Morgan Stanley has issued a full recession alert for the US economy, warning of a sharp slowdown in business investments and a perfect storm for consumers as the housing slump spreads. Under the conservative definition, man is the servant of money. Long live alternative economics!
1) ‘Global Governance' & World Federalism
(2) Politicans & Banking - What they need to know - Richard Cook
(3) Morgan Stanley Issues Full US Recession Alert
(4) On the Similarities of Germany (1930ies) and the USA (New Millennium)
(1) ‘Global Governance' & World Federalism
From: "John Craig"
Date: Mon, 17 Dec 2007 06:51:56 +1000
Why does using the words 'global governance' suggest support for the "World
Federalists" - whoever they might be? I haven't heard of such a group, and
don't know what they might stand for.
There is machinery for 'global governance' of sorts (eg the UN and its
various offshoots, and the Bretton Woods triplets) but it doesn't work very
well. This is illustrated by
(a) inability to respond adequately to humanitarian crises such as genocide
and refugees
(b) the emergence of bilateral trade regimes given the failure of
multi-lateral negotiations
(c) lack of international agreement on what to do about the risk of
terrorists using WMD
(d) responses to climate change and
(e) global financial imbalances which put future economic growth at risk.
I speculated about possible reasons for the weakness of machinery for global
governance (which could be at risk of breaking down all-together) in
http://cpds.apana.org.au/Teams/Articles/globalization.htm
Reply (Peter M.):
The term "world government" has acquired opprobrium, connoting rule by an
elite, with thought control (punishment for "hate language") and with no
escape for dissidents. So, advocates now use the term 'global governance'
instead.
(2) Politicans & Banking - What they need to know - Richard Cook
From: Blackheath Books {timestamp mislaid}
http://www.globalresearch.ca/index.php?context=va&aid=7613
December 17, 2007
The 2008 Presidential Election: Concepts Progressives Must Know About
Monetary Policy and History
by Richard C. Cook
Global Research, December 14, 2007
The 2008 presidential election campaign starts in earnest on January 3 with
the Iowa caucuses, followed a few days later by the New Hampshire primary.
While all of the Republican candidates except Ron Paul have totally ignored
economic issues, the Democrats are all sounding more "populist" than at any
time since the Great Depression. Nevertheless, with the exception of Dennis
Kucinich, they all swallow in its totality the debt-based monetary system
overseen by the Federal Reserve which is at the root of the escalating
crisis.
Progressives who are trying to figure out whom to support are handicapped by
the fact that they know little of monetary policy and history. Usually they
are in favor of some form of wealth distribution, so solutions rarely go
beyond tax increases. The Democratic candidates are responding to this
perception by pledging in some form or another to roll back the Bush tax
cuts for the wealthy that began in 2001 and ensured that the Clinton
balanced budget of 1998-2000 would once again dissolve in an ocean of red
ink as had happened in the 1980s under Republican President Ronald Reagan.
But tax increases are not an answer to a disastrously flawed system. Without
gaining control of the U.S. monetary system, any Democratic president, no
matter how reform-minded, will be outsmarted and outflanked by the Money
Power every time.
In order to help progressives who seek a benchmark to assess the economic
and monetary proposals that are likely to be forthcoming during the run-up
to the November 2008 election, the following list of concepts is presented.
The list is an adaptation of a paper the author has utilized for briefings
he has given on Capitol Hill in Washington, D.C.
* Money should be viewed by progressives as a) a medium of exchange, b)
created by law, c) to serve the needs of the individual and the nation's
physical economy. Under the progressive definition, money is the servant of
man.
* Money is viewed by conservatives as
a) a commodity,
b) having intrinsic value,
c) equivalent to "wealth,"
d) properly usable for anything the owner desires, including usury and
speculation.
Under the conservative definition, man is the servant of money.
* While conservatives view money as "wealth," progressives should view
"wealth" as the present value and future potential of the physical economy
as it operates under the Constitution and laws of the United States.
* In American history, the progressive definition of money has prevailed
when the government has controlled or strongly influenced the creation of
money. The conservative definition has prevailed when private bankers have
controlled or strongly influenced the creation of money, particularly during
the century since the Federal Reserve was created in 1913.
