Donald Trump outlined aspects of his economic plan in a new speech Thursday, promising an “American economic revival.”
Trump delivered his speech at the New York Economic Club in Manhattan. Here is the text of his remarks as prepared for delivery:
The portrait of Andrew Jackson in the Oval office might indicate some hidden depths so far undiscovered and certainly unexplored by the Whitehouse press corps, those old enough to know better UnTeenaged scriblers.
Brexit Smexit, Why we should all be feeling the Bern and the UK referendum on EU is of no consequence in or out. Bernie Sanders won in Michigan how many UKIP supporters that want out and how many SNP and Plaid Cymru supporters who want in, realise the significance of that? Whilst several months of …
Donald Trump has been subjected to a great deal of scrutiny and many serious charges have been laid at his door. Some will say he is condemned by his own words and of course it seems to be true that Mr Trump is less than the ideal of the Platonic Aristocrat, schooled in the pursuit …
Why Trump? Why Boris? rogerglewis Uncategorized October 21, 2016 12 Minutes Donald Trump Boris has been subjected to a great deal of scrutiny and many serious charges have been laid at his door. Some will say he is condemned by his own words and of course it seems to be true that Mr Trump Mr Boris Johnsson …
“Greater Israel”: The Zionist Plan for the Middle East The Infamous “Oded Yinon Plan”. Introduction by Michel Chossudovsky By Israel Shahak Global Research, April 01, 2017 Association of Arab-American University Graduates, Inc. 3 March 2013 Region: Middle East & North Africa Theme: Culture, Society & History, Law and Justice, Religion In-depth Report: IRAQ REPORT, PALESTINE, SYRIA: NATO’S NEXT WAR? Global Research Editor’s Note …
UPDATE FOR CONTEXT:
THE BROTHERHOOD OF THE GAS RING. QATARI GAS, OR SAUDI HEGENOMY, TRUMP BACKS THE SAUDIS? TANGLED WEB INDEED
Incitatus visits the Forum with due ‘Ungar’ (SIC)
Brexit and Indeed democracy is a process which is both emergent and chaotic. The Heuristic analysis of chaotic emergence gets to the heart of an old favourite of this blog, The age-old quarrel between Free Will or Determinism. The dichotomy is perhaps found in the differences between Inquisitorial and Adversarial Legal Systems and indeed Centralised …
If the Gaddafi government goes down, it will be interesting to watch whether the new central bank joins the BIS, whether the nationalized oil industry gets sold off to investors, and whether education and health care continue to be free.
Several writers have noted the odd fact that the Libyan rebels took time out from their rebellion in March to create their own central bank – this before they even had a government. Robert Wenzel wrote in the Economic Policy Journal:
I have never before heard of a central bank being created in just a matter of weeks out of a popular uprising. This suggests we have a bit more than a rag tag bunch of rebels running around and that there are some pretty sophisticated influences.
Alex Newman wrote in the New American:
In a statement released last week, the rebels reported on the results of a meeting held on March 19. Among other things, the supposed rag-tag revolutionaries announced the “[d]esignation of the Central Bank of Benghazi as a monetary authority competent in monetary policies in Libya and appointment of a Governor to the Central Bank of Libya, with a temporary headquarters in Benghazi.”
Critics have long questioned why violent intervention was necessary in Libya. Hillary Clinton’s recently published emails confirm that it was less about protecting the people from a dictator than about money, banking, and preventing African economic sovereignty.
The brief visit of then-Secretary of State Hillary Clinton to Libya in October 2011 was referred to by the media as a “victory lap.” “We came, we saw, he died!” she crowed in a CBS video interview on hearing of the capture and brutal murder of Libyan leader Muammar el-Qaddafi.
But the victory lap, write Scott Shane and Jo Becker in the New York Times, was premature. Libya was relegated to the back burner by the State Department, “as the country dissolved into chaos, leading to a civil war that would destabilize the region, fueling the refugee crisis in Europe and allowing the Islamic State to establish a Libyan haven that the United States is now desperately trying to contain.”
US-NATO intervention was allegedly undertaken on humanitarian grounds, after reports of mass atrocities; but human rights organizations questioned the claims after finding a lack of evidence. Today, however, verifiable atrocities are occurring. As Dan Kovalik wrote in the Huffington Post, “the human rights situation in Libya is a disaster, as ‘thousands of detainees [including children] languish in prisons without proper judicial review,’ and ‘kidnappings and targeted killings are rampant’.”
