Financial Times Fumbles Trump’s Central Banking Criticism

Source: TheDailyBell.com
November 2, 2016

Populists stick to tradition of central bank-bashing … If anyone still doubts the affinity between support for Trump in the US and for Brexit in the UK, they should look no further than the two movements’ attitude to monetary policy. –Financial Times

The “populism vs. globalism” meme is increasingly evident in the mainstream media just as we predicted, and analyzing it can generate considerable insight into elite plans and societal positioning.

This Financial Times article provides us further information in a short editorial. Interestingly, it is not by any means persuasive propaganda. It would have been far more effective in the 20th century than today when so many more people are beginning to be educated about free-market economics.

More:

Donald Trump has accused the Federal Reserve of keeping interest rates too low for what is healthy for the economy in order to make the Obama administration, and by extension Hillary Clinton, look good. Theresa May, more elegantly but no more justifiably, used her party Conservative party conference speech to attack the Bank of England’s policy of quantitative easing.

In both cases, the technocrats at central banks are accused of making policy that helps rich elites and hurts the more deserving common people, be they small savers or hardworking families.

So far so good. But toward the end of the article we are – unfortunately for the argument – provided with more specifics. This is where the article’s logic weakens and then disintegrates.

A cursory search of “populism” or “populism vs. globalism” will reveal a tremendous amount of commentary in a short period of time. In fact,  this particular dominant social theme seems to be a foundational feature of upcoming arguments in favor of globalism.

But it is fatally flawed – as this article offers in a few sentences that are meant to be damning but instead reveal the basic bankruptcy of this rhetorical approach:

Traditionally, populists have berated central banks for their obsession with “sound money”: tight monetary policy, high interest rates and the gold standard. ¨

In about 25 words, the article seems to sabotage its entire argument and by extension the larger meme.

Is this the best that can be done? Probably so. It provides terrible testimony as to the state of elite memes generally.

For one thing, central bank criticism in the past few decades has not focused on central bank “obsession with sound money.”

On the contrary, most modern criticism regarding central banking focuses on the endless debasement of the fiat currency monetary facilities spew relentlessly.

Additionally, critics of central banking in the past decade or more have been sounding the alarm regularly about too-low interest rates. Rates so low, in fact, that they have now gone into negative territory.

Finally, in addition to mischaracterizing modern central bank criticism, the article doesn’t even attempt to grapple with cogent criticisms of central banking that are common on the Internet today.

These criticisms are rooted in the free-market economics of the Austrian School, which is in many ways the basis of all modern economics.

Marginal utility shows us clearly that markets create valid prices. Yet central banks “fix” the value and volume of money via interest rates and in other ways.

This cognitive dissonance is at the heart of the disaster of modern central banking.

Ask a central banker if he believes in price fixing, and you should receive a credible, necessary response: Price fixing destroys prosperity by substituting dictates for market competition. And yet … price-fixing is central banking’s significant – sole – methodology.

In the Internet era, memes have to be convincing and logical to have an impact with the intelligentsia that elites have traditionally sought to propagandize – as they are thought leaders. But here we have one of the most important dominant social themes – populism vs. globalism – being presented in a major financial newspaper in a most unpersuasive way.

This is probably why the fallback position when it comes to reasserting a necessary matrix of elite propaganda increasingly focuses on censorship.

The kind of comprehensive effort necessary to reestablish the once-commonly accepted disinformation of the 20th century is probably beyond the scope of even the most authoritarian propagandizing short of genocide.

Conclusion: Bur wait, is that a potential world war staining the horizon? …

Read More At: TheDailyBell.com

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As Central Banks Make Matters Worse, the Rational Choice Is Gold & Silver

goldchest

Source: TheDailyBell.com
August 11, 2016

Central banks are printing money as though the global economy is in freefall … Central banks around the world are now spending $200 billion a month on emergency economic stimulus measures, pumping this money into their economies by buying bonds. The current pace of purchases is higher than ever before, even during the depths of the financial crisis in 2009. –Quartz

From Quartz we learn that central banks are desperate to salvage the world economy.

This is a terrific dominant social theme – elite propaganda – and as such we have trouble with the entire narrative.

We’re supposed to believe after over a century of central banking that those “running the show” aren’t entirely sure of what to do and how to do it.

We are also supposed to believe they are trying very hard and doing their best.

In the case of chairmen like Ben Bernanke, we’re supposed to give them credit for being imaginative and creative.

Faced with the implosion of 2008, Bernanke did the only thing he could. He began printing with abandon.

Supposedly he sent trillions of dollars around the world, which is illegal because the Fed is responsible for US monetary operations and is not supposed to be funding financial institutions outside of the US.

