright and tried to recover their funds. At best, this is depressive. Borrowers may have to sell assets. And at worst, they default. These busts inflict serious losses on borrowers and savers and on any who guarantee them.
I have tried to show the damage saving can do without banks although the extraordinary fractional reserve principle increases instability. And banks tend to conceal the interdependence of savers and borrowers.
I agree some are inclined to save and others to spend but from 325, Christianity forbade usury! See Vix Pervenit (1745). And Islamic finance still forbids usury and advocates contracts where the parties share profits and losses.
Thomas I. Palley usefully reviews political, financial and economic issues in From Financial Crisis to Stagnation: The Destruction of Shared Prosperity and the Role of Economics; Cambridge University Press, February 2012. A neat summary is at http://column.global-labour-university.org/2012/01/from-financial-crisis-to-stagnation.html
Ri Ha: I protested to MSN about posting via Facebook in September but recently used my Windows Live identity to comment on MSN Money.
It’s getting late so haven’t read all, but, did anyone mention the Bank of N.Dakota or Iceland? I’ve been watching and reading a lot of Ian.R.Crane recently and he has said that both are doing well under their system of debt free currency.
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