Oh Canada! Imposing Austerity on the World’s Most Resource-Rich Country

[Lucy Goosey]

Why are governments paying private financiers to generate credit they could be issuing themselves, interest-free? According to Professor Carroll Quigley, Bill Clinton’s mentor at Georgetown University, it was all part of a concerted plan by a clique of international financiers. He wrote in Tragedy and Hope in 1964:

The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent private meetings and conferences. The apex of the system was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world’s central banks which were themselves private corporations.

Each central bank . . . sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world.

http://404systemerror.com/oh-canada-imposing-austerity-on-the-worlds-most-resource-rich-country/

[JohnyCanuck]

1. Most people have no idea most of the money in circulation is created through debt to private Banks

&feature=watch_response

[Joe Shlabotnik]

2. The NDP and Green party's official policy positions

call for a re-balancing of debt created currency with government created currency, but neither party talks about it. Its too controversial and misunderstood among by the vast majority of people who think government issued money = hyper inflation and Wiemar republic era wheel barrows of cash. This thinking is exactly what mainstream economists, and globalists want everyone to think. In reality a resource rich country like Canada, could ween itself off of bank debt comfortably over a span of 10-15 years, without a drastic default, and maintain a strong banking position if there was the political will to do so, and if the public was better educated. Whether its a forgotten policy point by the NDP, or a secret agenda (a good secret agenda for a change), who knows. Gradually distributing government created currency through infrastructure projects and necessary government spending should be a national security and sovereignty issue of greater importance, and Canadians should learn that national control of the money supply is exactly how Canada prospered up until the mid 1970s.

[Lucy Goosey]

3. These are great - thanks for posting them! (nt)

[JohnyCanuck]

5. You're welcome LG

The videos are produced by a Canadian, Paul Grignon. More info and links to order them on DVD: http://www.moneyasdebt.net

[Bassic]

4. Big corporations need your money

Stop being so socialistic you communist socialists!

[JohnyCanuck]

6. "A financial grab of infrastructure" by banking and financial elites

MEDIA ROOTS — Dr. Michael Hudson calls it “a financial grab of infrastructure” by banking and financial elites; some call it the new world order; others use less provocative descriptors. This class warfare being waged by the world's ruling-class against the U.S. working-class has been described as a “financial coup d’état” by Catherine Austin Fitts and others. But make no mistake; the ruling-class is stripping the world’s working-class of rights, livelihood, and dignity. And one of the centrally relevant concepts is Modern Monetary Theory (MMT).

In the most recent broadcast of Pacifica Radio's Guns and Butter, entitled “There IS An Alternative To European Austerity: Modern Money Theory (MMT),” Dr. Michael Hudson and Dr. Stephanie Kelton are featured from their presentations at the first annual grassroots Italian MMT Summit, held from February 24-26, 2012 in Rimini, Italy. The event was organised by Italian investigative journalist Paolo Barnard.

Notable concepts discussed include: defining money and money creation, distinguishing between sovereign and non-sovereign money, fiat money, the euro, the difference between central banks and commercial banks, deflation and inflation, the dangers of the gold standard, and much more. Dr. Hudson scientifically discusses how the world's ruling-class is destroying sovereign economies and subjugating their governments. Dr. Kelton bucks Euroamerican orthodox economic theory by proposing approaches to full employment and price stability, notions my economics professor refused to even consider. (When I pressed him on it, he said that's when things get bloody.) Well, when might equals right, the world's working-class must inform itself to counter ruling-class fallacies and their dire consequences for humanity. The shackles will begin to fall away once the people recall the consent of the governed, question the legitimacy of authority, and realise they can decide what is money, debt, and democracy.

snip

***

GUNS AND BUTTER — “But if governments are not allowed to create their money, then all of the credit the economy needs is created by the commercial banks. And when the commercial bank credit creation leads to debt deflation and the government cannot finance the deficit to pay the interest then the commercial banks say: Alright, sell off and privatise your infrastructure. This is what we’re seeing in Greece today, in Ireland. You’ve seen it in Iceland. What you are seeing is a financial grab of infrastructure that is taking place by the ability of commercial bankers to prevent the central bank from creating credit." — Dr. Michael Hudson


Listen to the Guns and Butter podcast (link at top left corner of page) or read the full transcript here:
http://mediaroots.org/mr-transcript-italian-mmt-summit-2012.php

[CHIMO]

7. Thank You

For listing.

For those that might be interested, Michael's site is:
http://michael-hudson.com/

Another item that came up today, that is quite encouraging:
Jeffrey Sachs. It is a 54 minute video with Jeffrey.

And for anyone that is addicted, there is a plethora of hours here:
Bretton Woods Conference
http://ineteconomics.org/initiatives/conferences/bretton-woods