Posts Tagged ‘banksters’

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by Ellen Brown

Higher education has been financialized, transformed from a public service into a lucrative cash cow for private investors.

The advantages of slavery by debt over “chattel” slavery – ownership of humans as a property right – were set out in an infamous document called the Hazard Circular, reportedly circulated by British banking interests among their American banking counterparts during the American Civil War. It read in part:

Slavery is likely to be abolished by the war power and chattel slavery destroyed. This, I and my European friends are glad of, for slavery is but the owning of labor and carries with it the care of the laborers, while the European plan, led by England, is that capital shall control labor by controlling wages.

Slaves had to be housed, fed and cared for. “Free” men housed and fed themselves. For the more dangerous jobs, such as mining, Irish immigrants were used rather than black slaves, because the Irish were expendable. Free men could be kept enslaved by debt, by paying them wages that were insufficient to meet their costs of living. On how to control wages, the Hazard Circular went on:

This can be done by controlling the money. The great debt that capitalists will see to it is made out of the war, must be used as a means to control the volume of money. . . . It will not do to allow the greenback, as it is called, to circulate as money any length of time, as we cannot control that.

The government, too, had to be enslaved by debt. It could not be allowed to simply issue the money it needed to meet its budget, as Lincoln’s government did with its greenbacks (government-issued US Notes). The greenback program was terminated after the war, forcing the government to borrow from banks – banks that created the money themselves, just as the government had been doing. Only about 10% of the “banknotes” then issued by banks were actually backed by gold. The rest were effectively counterfeit. The difference between government-created and bank-created money was that the government issued it and spent it on the federal budget, creating demand and stimulating the economy. Banks issued money and lent it, at interest. More had to be paid back than was lent, keeping the supply of money tight and keeping both workers and the government in debt.

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The crimes of the empire are real, predictable, and with precedents.

 

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Iceland Sentences 26 Corrupt Bankers to 74 Years in Prison

 

The theory that you have to bail out banks is a theory that you allow bankers enjoy for their own profit, their success, and then let ordinary people bear their failure through taxes and austerity. 
People in enlightened democracies are not going to accept that in the long run.

 

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Anti-austerity bloc brings down Portugal’s government

Proposals to continue austerity policies were blocked in parliament, backed by mass public anger, forcing the government to dissolve.

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One year after foreign bankrolled extremists violently seized power in Ukraine, the IMF is going to insure they remain in power and that the bankrupt country continues on its same path.

IMF approves $17.5bn bailout package for Ukraine

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Irish protesters called on their official lie broadcaster to tell the truth. There’s a public with some self-respect. The banksters are now stealing everything not nailed down, like their water.

‘Tell the truth!’ Protesters rally in Ireland against ‘biased’ national broadcaster

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Just so you know where all the money went after that “crash” of 2008. It seems not everyone crashed. In case you haven’t been paying attention…

According to Oxfam, the world’s rich are getting richer, leaving hundreds of millions of people facing a life “trapped in poverty” as global “inequality spirals out of control”.

Number of global billionaires has doubled since the financial crisis