* The principle underlying cause of the American Revolution was refusal by
the British Parliament to allow the colonies to issue their own paper money.
* The right of the federal government to issue money is contained in the
Constitution but is not clearly defined. It was more clearly defined under
the Articles of Confederation. This indicates that financiers were
influential in the drafting of the Constitution.
* Today it is taken for granted that the only two ways the government can
acquire and spend money are taxation and borrowing. Minting and issuing
coinage is often overlooked, because it is such a small part of today's
economy. But there have been times in American history when the government
has spent money directly into circulation. The best example was the
Greenbacks of the Civil War era.
* Direct spending of money into circulation by the government is derided by
financiers and conservatives as inflationary. Actually, it is no more
inflationary than bank-issued credit and may actually be less so.
* Throughout history, it has been the Democrats who have held a more
progressive view of money. It has been the Federalists/Whigs/Republicans who
have held the conservative view of money and have been largely pro-bank.
* All banks in the United States have operated under a governmental charter,
either federal or state. U.S. law does not recognize an inherent right for
anyone to operate a bank.
* All banking in the United States has been fractional reserve banking,
where a bank is allowed to lend more money than it holds in deposit. This is
a relic of medieval times and grants the banks a privilege which is
undeserved. Essentially the banks are the owners of the money supply.
* Until around 1873, banks were required to hold their reserves in specie;
i.e., gold or silver, until silver was demonetized by Congress, contracting
the currency. Until then, Congress had maintained by legislation the legal
ratio between gold and silver. From 1873-1933, gold was the only metallic
reserve allowed. The U.S. went off the gold standard in 1933 though the
dollar was pegged to the price of gold until 1972.
* Thousands of banks in U.S. history failed due to runs, panics,
overextended loans, etc., despite the metallic standard. This included large
numbers during the early years of the Great Depression. A gold standard
cannot prevent bank failures or guarantee the value of the currency.
* Fear of bank failures under fractional reserve banking was a major reason
banks were opposed by President Andrew Jackson and other early Democrats.
* There were no banks in colonial America. The first one was the Bank of
Philadelphia chartered during the Revolutionary War by the Continental
Congress, followed soon after by the Bank of North America. After the war,
state banks began to be chartered along with the federally-chartered First
Bank of the United States. Some state-chartered banks were also state-owned.
* The First and Second Banks of the United States were the hottest political
issue during the early years of the U.S.
* From the time of the First Bank of the United States until today, U.S.
bankers have been strongly allied with the financiers of Great Britain and
continental Europe. They are the real controllers of what has been called
the Anglo-American Empire.
* After the Civil War and until 1900, the money supply was again the hottest
political issue in the U.S., with the progressives being splintered among
several political movements. The banks supported the Republicans. The
Democrats were not able to unite until 1900 but by then had discarded
Greenback-type solutions in favor of returning to the already-outdated
bimetallic standard. Democratic candidate William Jennings Bryan gave his
famous "cross of gold" speech at the Democratic National Convention but lost
the 1900 presidential election to William McKinley.
* Many progressives strongly opposed the creation of the Federal Reserve
System in 1913, which centralized banking power under the Wall Street Money
Trust which was allied with British and European bankers. The main argument
in favor of the Federal Reserve was to prevent bank failures by being able
to support them through rapid movement of reserves to cover shortages. It
was supposedly a bank insurance plan but had as an underlying purpose the
creation of a massive public debt to finance wars.
* One of the strongest opponents of the Federal Reserve Act was Congressman
Charles A. Lindbergh, Sr., of South Dakota, the father of Charles Lindbergh,
Jr., the aviator. Some of the politicians who supported the Federal Reserve
Act later regretted it, including President Woodrow Wilson and his secretary
of state, William Jennings Bryan.
* Numerous Democratic congressmen opposed the Federal Reserve System during
the twentieth century, including several chairmen of the House Banking and
Currency Committee: Louis McFadden, Wright Patman, and Henry Gonzales.
McFadden drew up articles of impeachment against the leaders of the Federal
Reserve and the Treasury Department. Patman and Gonzales introduced
legislation to abolish the Federal Reserve.
