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“Usura” Pounding at the open door, Canto’s to Cantons to contagion to Oblivion. USURY HELL´S FUEL MANS OPPRESSOR , BOURGEOIS RESOLUTION, AND GLOBALISATION UN ENTANGLED.

   Published Date: March 29, 2023  3 Comments on “Usura” Pounding at the open door, Canto’s to Cantons to contagion to Oblivion. USURY HELL´S FUEL MANS OPPRESSOR , BOURGEOIS RESOLUTION, AND GLOBALISATION UN ENTANGLED.

Canto XLV

With Usura
 
With usura hath no man a house of good stone
each block cut smooth and well fitting
that design might cover their face,
with usura
hath no man a painted paradise on his church wall
harpes et luz
or where virgin receiveth message
and halo projects from incision,
with usura
seeth no man Gonzaga his heirs and his concubines
no picture is made to endure nor to live with
but it is made to sell and sell quickly
with usura, sin against nature,
is thy bread ever more of stale rags
is thy bread dry as paper,
with no mountain wheat, no strong flour
with usura the line grows thick
with usura is no clear demarcation
and no man can find site for his dwelling.
Stonecutter is kept from his stone
weaver is kept from his loom
WITH USURA
wool comes not to market
sheep bringeth no gain with usura
Usura is a murrain, usura
blunteth the needle in the maid’s hand
and stoppeth the spinner’s cunning. Pietro Lombardo
came not by usura
Duccio came not by usura
nor Pier della Francesca; Zuan Bellin’ not by usura
nor was ‘La Calunnia’ painted.
Came not by usura Angelico; came not Ambrogio Praedis,
Came no church of cut stone signed: Adamo me fecit.
Not by usura St. Trophime
Not by usura Saint Hilaire,
Usura rusteth the chisel
It rusteth the craft and the craftsman
It gnaweth the thread in the loom
None learneth to weave gold in her pattern;
Azure hath a canker by usura; cramoisi is unbroidered
Emerald findeth no Memling
Usura slayeth the child in the womb
It stayeth the young man’s courting
It hath brought palsey to bed, lyeth
between the young bride and her bridegroom
                               CONTRA NATURAM
They have brought whores for Eleusis
Corpses are set to banquet
at behest of usura.
N.B. Usury: A charge for the use of purchasing power, levied without regard to production; often without regard to the possibilities of production. (Hence the failure of the Medici bank.)
Ezra Pound, “Canto XLV ” from The Cantos of Ezra Pound. Copyright © 1993 by Ezra Pound. Reprinted by permission of New Directions Publishing Corporation.
Source: Cantos of Ezra Pound (New Directions Publishing Corporation, 1993)

“Usura” Pounding at the open door Canto’s to Cantons to contagion to Oblivion. USURY HELL´S FUEL MANS OPPRESSOR , BOURGEOIS RESOLUTION, AND GLOBALISATION UN ENTANGLED.

https://tradingeconomics.com/united-kingdom/mortgage-approvals

https://tradingeconomics.com/united-kingdom/home-loans

“Gray? Books, ?  Bentham, Del mar, Agassiz, Confucius then on Fenollosa

 

Antisemitism, social credit[edit]

Further information: Economic antisemitism
Part of a series on
Antisemitism
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Definitions

Manifestations

Antisemitic tropes

Antisemitic publications

Antisemitism on the Internet

Prominent figures

Persecution

Opposition
 Category

Pound’s antisemitism can be traced to at least 1910, when he wrote in Patria Mia, his essays for the New Age: “The Jew alone can retain his detestable qualities, despite climatic conditions.” The sentence was removed from the 1950 edition.[86] In 1922 he apparently disliked that so many Jews were contributing to The Dial,[249] and in 1939, when he read his poetry at Harvard, he was said to have included antisemitic poems in the program because he believed there were Jews in the audience.[250][v]

A friend of Pound’s, the writer Lina Caico, wrote to him in March 1937 asking him to use his musical contacts to help a German-Jewish pianist in Berlin who did not have enough money to live on because of the Nuremberg Laws. Normally willing to help fellow artists, Pound replied (at length): “You hit a nice sore spot … Let her try Rothschild and some of the bastards who are murdering 10 million anglo saxons in England.”[253] He nevertheless denied being an antisemite; he said he liked Spinoza, Montaigne, and Alexander del Mar. “What I am driving at”, he wrote to Jackson Mac Low, “is that some kike might manage to pin an antisem label on me IF he neglected the mass of my writing.”[254][w]

