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The Credit Crunch – It’s True Causes and a Call to Action
[This analysis relates mostly to the United States and the United Kingdom, which is where I live, but it is also important to people living in other Western countries.]
1. I’m not going to give you any BS. Reading this may give you nightmares but I can’t help that. The important thing for you is to know who is causing the Credit Crunch and why. This may mean the difference between life and death for you and your family in the financial and economic tsunami engulfing all Western countries. Think I’m kidding? Then just read this to the end for the real truth that will make the hairs on the back of your neck stand up on end.
Who Creates Our Money?
2. The root of the problem is money creation. Money doesn’t exist in nature, so someone has to create it. It should be created by the government through a department that’s answerable to everyone who votes. This department should also be responsible for maintaining its value, with no excessive inflation or deflation. This means simply keeping the amount of money in circulation broadly in line with the value of goods and services in the economy at any given time. The National Debt would cease to exist as the government would issue (through the appropriate department responsible to voters) all the money needed for it to function. This would cut down government interference and radically reduce tax levels. It is fundamental that all money issued in this way should be debt-free, i.e. spent into circulation and not borrowed as a loan that has to be repaid with interest, which is what happens at present.
“The Most Powerful Weapon Invented By Man”
3. For over 300 years the economies of all leading nations have been debt-based. At the heart of it are central banks, controlling a system whereby credit-creation, a process essential for the functioning of a modern economy, is made a racket to facilitate the transfer of real wealth from the wealth-producing farmers, industrialists, workers and other wealth-producers, to the non-wealth producing banks, themselves owned by a tiny inter-related clique of families who believe their destiny is to rule the whole world, with everyone else as their slaves. This group of families in turn are the leading figures in the “global elite” referred to later. The chief tool in this system is compound interest (according to Einstein, “the most powerful weapon invented by man”), or usury, and the system itself has been called Finance Capitalism. This dates back to 1694, when the Bank of England was founded on a plan drawn up by one William Patterson, whose motto was “Thus You Labour, But Not For Yourselves”. That should tell you a great deal about the people who control our money.
The Rich Get Rich And The Poor Get – Poorer!
4. Finance Capitalism is unworkable in the long run. Why? Because, under it, all money comes into existence as a debt owed to a bank. This debt carries interest which, when paid, reduces the money available to repay the original loan. (Okay, this is simplifying the issue, as some loans will be repaid, for example out of profits made by a business, but this is only at the expense of other debtors who miss out on the “musical chairs” and end up with insufficient money to repay their debt, or even the interest on it). There is therefore a constant shortage of money, which tends to increase poverty among those people less adept at accumulating it by way of savings. That’s why the rich get richer and the poor get poorer.
5. This shortfall can only be made good by the banks lending more and more of their fictitious money. The amount of money lent has to increase in each cycle just to maintain an equilibrium between the value of goods and services in the economy and the amount of money available to facilitate a smooth means of exchange of goods and services in the economy. This money, of course, is made out of nothing, and its creation costs the banks nothing.
Why We Keep Having Trade Deficits, Unemployment and Recessions
6. For this reason, as well as sheer greed, banks and finance houses, and the shadowy figures who own them, are always seeking fresh borrowers, new markets in which to lend their promise-to-pay money. This leads to the transfer of wealth out of the country as new factories are financed and built in countries with a low wage level, and therefore low costs. These factories when built produce cut-price manufactured goods which, under the banner of “free trade”, are allowed to flood into Western countries, with their higher wage levels and higher costs of production. This leads to high profits for the bankers who finance this trade, but for everyone else it means declining and disappearing manufacturing industries, industrial strife (as labour blames management and vice versa for being unable to “compete”), bankruptcies, suicides, unemployment and poverty.
A “False Economy”
7. The “Credit Crunch” has come about as the latest in a long line of Finance Capitalism failures. In 1929 it was vastly inflated plots of swamp in Florida. This time it’s the “toxic debt” of the so-called “sub-prime” mortgage market in the US that triggered the crash. For over 15 years in Britain and the US the banks pumped loans into property, particularly domestic housing. As a result property prices have risen on average by around 300% to 400% in that time. And with the publication of each increase in the average house price came a chorus from the foolish economists, journalists, and other opinion-makers, saying how wonderful it was for the economy that the value of housing had gone up yet again.
8. As a result banks enjoyed a boom. Profits and commissions soared. Bonuses paid to City (of London) and Wall Street bankers and their minions were legendary – many exceeding a million pounds. As more and more borrowers were sought to sustain the doomed system, the inevitable happened. Home loans were made to more and more deadbeats and no-hopers – people with low-paying jobs and often with no jobs at all (they were allowed to “self-certify” their earnings status, for goodness sake!) – and the amounts lent (often more than the actual cost of the house itself) were in thousands of cases so high that there was no chance they would ever be repaid.
9. But as the property boom continued this was perceived not to be a problem. Any defaulting borrower would simply have his house re-possessed (the human cost of all this was never considered) and sold for a higher price than the original loan, so the lender wouldn’t lose out. All the “experts” said the boom would never end, and house prices would always go up and up, for ever.
The Bubble Starts To Burst!
10. In the summer of 2007 the first signs appeared that the numbers of defaulting borrowers, and the massive amounts involved, might cause a serious problem to the banking system. The global elite holding the purse strings of the major banks, in accordance with their hidden agenda (see below), halted further lending. The bubble was therefore about to burst. The banks and loan companies that had spearheaded all this madness realised that they had better do something if they were not to be the first in line when the whole rotten house of cards started to collapse.