* In 1933, Congress authorized President Franklin Roosevelt to reissue
Greenbacks, though he did not do so.
* Neither banks nor government are needed to have money. During the Great
Depression, over 300 communities began to print their own money until the
federal government outlawed the practice. Throughout American history there
have been many systems of private or local use of manufactured currency, or
scrip. Today's use of stock certificates as money is a kind of scrip.
* The original purpose of banks in the U.S. was to facilitate commerce, with
a modest profit for its shareholders. This was reflected in the "real bills
doctrine," whereby lending supports only identifiable commercial
transactions.
* The main justification for laissez-faire economics is the unsupported
assertion found in Adam Smith's Wealth of Nations that a hidden hand-"Hand,
the Invisible"-will benefit the common welfare if individuals within the
economic system pursue their own individual interests. This fallacy is the
basis of so-called "classical" or "liberal" economics and is also a part of
the ideology of the conservative branch of the Republican Party and the
theology of its fundamentalist constituency. It is reflected in the view of
the "Austrian School" of economics and was the basis for the monetarist
policies of the 1970s and the "Reagan Revolution" of the 1980s. It has been
disproved countless times by progressive economists. The main problem is
that money in a complex economy is so easily manipulated by insiders.
* Opposing laissez-faire economics was what was called in the nineteenth
century the "American System." This was based on Renaissance ideas of
nationalism, reflected in Europe by the German and Italian cameralists, who
said that the central government had the right and obligation to regulate
economic and financial affairs for the benefit of the nation. The most
cogent expression of these views was Emmerich Vattel's The Law of Nations,
used as a manual of government at the First Continental Congress in 1775.
The New Deal, which created the modern American physical economy until it
was wrecked by the Federal Reserve-induced recession of 1979-83 and the
"Reagan Revolution," was a modern expression of the American System.
* The American System was based on actions by government to direct
investment into infrastructure development, including health and education.
This included government purchase of shares in development corporations and
direct funding of projects through tax revenues and government borrowing.
* During the early to mid-19th century, the American System was funded at
the state level of government and saw the building of canals and railroads,
improvement of waterways and harbors, turnpikes, etc. The federal government
first became involved with infrastructure through the Army Corps of
Engineers, then, during the Civil War, with the building of the
transcontinental railroad and funding of land-grant colleges. The American
System was copied in Germany, Japan, China, and Russia and elsewhere around
the world. It was viewed as completely contrary to the British imperialist
model.
* The American System as manifested through the New Deal saw the TVA, WPA,
CCC, Hoover Dam, funding of school and hospital construction, public water
and sewer systems, municipal gas and electric systems, rural
electrification, etc. More recent examples were the interstate highway
system, R&D investment, the manned space program, and creation of the
internet. Today there are no more such projects serving as economic drivers
for the U.S.
* Infrastructure constitutes approximately fifty percent of the entire
physical economy of a modern nation. The other fifty percent is the
industrial/consumer economy which is most efficiently operated by the
private sector.
* Bank financing is suited neither to investment in the private sector nor
to the building of public infrastructure. This is because both are
relatively long-term, low-yield investments. Bank financing, originally
intended to facilitate commerce, has expanded to finance 1) consumption, due
to a lack of societal purchasing power, and 2) asset speculation through a
host of methods including mortgages, purchase of securities on margin,
derivatives, and leveraged mergers and buyouts.
* Free market economics when taken to an extreme, where the direction of
monetary capital is almost exclusively allocated by the banks, inevitably
leads to under-funding of both private sector investment and public
infrastructure.
* Major ongoing federal expenditures on the military-industrial complex also
lead to under-funding of public civilian infrastructure and are largely a
form of corporate welfare that benefits the rich.
* World War II resulted in a huge level of savings by the working population
that was financed by federal deficits. The deficits were paid down after the
war when the savings were released into the peacetime economy, leading to
economic growth and increased tax revenues. This experience disproves the
contention of bankers that an influx of money held by individual consumers
is necessarily inflationary.
* Industrial expansion can take place without bank financing through
retention and reinvestment of profits and rapid, large-scale technological
innovation. However, this removes purchasing power from the economy that the
existing system makes up for through lending to consumers by banks. It is a
self-defeating system.
