The Black Heart Of Banking

Banks don’t actually need any capital base at all, they can make money up from the thin air at will (setting aside the dictates of the BIS which is biased on the side of the banks) and gift it or loan it at .01% interest to deserving business and so promote the creation of wealth. It’s the natural way of doing things. We’ve been bought up with a set of beliefs themselves entirely artificial and wholly against our interests so that an artificial economic elite may be created and sustained. This is what’s causing the the current poverty and this is what’s going to have to end. We are witnessing a global banking dynasty, its very existence unsuspected by the majority, in its death throes. I don’t know what the immediate future might hold but I’m sure of one thing; it ain’t gonna be pretty 🙁


Economics Game-Changer

The phrase ‘fractional reserve banking’, together with a reference to banks lending more money than they actually have, has finally appeared in a UK mainstream paper. Edmun Conway in the Telegraph recently penned the following:”Capitalist societies chose some decades ago to have a “fractional reserve banking” system – where banks lend out more cash than they have in their vaults – because this helps provide money for companies and households to invest.”

Well. that does change things, doesn’t it…. its a first so far as I know. Good stuff – the more these things are bought out into the open and properly discussed, the sooner we can end the banking oligarchy and get community banking set up and bring wealth back to the people who earn it. More please!


Goldman Sachs

the damage is done… if you make serious money and it’s in a way that most people would disapprove of, perhaps violently, and if it’s handled by someone on your behalf at any stage, you want to keep your head well below the parapet and also you want your brokers (or whoever) to be keeping their heads down too. You don’t want their names in headlines. I think this is the end for Goldman Sachs whatever the outcome of the SEC’s prosecution, whether it’s successful in the punitive sense or not.


A Tangled (And Uninformative) Web We Weave

I’ve been noticing for a while that events of significance for the UK are sometimes ignored in the UK press until after they’ve been widely covered in the US press and vice versa. It’s difficult to hide things from the public in an internet-enabled world. However, I believe most people are still largely in the dark about the state of the economy as no country I know of reports in any depth on it in the mainstream. Fractional reserve banking is still a complete mystery to many, discussion of it being almost completely absent. I’ve read nothing at all in the UK press, for example, about banks being sued for selling sub-prime finance under the banner of an entirely unjustified triple-A rating, yet I understand from the brief mentions it has in the American press it is indeed happening. I suspect this is a case of media content being dictated by its advertisers, as many of the larger more powerful banks wouldn’t like to see their adverts carried next to a story about their being sued for either incompetence, dishonesty or both. This renders the media irrelevant for news-gathering, a fact which seems to have escaped many. I use the web myself, favouring Twitter.


Local Banks Closing To Be Replaced With What Exactly?

Local branches of the big banks are closing all over the country, leaving the locals with no banking facilities. This is regarded as lamentable by many.

Bring it on, I say. The existing banking system is broken beyond repair anyway, having debts that might be regarded as infinite and so are insolvent. The sooner people realise that the existing system’s useless and we have to walk away from it then the sooner alternatives will start being seriously discussed. The idea of alternative banking might seem to be the exclusive province of the weirdie and the beardie but the ongoing cuts in local banking facilities will force more perfectly normal folk to start taking these things more seriously. None of this is before time, IMHO. 


Brooksley Born

They bilk us; information found regarding internal communications back in 1993 when Proctor & Gamble sued their bank for selling duff products highlights this. It’s the rest of us versus the banks, and sadly the politicans seem to be more on their side than ours. One woman who fought for regulation, essentially for civilisation against lawlessness, was the CTFC’s Brooksley Born. Her story’s here in video;

Educating and frightening in equal parts.

It suggests to me that since the OTC derivatives entire process is dark, there’s only one realistic approach when it goes wrong; walk away.

You can’t fix what you can’t see.

I know this means walking away from the existing banking system, so to what exactly? Ellen Brown seems to be pointing the way;


Nick Griffin And The BBC

Firstly, if I was Nick Griffin I’d have absolutely made sure there were riots outside the BBC centre if I knew I was going to be on Question Time. It’ll be interesting if it turns out that at least some of the protesters against his presence there turned out to BNP members bigging up the occasion.

The real significance of the occasion for me was that he was there in the first place anyway. A representative of a fringe party, regarded by most as cranks a few short years ago, now here they are on a highly-regarded mainstream political program, albeit from what I gather (didn’t watch it) he wasn’t asked any decent questions. What would have seemed impossible, unimaginable even a few short years ago is now becoming commonplace and even respectable.

Who are they going to have on next week, the Druids?