11. They came up with an ingenious solution. They “packaged” up as many of these toxic loans as they could, and added a few sound loans to make them look like a good investment, and sold them at a discount on the open market to other banks and finance houses that were after a quick profit. The purchasers of these packages were convinced that, though some of the loans in each package would turn out eventually to be bad, they were more than made up for by good loans at high rates of interest to good, respectable borrowers who would pay off their debts at any cost. And anyway, they still had the security of each house mortgaged, and the price of property would always go up, right?
The First Casualties
12. As we now know, nearly all these packages fell apart as soon as they were transferred, and the housing market crashed, with property prices falling off a cliff. Probably most of the original lenders are now out of business as the mortgage industry, on which they wholly depended, is in free fall. The buyers of these packages are, for the most part, the household names that have collapsed, been taken over by a rival company, or been nationalised. Northern Rock, Fanny Mae, Freddie Mac, AIG, Lehman Bros, Bear Stearns, Wachovia, Washington Mutual, Halifax Bank of Scotland, Bradford and Bingley . . . the list is only just starting.
What It All Means For You
13. What does all this mean for you and your family? The British and US Governments are pumping millions of fictitious pounds and dollars into their economies in a pathetic (and probably illegal) attempt to prevent a complete collapse. This so-called money is created out of thin air by their central banks (Bank of England, Federal Reserve System) and lent to the British and American governments as a huge loan repayable with real taxpayers’ money at interest. It is a usurer’s dream come true and everyone else’s nightmare. The first effect for you, therefore, is that taxes are going up. And they’re set to go up a long way.
14. What else is going to happen? Well, just think about it. Banks are short of money to lend. They have to carry on lending as otherwise they’ll go out of business and people will realise that they can create their own money and not be constantly in debt to the bank. That would be the end of the game for the banking system, so the banks will seek to avoid this public realisation at all costs. They will resume lending but they will be very cagey about how much they lend and who they lend it to. They will tell us the resulting depression and economic misery was our own fault for “overspending” and that they themselves are being prudent with our savings (a laughable lie).
Unproductive Banks 1 Productive Industry 0
15. What is left of our productive industry will wither in the face of an investment famine, and die. Most of our remaining factories will close and unemployment will multiply. In Britain, Ford have already gone on to a 4 day week (October 2008). With the drastic reduction in the money supply, business failures, already at a high level, will sky-rocket. The market for modest family cars, for example, will collapse (as will a number of big name Western car manufacturers) but the market for luxury yachts will remain as strong as ever. The gap between the super-rich and the super-poor will grow even wider. All the billions pumped into the economy (without any corresponding rise in the production of goods and services) will cause rampant inflation. The ordinary, dispossessed, unemployed folk will not benefit from all this money, as it will go straight into the coffers of the bankers who caused the crisis in the first place.
A Mere 50 Per Cent Reduction In The World’s Population
16. As the demand for social welfare and unemployment benefits soars, the government will run out of money to pay them. This is because the global elite who own the banking system will deliberately refuse to lend the money. The credit-worthiness of the British and the US Governments will have sunk to zero. There will be food riots, poverty and starvation and disease on a massive scale. This will be in accordance with the global elite’s stated intention of causing a reduction in the world’s population of 50 per cent. Most of the people to die will be the productive elite of western countries – managers, blue and white collar workers, farmers, even some professionals and academics. I told you this was not going to be a fun read. But it’s the truth.
Death Of One New World – Birth Of Another
17. The result of all this will be a completely unrecognisable world, where Europe and North America count for little, against the newly-emerged economic power-houses of China and the Far East. The historic nation-states of Europe will be finally abolished, absorbed, politically and economically, into a European super-state, the rights of the ordinary citizen will be abolished, and all power vested in the so-called European Commission, itself thoroughly corrupt (it has never published any accounts in its 50 year existence) and a pawn of the global elite. The USA may survive as a nominally independent country, or it may be absorbed into a super-state consisting of the USA, Canada and Mexico, and perhaps some other Central American countries as well. That at least would solve the problem of illegal mass migration into Britain and illegal Hispanic immigration from Mexico to the USA – they would simply be population movements from one part of a super-state to another. The original European culture of the Old and New Worlds will be swamped to death by sheer weight of numbers. If you survive, you’d better get to like hip-hop and Bollywood.
Triumph Of The “Superclass”
18. All this won’t affect the elite banking families – the families who own all the stock in the Federal Reserve, for example, or the 6,000 or so people who form the global elite, the “Superclass” of David Rothkopf’s book of the same name, and who consider themselves as the natural rulers of the rest of us. They will view the death of Europe and North America, a death that they will have caused, with a kind of grim satisfaction, perhaps in the same way that a bunch of parasites (for that is what they are) view the death of their host. Their only concern will be to make sure their new host can provide them with the wealth and power to which they have become accustomed – only on a larger scale than before.
Wanted – A New Host For The Superclass Parasites
19. That’s where China and other Far East countries come in. China has been undergoing an industrial revolution at a blistering rate in recent years. The Chinese population of a billion plus is firmly under the control of the Chinese government, thanks to the Communist Party having been assisted to power in 1949 by the US State Department, itself controlled by the global elite. It all depends on these creepy parasites, the global elite, being able to deceive the Chinese as easily as they have deceived the Europeans and North Americans.
Hell On Earth
20. Meanwhile, as the would-be masters of the universe re-locate to the Far East, Europe and North America will be left as polluted wastelands populated by a mish-mash of deracialised human trash, where crime, corruption and anarchy are the norm and most existence depends on a capability for cruelness and violence. Hell on Earth, in other words. You’ll undoubtedly be better off dead.
Footnote: What can be done to stop this tragedy playing out? How can we free ourselves from the debt-slavery imposed on us? Why don’t we all, all of us who can see the evil in this situation, get together through the Internet and start an organised resistance? It’s going to mean hard work and dedication, and facing the wrath of the enemy, but let’s do it!
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