Before 2011, Libya had achieved economic independence, with its own water, its own food, its own oil, its own money, and its own state-owned bank. It had arisen under Qaddafi from one of the poorest of countries to the richest in Africa. Education and medical treatment were free; having a home was considered a human right; and Libyans participated in an original system of local democracy. The country boasted the world’s largest irrigation system, the Great Man-made River project, which brought water from the desert to the cities and coastal areas; and Qaddafi was embarking on a program to spread this model throughout Africa.
But that was before US-NATO forces bombed the irrigation system and wreaked havoc on the country. Today the situation is so dire that President Obama has asked his advisors to draw up options including a new military front in Libya, and the Defense Department is reportedly standing ready with “the full spectrum of military operations required.”
The Secretary of State’s victory lap was indeed premature, if what we’re talking about is the officially stated goal of humanitarian intervention. But her newly-released emails reveal another agenda behind the Libyan war; and this one, it seems, was achieved.
Of the 3,000 emails released from Hillary Clinton’s private email server in late December 2015, nearly a third were from her close confidante Sidney Blumenthal, the Clinton aide who gained notoriety when he testified against Monica Lewinsky. One of these emails, dated April 2, 2011, reads in part:
Qaddafi’s government holds 143 tons of gold, and a similar amount in silver . . . . This gold was accumulated prior to the current rebellion and was intended to be used to establish a pan-African currency based on the Libyan golden Dinar. This plan was designed to provide the Francophone African Countries with an alternative to the French franc (CFA).
In a “source comment,” the original declassified email adds:
According to knowledgeable individuals this quantity of gold and silver is valued at more than $7 billion. French intelligence officers discovered this plan shortly after the current rebellion began, and this was one of the factors that influenced President Nicolas Sarkozy’s decision to commit France to the attack on Libya. According to these individuals Sarkozy’s plans are driven by the following issues:
- A desire to gain a greater share of Libya oil production,
- Increase French influence in North Africa,
- Improve his internal political situation in France,
- Provide the French military with an opportunity to reassert its position in the world,
- Address the concern of his advisors over Qaddafi’s long term plans to supplant France as the dominant power in Francophone Africa
The Elephant In the Room. Article 50, Globalisation and the real seat of power. The Top Table, The Trump Card & The Elephant in the room. A brief look at the hysteria in Liberal and Progressive chattering circles and it is hard not to feel concern for the anguish obviously felt by those afflicted by …
In the money power, one sees the logic of the path to liberalisation and increasing debt. Bank debt money and its inverse relationship to the notion of national sovereignty is the unspoken tyranny, truly it is the last Taboo of the quarrel between the Financial Oligarchy sultans´ and its two European Eunuchs, the Bank of England and The ECB. Mark Carney and Dr Scheubel should be centre stage, they of course in best wizard of oz traditions remain behind the curtain.
An open Letter to President Trump regarding the federal reserve could with a few minor word changes apply equally well to the abject failure of the European presidents to understand Modern Money.
“In the modern economy, most money takes the form of bank deposits. But how those bank deposits are created is often misunderstood: the principal way is through commercial banks making loans. Whenever a bank makes a loan, it simultaneously creates a matching deposit in the borrower’s bank account, thereby creating new money. The reality of how money is created today differs from the description found in some economics textbooks: • Rather than banks receiving deposits when households save and then lending them out, bank lending creates deposits.” (Emphasis BoE), Money Creation in the Modern Economy, 2014
The Bank of England seems to have let the UK government know the ECB has perhaps not been so forthcoming with the ´´FIVE´´presidents.
At this point for you dear reader and the `Five Presidentees´, I would like to effect the Introduction of a Brilliant Finance Scholar, If only the Technocrats would seek out real experts rather than Cronies in considering such important matters.
Introducing Professor Richard Werner.
