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Will the Global South Break Free from Dollarized Debt?
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ORDER IT NOW

With The Destiny of Civilization: Finance Capitalism, Industrial Capitalism or Socialism, Michael Hudson, one of the world’s leading independent economists, has given us arguably the ultimate handbook on where we’re at, who’s in charge, and whether we can bypass them.

Let’s jump straight into the fray. Hudson begins with an analysis of the “take the money and run” ethos, complete with de-industrialization, as 90 percent of US corporate revenue is “used to share buybacks and dividend payouts to support company stock prices.”

That represents the apex of “Finance Capitalism’s” political strategy: to “capture the public sector and shift monetary and banking power” to Wall Street, the City of London and other western financial centers.

The whole Global South will easily recognize the imperial modus operandi: “The strategy of US military and financial imperialism is to install client oligarchies and dictatorships, and arm-twist allies to join the fight against designated adversaries by subsidizing not only the empire’s costs of war-making (“defense”) but even the imperial nation’s domestic spending programs.” This is the antithesis of the multipolar world advocated by Russia and China.

In short, our current Cold War 2.0 “is basically being waged by US-centered finance capitalism backing rentier oligarchies against nations seeking to build up more widespread self-reliance and domestic prosperity.”

Hudson presciently reminds us of Aristotle, who would say that it is in the interest of financiers to wield their power against society at large: “The financial class historically has been the major beneficiary of empires by acting as collection agents.”

So inevitably the major imperial leverage over the world, a true “strategy of underdevelopment,” had to be financial: instrumentalizing IMF pressure to “turn public infrastructure into privatized monopolies, and reversing 20th century pro-labor reforms” via those notorious ‘conditionalities’ for loans.

No wonder the Non-Aligned Movement (NAM), established in Belgrade in 1961 with 120 nations and 27 observers, became such a threat to US global strategy. The latter predictably fought back with a slew of ethnic wars and the earliest incarnations of color revolution – fabricating dictatorships on an industrial scale, from Suharto to Pinochet.

The culmination was a cataclysmic Houston get-together in December 19, 1990 “celebrating” the dissolution of the USSR, as Hudson reminds us how the IMF and the World Bank “laid out a blueprint for Russia’s leaders to impose austerity and give away its assets – it didn’t matter to whom – in a wave of ‘shock therapy’ to let the alleged magic of free enterprise create a neoliberal free-for-all.”

Lost in a Roman wilderness of debt

To a large extent, nostalgia for the rape-and-pillaging of 1990s-era Russia fuels what Hudson defines as the New Cold War, where Dollar Diplomacy must assert its control over every foreign economy. The New Cold War is not waged only against Russia and China, “but against any countries resisting privatization and financialization under US sponsorship.”

Hudson reminds us how China’s policy “followed almost the same path that American protectionism did from 1865 though 1914 – state subsidy for industry, heavy public-sector capital investment…and social spending on education and health care to upgrade the quality and productivity of labor. This was not called Marxism in the United States; it was simply the logical way to look at industrialization, as part of a broad economic and social system.”

But then, finance – or casino – capitalism gained steam, and left the US economy mainly with “agribusiness farm surpluses, and monopolies in information technology (largely developed as a by-product of military research), military hardware, and pharmaceutical patents (based on public seed-money to fund research) able to extract monopoly rent while making themselves largely tax-exempt by using offshore banking centers.”

That’s the current State of Empire: relying only “on its rentier class and Dollar Diplomacy,” with prosperity concentrated in the top one percent of establishment elites. The inevitable corollary is US diplomacy imposing illegal, unilateral sanctions on Russia, China and anyone else who defies its diktats.

The US economy is indeed a lame post-modern remake of the late Roman empire: “dependent on foreign tribute for its survival in today’s global rentier economy.” Enter the correlation between a dwindling free lunch and utter fear: “That is why the United States has surrounded Eurasia with 750 military bases.”

Delightfully, Hudson goes back to Lactantius, in the late 3rd century, describing the Roman empire on Divine Institutes, to stress the parallels with the American version:

“In order to enslave the many, the greedy began to appropriate and accumulate the necessities of life and keep them tightly closed up, so that they might keep these bounties for themselves. They did this not for humanity’s sake (which was not in them at all), but to rake up all things as products of their greed and avarice. In the name of justice they made unfair and unjust laws to sanction their thefts and avarice against the power of the multitude. In this way they availed as much by authority as by strength of arms or overt evil.”

Socialism or barbarism

Hudson succinctly frames the central issue facing the world today: whether “money and credit, land, natural resources and monopolies will be privatized and concentrated in the hands of a rentier oligarchy or used to promote general prosperity and growth. This is basically a conflict between finance capitalism vs. socialism as economic systems.”

To advance the struggle, Hudson proposes a counter-rentier program which should be the Global South’s ultimate Blueprint for responsible development: public ownership of natural monopolies; key basic infrastructure in public hands; national self-sufficiency – crucially, in money and credit creation; consumer and labor protection; capital controls – to prevent borrowing or denominating debts in foreign currency; taxes on unearned income such as economic rent; progressive taxation; a land tax (“will prevent land’s rising rental value from being pledged to banks for credit to bid up real estate prices”); use of the economic surplus for tangible capital investment; and national self-sufficiency in food.

As Hudson seems to have covered all the bases, at the end of the book I was left with only one overarching question. I asked him how he analyzed the current discussions between the Eurasia Economic Union (EAEU) and the Chinese – and between Russia and China, further on down the road – as being able to deliver an alternative financial/monetary system. Can they sell the alternative system to most of the planet, all while dodging imperial financial harassment?

Hudson was gracious enough to reply with what could be regarded as the summary of a whole book chapter: “To be successful, any reform has to be system-wide, not merely a single part. Today’s western economies have become financialized, leaving credit creation in private hands – to be used to make financial gains at the expense of the industrial economy… This aim has spread like leprosy throughout entire economies – their trade patterns (dependency on US agricultural and oil exports, and IT technology), labor relations (anti-unionism and austerity), land tenure (foreign-owned plantation agriculture instead of domestic self-reliance and self-sufficiency in food grains), and economic theory itself (treating finance as part of GDP, not as an overhead siphoning off income from labor and industry alike).”

Hudson cautions that “in order to break free of the dynamic of predatory finance-capitalism sponsored by the United States and its satellites, foreign countries need to be self-sufficient in food production, energy, technology and other basic needs. This requires an alternative to US ‘free trade’ and its even more nationalistic ‘fair trade’ (deeming any foreign competition to US-owned industry ‘unfair’). That requires an alternative to the IMF, World Bank and ITO (from which Russia has just withdrawn). And alas, an alternative also requires military coordination such as the SCO [the Shanghai Cooperation Organization] to defend against the militarization of US-centered finance capitalism.”

Hudson does see some sunlight ahead: “As to your question of whether Russia and China can ‘sell’ this vision of the future to the Global South and Eurasian countries, that should become much easier by the end of this summer. A major byproduct (not unintended) of the NATO war in Ukraine is to sharply raise energy and food prices (and shipping prices). This will throw the balance of payments of many Global South and other countries into sharp deficit, creating a crisis as their dollar-denominated debt to bondholders and banks falls due.”

The key challenge for most of the Global South is to avoid default:

“The US raise in interest rates has increased the dollar’s exchange rate not only against the euro and Japanese yen, but against the Global South and other countries. This means that much more of their income and export revenue must be paid to service their foreign debt – and they can avoid default only by going without food and oil. So what will they choose? The IMF may offer to create SDRs to enable them to pay – by running even further into dollarized debt, subject to IMF austerity plans and demands that they sell off even more of their natural resources, forests and water.”

ORDER IT NOW

So how to break free from dollarized debt? “They need a critical mass. That was not available in the 1970s when a New International Economic Order was first discussed. But today it is becoming a viable alternative, thanks to the power of China, the resources of Russia and those of allied countries such as Iran, India and other East Asian and Central Asian countries. So I suspect that a new world economic system is emerging. If it succeeds, the last century – since the end of World War I and the mess it left – will seem like a long detour of history, now returning to what seemed to be the basic social ideals of classical economics – a market free from rent-seeking landlords, monopolies and predatory finance.”

