Louis Degenhardt speaks to leading heterodox economist and Cambridge academic Ha-Joon Chang
excerpt
Even more worryingly, his concerns about the lack of banking reform appear to be falling on deaf ears.
“If any other profession caused this kind of mayhem, the profession – whether homeopath, neurosurgeon – would have been banned and its members hunted down and imprisoned, hanged drawn and quartered if it was the Middle Ages! But who has taken any of this?”
“Everything is carrying on more or less as before - the world has become so incredibly tolerant of the financial sector, it is quite scandalous given the scale of problem that the industry has created.”
When I ask if we’re destined to repeat the crisis we’ve just experienced, I’m struck by how frank his prognosis is:
“In the US and here, stock markets are higher than ever. For what? There’s something seriously wrong. I cannot predict exactly where it is going to come from, and exactly when it is going to happen, but it is quite possible that some kind of financial crisis hits some part of the world economy and we all get sucked into trouble again.”
As I’m processing that bombshell though, demonstrating an optimism of the will that Gramsci himself would have been proud of, he offers a glimmer of hope:
“It’s been quite disappointing that people haven’t reacted as much as they should have to this financial crisis but you know these social changes are very difficult to predict.
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I believe what you are referring to with “currency of America” is identified in bold letters on each document as FEDERAL RESERVE NOTE. A “note” is an indication of a debt. The instrument is a debt of the Federal Reserve system. The FR Board of Governors has administrative and regulatory control of the 12 Federal Reserve bank franchisees. The owners of the BOG are suspected to be Wall Street bankers but have never been publicly or judicially confirmed. The document is an indication of debt of the owners of the FR system.
The document is further identified as a legal tender. A tender is an offer of a good or service as an alternate to what the original contract established. The original contract was denominated in dollars. By law, the tender must be accepted as a substitute for the contracted dollars. While it is denominated in dollars it is not a dollar. A dollar is legally defined as XXX grains of fine silver. The FR Notes used to have the caveat “redeemable in lawful dollars.”
The contract, whether written or understood, is that the Treasury security given to the Federal Reserve as collateral for the book entry creation of fiat money by the FRBNY (deficit spending which will be spent by the U.S. Treasury) will be repaid with interest. Since every “dollar” of book entry money is created as part of the National Debt, the interest to pay the principal does not exist. (The fractional reserve multiplier by commercial banks does not negate this mathematical inescapable fact.) The national debt can never be paid. This is the essence of a Ponzi scheme. The contract is impossible to culminate—it is an act of fraud and is void from its inception. Ref. www.scribd.com/oldereb FEDERAL RESERVE HEIST.
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