But if Bernanke did do that – and it seems obvious he did – then we’re supposed to give him credit for his imagination and boldness.

When he decided to buy bonds directly in the marketplace to provide a semblance of demand, Bernanke was praised again.

We didn’t think any of it was especially praiseworthy and said so at the time.

But a theme was in operation. People were supposed to think well of central bankers because they were trying so hard.

That hasn’t changed. More:

 Alberto Gallo, a fund manager at Algebris Investments, says we are in a state of “QE infinity” with persistently low growth, low interest rates, and central bank policies that don’t fix things.

“They won’t ever say they’re out of ammunition, but central bankers are starting to look like naked emperors,” Gallo wrote in an article for the World Economic Forum.

The criticism central banks face for enacting these policies—that many argue increases inequality—is getting more heated.

Again the emphasis here is on central bank dysfunction rather than the probable reality, which is that current global depression is part of a necessary dialectic.

Those running the world want to globalize it. Of that, there’s no  doubt. And globalization necessarily demands what we can characterize as chaos.

And out of chaos a new order. A world order.

Continue Reading At: TheDailyBell.com

Texas Begins Construction On Its State Gold Depository

TEXAS BEGINS CONSTRUCTION ON ITS STATE GOLD DEPOSITORY
Source: GizaDeathStar.com
Dr. Joseph P. Farrell
May 25, 2016

You’ll recall last year I blogged about the fact that the state of Texas had passed a law creating its own gold depository. We, lest you think it was all talk and no action, Ms. M.W. found this article at our friends at Zero Hedge, indicating that it was not just talk:

Texas Begins Construction of Gold Depository

There’s something in this article that caught my attention, and no doubt it did the reader’s as well:

Laying the Ground Work for Electronic Gold-Based “Money”

For one, many state politicians hope that the State of Texas will be able to relocate its own gold holdings into Texas from New York where it currently sits. The state spends a million dollars per year on its storage.

Moreover, existence of the depository opens up the possibilities for users creating a new type of currency in which purchases are made electronically with the backing of the gold in the depository. In other words, one could potentially use the depository’s infrastructure to make purchases using gold, and to have gold either directly deposited into another’s account, or converted to US dollars and deposited in a conventional bank. Arguably, this is just an electronic version of gold-backed money.

In other words, in this speculative reading of the event, Texas is getting in on the ground floor of the current meme of “crypto-currencies”. Now, I personally suspect that the push behind crypto-currencies has been a centrasl bank-driven meme, after all, none other than the Bank of England has been in on it, creating their own versions. In other words, the move may not be such a good thing, since the goal here seems to be the removal of physical media of exchange as a part of the move to drive a “cashless society” meme, yet another theme near and dear to the banksters’ black hearts. How better to “reassure” a skeptical public than to have a staunch “conservative” state like Texas involved with the scheme.

Continue Reading At: GizaDeathStar.com

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Joseph P. Farrell has a doctorate in patristics from the University of Oxford, and pursues research in physics, alternative history and science, and “strange stuff”. His book The Giza DeathStar, for which the Giza Community is named, was published in the spring of 2002, and was his first venture into “alternative history and science”.

Central Banks Hacked, But What Aren’t They Saying?

CENTRAL  BANKS HACKED, BUT WHAT AREN’T THEY SAYING?

Source: GizaDeathStar.com
Dr. Joseph P. Farrell
May 21, 2016

Many readers sent various versions of the first article here, which formes the backdrop for the second article, and today’s high octane speculations. Please note: last Thursday’s News and Views was cancelled because I was unable to obtain assistance with the new upgrades we’re making, so today’s blog is essentially what I recorded, but was unable to upload, to You Tube.

So what’s today’s  blog (and last Thursday’s News and Views) about?  Well, someone is hacking central banks, in particular, the New York Federal Reserve:

http://www.cutimes.com/2016/05/16/hackers-steal-81-million-from-new-york-fed?ref=rss&slreturn=1463676653&page=2

Now note the last paragraph of this article:

“The attackers clearly exhibit a deep and sophisticated knowledge of specific operational controls within the targeted banks, knowledge that may have been gained from malicious insiders or cyberattacks, or a combination of both,” Morey Haber, vice president of technology at the Phoenix-based BeyondTrust, said. “The hackers allegedly learned from internal resources what systems need to be attacked, whom to contact, and what vulnerabilities should be leveraged. The art of the hack then became a simple exploit to exercise due to the insider threat.”

So what do we have? In this article we have (1) “hackers” have hacked the NY Federal Reserve, with no mention of who the suspects might be, and (2) the statement is made that “knowledge… may have been gained from malicious insiders or cyber attacks, or a combination of both.”