Hudson concludes by reiterating what the New Cold War is really all about:

“In short, it is a conflict between two different social systems, each with their own philosophy of how societies work. Will they be planned by neoliberal financial centers centered in New York, supported by Washington’s neo-cons, or will they be the kind of socialism that the late 19th century and early 20th century envisioned – a ‘market’ and, indeed, society free from rentiers? Will natural monopolies such as land and natural resources be socialized and used to finance domestic growth and housing, or left to financial interests to turn rent into interest payments eating into consumer and business income? And most of all, will governments create their own money and steer banking to promote domestic prosperity, or will they let private banks (whose financial interests are represented by central banks) take control away from national treasuries?”

(Republished from The Cradle by permission of author or representative)
 
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  1. Socialism can be established only as a result of a civil war.

    Until there is a mass of people understanding the necessity of such a war, and willing to take a part in it, there will be no hope for a better world.

    People must realize, first and foremost, that the enemy is right here, round the corner – in places like Beverly Hills, Malibu, Palm Beach etc.

    Once people realize who the real enemy is the rest will fall into place quite naturally.

  2. MatthewB says:

    Hey to be a Negative Nancy but Michael’s prescription is not going to work. I can come up with list of why socialism/communism is great, but that is all theory. It has been tried many times and failed many times. And, I do agree that the problem is finance capital and Neoliberalism. They have become toxic.

    Most theorists never put into their calculation the human condition. As soon as someone is in charge they will aggrandize power. They usually will want to control as much as possible which means controlling you also. I have not seen any governmental system that does not try to eventually centralize everything so those few can aggrandize even more power/money.

    The only way to control those variables is to deny them the resources to get too big. It means more localism, smaller nations. Governments are necessary for the collective, but those that capture those top positions are usually not good people. The saying is power corrupts and absolute power attracts those absolutely corruptible.

  3. Catilina says:

    How are corporate owned plantations different from socialist collective farms?
    How are Nestle owned ground waters different from a nationalized natural monopoly?

    • Replies: @GMC
    , @Alrenous
  4. peterAUS says:

    Will the Global South Break Free from Dollarized Debt?

    The real question is: how will the Global South fit into the Going Direct Reset?

    Some light reading, from AUGUST 20 2019:
    https://www.ft.com/content/281f100c-c253-11e9-a8e9-296ca66511c9

  5. “Lactantius, in the late 3rd century, describing the Roman empire on Divine Institutes”, did not have Jews controlling most every outlet in civilization.
    Today we goym are under direct attack by a Zionist cult hell bent on eliminating every white as a protest for Hitler’s Holocaust.
    It doesn’t get any clearer that that.
    (((They want all whites eliminated from any position of power))).

    • Replies: @Kim
    , @Ann Nonny Mouse
  6. IronForge says:

    Answer:

    Those who are Underwritten by RUS and CHN might – if they do so with Competence.

  7. The whole Global South will easily recognize the imperial modus operandi: “The strategy of US military and financial imperialism is to install client oligarchies and dictatorships, and arm-twist allies to join the fight against designated adversaries by subsidizing not only the empire’s costs of war-making (“defense”) but even the imperial nation’s domestic spending programs.”

    Demockery

  8. @MatthewB

    I have found Hudson rather insightful (except for plagiarizing Mein Kampf
    without attribution 😀 );
    but what he is proposing is in essence the late and unlamented BRICS Bank.
    The international pressures have shifted since – and the System is bound to
    crash sometime – but I see no slam dunk; that would take a concerted default on all dollar-denominated debt.

    • Replies: @showmethereal
  9. anonymous[257] • Disclaimer says:

    Prophetic 1979 reggae song by Peter Tosh, from his album ‘Mystic Man’

    The day the dollar die, Things are gonna be better
    The day the dollar die, No more corruption
    The day the dollar die, People will respect each other

    Finance ministers groaning, Unemployment is rising
    And I hear my people crying

    The day the dollar die, It’s gonna be nice
    The day this here dollar die, There be no more inflation
    The day the dollar die … We will love each other

  10. I don’t know if this comment of mine will show up – seeing as I’m banned from commentary in Michael Hudson articles.
    As you’re the author and not Hudson, I’ll give it a try.

    If you’re reading this Pepe Escobar, you may not be aware of this but Hudson is quite thin skinned and starts sulking when someone posts a critical analysis of his pseudo-economic prognostications.

    Anyway, you write in the very first paragraph of your article:

    Michael Hudson, one of the world’s leading independent economists, has given us arguably the ultimate handbook on where we’re at, who’s in charge, and whether we can bypass them.

    In the words of John McEnroe: ARE YOU SERIOUS ?

    If he has such a good grasp of economics, WHY wasn’t he warning us about the collapse of the sub prime mortgage crisis that led to systemic collapse in the 2008 GFC (like this man was) ?:

    If Hudson is a ‘world leader’ as you claim, WHY wasn’t he warning us about the coming tsunami of inflation that’s headed our way as this man was a decade or more ago ?:

    Let’s face it Pepe, HUDSON IS NO PETER SCHIFF.

    Before I got banned by Hudson, I challenged him to take on Peter Schiff in a debate – but he chickened out.
    If Hudson is so smart and his grasp of economics is so phenomenal, WHY is he afraid to debate ?

    Pepe, I’ve liked reading your other articles in UR and your geopolitical knowledge and commentary is first rate.
    But, on the subject of economics, shouldn’t you be seeking the input of the best people (like Peter Schiff), rather than admitted Trotskyists and Big Governments Statists like Hudson whose belief systems were long ago torn down along with the Berlin Wall ?

  11. @MatthewB

    You wrote:

    Governments are necessary for the collective, but those that capture those top positions are usually not good people. The saying is power corrupts and absolute power attracts those absolutely corruptible.

    Let me rephrase that last sentence of yours in the paragraph above to accommodate the present state of the world (or at least in the corrupt western nations):

    ‘Power corrupts and absolute power yields ABSOLUTE TALMUDIC TYRANNY’.

  12. Pepe Escobar writes:

    Hudson reminds us how China’s policy “followed almost the same path that American protectionism did from 1865 though 1914 – state subsidy for industry, heavy public-sector capital investment…and social spending on education and health care to upgrade the quality and productivity of labor.

    This was not called Marxism in the United States; it was simply the logical way to look at industrialisation, as part of a broad economic and social system.”

    Let’s get something absolutely clear. To the extent that there was ‘American protectionism’ in the 50 years leading up to WWI, it was VERY TINY AS A PERCENTAGE OF GDP.

    That’s because the U.S government itself was MUCH SMALLER as a percentage of GDP so the ability for incompetent politicians and government bureaucrats to squander the nation’s wealth was minimised.
    (Prior to the introduction of the Sixteenth Amendment in 1913 there was NO income tax levied).
    I’m not sure when the corporate tax began to be first levied, either concurrent with the income tax or perhaps a few years prior, but either way it was only a few percent when introduced and was thus a tiny fraction of what it is today.

    We’re all in agreement that the U.S prospered phenomenally from 1865-1914 but it did so DESPITE American protectionism.
    Absent this ‘protectionism’, the U.S would’ve prospered even more.

    Similarly, one of the reasons I got banned from Michael Hudson articles is because I pointed out the FALLACY of his assertion that China is successful today because it adopts ‘protectionism’ and subsidises heavy public-sector capital investment.

    Yes, I acknowledge that the Chines government subsidises many LOSS MAKING SOE’s (State Owned Enterprises) and that it has squandered trillions of yuan on building too many under-utilised international airports, bridges and highways to nowhere, ghost cities and such.

    But China’s PRIVATE SECTOR is so dynamic, so productive and so profitable, that it can afford to squander more than most countries GDP, and still remain solvent.

    Let’s be absolutely clear about this:

    China is the LEADING CAPITALIST COUNTRY ON EARTH amongst the major players.
    It has the lowest income and corporate taxes, it’s businessman are subject to the LEAST regulatory burden, it’s governments (Federal, State and Local combined) are FAR SMALLER THAN THE U.S as a percentage of GDP.

    Because the Chinese private sector is unshackled from said burden of having to support layers of unproductive parasitic bureaucracy as the U.S and western Europe does (not to mention a Military-Industrial-Security complex that is engaged in perpetual war and surveillance/civil liberty deprivation of its citizens as is the case in the U.S), it produces REAL WEALTH for the country.

    The USSA (United Socialist States of America), as the name implies, has become a socialist shit-hole.
    That’s why it’s going down for the count.

  13. I’m a fan of Michael Hudson, have a couple of his books.

    I’m also a fan of Ross Gittins.

