The Economic contexts of money creation geo politics and the “Pandemic”
“A Pandemic of indebtedness”.
A decade after the 2008 financial crisis brought the global financial system to the edge of collapse, Presidents George W. Bush and Barack Obama, Henry Paulson, Ben Bernanke, Timothy Geithner, Nancy Pelosi, Rahm Emanuel, Josh Bolten, Jamie Dimon and others speak as they never have before about the frantic, bipartisan effort to keep America out of another great depression.
Debuting MONDAY, DEC. 10 (10:00–11:30 p.m. ET/PT), VICE SPECIAL REPORT: PANIC: THE UNTOLD STORY OF THE 2008 FINANCIAL CRISIS.
WRONG!
The story was not untold, this should correctly read The re-invented story of the 2008 FInancial Crisis.
A collection of posts addressing the revisionism which was slipped under the bar and quickly followed by the Green New Dealer Flu Det Tat.
rogerglewis Says: Your comment is awaiting moderation.
October 5, 2020 at 7:06 am | Reply
Morning Guido,
Greetings from Sweden.
This paper I found very good.
guidoamm July 21, 2014 at 3:16 pm #
Arithmetically speaking, yes. The implosion is inevitable.
Ours is a monetary system predicated on debt. Since we seem hell bent on tweaking and modifying everything under the sun except the monetary system, we must assume that this is the construct we are going to labor under till further notice… (to be kept in mind for the purposes of this discussion).
Under this monetary system, there are only three things you can do with debt:
a) you can increase the debt provided that each new unit of debt gives you at least one unit of GDP
b) you pay the debt off
c) you have the debt written off
The moment that each new unit of debt gives you less than one unit of GDP, you are then left with options b & c
Regardless of how you calculate GDP, option “a” is off the table today. In fact, TARP and the various iterations of QE along with Draghi’s Outright Purchases or Abe’s Three Arrows were stratagems aimed at presumably addressing this very issue. These stratagems have clearly failed in that particular regard.
What we are left with therefore are options b & c.
Options b & c both require coercion however.
At this point it is useful to keep in mind that most people think that the West’s largest creditors are countries like China & Japan. That is false of course.
The largest holders of Western sovereign debt are Western citizens through their pension and insurance funds.
Thus today the choice is to either have the debt paid off or written off.
Clearly, even by confiscating the wealth and property of the entirety of society, Western sovereigns would still be short a few Trillion to repay all creditors. And even assuming they could confiscate the wealth and property of Western citizens along with that of Japan and China and other holders of Western debt, they would still be a few bob short.
We can safely assume that the debt will not be paid off therefore. There are neither plans nor are there suggestions emanating from anywhere or anyone in this galaxy that suggest Western society should have their pensions and insurance funds refunded. Certainly, no Western government is mulling the idea of repaying a foreign sovereign either.
So option “a” is a non starter not least because, other than the above, it would call for a drastic reduction in government too. Can you see politicians and civil servants willingly relinquishing their positions…???
I did not think so.
As a by-the-by, at this point, the latest suggestions emanating from the IMF that advocate the confiscation of pension funds to make good on the debt come into focus. Incidentally, this is not the first time the IMF has put forward similar ideas in the past three years.
You are now left with option “b” therefore.
The trouble with option “b” is that when you work through the numbers, the ramifications are rather dark and violent….
Getting the debt written off is going to be ugly, violent and bloody.
We have already started incidentally.
To make a long story short however, here is where we are going (skipping a few connecting dots).
By inducing macro instability at the monetary level, all those countries that accept US Dollars as reserves are correspondingly destabilised. Destabilisation will manifest in the break-down of all those equilibria that existed at the social, political, ethnic, territorial and religious levels. Socio/economic/religious/political instability brings about strife and destruction.
In light of where global industrial capacity is located, my speculation is that in the next fifteen years we are going to induce the complete destruction of the infrastructure and industrial capacity of South and South-East Asia. Schools, bridges, roads, hospitals, factories, water depuration stations. The entire gamut of infrastructure will be obliterated.
This will take care of a chunk of the “writing off the debt” side of the equation.
That done, we are going to be left with handling the issue of our own creditors at home. All those people that have paid their taxes and have contributed to their pension and insurance funds and that today fully intend on claiming their services from the sovereign.
