Unkept Paper Promises
Money = Debt, or IOU Notes. The issuance of "I Owe yUo" notes by those who know they cannot honor them, or have no intention of paying them to the same value, is fraud.
Holders of Icelandic, Irish and Greek government and private debt in recent years have taken a haircut, been sheared like sheep. Holders of U.S., Japanese, U.K., Spanish, Italian, French IOU paper should be concerned.
Notes issued by the Bank of England denominated in pounds sterling carry the words “I promise to pay the bearer on demand the sum of …” However, if you go to the Bank of England and demand payment in pounds of sterling silver they will not give it to you. You will be stuck with the paper. And if the paper they issue becomes too large compared with the economy then inflation arises and the paper loses value vis-a-vis goods and services. However, the BoE is currently required to ensure that inflation in the U.K. stays around 2%, and if it doesn't the Governor has to explain to Parliament why not.
http://www.bankofengland.co.uk/banknotes/Pages/about/history.aspx
Events in the economic world, especially since 2008, have seriously eroded any trust we may have had in the people who manage government and bank finances. An increasing number of people are now looking for alternate ways to manage their economic affairs. Governments, banks, and corporations are coming under closer scrutiny with more cases of financial jiggery-pokery being exposed almost on a daily basis.
We are now witnessing the demise of laissez-faire capitalism as Europe, U.S.A., Japan and other states attempt to stop the collapse by issuing bonds or through quantitative easing. But such attempts are bound to end in failure as the enormous debts run up by governments cannot be paid off without either exorbitant tax increases, phenomenal economic growth, or massive inflation. Raising government funds through privatization of public assets is essentially selling the population into the private hands of neofeudalism, as explained in my previous articles.
Political leaders know this, or should do otherwise they are irresponsible. Financial criminals have been imprisoned in recent years. The debacles they have caused have become top political issues as politicians are intimately involved in the finance business and its regulation. However, politicians are, as ever, avoiding the radical changes necessary, while attempting to kick their very battered can of financial worms down the road a little further.
Their political can is full of holes, exposing financial worms grown very fat and ugly. And it looks like their performance is falling apart to the point of absurdity. But while this political laughing stock try to hold their financial can of worms together they are still not changing the underlying causes and thus the problems are growing bigger. Thus the collapse, when it comes, will be bigger than 2008, or 1929, in terms of its political, economic and social costs.
Revelation 8
http://www.amazon.com/False-Dawn-Delusions-Global-Capitalism/dp/1565845927
http://www.bbc.co.uk/news/magazine-14764357
http://www.guardian.co.uk/commentisfree/video/2009/mar/09/capitalism-crisis-john-gray
Money = Debt, or IOU Notes. The issuance of "I Owe yUo" notes by those who know they cannot honor them, or have no intention of paying them to the same value, is fraud.
Holders of Icelandic, Irish and Greek government and private debt in recent years have taken a haircut, been sheared like sheep. Holders of U.S., Japanese, U.K., Spanish, Italian, French IOU paper should be concerned.
Notes issued by the Bank of England denominated in pounds sterling carry the words “I promise to pay the bearer on demand the sum of …” However, if you go to the Bank of England and demand payment in pounds of sterling silver they will not give it to you. You will be stuck with the paper. And if the paper they issue becomes too large compared with the economy then inflation arises and the paper loses value vis-a-vis goods and services. However, the BoE is currently required to ensure that inflation in the U.K. stays around 2%, and if it doesn't the Governor has to explain to Parliament why not.
http://www.bankofengland.co.uk/banknotes/Pages/about/history.aspx
Events in the economic world, especially since 2008, have seriously eroded any trust we may have had in the people who manage government and bank finances. An increasing number of people are now looking for alternate ways to manage their economic affairs. Governments, banks, and corporations are coming under closer scrutiny with more cases of financial jiggery-pokery being exposed almost on a daily basis.
We are now witnessing the demise of laissez-faire capitalism as Europe, U.S.A., Japan and other states attempt to stop the collapse by issuing bonds or through quantitative easing. But such attempts are bound to end in failure as the enormous debts run up by governments cannot be paid off without either exorbitant tax increases, phenomenal economic growth, or massive inflation. Raising government funds through privatization of public assets is essentially selling the population into the private hands of neofeudalism, as explained in my previous articles.
Political leaders know this, or should do otherwise they are irresponsible. Financial criminals have been imprisoned in recent years. The debacles they have caused have become top political issues as politicians are intimately involved in the finance business and its regulation. However, politicians are, as ever, avoiding the radical changes necessary, while attempting to kick their very battered can of financial worms down the road a little further.
Their political can is full of holes, exposing financial worms grown very fat and ugly. And it looks like their performance is falling apart to the point of absurdity. But while this political laughing stock try to hold their financial can of worms together they are still not changing the underlying causes and thus the problems are growing bigger. Thus the collapse, when it comes, will be bigger than 2008, or 1929, in terms of its political, economic and social costs.
Revelation 8
10 And the third angel sounded, and there fell a great star from heaven, burning as it were a lamp, and it fell upon the third part of the rivers, and upon the fountains of waters;
11 And the name of the star is called Wormwood: and the third part of the waters became wormwood; and many men died of the waters, because they were made bitter.
http://www.amazon.com/False-Dawn-Delusions-Global-Capitalism/dp/1565845927
http://www.bbc.co.uk/news/magazine-14764357
http://www.guardian.co.uk/commentisfree/video/2009/mar/09/capitalism-crisis-john-gray
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