    • Replies: @Truth Vigilante
  14. Baz says:

    The solution should encapsulate

    a. A truly free press – (empower people such as Julian Assange – he should be running a school to create the next generation of 1,000 of journalists such as himself) – Ensure true transparency of our leadership.

    b. Copy the Japanese system of setting strict limits on the difference between the lowest earners and highest earners in all quoted corporations, and any private corporations above a certain turnover.

    c. Strict term limits on all national politicians.

    d. Copy the Norwegian system of making all tax returns public.

    • Replies: @Che Guava
  15. GMC says:
    @Catilina

    Here is my take on it : Ukraine’s breadbasket is a fine example of globalist farms. Monsanto, Bayer, Carghill and others have taken over much of that farmland in the south central and central regions. Prior to the Maidan, Kiev was ready to Lease this land to the above globalists, including China. China even started a port in Crimea but the Maidan was also about stopping China from embedding in Ukraine’s farmland, and later with their failed Industries.

    Zelinsky started to privatize the Breadbasket with laws to let these globalists buy Ukraine farmland. A big No No before this. The big squawk about Ukraine grain could be all about getting mostly Globalist GMO grain to markets. I don’t have access to Ukraine right now, but I did run into some ” Amerikanskii corn in Crimea, a few years back. I can’t see the Ukrainian farmers getting all that attention over their grain, but I can see the globalist media doing it for the Corporations. . And before the globalist showed up Ukrainian farmers were very very successful and gave the poorest nations a good break on the prices.

    Another question is : what else were the Globalist and Ukies shipping and receiving , under the cover of those cargo ships? I’ll bet Russia knows.

  16. …the central issue facing the world today: whether “money and credit, land, natural resources and monopolies will be privatized and concentrated in the hands of a rentier oligarchy or used to promote general prosperity and growth.

    It seems Russia under Putin has definitely chosen more oligarchy. General prosperity seems to be confined mainly to a few in Moscow and Saint Petersburg, reflected by the Gini wealth index. But where do the common people go on summer vacation, if at all, with their schlock quality clothing on display?

    Also in China, wealth and growth tends to be concentrated in just a few international showcase cities, while the majority live in the backward rural regions. A few years ago I saw a list of the top urban regions with most billionaires: New York, London, Tokyo, San Francisco, Shanghai, Beijing, Los Angeles.

    • Agree: peterAUS
  17. Kim says:

    Speculating about possible futures yet not a word on the single most important resource available to humans, the necessary determinant of social complexity, population levels, and growth…cheap and abundant energy.

    I’ll state it simply so that perhaps even an academic economist might understand: No cheap energy means no growth, and no growth means in fact de-growth.

    People who want smaller government – socialist or capitalist, mercantilist or creditist or any other -ist – are going to get it, we all are, good and hard.

    • Replies: @Irish Savant
  18. Alrenous says: • Website

    They’re owned lock stock and barrel by USG. The Empire of Lies really is an Empire; they stole the British Empire and expanded it.

    They use USD because they’re ordered to use it on pain of death. To discard USD first they would need to militarily liberate themselves from the GAE. Typically this involves building intercontinental nuclear weapons without having them seized by the occupying forces. (Somehow.)

    Apparently you can also Afghanistan that shit, but doing that way is very expensive since the mafia ensures “something happens” when you stop paying the protection money.

  19. Alrenous says: • Website
    @Catilina

    They’re the same because America is a Fascist nation. All firms are de-facto owned by the government, and thus collectivist. This goes double for large firms like Nestle.

    • Replies: @Drapetomaniac
  20. Jim H says:

    ’90 percent of US corporate revenue is “used [for] share buybacks and dividend payouts to support company stock prices.”‘ — Pepe Escobar

    No. Ridiculous.

    For S&P 500 companies, net income averages 13 percent of revenue. The rest of revenue is used to pay for staff, cost of goods sold, rent and creditors.

    Some companies may be spending 90% of net income on dividends and share buybacks. But no data source is cited.

    Why trust financial assertions from someone who doesn’t know the difference between revenues and income?

    • Replies: @Kim
  21. @Ann Nonny Mouse

    Is that bastard Ross Gittins still alive ?

    In the days when I did occasionally read the Sydney Morning Herald (20 years ago or more), this politically partisan Keynesian couldn’t write an objective article if his life depended on it.

    Tell me you’re joking Anny Mouse.

    • Replies: @Ann Nonny Mouse
  22. Mefobills says:
    @Truth Vigilante

    TV is pulling on superman’s cape, spitting in the wind.. Or more like pissing in the wind and on himself.

    Pepe indicates his opinion:

    As Hudson seems to have covered all the bases, at the end of the book I was left with only one overarching question.

    Pepe is in agreement with Hudson.

    Then you say this: Hudson is quite thin skinned and starts sulking

    Hudson is not thin skinned and was Dennis Kucinich’s economic advisor for Presidential Campaign, during which both Dennis and Michael received death threats. Somebody that can stick their neck all the way out, is not a pussy or “quite thin skinned.” Instead, it is you building yourself up.

    If he (Hudson) has such a good grasp of economics, WHY wasn’t he warning us about the collapse of the sub prime mortgage crisis that led to systemic collapse in the 2008 GFC (like this man was) ?:

    He did. In 2006, two years before the subprime crash, Hudson wrote this article:

    https://michael-hudson.com/2017/06/harpers-slow-crash/

    In “The New Road to Serfdom,” economist Michael Hudson laid out how millions of Americans had taken on huge debts to buy houses on the presumption that they could later sell them at a profit. “Most everyone involved in the real estate bubble so far has made at least a few dollars,” he wrote. “But that is about to change. The bubble will burst, and when it does the people who thought they would be living the easy life of a landlord will soon find out that what they really signed up for is the hard servitude of debt serfdom.” As the twenty million people who lost their homes discovered, Hudson got it entirely right.

    Maybe you are all butt-hurt that Hudson is making fun of Lolbertarian false economics, with this quote, “The New Road to Serfdom.”

    Hayek’s road is to debt peonage, and then serfdom. LoL’s worship gold. Gold was one of the reason’s for Rome’s collapse. After the second Punic war, a client oligarchy emerged. This oligarchy ended up taking rents on military goods for the war, and then insisted on continuous war, just like today’s MIC. This exhausted the farmers, now soldiers, and the land was not regenerated. The oligarchy got its start by melting down their gold jewlery, to then pay the soldiers in gold coins, rather than in legal fiat – bronze disks formerly used as the money. That was the end of Rome, their giant mistake, going to gold and forming an oligarchy. Also, of course, Rome did not understand how to release debts to prevent polarization.

    What is happening to the west is very analogous to Rome in its later stages.

    If Hudson is so smart and his grasp of economics is so phenomenal, WHY is he afraid to debate ?

    Anybody can go to youtube and look for Hudson debates. There are probably hundreds of them. People are not listening to Lolbertarianism because it is tone deaf. It doesn’t incorporate concepts that explain the real world. It has no language on debt polarization, it makes pretend about “human action,” and basically is an a-priori concept. That means it is made up shit, and then it cherry picks history for confirmation bias. Any real economic theory must incorporate ALL OF HISTORY, and not cherry pick. Only Classical Economics can do the job.

    Pepe, I’ve liked reading your other articles in UR and your geopolitical knowledge and commentary is first rate.

    This is you buttering up and butt snorkeling Pepe. People who are high IQ don’t like that kind of shit. It is annoying. Pepe can obviously think for himself and has plenty of mental digits. He can see through what you are doing.

    And then your final low down:

    But, on the subject of economics, shouldn’t you be seeking the input of the best people (like Peter Schiff), rather than admitted Trotskyists and Big Governments Statists

    OK, so you have made hero worship out of Peter Schiff. Good for you.

    So, if Hudson is analyzing Industrial Capitalism, and then its evolution into a form of State Socialism, is that Trotsky?

    Trotysky and the Bolsheviks took money from finance capitalists, especially Jacob Schiff, to then have access to Russia’s natural wealth. This would make Jacob Schiff one of the biggest mass murderers in history. Hudson has Trotsky’s papers, which he inherited.

    So, you are making a conflation, to make a false point.

    Conflation is the action of an ideologue, and I also content that you exhibit traits of a sociopath. You went after Hudson in a non-gentlemanly way, were vicious, and that is why you were banned.

    For some reason Hudson gets under YOUR thin skin, and I suspect it is because he is exposing the entire corpus of Libertarian ideology as junk economics.

  23. As long as India and China remain at loggerheads vis a vis their border claims, the global south won’t be able to overcome the greedy Anglo-Zionist Empire and China being penny wise and pound foolish in its relationship with its giant neighbor, the West has nothing to worry about.