* The federal government can encourage and enhance industrial expansion
through judicious use of tax and fiscal policy, including deficit spending,
but supply-side tax cuts for the upper brackets have resulted in more
spending on imported consumer products and asset bubbles rather than
domestic industrial growth. In the long run, both deficit spending and
taxation should be minimized.
* Compound interest is great for the lender but terrible for the borrower.
Over an extended period of time, interest at current rates can double the
price of assets. This is ruinous for consumers who today are trapped in a
cycle where they cannot live without extensive borrowing.
* The federal government deliberately causes inflation to reduce the cost of
the national debt and generate more tax revenues. COLAs compounded annually
produce a major devaluation of the dollar over a period of several years.
* The American Society of Civil Engineers estimated in 1998 that we have a
current infrastructure maintenance deficit of .8 trillion. The deficit has
grown considerably since then.
* Direct government funding, as through Greenbacks, is uniquely suited for
infrastructure investment without the need to use tax- or debt-based
funding. It is the least expensive method of public finance.
* A federal infrastructure bank could lend on a basis of manufactured
Greenback-type credit. Capitalization is not required except for purchase of
state and local low-interest bonds.
* Failure to adequately fund infrastructure leads to deterioration of the
private industrial sector, as it depends on infrastructure for its
efficiency and ability to operate and innovate. This is one reason U.S.
industry has declined and we now buy so many manufactured products from
abroad.
* The Federal Reserve System is skewed away from infrastructure investment
toward private sector speculation. It sets up a monetary system suitable for
a military empire, not an industrial democracy. Because the Federal Reserve
System has wrecked American manufacturing, the only way we can maintain our
standard of living is to be the financier for the rest of the world. But
this means lending money at high rates of interest which is essentially
unjust. So to protect our profits we must continually engage in military
conquest. This is a leading cause of "dollar hegemony" and the long record
of U.S. aggression since the Vietnam War.
* There have been several important movements during the nineteenth and
twentieth centuries in support of monetary reform based on direct government
issuance of money and the control of credit as a public utility.
* A program of direct government funding would prove favorable to the banks
in the long-run, since it would leave them to do what they do best; i.e.,
provide liquidity for private sector commercial purposes. But it is
difficult for the banks to see these advantages due to their prejudices. As
things now stand, the banks are parasites, and the host is dying. They do
not understand that a dead host equals dead parasites.
* Direct government funding reflects the progressive definition of money in
contrast to the conservative definition of money.
* Direct government funding of infrastructure can provide a large number of
jobs to people, stimulate domestic industry, and introduce debt-free money
into circulation. This would result in a major revitalization of the U.S.
economy.
* The U.S. could easily use direct government expenditures to provide
everyone a basic income guarantee and a National Dividend, as suggested by
British author C.H. Douglas and the Social Credit movement that has existed
for decades in British Commonwealth nations. This would stimulate the
economy, reduce debt, and eliminate poverty and homelessness. Such a system
would give the nation that adopted it the strongest economy on earth. (For
more information on Social Credit and the National Dividend, see the new
Wikipedia article on Economic Democracy).
* The Constitution of the United States creates a commonwealth of citizens
which has a right to control its own money supply like any other public
utility.
* The main policy objective of the Federal Reserve is price stability. This
protects the investments and income of the banks. The chief weapon of
producing price stability is wage and salary constraints. This is done by
maintaining a pool of unemployed or underemployed workers.
* The term "price stability" when used by conservatives is code for "class
warfare." Prices are actually much too high because they do not credit the
economy with appreciation of the overall physical plant due to technological
innovation. This could be remedied by a comprehensive system of price
subsidies as part of a National Dividend policy.
* The policies and programs of the Federal Reserve are structurally,
operationally, and ideologically in favor of the wealthiest classes and
opposed to workers, farmers, and small businesspeople.
* It is the Federal Reserve, more than any other institution, which is
responsible for the tremendous concentration of wealth among the richest
people.
* Despite the lip service paid by the Federal Reserve to price stability,
inflation has increased steadily since 1965. Price stability has mainly
referred to stagnant wages.