Yet, the funds are not there. The funds never were there in the first place and they are not there today.
So, what do you do?
What do you do when the unemployed, homeless and soon hungry throngs will be roaming the streets???
Once again today, Met Police officers attacked innocent and peaceful citizens in Trafalgar Square when they unnecessarily used excessive force to try and shut down a Freedom rally. If I am elected London Mayor, this will not happen again. https://t.co/zaFTfi5QAU
Once again today, Met Police officers attacked innocent and peaceful citizens in Trafalgar Square when they unnecessarily used excessive force to try and shut down a Freedom rally. If I am elected London Mayor, this will not happen again. https://t.co/zaFTfi5QAU
https://justabovesunset.wordpress.com/2020/09/25/eschatology-for-dummies/?unapproved=90461&moderation-hash=d81a097bd9787f5cc67171af8232227c#comment-90461
Eschatology for Dummies
Posted on September 25, 2020by Alan
We live in apocalyptic end-of-the-world times – but we always live in apocalyptic end-of-the-world times. That’s just how we think. Maybe we’re all just drama queens, fighting our quite ordinary and cyclical rather meaningless troubles by pretending they are existentially dire and thus the most important thing ever. We did that with the War on Terror after the September 11 attacks – a core group of a few thousand nasty fanatics were the greatest threat we ever faced, greater than the Nazis and the Japanese in the forties, taking over much of the world with all their massive armies – thirty or forty thousand guys at best – a far greater than the threat posed by the Soviets during all the long years of the Cold War, with their tens of thousands of nuclear weapons that could easily end all life on earth. Yep, all that was awful, but this al-Qaeda business was the real thing, finally.
rogerglewis says:
Your comment is awaiting moderation.
September 25, 2020 at 11:46 pm
Hello Alan,
I have not read you in a while, I did quite a lot during the 2016 election cycle, I enjoyed your style then and enjoyed this too.
On Trump and Hitlerian characteristics, I always felt Mussolini was nearer the mark.
Wodehouse’s Spode v Trump
As this piece is about Eschatology perhaps we could leave Reichstag fires and Big Lies for another day but not without first a little Diocletian.
Unconditional Election is the doctrine which states that God chose those whom he was pleased to bring to a knowledge of himself, not based upon any merit shown by the object of his grace and not based upon his looking forward to discover who would “accept” the offer of the gospel. God has elected, based solely upon the counsel of his own will, some for glory and others for damnation (Romans 9:15,21). He has done this act before the foundations of the world (Ephesians 1:4-8). This doctrine does not rule out, however, man’s responsibility to believe in the redeeming work of God the Son (John 3:16-18). Scripture presents a tension between God’s sovereignty in salvation, and man’s responsibility to believe which it does not try to resolve. Both are true — to deny man’s responsibility is to affirm an unbiblical hyper-calvinism; to deny God’s sovereignty is to affirm an unbiblical Arminianism. The elect are saved unto good works (Ephesians 2:10). Thus, though good works will never bridge the gulf between man and God that was formed in the Fall, good works are a result of God’s saving grace. This is what Peter means when he admonishes the Christian reader to make his “calling” and “election” sure (2 Peter 1:10). Bearing the fruit of good works is an indication that God has sown seeds of grace in fertile soil.
Essentially Alan,
The Narratives of Dystopian solutions to the problematic Determinstic inherent badness of man
play on Eschatological rhetoric to divide and rule.
Pelagius for me says it best
“We must now take precautions to prevent you from being embarrassed by something in which the ignorant majority is at fault for lack of proper consideration, and so from supposing with them, that man has not been created truly good simply because he is able to do evil. … If you reconsider this matter carefully and force your mind to apply a more acute understanding to it, it will be revealed to you that man’s status is better and higher for the very reason for which it is thought to be inferior: it is on this choice between two ways, on this freedom to choose either alternative, that the glory of the rational mind is based, it is in this that the whole honor of our nature consists, it is from this that its dignity is derived.”
Pelagius https://notthegrubstreetjournal.com/2018/04/12/mans-status-is-better-and-higher-for-the-very-reason-for-which-it-is-thought-to-be-inferior-pelagius/
Western
philosophy, after all, really begins with the quarrel between Heraclitus and
Parmenides; a quarrel that Parmenides won. As a result, from almost the very start,
the Western tradition marked itself by imagining objects that exist, as it were, outside
of time and transformation. So much so that the obvious reality of change has always
been something of a problem.