    • Replies: @Deep Thought
  24. Mefobills says:
    @Truth Vigilante

    TV is such a rich vein of BS to mine:

    Let’s get something absolutely clear. To the extent that there was ‘American protectionism’ in the 50 years leading up to WWI, it was VERY TINY AS A PERCENTAGE OF GDP.

    You don’t make anything clear. In the 50 years leading up to WW1, the U.S was mostly industrial capitalist, and had not fully transitioned. The treasury was still under Lincoln’s system and quasi controlling the private banks. It wasn’t perfect though, and there was still stock market manipulations.

    WW1 was funded AFTER Wilson and the false election of 1912. The election of 1912 fundamentally changed the country to become finance capitalist, and the new privateering banking system funded America’s entry into war.

    What? You are not for corporations to have free markets? Private banking corporations linking up and colluding, well that is free-dumb, so it must be magick, and good!

    To the extent that there was ‘American protectionism’ in the 50 years leading up to WWI, it was VERY TINY AS A PERCENTAGE OF GDP.

    When America used Tariffs to fund the Central Government, the central government was even SMALLER!

    LoL’s are against tariffs. The founding of the country was a fight of industrial capitalism of the colonials, and against finance capitalism of London. The first bank was not perfect, but Treasury held about 50 percent of the stock, and there was a sinking fund to return the bank eventually to full Treasury control. Sinking fund not used of course, because mammonites worked their magick to privateer and take over.

    If Lol’s had been around during the Revolutionary war, they would have been voicing condemnation over the use of Continentals. Thomas Payne, “Let it be understood that the Continental is the cornerstone of our success.” Of course, Lolbertarian authors DO condemn the Continentals.

    In other words, LoL’s are agents for finance capital, and had they got their way in the Revolution, the country would never have formed.

    To add insult to injury, LoL’s wrap themselves in the flag, as if they have some sort of moral superiority.

    My issue is that when corrected, and shown the error of their ways, the ones that are “ate up” cannot change course.

  25. Collapse of profits in the United States, going on for decades, is due to gradual collapse in raw material prices: All the rest of the collapse of economy from industrial capital into finance/war capitalism starts from not paying farmers and miners their due.

    Honest profit benefiting all was traded for dishonest profit enriching the few and accelerating collapse as without Raw Materials profit, there is no honest profits……forcing debt and enslavement….

    • Agree: annamaria
  26. antibeast says:
    @Truth Vigilante

    Yes, I acknowledge that the Chines government subsidises many LOSS MAKING SOE’s (State Owned Enterprises) and that it has squandered trillions of yuan on building too many under-utilised international airports, bridges and highways to nowhere, ghost cities and such.

    I have been reading your posts on China’s economy but I need to correct your misconceptions which feeds into your ‘free market’ (libertarian) bias.

    China runs a mixed ‘socialist market economy’ consisting of three parts: 1). State-sector, 2). Social-sector, and 3). Private-sector. The State-sector comprises half of China’s GDP in industries critical to national security or public welfare such as defense, space, aerospace, power, energy, telecommunications, shipbuilding, heavy industries such as steel, aluminum and autos, as well as natural resources industries such as oil, gas, coal, iron, rare earths, etc. Most of those State-owned enterprises are run to serve the national interest but may turn into profit-making enterprises depending upon their industries such as banking, finance, real estate, media, entertainment, etc. In the real-estate industry, for example, State-owned enterprises do operate as profit-making entities competing against Privately-owned for-profit companies.

    But China’s PRIVATE SECTOR is so dynamic, so productive and so profitable, that it can afford to squander more than most countries GDP, and still remain solvent.

    Most of China’s private-sector consists of family-owned SMEs with a few large Capitalist-owned Corporations operating in consumer, enterprise, technology and manufacturing industries. The largest of these Capitalist-owned Corporations are in real-estate, finance, e-commerce, internet, autos, appliances, consumer electronics, apparel, etc. Most of the family-owned SMEs are in services industries such as retail/wholesale, food and beverage, tourism, entertainment, business services, manufacturing services, professional services, etc.

    The Social-sector are mostly operated as non-profit entities to provide for the social welfare such as healthcare, education, culture, sports, childcare, elderly care, etc. China has cracked down on the large Capitalist-owned Corporations which used to operate in the Social-sector.

    The distinction between the State-sector and the Private-sector is who gets to own and manage those companies, not on whether those companies are run for-profit or non-profit. Some State-sector companies operate for-profit such as those in the auto, banking, finance and real estate industries while most Private-sector companies operate for-profit with a few loss-making companies getting subsidized by the State to serve the national interest.

    In China’s mixed ‘Socialist market economy’, the Socialist State not Financial Capitalists gets to decide how Capital is allocated and rewarded in the market economy, where the State-sector and the Private-sector both competes and complements each other. If a State-sector company operates in a for-profit manner, the ROIC is set by the Socialist State not by Financial Capital. That means a State-sector company could operate both as a for-profit as well as a non-profit enterprise. For example, China operates high-speed rail both as a for-profit as well as a non-profit enterprise by charging higher fares for First-Class and Business Class passengers in richer regions while subsidizing Economy Class passengers in poorer regions.

  27. Hitch says:
    @Truth Vigilante

    I don’t know if this comment of mine will show up – seeing as I’m banned from commentary in Michael Hudson articles.

    LOL. You’re not alone. I wonder how many others have been banned from Hudson articles. He is such a hopeless progressive lefty, and of course he never names the Jew.

    It looks like Lagarde is losing control and the Euro is “fragmenting” while the PIIGS feeding at the ECB trough are squealing as the energy crisis and inflation take hold.

    The bond markets are calling Lagarde’s bluff, and soon there will be a major crisis as the ECB prints trillions to pay for the PIIGS target 1 deficits.

    • Replies: @Jim H
  28. Mefobills says:
    @MatthewB

    Hey to be a Negative Nancy but Michael’s prescription is not going to work. I can come up with list of why socialism/communism is great, but that is all theory. It has been tried many times and failed many times.

    You have to differentiate when something fails from internal contradictions, vs external forces.

    Did NSDAP national socialism get to run its natural course, or was it murdered by outside external forces?

    How about Fascism? Rome was basically Fascist, and it fell. But, it fell for the same reasons that finance capitalism is falling, it allowed polarization and a client oligarchy to form.

    China can be fairly characterized as National Socialist, or State Socialist. They also will fail if they don’t learn how to release debts and prevent client oligarchies and polarizations.

    For now though, China has real productive assets on their balance sheets.

    https://johndenugent.com/in-a-china-which-has-become-almost-national-socialist-everything-is-surging-upward/

    If a country is building beautiful things, rather than utilitarian ugly tilt-wall buildings, then that is a sign of health. Finance capitalism is a parasite system, where finance takes rents and usury on production.

    The building at link above, was designed by Italian architect Joseph di Pasqual and stands at a height of 138 meters and covers an area of ​​85,000 square meters. The building has 33 floors and stands on the bank of the Pearl or Zhu Jiang River and is the tallest building of its shape.

    • Replies: @emerging majority
  29. pEU says:

    Well… Mr Hudson can say what he wants but in the end of the day it´s irrelevant. He is not in position to implement NOTHING he says. When he WAS in that kind of position he did the opposite of what he´s now telling everyone would be the right thing to do. He worked for years to implement NEOCON´s policies and profited A LOT from his job then… Unlike Mr Glazyev who is consistent in his struggle AGAINST the implementation of sociopath´s policies AND is actually in position to implement his ideias.

    • Replies: @Mefobills
  30. Hudson writes stuff like:

    To advance the struggle, Hudson proposes a counter-rentier program …. [which includes] taxes on unearned income such as economic rent

    and …

    …. will they be the kind of socialism that the late 19th century and early 20th century envisioned – a ‘market’ and, indeed, society free from rentiers? Will natural monopolies such as land and natural resources be socialised and used to finance domestic growth and housing

    Hudson has this fixation with ‘rentiers’ and tries to portray them in a derogatory way. ( I assume by ‘rentiers’ he refers to owners of residential or commercial property that rent out their space).

    Picture this:

    SCENARIO 1: I am a working class man, I scrimp and save for 30 years and pay off my modest home that has a garage for my car.
    Ar some point, gullible fool that I am and lacking in critical thinking faculties, I decide to sell my car and just use public transport for the rest of my life because I was deluded into believing that Anthropogenic Global Warming is real and I don’t want to add to the CO2 emissions.