* High inflation coincides with periods of war or war mobilization and the
deliberate creation of financial bubbles. This is reflected in the current
price inflation of petroleum products.
* The U.S. physical infrastructure has declined not only with the
infrastructure investment deficit, but also with the export of manufacturing
jobs under NAFTA, WTO, etc.
* The banking system, through the Federal Reserve, has an almost unlimited
ability to increase cash in circulation by producing more debt. However, at
a certain point, the debt burden will become unsustainable and the system
will crash. This is what the business cycle consists of. It is what is
leading to the coming worldwide recession.
* Escalation of loaning against assets increases the price of those assets,
so contributes to inflation. Ballooning of credit and inflation go
hand-in-hand, as with housing prices which are now crashing as the downside
of the recent bubble.
* Low interest rates that cause a ballooning of credit and inflation may
look good in the short run but are exceedingly destructive to the economy.
The problem would be reduced if banking adhered to the "real bills" doctrine
which bases lending on actual economic transactions, not speculation. The
problem would be eliminated with a new monetary system based on direct
government spending for infrastructure and a monetary system that included a
National Dividend.
* Ninety percent of the members of Congress know nothing about monetary
policy. With a handful of exceptions, the ten percent who do work on behalf
of the banks.
Richard C. Cook is a retired U.S. federal government analyst, whose career
included service with the U.S. Civil Service Commission, the Food and Drug
Administration, the Carter White House, and NASA, followed by twenty-one
years with the U.S. Treasury Department. His articles on economics,
politics, and space policy have appeared on numerous websites, and he is
cited in the Wikipedia article on "Economic Democracy" as one of the world's
leading monetary reformers. He is the author of Challenger Revealed: An
Insider's Account of How the Reagan Administration Caused the Greatest
Tragedy of the Space Age, called by one reviewer, "the most important
spaceflight book of the last twenty years." His website is at
www.richardccook.com.
ANNEX
As a last word, herein follows the text of a letter to the editor by Mr.
Wallace M. Klinck of Alberta, Canada, on the application of Douglas's Social
Credit system to the current tax and utility rate crisis in that province.
The letter illustrates the potential for Social Credit in dealing with major
economic problems. Mr. Klinck is one of the world's leading spokesmen for
Social Credit ideas:
Tax increase in county defies natural law
by Wallace M. Klinck
The outrageous increase in property taxes and utility rates proposed by
Strathcona County for 2008 is largely justified because of the escalation of
price inflation. I submit that inflation is a violation of natural law and
that public officials accept it as a natural phenomenon to which society
must passively adjust is a major error leading to increasingly calamitous
consequences.
Moreover, the goal of a balanced budget under the existing system of banking
and cost accountancy is a fundamental error which makes a growing tax burden
unavoidable. Technically, it implies that the economy is static, that we
consume all of our physical capital currently and that the issuer of credit,
i.e., the banking system, owns all capital. Further, blaming price inflation
on monetary demand overlooks the faulty financial accountancy underlying the
fundamental problem which is excess financial cost accumulation which
results in a non- self-liquidating price system. Consumer prices include
allocated capital charges, additions to price which are necessary from an
accountancy standpoint but which do not distribute equivalent incomes within
the same cycle of production. That is, money is collected from consumers
prematurely, and cancelled in repayment of bank debt incurred previously by
loans issued to producers, as if to represent that our real capital is being
consumed currently, whereas it is actually consumed or depreciated over a
considerable period of time. The resultant disparity, i.e., "gap", growing
increasingly as capital replaces labour as a factor of production, between
final consumer prices and distributed effective consumer income, is
currently 'bridged' by ever expanding issues of credit issued, or created,
via repayable bank loans. This is the faulty approach bequeathed to us by
the late economist John Maynard Keynes.
Of course, it means that financial costs in respect of one cycle of
production are not fully liquidated within that cycle but merely passed on,
or 'carried over,' as an inflationary charge to be recovered from future
cycles of production. That is, one cannot liquidate, formally and finally,
financial charges of today by issues of bank credit (i.e. debt) which become
a further charge carried forward against future cycles of production.