It might be useful to review that quarrel, however quickly. https://notthegrubstreetjournal.com/2020/03/19/unintended-consequences-plausible-deniability-precautionary-principle-synchronicity-plandemic-curiousconjunction-or-genuinelyfake-cronycapitaliustvirus2020-davidgraeber-financialeyes-joeb/
Hello Alan,
I have not read you in a while, I did quite a lot during the 2016 election cycle, I enjoyed your style then and enjoyed this too.
On Trump and Hitlerian characteristics, I always felt Mussolini was nearer the mark.
Wodehouse’s Spode v Trump
As this piece is about Eschatology perhaps we could leave Reichstag fires and Big Lies for another day but not without first a little Diocletian.
Diocletian’s
Problem-Reaction-Solution
A further example of how elites throughout history commit acts of terrorism as a pretext to create enemies and corral populations behind a tyrannical agenda
By Paul Joseph Watson
Unconditional Election is the doctrine which states that God chose those whom he was pleased to bring to a knowledge of himself, not based upon any merit shown by the object of his grace and not based upon his looking forward to discover who would “accept” the offer of the gospel. God has elected, based solely upon the counsel of his own will, some for glory and others for damnation (Romans 9:15,21). He has done this act before the foundations of the world (Ephesians 1:4-8). This doctrine does not rule out, however, man’s responsibility to believe in the redeeming work of God the Son (John 3:16-18). Scripture presents a tension between God’s sovereignty in salvation, and man’s responsibility to believe which it does not try to resolve. Both are true — to deny man’s responsibility is to affirm an unbiblical hyper-calvinism; to deny God’s sovereignty is to affirm an unbiblical Arminianism. The elect are saved unto good works (Ephesians 2:10). Thus, though good works will never bridge the gulf between man and God that was formed in the Fall, good works are a result of God’s saving grace. This is what Peter means when he admonishes the Christian reader to make his “calling” and “election” sure (2 Peter 1:10). Bearing the fruit of good works is an indication that God has sown seeds of grace in fertile soil.
Essentially Alan,
The Narratives of Dystopian solutions to the problematic Determinstic inherent badness of man
play on Eschatalogical rhetoric to divide and rule.
Pelagius for me says it best
“We must now take precautions to prevent you from being embarrassed by something in which the ignorant majority is at fault for lack of proper consideration, and so from supposing with them, that man has not been created truly good simply because he is able to do evil. … If you reconsider this matter carefully and force your mind to apply a more acute understanding to it, it will be revealed to you that man’s status is better and higher for the very reason for which it is thought to be inferior: it is on this choice between two ways, on this freedom to choose either alternative, that the glory of the rational mind is based, it is in this that the whole honor of our nature consists, it is from this that its dignity is derived.”
Pelagius
Western
philosophy, after all, really begins with the quarrel between Heraclitus and
Parmenides; a quarrel that Parmenides won. As a result, from almost the very start,
the Western tradition marked itself by imagining objects that exist, as it were, outside
of time and transformation. So much so that the obvious reality of change has always
been something of a problem.
It might be useful to review that quarrel, however quickly.
Matt Hancock has made his Counter Protest Placard already I see.
The revolution will not be televised.
Back in the 2016 I set comments of Professor Melina Abdullah to the Great Track The Revolution will not be televised By Gil Scott Heron.
“I was blown away by the appearance of Melina Abdullah of Black Lives Matters on Democracy now yesterday following the Sanders win in the Michigan Primary. Professor Abdullah made a persuasive case for those interested in real change in the US not to become over-invested in a democratic (sic) process simply not designed as democratic in the sense of By the people for the people. The process is corrupt however hard Sanders or in a charitable case, Clinton and even Trump push back against. Its wider than that and the African American viewpoint is not something as A white Male expatriate white British Male in Sweden could ever understand let alone articulate so Reading Professors work as I have Dr. Cornell Wests ( Race Matters for instance) will provide me something of a shadow in the Allegory of the Cave. Cornell West inspired my Track Blues Man in the life of the mind. https://www.youtube.com/watch?v=8jadV… and when Professor Abdullah mentioned and quite obviously referenced the Great Gil Scott Herons the revolution will not be televised I had to just edit that together along with some of the words of my Favorite living Philosopher Cornell West, and of Course the Dangerous Dude from the Brooklyn Hood Bernie Sanders. What happens in the US is more important to my Country of Birth The United Kingdom than the referendum to leave the EU, My blog on that can be found here”.