Continue Reading At: GizaDeathStar.com

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Joseph P. Farrell has a doctorate in patristics from the University of Oxford, and pursues research in physics, alternative history and science, and “strange stuff”. His book The Giza DeathStar, for which the Giza Community is named, was published in the spring of 2002, and was his first venture into “alternative history and science”.

Protect Yourself Against Those Running the World’s Economy for Your ‘Benefit’

big-buildings
Source: TheDailyBell.com
April 6, 2016

IMF warns of emerging market risk to U.S. stock markets  … Major emerging markets, led by China, are increasingly likely to spread fear to financial markets, leading to poor stock performance in the U.S. and other developed countries, the International Monetary Fund said. -MarketWatch

The IMF is back at work spreading fear. That’s not what we are supposed to think of course. We’re supposed to believe that the IMF has our best interests at heart and that its ranks are filled with caring, decent people.

But in this article we want to review important financial facilities along with the banking elite itself to reemphasize that they are not what they seem.

We’ll remind you of why they are not to be trusted and how the current economic system worldwide has been rigged to collapse, and to take you  down with it.

The IMF, the World Bank, the Bank for International Settlements, the larger central banks and top banking elites are all complicit.

In the world of high finance, nothing is as it seems. Each element in engaged in subtle interplay with the others. The goal is always destabilization along with the ruin of the middle classes and the enrichment of just a few, worldwide.

This has been going on since the Great Depression and then again since the end of World War II.

Let’s examine main players.

The IMF is part of a financial tag-team that smashes whole countries on the shoals of sovereign debt. First the World Bank lends to irresponsible government leaders and then the IMF offers additional funds.

But those funds come at a price. The IMF insists on imposing high taxes on already impoverished people. And it often forces countries to sell off valuable national enterprises to Western multinationals.

The IMF and the World Bank deal with political leaders and business tycoons. Central banks have a different role to play and the largest ones are directly involved in fine-tuning the world’s monetary system.

Secret deals are a constant occurrence when it comes to the world’s central-banks. That’s because central banking is a legalized monopoly and central bankers are supposed to conspire together. The Bank for International Settlements acts like a Mafioso Kingpin, supervising the secret arrangements.

The most recent secret deal was negotiated in February at the G20 meeting. Here, top central bank officials agreed to boost the Chinese economy via interest rate manipulation.

It was hoped this would help the doomed Chinese economy while not further damaging Western economies. In fact, the damage from decades of massive credit flows has so injured the world’s economy that no matter what central bankers do, it’s not going to be any good.

Ideally, they would step out of the way. But they won’t. They’ll just make things worse.

Their remedies are laughably simplistic anyway. They either print money or they don’t.

If they print money by creating more credit, then they will contribute to asset bubbles. If they tighten, they will puncture those bubbles prematurely and add trillions in further debt to a world already catastrophically overleveraged.  [Bold Emphasis Added]

Continue Reading At: TheDailyBell.com

Central Banks Are Trojan Horses, Looting Their Host Nations

Source: GlobalResearch.ca

Source: WashingtonsBlog
February 11, 2016

A Nobel prize winning economist, former chief economist and senior vice president of the World Bank, and chairman of the President’s council of economic advisers (Joseph Stiglitz) says that the International Monetary Fund and World Bank loan money to third world countries as a way to force them to open up their markets and resources for looting by the West.

Do central banks do something similar?

Economics professor Richard Werner – who created the concept of quantitative easing – has documented that central banks intentionally impoverish their host countries to justify economic and legal changes which allow looting by foreign interests.

He focuses mainly on the Bank of Japan, which induced a huge bubble and then deflated it – crushing Japan’s economy in the process – as a way to promote and justify structural “reforms”.

The Bank of Japan has used a heavy hand on Japanese economy for many decades, but Japan is stuck in a horrible slump.

But Werner says the same thing about the European Central Bank (ECB).  The ECB has used loans and liquidity as a weapon to loot European nations.

Indeed, Greece (more), Italy, Ireland (and here) and other European countries have all lost their national sovereignty to the ECB and the other members of the Troika.

ECB head Mario Draghi said in 2012:

The EU should have the power to police and interfere in member states’ national budgets.

***

“I am certain, if we want to restore confidence in the eurozone, countries will have to transfer part of their sovereignty to the European level.”

***

“Several governments have not yet understood that they lost their national sovereignty long ago. Because they ran up huge debts in the past, they are now dependent on the goodwill of the financial markets.”

And yet Europe has been stuck in a depression worse than the Great Depression, largely due to the ECB’s actions.

What about America’s central bank … the Federal Reserve?

Continue Reading At: WashingtonsBlog.com