Pound came to believe that World War I had been caused by finance capitalism, which he called “usury”,[3] and that the Jews had been to blame. He believed the solution lay in C. H. Douglas‘s idea of social credit.[97] Pound several times used the term Leihkapital (loan capital), equating it with Jews.[256] Hitler had used the same term in Mein Kampf (1926).[257][x] “Your enemy is Das Leihkapital,” Pound wrote in a 1942 radio script aimed at the UK, “international, wandering Loan Capital. Your enemy is not Germany, your enemy is money on loan. And it would be better to be infected with typhus … than to be infected with this blindness which prevents you from understanding HOW you are undermined … The big Jew is so bound up with this Leihkapital that no one is able to unscramble that omelet.”[259] The argument ran that without “usury” and Jews, there would be no class conflict.[260]

In addition to presenting his economic ideas in hundreds of articles and in The Cantos, Pound wrote over 1,000 letters a year throughout the 1930s.[261] From 1932 he wrote 180 articles for The New English Weekly, a social-credit journal founded by A. R. Orage, and 60 for Il Mare, a Rapallo newspaper.[262] He wrote to Bill Bird that the press in Paris was controlled by the Comité des forges. He also came under the influence of Charles Maurras, who led the far-right Action Française.[263] From around 1932 he began using a dating system that counted Benito Mussolini‘s March on Rome in October 1922 as year zero.[264]

Protocols of the Elders of Build Back Better. “first time as tragedy, the second time as farce”

01 February 2023

https://www.bankofengland.co.uk/statistics/tables

https://www.bankofengland.co.uk/statistics/money-and-credit/2023/january-2023

 

Back To Normal From Near Zero

By summer, the rise in mortgage rates was ringing alarm bells. It might not be a housing market bubble but it was an interest rate bubble and was starting to burst – with the housing market highly exposed (e.g. Fig 1 in June market commentary). April saw warnings about the risk of a recession, worries about the lockdowns in China, and some downgrades to forecasts for house prices in 2023. But the housing market continued powering on with house prices still reporting double-digit annual growth and activity levels holding around their pre-pandemic average (Fig 3). By June, it was clear that higher mortgage rates were beginning to hit housing markets across the globe. Average quoted UK mortgage rates at 75% loan-to-value ratios were at their highest rate since 2013 but in the US average 30 year fixed rates hit their highest rate since November 2008 according to Freddie Mac. Meanwhile there were falling home sales in Canada and New Zealand reported falling house prices.

By July the cost of living crisis and rising mortgage rates had reached a point that led us to suggest the autumn would mark the turning point for the market. However, the housing market continued to boom as buyers rushed to lock in their low mortgage rate offers before they expired. On the 1st of September, we wrote “this is getting scary” as energy costs soared, quoted mortgage rates hit 4%, and policy mistakes increased the likelihood of housing market stagnation, if not an outright crash. Finally, after a long leadership campaign over the summer, Liz Truss was appointed Prime Minister on the 6th of September. There were warning signs but at this point it was still not clear just how terrifying the next 49 days would be.

The Housing Market During Truss

Three Periods: Before Truss, During Truss, and After Truss

The impact of the “mini-budget” on financial markets was severe. The pound fell against the dollar, hitting an all-time low  on the 26th of September. Meanwhile interest rates shot up. Financial market expectations for Bank of England Base Rate in one year’s time peaked at 6.38% on the 27th of September (Fig 4). On the 28th of September, the Bank of England had to intervene and temporarily buy UK government bonds as some pension funds were at serious risk of collapse.

Given the chaos and uncertainty, mortgage lenders reacted by withdrawing products from the market as they were unable to price them. By the 29th of September, Moneyfacts reports the number of available mortgage  products was 2,340, a 40% fall from the 3,961 products available on the morning of the “mini-budget”. On the 30th of September, Truss committed to publishing an OBR forecast on the 23rd of November, alongside the chancellor’s economic plans.

Renting Versus Buying

.

The final two months of 2022 saw sales activity slow and house prices start to fall. Zoopla had already reported (PDF) sales agreed were 28% lower in their December release and this week Bank of England data (Fig 3) showed mortgage approvals for house purchase were 30% lower than their pre-pandemic average in November. Meanwhile, the Nationwide house price index has already fallen 4% since its peak in August. It is still highly uncertain what will happen to the housing market in 2023. It is quite possible that we are already in the early stages of a housing market downturn and these recent trends continue in the coming months. And with current mortgage rates, we could quite easily see a 20% price fall from peak – a fall that only takes prices back to around where they were at the start of the pandemic in early 2020 (Fig 6).