Since then we have had Brexit, President Trump all manner of “False Flag” terror, Skripal, PeeGate, New Zealand Mosques, London Bridge, Manchester Arena, Outrages in Every Continent and now #Contrick19
I put together this primer for the 26th September Rally in Trafalgar Square London touching on the Oligarchical Nature of the present rush to Serfdoms Brave new World for the 1% – 5% and 1984 for the rest of you. https://www.yumpu.com/s/KbrvsaIlNRXn8xHF
RBG Death Means Two-Headed Uniparty Will Threaten Americans With Removal Of Civil Rights
Caitlin Johnstones Blog
“If however you recognize that America has two parties that are owned and operated by a single oligarchic class which has more or less the same overarching goal as far as ordinary people are concerned, it looks completely different.
If you understand that America has a two-headed one-party system designed to shrink the spectrum of acceptable debate down to arguments about how oligarchic agendas should be facilitated rather than if they should, what you see is a single entity threatening to take away your civil liberties if you don’t support it. A single establishment threatening to punch you with its right hand if you don’t let it punch you with its left.”
Who are they? perhaps a little Friere might help.
“[T]he more radical the person is, the more fully he or she enters into
reality so that, knowing it better, he or she can transform it. This
individual is not afraid to confront, to listen, to see the world
unveiled. This person is not afraid to meet the people or to enter into a
dialogue with them. This person does not consider himself or herself
the proprietor of history or of all people, or the liberator of the
oppressed; but he or she does commit himself or herself, within history,
to fight at their side.”―Paulo Freire,
Pedagogy of the Oppressed
Hi Richard yes this is my Twitter account these days. on UR , UBerto ecos Ur Fascism remains to this day a very influential piece for me. Thanks for the correction. Best Roghttps://t.co/EacoZ6WhSz
Who are you? You and Me, us our and Them? UR reality
A recap on the past year from Election UK 2019 to the eve of a mooted second Lock Down.
A year is a long time in Political Economy.
Posted by Wiki_ballot on Saturday, September 19, 2020
Mike RObinson and David Scott of UK Column and Northern Exposure discuss The Magic money Tree. In 1729 Benjamin Franklin…
Mike RObinson and David Scott of UK Column and Northern Exposure discuss The Magic money Tree.
In 1729 Benjamin Franklin wrote a pamphlet ´´A modest Enquiry into the nature and the necessity of a paper Currency.”
a modest enquiry,
”There is no Science, the Study of which is more useful and commendable than the Knowledge of the true Interest of one’s Country; and perhaps there is no Kind of Learning more abstruse and intricate, more difficult to acquire in any Degree of Perfection than This, and therefore none more generally neglected. Hence it is, that we every Day find Men in Conversation contending warmly on some Point in Politicks, which, altho’ it may nearly concern them both, neither of them understand any more than they do each other”.
With Benjamin Franklin’s words in our mind also this in the introduction to Popes Essay on Man from the publisher,
“The reader of Pope, as of every author, is advised to begin by letting him say what he has to say, in his own manner to an open mind that seeks only to receive the impressions which the writer wishes to convey. First let the mind and spirit of the writer come into free, full contact with the mind and spirit of the reader, whose attitude at the first reading should be simply receptive. Such reading is the condition precedent to all true judgment of a writer’s work. All criticism that is not so grounded spreads as fog over a poet’s page. Read, reader, for yourself, without once pausing to remember what you have been told to think.”
Armed with an open mind and thinking caps on lets see what Mike and David Make of it all
September 2, 2020
THE PRINCIPLES OF TAX POLICY BY DR. ADRIAN WRIGLEY (RIP)
The principles of tax policyWritten evidence submitted by the Systemic Fiscal Reform Group
Parliament home page > Parliamentary business > Publications and Records > Committee Publications > All Select Committee Publications > Commons Select Committees > Treasury > Treasury
Session 2010-11
The principles of tax policy
Written evidence submitted by the Systemic Fiscal Reform Group