    So I decide to rent my garage out for \$100 per week to someone who needs the storage space.
    Or I spend some money on the garage to tidy it up, install a bathroom and kitchen and rent it out for \$150/week to a college student.

    How is that UNEARNED rent ?

    I paid off my house and garage through HONEST TOIL. If I decide to rent it out that’s no one’s business. Why should I earn the disapproval of society and be smeared as a ‘rentier’ ?

    SCENARIO 2: I scrimp and save and pay off my house in 20 years – ten years earlier than the previous scenario because I live modestly, always buy a modest second hand car, make sacrifices.
    Additionally, my spouse, who was a housewife for her entire adult life in the previous scenario now has a part time job and works for most of those 20 years and contributes to the extra mortgage repayments that ensures the house is paid off faster.

    BUT, instead of putting our feet up and living a life of pure hedonism thereafter, we decide to build a nest egg of security for our two children over the coming years by continuing to scrimp and save.

    My wife and I are thus able to buy TWO investment properties – one for each of our children.
    This takes us only another 10-12 years to pay off, (paid off quicker because said properties are rented out and this rental income goes towards paying off the investment properties faster).

    HOW is that UNEARNED RENT ?

    Now, there are no doubt individuals that have accumulated real estate and other assets through crime and chicanery.
    I recall someone by the name of ‘Lucky’ Larry Silverstein that, on an initial investment of \$124 million (from memory), only a small portion of which was his own money and the rest was borrowed, bought the lease to the World Trade Centre Complex and collected \$4.5 billion when the Twin Towers collapsed on 9/11 six weeks later.

    With billions of ill-gotten gains, Lucky Larry now has an extensive property portfolio and we can rightfully say he’s making ‘Unearned Rent’.
    You’ll get no push back from me on that. Said criminal should be prosecuted and his property holdings confiscated.

    BUT, people who accumulate a property portfolio through HONEST TOIL, why are they demonised ?

    Just because Michael Hudson lived a life of undisciplined hedonism in his youth, always lived paycheque to paycheque and never had the ability to grit his teeth, live modestly and make sacrifices to save and accumulate property of his own, he is thus ENVIOUS of those who did.
    Why should the property of others be nationalised – because that is what Hudson is advocating ?

    You reap what you sow and Hudson is where he is today because of the CHOICES HE MADE.

    When Hudson got his salary in bygone days, he went out to nice restaurants regularly – whereas the home owners ate home cooked meals and stayed home.
    Hudson bought a new car every few years, perhaps one that was larger and was a bit thirstier in terms of fuel consumption.
    Meanwhile, the home owners bought a low priced and fuel efficient Japanese four cylinder used car every 10 years and so forth.

    Hudson wrote: ‘.. land and natural resources [should] be socialised’.

    That means OUTRIGHT CONFISCATION. There’s no other way that can that be interpreted.

    Hudson is advocating for another Russian Revolution and Bolshevism 2.0.

    As the saying goes:

    Socialism is the politics of GREED, the creed of ENVY, the philosophy of FAILURE.

    No thanks Hudson, I will pass on your offer to turn my country into a ‘socialist utopia’ (an oxymoronic term if there ever was one, seeing as all socialist states have ended up disastrously).

    • Replies: @Mefobills
  31. @MatthewB

    Socialism can work in a high trust, high iq, and homogeneous population. The Scandinavian countries did quite well with socialism until they foolishly opened their borders to people who do not share their basic cultural values.

    The US made the same mistake that the Scandinavian countries made. I don’t think any economic system can work in the US with the demographic disaster that has occurred as a result of the desire for cheap labor and the insane assault of a certain tribe against white gentile culture.

    • Thanks: emerging majority
    • Replies: @Truth Vigilante
  32. Jim H says:
    @Hitch

    ‘The bond markets are calling Lagarde’s bluff, and soon there will be a major crisis as the ECB prints trillions to pay for the PIIGS target 1 deficits.’ — Hitch

    One can savor the hopeless bind the ECB finds itself in.

    It cannot simultaneously tighten policy to fight inflation, while also acting as a non-economic buyer of peripheral countries’ debt (the very definition of QE) to suppress their spreads against German benchmark debt.

    What will the euro clowns do next, as they shoot off both their own feet by shutting down imports of Russian oil and gas?

    Stay tuned for the next exciting episode of As the EZ Burns. As Oscar Wilde would say, you’d need a heart of stone not to laugh your ass off.

    • Agree: nokangaroos
    • Replies: @Hitch
  33. @Mefobills

    “If a country is building beautiful things”. The perfect indictment of finance-based utilitarianism. One can always judge a culture by the state of its contemporary architecture and the mega-metastasization of its urban centers.

    Huge, ugly urban agglomerations are the hallmark of cultural devolution. Take a look at those massive towering infernos which characterize urban and suburban concentration and sprawl. Aesthetically, those manifestations of constipated capital are toxic to the spirit. Who won the rat-race? The Rat, of course…or at least those human manifestations of rat-like facial development over measurable time.

    Once again, I call attention to the penultimate wisdom of the highly evolved Mayan culture; that era some hundreds of years ago when they abandoned their amazing cities and hied back to their gardens and villages, perhaps in ultimate realization that they were not yet evolved sufficiently to create cities which were fully integrated with the natural environment rather than imposed upon it.

    Here again, we encounter the Old Testicles, in which the alleged god-figure, Yahweh, endowed humans with DOMINION over all other life-forms (including fellow humans) on a beautiful blue-green planet. Perhaps that false religion developed as it did because it originated in desert conditions where nature would axiomatically be perceived as hostile.

    Reform of the megalopolitan madness is simply not possible. We need to abandon those monstrosities and re-discover our inner beings, centered upon living harmoniously with the natural world and with the Cosmic Whole. Cooperation, as against competition is the positive pathway towards emerging from Plato’s Cave back into the light.

    • Agree: Kali
    • Replies: @Mefobills
    , @Kali
  34. @Mefobills

    It had to happen. Michael Hudson’s # 1 groupie (Mofo-Bill) chimes in to defend his MMMT (Messiah of Modern Monetary Theory) when he writes:

    Gold was one of the reason’s for Rome’s collapse.

    Through most of history, most of the great civilisations had a bimetallic (Gold AND silver) standard – whereby a certain weight of silver coins was equal to a more valuable gold coin.

    And, as usual, the Mofo gets it wrong with Rome.
    In fact, this is what happened:

    In Roman currency, the value of the denarius was gradually decreased over time as the Roman government altered both the size and the silver content of the coin.
    Originally, the silver used was nearly pure, weighing about 4.5 grams. From time to time, this was reduced.
    During the Julio-Claudian dynasty, the denarius contained approximately 4 grams of silver, and then was reduced to 3.8 grams under Nero. The denarius continued to shrink in size and purity, until by the second half of the third century, it was only about 2% silver, and was replaced by the Argenteus.

    Simply put, there is a DIRECT CORRELATION between the debasement of Rome’s currency and the collapse of its empire.

    Similarly, when the U.S went off the gold standard and resorted to backed-by-nothing fiat (as you and Hudson advocate), it signed its death warrant.

    Sure, the USD has muddled along for five decades and, aided by threats and intimidation against other countries (eg: petrodollar etc), has managed to hold out longer than many expected.

    But it’s demise is nigh.

    Mofo-Bill goes on to write:

    OK, so you have made hero worship out of Peter Schiff. Good for you.

    I admire Peter Schiff because he makes BOLD CALLS well in advance (be it on inflation or the 2008 GFC) and he continually gets the big calls right.

    If and when he gets it wrong I’ll drop him like a hot potato.

    There’s a reason why Peter Schiff appears regularly on Tucker Carlson, and even dyed-in-the-wool socialist Jimmy Dore invites him on his show (neither of which would consider inviting Michael Hudson for even a nanosecond).
    And that’s because he not only calls it right but he vocalises the DEGREE of the coming catastrophe/systemic collapse. Schiff is always consistent in emphasising the extent of the impending cataclysm.

    And of course the reason Peter Schiff and Dr Ron Paul can do this WELL IN ADVANCE of the others is because of their grasp of Austrian Economics and Libertarian principles.

    Michael Hudson’s Keynesian and Trotskyist aligned beliefs always fall flat on their faces.

    That is the reality and it BURNS you up that the Libertarians are SO RIGHT, SO OFTEN and that they’re invited to the programmes of the few admired people in the MSM left (Tucker Carlson) or in the alt media (Jimmy Dore) while Hudson languishes in obscurity – only appreciated by hard core Marxists and Maoists.