Joseph Schumpeter was good on money and Werner’s thesis quotes extensively from him, ( see below). Werners´ empirical evidence that private banks are making loans without reserves proves that the ECB MONETARY model is the same extractive ´´Bankster´model that has brought penury and poverty to all countries in the EU as it has across the Globalised economy. All countries even the richest ones. Schumpeter is also prescient with respect to the reality of democracy in his competing elites model. The modern model has now reached a kind of stagnation where the Elites seem now to dispense with the necessity to compete. Schumpeter’s other peculiar Genius was in identifying what democracy really means in the Modern form of Elitist Technocratic Government as represented By The EU and its Institutions. I refer of course to Schumpeter’s Competing Elites model of democracy.
To remain with Money, for now, not just the Euro and Stirling but all money falling under the auspices of the IMF, World Bank and International Bank of Settlements.
Here is Steve Keen, the very sharp professor of heterodox monetary theory tackling this question and Joseph Stiglitz in this Entertaining and educational article.
Note To Joe Stiglitz: Banks Originate, Not Intermediate, And That’s Why Aggregate Demand Is Stuffed
This is my Comment posted against the same article, providing the proof for Professor Keen´s assertions from Professor Richard Werner, Who I promised to introduce you to.
” Money created by banks when they make loans so says Ben Bernake on Live TV clip at 14.58 min
Richard Werner @ProfessorWerner First empirical test in 5000 years of banking on whether each individual bank can create money out of nothing is out
If you skipped the links and took me at my word here’s a bit more of Schumpeter to tee up our shot.
“Something like a certificate of future output or the award of purchasing power on the basis of promises of the entrepreneur actually exists. That is the service that the banker performs for the entrepreneur and to obtain which the entrepreneur approaches the banker. … (The banker) would not be an intermediary, but manufacturer of credit, i.e. he would create himself the purchasing power that he lends to the entrepreneur …. One could say, without committing a major sin, that the banker creates money.” 14
Schumpeter (1912, p. 197, emphasis in original)
“[C]redit is essentially the creation of purchasing power for the purpose of transferring it to the entrepreneur, but not simply the transfer of existing purchasing power. … By credit, entrepreneurs are given access to the social stream of goods before they have acquired the normal claim to it. And this function constitutes the keystone of the modern credit structure.”
Schumpeter (1954, p. 107)
And finally Professor Werner in his own words.
´´Among the many different monetary system designs tried over the past 5000 years, very few have met the requirement for a fair, effective, accountable, stable, sustainable and democratic creation and allocation of money. The view of the author, based on more than twenty-three years of research on this topic, is that it is the safest bet to ensure that the awesome power to create money is returned directly to those to whom it belongs: ordinary people, not technocrats. This can be ensured by the introduction of a network of small, not-for-profit local banks across the nation. Most countries do not currently possess such a system. However, it is at the heart of the successful German economic performance in the past 200 years. It is the very Raiffeisen, Volksbank or Sparkasse banks – the smaller the better – that were helpful in the implementation of this empirical study that should serve as the role model for future policies concerning our monetary system. In addition, one can complement such local public bank money with money issued by local authorities that is accepted to pay local taxes, namely a local public money that has not come about by creating debt, but that is created for services rendered to local authorities or the community. Both forms of local money creation together would create a decentralised and more accountable monetary system that should perform better (based on the empirical evidence from Germany) than the unholy alliance of central banks and big banks, which have done much to create unsustainable asset bubbles and banking crises (Werner, 2013a and Werner, 2013b).
Professor Werner is the Author of the wonderful book Princes of the Yen which is also the title of a Film of the same title. It shows how the forces of neo-liberalism and dollar hegemony were used through the Federal reserve to Liberalise and ruin the Japanese economy pulling down what it had created.
Of course the WTO, IMF and International Bank of settlements all figure in our story and the Private Federal reserve is a key player in the 2008 financial Crisis, Ben Bernake being in the front seat of this speech given by Jean Claude Trichet. In 2012
Brexit and Indeed democracy is a process which is both emergent and chaotic. The Heuristic analysis of chaotic emergence gets to the heart of an old favourite of this blog, The age-old quarrel between Free Will or Determinism. The dichotomy is perhaps found in the differences between Inquisitorial and Adversarial Legal Systems and indeed Centralised Command and Control or Subsidiarity and devolved Distributed decision making known as Direct Democracy.
“Ceterum censeo Carthaginem esse delendam”, nihil sub sole novum. The UK the EUssr’s Carthage. #MayMustFall #WTOSOBeIt.