Such issues of credit may allow a large measure of consumer access to final
consumer goods, at the expense of exponentially burgeoning debt with
decreasing financial liquidity and progressive price inflation, but they do
not cancel the financial costs of production as currently accounted--even
though the real, i.e., physical, costs of production have been fully met
when consumer goods take their finalized form and are ready for purchase.
The essential problem is that the consumer is charged in prices, quite
properly, with capital depreciation, but, quite wrongly, not credited with
capital appreciation, which latter historically greatly exceeds the former.
Realistically, we should have over the passage of time a falling price-level
with a growing source of income received independently of any incomes earned
through paid work by participation in commerce or industry.
The core mechanisms proposed by the late Cliffford Hugh Douglas to rectify
this revealed progressive error in national accountancy were the National
Dividend and the Compensated Price (compensation of consumer prices at point
of retail sale) financed by non- cost-creating consumer 'credits' issued,
without being recorded as repayable debt, from outside the price-system to
increase financial independence for the individual citizen and to effect a
continuously falling price-level as the true physical cost of production
falls over time.
The true cost of production is the mean ratio, measured in monetary units,
of national consumption divided by that of production--always becoming
increasingly less than a numerical value of one, as real efficiency
increases with the use of new technology. Inflation of prices thus will be
seen to be a fundamental misrepresentation of physical reality.
Money is essentially an information system. Inflation of prices is an
indication of inefficiency or economic failure and is an abstract financial
denial of the magnificent real advances which modern civilization has made
in the realm of actual physical production efficiency.
These new "Social Credit" consumption credits advocated by Douglas would as
always already have previous debt claims against them in retail prices and
will be cancelled, just as money issued via consumer bank loans at present
is cancelled, when businesses receive them via retail sales and use them to
repay their issuing banks in settlement of their earlier commercial loans
contracted in the usual manner for the facilitation of business operations.
Money recovered by industry via price and replaced to capital reserve has an
effect similar to its use for repayment of existing bank loans inasmuch as
it is no longer available as consumer income and can only again become so by
reissue for a new cycle of production which creates a whole new and
additionalset of financial costs.
Social Credit challenges the historic orthodox acceptance of Say's Law which
states axiomatically that for every financial cost of production incurred an
equivalent amount of financial purchasing power is issued and no overall
deficiency of income can exist.
While it may be true that "at one time or another" in the past an equivalent
amount of financial payments may have been issued, this is of little help or
consolation to consumers driven into increasing reliance on debt because an
increasing proportion of such income has been prematurely cancelled as
effective income and is no longer available for purchase of goods which are
currently emanating from the production system.
How long is the suffering general public going to tolerate the burden of
escalating debt, price inflation and increasing taxation without demanding a
reversal through implementation of a realistic financial policy?
Published by: The Sherwood Park - Strathcona County News Sherwood Park,
Alberta Canada Richard C. Cook is a frequent contributor to Global Research.
© Copyright Richard C. Cook, Global Research, 2007 The url address of this
article is: www.globalresearch.ca/index.php?context=va&aid=7613
(3) Morgan Stanley Issues Full US Recession Alert
Date: Sat, 15 Dec 2007 00:20:31 -0500 (EST) From: IHR News
Morgan Stanley Issues Full US Recession Alert
By Ambrose Evans-Pritchard, International Business Editor
Last Updated: 12:53am GMT 15/12/2007
The Telegraph (Britain)
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/12/11/cnusa111.x
ml
Morgan Stanley has issued a full recession alert for the US economy, warning
of a sharp slowdown in business investment and a "perfect storm" for
consumers as the housing slump spreads.
In a report "Recession Coming" released today, the bank's US team said the
credit crunch had started to inflict serious damage on US companies.
"Slipping sales and tightening credit are pushing companies into liquidation
mode, especially in motor vehicles," it said.
"Three-month dollar Libor spreads have jumped by 60 to 80 basis points over
the last month. High yield spreads have widened even more significantly. The
absolute cost of borrowing is higher than in June."
"As delinquencies and defaults soar, lenders are tightening credit for
commercial, credit card and auto lending, as well as for all mortgage
borrowers," said the report, written by the bank's chief US economist Dick
Berner. He said the foreclosure rate on residential mortgages had reached a
19-year high of 5.59pc in the third quarter while the glut of unsold
properties would lead to a 40pc crash in housing construction.