    • Replies: @Mefobills
  35. peterike says:

    To a large extent, nostalgia for the rape-and-pillaging of 1990s-era Russia fuels what Hudson defines as the New Cold War

    And who was entirely behind that? And who still owns much of Russia as well as nearly everything of value in the Ukraine? Yes, Jews. Why are we in a proxy war with Russia over Ukraine, a distant nation of no strategic interest? Because Jews want to get back full control of the Russian asset piggybank. Infecting Russia with GloboHomo is also an important, though secondary, consideration.

    The whole Ukraine situation is Jews all the way down.

    The one humorous upside is that many (((oligarchs))) are having assets seized by the West, when it was the West that enabled them to steal everything in the first place.

  36. Kim says:
    @Jim H

    Pepe is a clown. And so is Hudson.

    • Replies: @emerging majority
  37. @Truth Vigilante

    C’mon now. For months I have employed U\$\$A as fully descriptive of our ruptured republic formerly known as America. Perhaps, as a convicted libertarian you are tone-deaf to my underlying conceptualization of the U\$\$A acronym.

    Properly utilized, that acronym combines a recapitulation of the USSR and its totalitarian state control mechanisms , along with the very symbol of centralized finance capital domination, the fake dollar sign (\$) which signifies the \$1 “Federal” Reserve note as the ultimate signature of highest finance capital—in other words the Rottenchild and Rottenfeller crime clans and their various associates (such as Jacob Schiff and George Soros), minions and agents.

    Libertarians simply do not get it. When the dominating financiers use terms such as “free trade” and “free markets”, they are NOT being a bit honest. It’s all a matter of semantics. Doublespeak. Their meaning when applying those nice-sounding “free” memes is freedom for their selves to fuck over the entire human race, to say nothing of THEIR consumerism axiomatically destructive of “resources” in order to maintain their mechanistic demolition of our common heritage.

    Better have a good listen to the Peter Tosh video as presented in this stream. While you are at it, perhaps you should also heed the lyrics of Bob Marley as well. They are excellent examples for the plaint of the so-called “Third World” being treated by highest finance capital as the “Turd World”, getting constantly shit upon by their self-designated “betters” and those who buy into programmatic indebtedness.

  38. Thim says:

    The Global Darkies didn’t like the Covid death jab, so now the tribe is planning to starve them. Depopulation has several vectors.

  39. @Mis(ter)Anthrope

    You wrote:

    Socialism can work in a high trust, high iq, and homogeneous population. The Scandinavian countries did quite well with socialism

    Sweden always operated on a capitalist model for most of its history and, aided by avoidance of involvement in the two World Wars, it profited handsomely while other western European nations devastated their economies.

    In the early part of the 20th century Sweden consistently ranked amongst the top in per capita GDP.
    Since it embarked in the socialist experiment post WWII, it has consistently slipped down the rankings and is now well down the order.
    Sweden’s standard of living is still reasonable today because of the nest egg accumulated over centuries of pursuing capitalism. ie: it hasn’t squandered that reservoir just yet.
    Needless to say they would be far better off if they had never embarked on that foolish experiment in the first place.

    Meanwhile, let’s have a look at Norway. Up until the early 70’s it had one of the LOWEST per capita GDP’s in Europe.
    Then it found North Sea Oil.

    End Result: Lots of oil distributed over a tiny population = One of the highest GDP’s per capita on the planet and a sovereign wealth fund of over \$ 1 trillion.
    In other words, DESPITE squandering wealth on various socialist boondoggles, the oil is pouring out fast enough to compensate for the leftist stupidity – with a net surplus left over.

    • Disagree: Doug Hillman
    • Replies: @emerging majority
  40. Hitch says:
    @Jim H

    I hope they burn the witch Ursula Van der Führer at the stake. Of course, she is just another WEF warmist shill, so her stake burning would merely be one of many hundreds. Macron, Johnson, Scholl, Merkel, Marin, Drahgi, this list is practically never ending.

  41. The way to end the zionist debt machine is to abolish the zionist privately owned FED and their collection machine the IRS, which were created in 1913 and which are 2 of the 10 planks of the communist manifesto. The FED creates money out of thin air with every FED note that is created and drives America further into debt with every dollar created and lays this debt on the American people.

    The FED and IRS are the driving force behind the zionist perpetrated wars and are behind the destruction of America, zionists are destroyers of nations and humanity.

  42. @American Bulwark

    China doesn’t care about Pounds or pennies anymore. It is stocking up on Rubles these days!

    • Replies: @American Bulwark
  43. Mefobills says:
    @emerging majority

    Reform of the megalopolitan madness is simply not possible. We need to abandon those monstrosities and re-discover our inner beings, centered upon living harmoniously with the natural world and with the Cosmic Whole. Cooperation, as against competition is the positive pathway towards emerging from Plato’s Cave back into the light.

    I would say that Jesus was a Hellene. The good shepherd was something evolved by Cro Magnon man, who first appeared 35,000 years ago. Or, that is the oldest skeleton. He was fully modern European man, with a flat face and no prognathism. Cro’s did animal husbandry, including horses. There is cave art in France (even older) that shows cows with full udders. For flat faces, you need a jaw that is good for chewing with molars. That means they had all kinds of tools, and probably meat, cheese, and yoghurt. They were pastoralists, and also there is evidence they had advanced ways of fishing.

    So, the good shepherd probably moved from the WEST to the EAST, especially after the last ice age. Jesus was likely a cro-magnon collision with old testicle semites. European man should not slavishly follow the religions of the middle east, because they are not his, but can learn from them.

    One good thing about the old testament is that it captured the jubilee. The middle east civilizations were organized around Barley, and were early farming cultures, and hence were the first to develop modern methods of money, and debt/credit accounting. The first money was probably barley by weight.

    Hudson explains the transmission mechanism for how jubilee transitioned from the God Kings (civil administration), to being coded in the bible (Temple Cults).

    So, we don’t have to slavishly follow old doctrine, but it is on us to learn and adapt. There are still some nuggets of wisdom to be gleaned from the past.

    https://michael-hudson.com/2020/03/corona-debt-jubilee/

    The word “Jubilee” comes from the Hebrew word for “trumpet” — yobel. In Mosaic Law, it was blown every 50 years to signal the Year of the Lord, in which personal debts were to be canceled. The alternative, the prophet Isaiah warned, was for smallholders to forfeit their lands to creditors: “Woe to you who add house to house and join field to field till no space is left and you live alone in the land.” When Jesus delivered his first sermon, the Gospel of Luke describes him as unrolling the scroll of Isaiah and announcing that he had come to proclaim the Year of the Lord, the Jubilee Year.

    Until recently, historians doubted that a debt jubilee would have been possible in practice, or that such proclamations could have been enforced. But Assyriologists have found that from the beginning of recorded history in the Near East, it was normal for new rulers to proclaim a debt amnesty upon taking the throne. Instead of blowing a trumpet, the ruler “raised the sacred torch” to signal the amnesty.

    Contrary to the message of Jesus, also found in the Old Testament of Bible and in other ancient texts, debt repayment has become sanctified and mystified as a way of moralizing claims on borrowers, allowing creditor elites and oligarchs the leverage to take over societies and privatize personal and public assets – especially in hard times. Historically, no monarchy or government has survived takeover by creditor elites and oligarchs (viz: Rome). Perhaps most striking is that – according to a nearly complete consensus of Assyriologists and biblical scholars – the Bible is preoccupied with debt forgiveness more than with sin.

    So, this is the situation we find ourselves in as Western Men. All civilizations polarize. This is like a force of gravity. Debts grow unnaturally, even debts that are not monetized.

    We don’t have to dump old testicles, but we do have to re-interpret it. Ever since the Qumran scrolls were found, Christianity has not adapted.

    The first 300 years of Christianity was that of Hellenes trying to balance humans with nature.

    • Thanks: Kali
  44. Mefobills says:
    @pEU

    Well… Mr Hudson can say what he wants but in the end of the day it´s irrelevant. He is not in position to implement NOTHING he says.

    Hudson advises senior leaders of the Chinese government. They record his conversations and then subtitle them for dissemination. I’m of the opinion that Xi has got the message, which is why his most recent moves are to reign in fin-tech.

    People make all kinds of claims. I call it “whistling past the graveyard.”

