Economic Articles from 2019
The Yellow Vests Get it Right
by Robert Gore
Posted January 16, 2019
The mainstream media has degenerated irreparably. Here’s a reliable rule of thumb: if it’s important it’s not covered; if it’s covered it’s not important. Stories in the American mainstream press about Yellow Vest protests have been few. One aspect of the protests, transcendently important, has received scant coverage.
The Yellow Vest protestors have called for a coordinated run on French banks. Whether they realize it or not, they’re playing with nuclear warheads that could annihilate not just the French, but Europe’s and the entire world’s financial system. Because inextricably linked to the ends of contemporary governments―how much they can screw up the lives of those who must live under them—is the question of means―how do they fund their misrule? The short answer is taxes and debt. More…
Venezuela’s gold in limbo amid tug-of-war at the Bank of England
by Ronan Manly
Posted January 15, 2019
In early November news was placed into the British media (Reuters and The Times) revealing that the Bank of England in London, one of the world’s largest custodians of gold bars on behalf of other central banks, was refusing to allow the withdrawal and repatriation of 14 tonnes of gold belonging to Venezuela’s central bank, the Banco Central de Venezuela (BCV).
According to these media reports, the delays / refusals by the Bank of England to allow the Venezuelan gold repatriation ranged from excuses about the prohibitive cost of transport insurance to concerns about future money laundering. More…
Think about this: if central banks can steal the money of sovereign nations, do you think they will have any moral problems stealing YOUR money?
Gold & Global Financial Crisis Redux
By Jim Willie CB
Posted January 14, 2018
The Global Financial Crisis, a broader deeper more powerful systemic crisis than the Lehman Event was, has finally arrived in a great redux. It is seen in numerous areas. We have finally arrived at the ten-year anniversary of the Lehman event, a killjob whereby JPMorgan and Goldman Sachs bought a few $billion in mortgage bonds and never paid Lehman Brothers.
The firm died, called a financial failure, but was actually a strangulation. Goldman went on to capture AIG, in order to claim 100 cents per dollar on insured mortgage bonds, a second crime. The Wall Street banks, under the leader Henry Paulsen as the managing USTreasury Secretary, completed the third crime, by pitching the $700 billion TARP Fund.
They stole it, using the fund for enriching themselves with redeemed preferred stock, instead of making the funds available for lending purposes. Here ten years later, nothing has been fixed. More…
Yellow vest protesters plan massive run on French banks
by News Corp Australia Network
Posted January 10, 2019
Furious yellow vests are preparing to withdraw all their euros in a massive run on French banks, as the violent protests spill over to Britain.
If a bank run succeeds, the yellow vests could cause a complete failure of France’s banking system. Unlike Australia, France operates on a Fractional Reserve System meaning their banking system holds a fraction of money that’s deposited by customers. The rest is used to make loans, creating new money.
If reports are true in saying 70 per cent of the population plans to withdraw all their euros, it means more than 46 million people will be directly revolting against the system. This could lead to a systemic banking crisis in the country where almost all the banking capital is wiped out. More…
Neofeudalism Isn’t a Flaw of the System–It’s the System Working Perfectly
by Charles Hugh Smith
Posted January 10, 2018
The basic idea here is the socio-economic-political system is structured such that the only possible output is neofeudalism. In other words, neofeudalism isn’t a flaw in the system that can be changed with policy tweaks or electing a new president or PM– it’s the result of the system working as designed.
Neofeudalism is a peculiarly invisible hierarchical structure of power: The New Nobility (or aristocracy if you prefer) wields vast concentrations of political, social and financial power, and does so without the formalized aristocrat-serf relationships and obligations of classic neofeudalism.
We appear to be free but we’re powerless to change the power asymmetry between the New Nobility and the commoners. More…
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