"We think overall housing starts will run below one million units in each of
the next two years -- a level not seen in the history of the modern data
since 1959," he said.
Although the US job market has apparently held up well, an average monthly
fall of 138,000 in the number of self-employed workers over the last quarter
suggests it may now be buckling. "Consumers face what could be a perfect
storm," said Mr Berner.
The partial freeze on subprime mortgage rates announced last week by US
treasury secretary Hank Paulson may help cushion the blow for some banks,
but it could equally backfire by adding a "risk premium" that drives even
more lenders out of the mortgage market.
Like Goldman Sachs, and Lehman Brothers, the bank no longer believes Asia
and Europe will come to the rescue as America slows.
It has slashed its 2008 growth forecast for Japan from 1.9pc to 0.9pc, and
warned that credit stress will weigh heavily on the eurozone.
Mr Berner said US demand is likely to contract by 1pc each quarter for the
first nine months of 2008, but the picture could be far worse if the Federal
Reserve fails to slash rates fast enough. It is betting on a quarter point
cut this week, with three more cuts by the middle of next year. "We expect
the Fed to insure against the worst outcome," he said.
(4) On the Similarities of Germany (1930ies) and the USA (New Millennium)
-----Original Message-----
From: set [mailto:setex01@yahoo.com]
Sent: Monday, December 17, 2007 16:52
On the Similarities of Germany (1930ies) and the USA (New Millennium)
Then - during the times of which we may not know anything other than what
Jewish "historians" (story-tellers) want us to "know", Germany found itself
in a very similar situation than the US of Amnesia are in now: Industry was
owned by Zionists, Politics was made by Zionists and (considering who
started the "science" of Eugenics .... at least on an basic level and
especially in the knowledge who funded it all... we may well argue, that)
also the Ideology was driven by Zionist interests.
I have just come across a book (Philosophen im Dritten Reich - Philosophers
in the Third Reich) published in 1990 in the German Democratic Republic in
1990. In it is argued, that Alfred Rosenberg (despite the name - not a Jew
- thanks AIS!) had a hard time to overcome the resistance of German
intellectuals to fascist ideology. Nobody in (West) Germany would ever
touch the subject in the first place (as this might easily be construed as
"Wiederbetaetigung" for the crime of which countless Germans linger in jail
or are at least ostracized...). This ideology was foisted upon a people
that had been treated with utmost contempt by Zionists after WWI. Why should
Germans forget - we are constantly reminded we cannot (EVER!) forget what
Germans "have done" to Jews - why is the reverse not "on"?
All this sent me thinking ....
The media (the Dumbing Down Machine in my book) and web reverberate with the
mentioning of the "term" NaZi .... it is - due to ceaseless repetition - now
universally taken to signify (members of) the NSDAP. The generation of my
parents (who should remember this) have never used the "term" NaZi THEN -
during the times of which we may not even THINK about ....! So why ist it,
that this "term" is so commonly, albeit erroneously, used? Is this another
such "item" as "judeo-christian" whatsoever? This cobbling together of the
proverbial anti-thesis is used without any conscious thought .... just like
NaZi cannot mean anything else but National Zionist! Again diametrically
opposed to what it supposedly stands for ....
NOW WE ARE GETTING TO THE POINT I AM TRYING TO MAKE ..... I have not
"spoken" to an American in years (why bother? Their brains are shuttered
solid with all the clap-trap put out by the Dumbing Down Machine), but I
gather from some opinion polls that find their way into the alternative
web-sites, that the popularity of the Bush II. regime is not all that high
anymore. So what will happen, when DUBYA goes for broke (how else but as a
War-Time-President can he stay in office - i.e. out of jail)? After the
first wave of "shock and awe" on Iran, the entirety of the American naval
"assets" in that region will be "history", Israel will join the fray (if it
not all starts the other way around in the first place) and then ISRAEL will
be "history". How many more times will the Ummah just look inactively at
how YET ANOTHER Islamic country gets the "shock and awe" treatment? Even if
that were not the case - with the Strait of Hormus being an unpassable
graveyard of ships sunk by Iranian mines or Sunburn (and similar
super-sonic) cruise missiles, many countries in the world will go mightily
thirsty for oil ..... the only way to reopen the supply line will be PEACE!