    Michael Hudson is a financial analyst and president of the Institute for the Study of Long Term Economic Trends. He is distinguished research professor of economics at the University of Missouri–Kansas City and professor at the School of Marxist Studies, Peking University in China. Hudson has written or edited more than ten books on the politics of international finance, economic history, and the history of economic thought, including Super Imperialism: The Economic Strategy of American Empire (1972); Global Fracture: The New International Economic Order (1977); and Trade, Development and Foreign Debt

    Also anybody can read my comment history and note that I am NOT a Marxist. But, I am not willing to engage in “whistling past the graveyard” and hence become brain damaged. Marx DID have some good things to say, especially in Volume 3, Capital.

    • Thanks: Doug Hillman
    • Replies: @JR Foley
  45. Che Guava says:
    @Baz

    I agree with most of your points.

    Free Julian, indeed. I was at two degrees of separation from him when working overseas at one time so knew of him back then, as a breaker-in, at two levels, people I worked with, as a source of complaints, and hacker stuff, which was great fun at the time, I was enjoying it too, but more interested in assembly programming. Still, had access to many systems. Never did anything to them, in retrospect, in one or two cases, it would have been good to have used rm -r.

    I am almost certain that Assange never used his adventures for profit or theft, but
    arseholes who did had emerged by that time.

    Long before the Swede-Anglo-U.S.-Ecuador bullshit, Assange had experienced a ridiculous show trial.

    Re. the Japan model, I agree, but it is not what it was. The most remarkable appliction was to Horie, who had made himself excessively wealthy through ’net business.

    He ended up in prison, doubtless comfortable, but I could never work out how he had been an extreme law breaker. At the time, in fact, he became a minor folk hero.

    At the other end of the scale, a friend was riding the fast trains from way outside Tokyo to work. The employer had to pay abt. 300.000 yen a month, abt. 3.000 USD at the time, for transport. She was good at her job, but also took too many sick days. So, in the end, she was forced to resign.

    In general, though, you are correct, the obscene disparities of jewish-dominate
    d ‘western’ societies are avoided, but a big portion of the older working class has just been dumped AFAICS.

  46. Mefobills says:
    @Truth Vigilante

    That is the reality and it BURNS you up that the Libertarians are SO RIGHT, SO OFTEN and that they’re invited to the programmes of the few admired people in the MSM left (Tucker Carlson) or in the alt media (Jimmy Dore) while Hudson languishes in obscurity – only appreciated by hard core Marxists and Maoists.

    It burns me up that something so preposterous as Lolbertarianism hasn’t been shit-canned into the dumpster fire of history.

    You are so tone deaf you could not even understand my analogy of how if Lol’s were around during the Revolutionary war, the country would never have formed.

    Also, Hudson is anything but obscure. Why do you make shit up; making up strawmen to then knock them down, is the action of an ideologue. Or sociopath?

    Your market “free dumb” virtually guarantees the emergence of a creditor oligarchy, then polarization, then civilizational collapse.

    • Agree: Doug Hillman
  47. It is not just Eurasia… Look at Latin America and the Caribbean. From Mexico to small Caribbean states – leaders were publicly voicing their displeasure with the U.S. playing politics on who they invited to the so called Summit of the Americas. Brazil the biggest economy was very lukewarm. Bottom line is the whole globe is tired of G7 controlling the globe. It is also displayed in 140 nations refusing to sanction Russia. Indeed the resources of Russia and the economy of China have changed the paradigm completely. The only problem is how much violence the US/G7 will exert to hold on to power. They believe their own rhetoric that this was the end of history

    • Agree: dogbumbreath
  48. @MatthewB

    True to an extant… but that is the lust of humanity. No form of government can defeat that.

  49. @nokangaroos

    The BRICS New Development Bank just expanded in the past year. These things take years. One of the main features of the bank is making loans in local currency.

    • Thanks: nokangaroos
  50. @Kim

    Were you gazing intently into a mirror when you used the word “clown”?

  51. Mefobills says:
    @Truth Vigilante

    No thanks Hudson, I will pass on your offer to turn my country into a ‘socialist utopia’ (an oxymoronic term if there ever was one, seeing as all socialist states have ended up disastrously).

    It’s not your country. If LoL’s had been around, there would be no U.S.A. You are a LoL traitor.

    LoL’s consistently goof on George Washington’s money, the Continental. But, they always cherry pick history and conveniently forget how England counterfeited to then collapse the continental. And even then, the English were furious that the continental remained in use..

    Again, as Thomas Payne says, “Let it be understood that the Continental was the cornerstone of our success.” Since they were masons, the the word corner-stone has significant meaning.

    Also, the founders were fighting against something new, namely Atlantacism. Lolbertarians are apologists for Atlantacism, and its junk economics.

    The “general welfare clause” was probably Franklin, who had experience with the “American System of Economy” in Philadelphia. Franklin wrote about ‘paper money” which was really bills of credit.

    Why? Because he saw the economy polarizing, where English merchants docked their ships, and then worked out rent scams. Franklin noticed that the laboring class was putting up for-sale signs on their homes, and that commerce was drying up. The merchants were cornering all the “precious metal money.” But, in your brain damaged world view, that can never happen.

    The U.S. was intended to be Industrial Capitalist, using Bills of Credit, as was learned in the Colonial experience.

    One would never know this if they get sucked into the vortex of BS known as Lolbertarianism. The ideology was written by Jews as a form of brainwashing, to then ideologically blind people so they will not look up at their jailers – the creditor elites.

    Finance Oligarchs get to maneuver in freedumb markets without hindrance, as entire concepts are erased from historical memory. If there are no words, or there are substitute BS concepts like “human action,” then people can be easily diverted into cul-de-sacs of bad thought, where they are captured and rendered intellectually mute.

  52. Simply says:

    Socialism/Communism was meant to be a Robin Hoodization of socitety – “stealing” from the rich and giving to the poor (you can’t steal from someone who had already stolen from you, at least it shouldn’t be illegal – the second stealing that is).

    Capitalism is a reverse Robin hood – robbing the poor and giving to the rich. And then the capitalists got really smart – Multiculturalism – stealing from the poor and giving to the wrong poor, under the disguise of combating white “entitlement”.

    Really? If you want to combat white entitlement steal from their rotten elites, not from their poor. Going back to this article by Pepe, US has proven time and again that they are inept at using arms for conducting wars. This is good news. Weaponizing the dollar will continue this tradition of incompetence in wars. At the end they’ll shoot themselves with it and world will breathe a sigh of relief – finally.

    • Replies: @Truth Vigilante
    , @Alrenous
  53. @anonymous

    Indeed. Tiny Jamaica of the 70’s and 80’s has been the heartbeat of the Global South to this day. (Contemporary Jamaica is not as revolutionary)

  54. @Truth Vigilante

    My ancestral nation, Norway, does exhibit plenty of stupidity these days, a combination of the likes of Jens Stoltenberg, a more gross example by far than Vidkun Quisling, of kowtowing to the imperialist diktats of highest finance capital and its agenda; along with the elevation of waaaay too many overeducated females from urban perspectives having achieved situations of political power.

    Your stoopid libertarian perspective is utterly incapable of discernment between the Norse concept of “Samholden” (all for one and one for all communitarianism) with top-down domination by the current reality of the urbanist administrative bureaucratic elitism which emanated amongst the centralizing Marxists spewed out by the University of Oslo.

    True and original social democracy in Norway was in full practice between rural folk and urban working class groupings long before oil and gas was discovered in the North Sea. That amalgamation of understandings was over-set by deracinated urbanists infected with the worst aspects of centralizing Marxism.

    Forms of democratic socialism which were dominant in Norway did fit the traditional reality of that land for maybe a 40 year run. Then the urban nutcases took over.

    • Thanks: dogbumbreath
  55. @Truth Vigilante

    The private sector in China will tell you they are able to do what they do because of what the central government has done for the country. Public infrastructure (teleco – transit – charging stations – fuel – etc etc) is built really with the public hood at the core. This avails the private the ability to save on fixed and variable costs and be more competitive and put money into production and r&d.

  56. When the privately-controlled Federal Reserve Bank uses Quantitative Tightening to pop the asset bubbles and extinguish inflation, other national currencies and regional currencies will go down against the dollar. When the Federal Reserve Bank hikes interest rates the dollar denominated debt gets more expensive to finance for other nations and regional currencies.

    Global dollar liquidity will slosh back to USA and then plutocrats will buy up assets of other nations on the cheap. Or things of that nature; things are going to get interesting when the Fed begins to tighten monetary policy. A lot of pips will be squeaking when the monetary policy gets tightened.

