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Current Financial Cycle - Greed, Arrogance, Theft, Socialisation of Risk (bailout)
Where did it start?
- Canonical text by John Locke, Two Treatises of Government, Ch. 5: Property, is god given with provisos
- 33. enough left for others, nothing was made to spoil or destroy, and 27. his labor is mixed with it
- "But, the one thing that blocks this is the creation of money, and men's tacit agreement to put a value on it"
- Then Adam Smith, The Wealth of Nations, the givens are: private property, labor buyers, unlimited inequality
- p. 364, Equilibrium in the market of supply and demand is "led by an invisible hand," god in other words, or the system is god
- Adam Smith writes in The Wealth of Nations, "But in civilized society, it is only among the inferior ranks of people that the scantiness of subsistence can set limits to the further multiplication of the human species; and it can do so in no other way than by destroying a great part of the children ..."
Why Aggregate demand (spending) is NOT important
- Each person only needs to produce a little more than their own needs during their lifetime. Why does this get more difficult with each passing year? Advancing technology should reduce our labor in obtaining our needs.
- With current technology, how much time is devoted to providing the constants: water and food? And then the "one time" output to provide shelter?
- Inovation should not lead to disparity. Ideas should be public domain. They should enrich the lives of all people. There is plenty of resources for all.
- From where springs the competition for resources?
- We have empowered corporations to fuel disparity.
What is wrong with the central banking system?
- It is private, secret
- Allows anti-trust, broken promises
- Established to stabilize economic fluctuations
- Not a free market, ie. Libor, Tibor
- Concentrates wealth in the hands of a few, interest on nothing, inflation (currency devaluation), siphons productivity of community
Overview
- Debt Wish - unsustainable credit levels (liquidity) accepted by individuals, corporations, governments, and banks
- Deregulation - fail
- Leverage Adiction - Invented financial instruments like derivatives become weapons of financial destruction, analogus to buying a $1m missile for a $1
- Speculation becomes "real" economy, short-term gains via manipulated markets preferred to sustainable productive investment - 2008
- More leveraged investment
- Early 2012, Forex currency trading back to 5 trillion per day!
Corrective Actions
Using 2010 figures from CIA Factbook, China's accumulated surplus of 2 trillion u$d(foreign currency reserves and gold minus external debt) is 1/5 (one fifth or twenty percent) of what the USA has spent on military since the end of the cold war. - Global Debt
Until the control of the issue of currency and credit is restored to
government and recognized as its most conspicuous and sacred
responsibility, all talk of the sovereignty of Parliament and of
democracy is idle and futile... Once a nation parts with the control of
its credit, it matters not who makes the laws... Usury once in control
will wreck the nation. - William
Lyon Mackenzie King (longest serving Prime Minister in British
Commonwealth history) [citation]
Canadian Banking
Reform
Canada's 2008, 2009, Bank Bailout
- 2011 Nov 15, Rabble reminds us to Occupy bailout. Canadian banks got billions in help
- 2010 Dec 2, Canadian bank bailout total touches $186 billion
- 2010 Dec 2, Globe and Mail reveals a further 111 billion as Big Five tapped Fed for funds (was article 1820857), {Print Edition: 02/12/10, page B17}
- 2009 Jan 25, globalresearch catches Canada's 75 Billion Dollar Bank Bailout
- 2008 Nov 12, Ministry of Finance Press Release 2008-090 (not picked up by the media) adds another $50 billion
- 2008 Oct 14, Canadian federal election, Harper wins majority government
- 2008 Oct 10, $25 billion credit backstop for banks 'not a bailout': Harper, Prime Minister
Personal Debt
Credit Cards
US Economy
Polemic between two schools: Chicago v. Kansas
- Chicago, the censorial incumbent inverts "free" market to mean free for predators & financials, and endorses Neoliberal Austerity
- Kansas the progressive
Policy: Where it Comes From
Relevant Videos
Independent Analysis, Enlightening Blogs & Websites
- Mish (Mike Shedlock)'s Global Economic Trend Analysis
- John Williams' Shadow Government Statistics
- Analysis Behind and Beyond Government Economic Reporting
- Reggie Middleton's BoomBustBlog
- Entreprenuerial Investor & Independent Analyst
- Predicted many past and present calamities
- RT TV's Capital Account with Lauren Lyster, at the the intersection of markets, politics and the global economy, also on YouTube
- Charles Hugh Smith's Of Two Minds Blog, poor dumb author
- "Those of us blessed with unfamous lives have by definition obscure histories"
- Michael Hudson
- President of The Institute for the Study of Long-Term Economic Trends
- Distinguished Research Professor of Economics at the University of Missouri, Kansas City
- Detlev S. Schlichter's Paper Money Collapse
- Author published by The Wall Street Journal, TheStreet.com and mises.org
- Austrian School Economist
- Steve Keen's Debtwatch
- from "Debunking Economics" book fame, another Aussie calling it like it is
- Satyajit Das on the Drum Opinion articles
- Chris Martenson's website, to inform, protect wealth, and build resilience into your life and community, YouTube
- Gerald Celente's Trend Research Institute, or on YouTube
- Bob Chapman's The International Forecaster, an experienced financial newsletter writer
Canadian examples
Get rich quick, become a First Nations chief by
Lorne Gunter (National Post: November 23, 2010) - Canadian Taxpayer Federation
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