How to "make" PEACE? Certainly not with arms ... as they are held in the
trigger-happy hands of dumbed down Americans....
Simple ... just sell all the worthless US treasury bonds that are hoarded as
"security" by some of the most industrious nations on Earth. THEN, when
there is no more oil (just google around for the percentages of the world's
oil supply that pass this lane ... even the newly opened pipeline to Ceyhan
on the Mediterranean will not ease this "drought"), the overriding
consideration that lets the US Dollar stay afloat (somewhat) - the exports
to America (priced in Dollars) will simply not be an issue anymore. But
when these nations cannot produce anymore, they cannot sell what they COULD
produce - IF they had OIL..... when THAT realization hits home, the US
Dollar will be HISTORY! Blackwater will not fight for nice words.... and
even American soldiers want money that is worth something!!!!
At the end of all this .... when the dust has settled (and all of mankind
will suffer from what the "Gulf-War Syndrome" really is .... radiation
poisoning ....), THEN the USA - the Americans will become the evil incarnate
,,,, Germany and Germans do not really function anymore in that way ....
over the last half century too many Germans have been all over the world and
proven NOT to be the NaZi monsters they were portrayed as ..... so this tit
is milked dry!
Is this the reason why the elites have cut the strings from which they have
dangled Dubya all these years? The recent NIE openly call Dubya a liar or a
mental pigmy! Either way, does not matter - he will go down in histroy as
the worst US Prez ever (Jimmy Carter) and if he does not manage to start
WWIII, he will be gone! Wether it is the Mediawhore Billary or the 9-11
co-conspirator Rudolf ..... does not matter ..... they both are beating the
war drums .... the scenario of a US of Amnesia turning into a has-been will
end the American Dream (that nightmare for the Rest of the World)....
sometime soon.
It is hard to summon any optimism for 2008 .... should none of the above
come to bear (LET US ALL HOPE!), the American corporations will induce
strokes in elderly people by way of stuffing perscription (cholesterol
lowering) drugs into them, your youth will be zombified by legally enforced
drugging with Ritalin and other psychopharmica, and the whole legacy of
other aspects of Pharmageddon will come to bear. Unethical biologists will
hybridize the fields and stables from which nature supplies us with food;
there might be an "accidental" escape of the "Spanish Flue" virus that US
scientists successfully unearthed from the eternal ice in Greenland .......
Nukelar [sic] engineers will fry the brains of people with their active
denial weapons (what a nice oxymoron...), the handy-mania will boil off the
remaining atmosphere (talk of the Greenhouse effect ... come on ....pull the
other one! ) and lest we forget .... we will all get "our" dose of depleted
uranium floating in the atmosphere .....
.... it will be difficult to summon the spirit of Christmas .......
Dr. Siegfried E. Tischler
Visiting Professor - Ethics of Science
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The aims of a free sovereign society for all countries must be:
* Issue Sovereign Debt-Free National Currencies.
* Make Their Own Laws And Trade Agreements.
* Replace Democracy With Federalism - Swiss Model Referendum.
* Abolish Political Parties - Replace By Direct Vote Of The Sovereign.
* Finance And Banking Is A Communal Backed Public Service.
* Raise Tariffs On Imports Above Local Offerings
* Label goods stating domestic wage cost share in % - like sales tax
* Charge social costs in sales price reciprocal to domestic wage share
* Replace Professional Politicians By Unpaid Elected Citizens
* Allow Only Private Owned Foreign Shareholding And Real-Estate.
* Communally Own Public Utilities, Communication And Media Services.
* Land And Resources Under Communal Use And Ownership.
* Advertizing free Medias to slowdown exploitation of the environment.
* Medical, legal & consulting fees payable after health & success
* Economical Autarky - According To Fredrick List.
* Turn Government Servants Into Regular Accountable Employees.
* Abolish Corporates And Make Company Operators Accountable.
* Abolish Double Entry & Compulsory Bookkeeping.
* Work Is Non-Taxable - For Individuals And Companies.
* Export Only Surplus Commodities In Exchange For Needed Goods.