However, a large fall in house prices will require some degree of forced or at least motivated sales. Mortgage lenders will be under considerable pressure (internal and external) to avoid repossessions – temporarily shifting borrowers onto interest only payments looks the best option for help. In the absence of forced sales, a stagnant housing market is probably the more likely outcome, with low transactions and falls in new supply. Ultimately, what happens this year depends on mortgage rates – how high do they stay and for how long. The danger is that the combination of higher mortgage rates (4%+) and the cost of living crisis lead to a combined hit on consumer spending that further worsens the prospects for the economy. A consumer-led recession could then lead to rising unemployment and create the conditions usually required for a large fall in house prices later this year or next.

Renting Versus Buying

Homeownership is the preferred housing tenure across the UK for a number of reasons. Over the last decade it has also tended to be cheaper to pay a mortgage than rent the same property when comparing headline costs (Fig 7) and ignoring others such as repairs and opportunity costs (which we suspect most households also do when considering their housing options). With the shift to higher mortgage rates, the situation in 2022 reversed and renting is now theoretically cheaper – though the exact balance will depend on local market rental yields. Unfortunately, while this might suggest those excluded from home-ownership are in a better position, the actual state of the private rental market is shocking. A lack of stock available to rent amidst very high levels of tenant demand have pushed newly agreed rents to record highs while the quality of housing in the sector is appalling and security of tenure is poor. There are some tentative signs rental inflation is easing but the state of the mortgage market will probably lead to further demand pressure in the private rental market and increase the already desperate need for reform.

Transactions – UK

HMRC provisionally reported 107,200 residential transactions in November. This was 8.1% higher than the same month in 2019. Meanwhile, the Bank of England reported mortgage approvals for house purchase were 30.2% lower in November 2022 than the same month in 2019.

House Prices – UK

Rightmove reported a 5.6% annual rise in asking house prices in December 2022 while Nationwide reported a 2.8% annual rise in their mortgage approval based index in the same period. Meanwhile, the ONS reported 12.6% annual growth in its sales agreed index for the year to October 2022.

Transactions – UK

HMRC provisionally reported 107,200 residential transactions in November. This was 8.1% higher than the same month in 2019. Meanwhile, the Bank of England reported mortgage approvals for house purchase were 30.2% lower in November 2022 than the same month in 2019.

 

The Magic Money Tree and Private Banks , misunderstood and kind to small children and animals?or Just another Fix of Crony Capitalists

If we had something other than money and something other than the Neo-Liberal ( Classical Liberal ) Notion of the free Market perhaps money could be neutral but when one Knows the process of money creation intimately and has been exposed to some Hyman Minsky one wonders how the notion of money´ neutrality could remain in place.
This is Steve Keen’s introduction lecture entitled The Alternative to Neo-Liberalism

If we continue to use money based metrics with usury being the price of money clive we will continue to falsely compare economic and socio-economic choices against a false metric. The Price of Natural electrical energies, for instance, is judged against notions of Internal rate of returns and Net Present Values which use interest rates as the basis of its discounting future monetary streams into present values. The Interest component for Public housing projects is something like 77%
”The capital share in garbage collection
amounts to 12 % because here the share of capital costs
is relatively low and the share of physical labour is particu-
larly high. This changes in the provision of drinking water,
where capital costs amount to 38 %, and even more so in
social housing, where they add up to 77 %. On an aver-
age we pay about 50% capital costs in the prices of our
goods and services.”
from http://userpage.fu-berlin.de/~roehrigw/kennedy/english/chap1.htm
In this Video Margeret Kennedy and others talk about the influence of Helmuth Kreutz on their own work.

Democracy and devolution of power to communities, complementary currencies promoting localisation as Schumaker famously said Small is Beautiful. It really is the Interest you know Clive, Compound interest and notions of exponential growth have decoupled people from the Balance and synergies of our Natural environment.

Usury Hells Fuel and Mans oppressor.

Bourgeois resolution. A poem in Three Voices for added 4th part Harmony.

Globalisation Un-Entangled. (A FOUND POEM, CIPHER OF GLOBALISM )

Debunking Money, Debt Based Carbon Currency End Game. Tides of the Dollar Moon, Usury Hells Fuel Mans Oppressor, Globalisation Unentangled, MELT FUND, a Bourgeoise resolution. A Ratio, A quotient, A function an Algorithm. Event 201 was a monetary event!

 

Author: rogerglewis

Real Estate Entrepreneur. http://www.realrld.com/

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