    Watch the JEW/WASP Ruling Class of the American Empire use the monetary policy Quantitative Tightening soon to be in place to extinguish inflation as a cover to pour more and more Refugee Overload and Asylum Seeker Inundation and mass legal immigration and mass illegal immigration into the USA.

    How so?

    When the Fed uses Quantitative Tightening to extinguish the current bout of inflation, other global currencies will go down against the dollar and that will smash the crud out of other currencies with heavy dollar denominated debt. That will produce population flight from those areas and the treasonous JEW/WASP Ruling Class of the American Empire will wave the foreign invaders into the USA, just like the evil and treasonous Biden administration is doing now, but more so.

    • Replies: @Truth Vigilante
  57. parshad says:

    Do American people realize how savage are their ‘leaders’? Due to Trump’s maximum economic sanctions on Iran, the Iranian people are not able to have access to medical equipment and drugs including drugs for cancer treatment.But the liars in Washington, including Biden, claim otherwise. Biden is continuing Trump’s maximum economic pressure despite the fact he promised, during his campaign, to remove them immediately. Nothing has left for sanction except the residue from the Iranians’ toilette to be shipped to America for inspection to see if they can find enriched uranium. The only options left for more sanctions are residue from the Iranian toilette and the Iranian breathing activities. Treat it with care, otherwise you may get sick.
    Iranian people say shame on you and telling these thieves that you have no right to steal Iranian resources to enrich your criminal elite and yourself. The dollar system as an international currency where allows US to rob the world is coming to an end soon.

    The lady in the video is angry with Trump’s crime against humanity and telling him ‘dirt on your head’, showing her son’s Prosthetic leg telling Trump, why did you sanction my son’s artificial leg that has nothing to do with Iran’s nuclear program? Why did you sanction my son’s leg needed to walk? She told Trump, the assassin: SHAME ON YOU.

  58. Kali says:
    @emerging majority

    Reform of the megalopolitan madness is simply not possible. We need to abandon those monstrosities and re-discover our inner beings, centered upon living harmoniously with the natural world and with the Cosmic Whole. Cooperation, as against competition is the positive pathway towards emerging from Plato’s Cave back into the light.

    Dear EM,

    I’m honoured to share this planet with you at this interesting juncture in the unfolding of our history. Thank you for your voice of reason and love.

    With lots of love,
    Kali.

    • Replies: @emerging majority
  59. In response to the title,

    no, not anytime soon

  60. Che Guava says:
    @Here Be Dragon

    Some recent event, forgotten, had to do with Roswell, and your list of places reminds me of my old catchphrase, Roswell 90210, inspired by the weekly drama, Roswell.

    I know Pepe never replies here, but I am always confused by what he means by ‘Global South’, if not just sub-Saharan Africa.

    What has happened to F. Reed? I hope he is well.

    • Replies: @Badger Down
  61. @Truth Vigilante

    Peter Schiff has been predicting imminent dollar collapse and massive inflation. For about the last fifteen years.

    • Replies: @Truth Vigilante
  62. @Kim

    Smaller government and the accompanying reduction in public wastage/expenditure will be an unalloyed good.

  63. anonymous[137] • Disclaimer says:
    @Here Be Dragon

    People must realize, first and foremost, that the enemy is right here, round the corner – in places like Beverly Hills, Malibu, Palm Beach etc.

    You are a hypocrite.

    You must also be one of the hordes of loser whitevils, thus those you mention are indeed your enemies, but going by how you greedy bastards yearn for the “good old days” when your respective euRapean entities were overwhelmingly albino, a time when your whitevil mofing elites were plundering the south in every way possible, and some crumbs were trickling down to your loser fathers and grandfathers, the enemy of righteousness is all you pagan godless vermin.

  64. abcdef says:
    @Here Be Dragon

    I think most people already understand the real enemy is the global monopoly powered corporations.

    and your idea that a rising against the leadership of only one nation state or even nation states at the same time, will get no where. The people in charge <=own the global corporations,, a rising vs one or a few nation states will result in a useless waste of effort. Nation states have no way to control the global multi monopoly powered corporations even if every one of the nation states were to be destroyed, and from scratch very new nation states are instituted; the global corporate power is well organized, the global corporate monopoly powers are prized possessions of the corporations, and all means to enforce by force the subordination of the corporations to a nation state imposed rule of law are gone. The corporation is better armed than the nation states that still laughingly claim they control the corporations.

    The corporate monopoly players would love for you to get rid of the existing nation states, these corporate powers have plans to change them anyway, and it will be easier I think for the global corporate powers to start from scratch with their plans than to deal with the ancient control system we used to know as the nation state.

    Nation states are old hat, their political systems are powerless against the corporate monopolies. The joke is the governed public have some say in how it is they are governed. Actually Russia and Iran maybe the only two nation states remaining with a political system which responds to the public such systems govern.

    You need to find a way to re institute bottom up politics that can survive corporate monopoly power. Good luck! The corporate monopoly powers will blow you away just as soon as you start thinking about it. Humanity is trapped in global corporate technology and the corporate owners are not about to allow humans to have any say in the rest of eternity..

    The rebellion if ever their is one, to be successful, will need to be take down the corporate power, and to remove those who own those corporations from any participation in the new global society such a rebellion would end up forming, otherwise the corporations will be right back in place.. They have learned how to own the world and the humans that are in it. and will not easily give up their fortunes.

  65. @Che Guava

    Africa is Africa. Global South is global, and south in the sense that it is not west.
    The West: USUKisrael, Canada, Europe, OZ, NZ, Japan, Singapore.
    The South: Latin America, Africa, most Arab states, BRICS, SE Asia, Islands.

    Yes, Russia is in the north, not the south. I blame the Americans.

    • Agree: Che Guava
    • Replies: @Che Guava
  66. Mefobills says:

    Human Action:

    https://libertarianinstitute.org/articles/human-action-a-chapter-by-chapter-summary/

    Human action is purposeful behavior, i.e., conscious adjustment to stimuli and to the conditions of its environment. It is in sharp contrast to unconscious behavior — the reflexes and the involuntary responses of the body’s cells and nerves to stimuli.

    There are three prerequisites of human action: uneasiness, the image of a more satisfactory state and the expectation that purposeful behavior has the power to remove or at least alleviate the felt uneasiness. Without these conditions no human action is feasible.

    Concrete value judgments and definite human actions are not open to further analysis. They are ultimate given.

    Human action is necessarily always rational
    _________________________________________________________
    Human action is necessary always rational. LOL.

    Seriously, that is LoL stuff.

    This sort of brainwashing technique pulls in young people, and turns them into vegetables. White people especially are prone to sucking up ideology and if it is false, it makes them malfunction.

    Hudson is doing a pretty good job of laying down the wood, to wake people up, but others also are contributing.

    https://nationalvanguard.org/2022/06/rent-seeking-taking-without-giving/

    Above link is pretty good about explaining what rent-seeking is. Humans are rent-seeking animals. Not all humans are desirous of stealing from others though, so there is no human action for rent seekers, it is humans that are defectives. Lolbertarians are silent on sociopaths, psychopaths, rent-seeking, and money sickness (no loss of wants).

    RENT-SEEKING IS a behavior that describes the tendency of people to seek profits without doing any real work. This reduces economic efficiency through the misallocation of resources. Rent-seeking also hinders the creation of wealth, reduces government revenue, increases income inequality, and potentially leads to national decline.

    Thorstein Veblen also noticed another type of human, those who want to signal their status. Many of the normies who were virtue signaling BLM, and their VAX status, are among that type.

    Conspicuous consumption is the act of displaying ostentatious wealth to gain status and reputation in society. “The Theory of the Leisure Class,” in 1899.

    In his book, Veblen says that the need to consume goods in order to flaunt one’s wealth goes back to the tribal period; although the objects of consumption have changed since then, the concept of flamboyant ownership has essentially remained the same.

    So, if you combine flamboyant ownership along with money sickness and then mix in some sociopathy, is that “human action?”

    There are only some humans fit for making civilizational decisions, and it is not brainwashed LoL’s, who believe in fairy tales.

    Those “fit” people have to demonstrate it by how they live, and they tend to be stoics. Putin is a good example of a Stoic. He probably could give a damn about ostentatious wealth.

  67. Rotfl

    Clown wars

  68. @Truth Vigilante

    Not joking. I was not reading him 20 years ago, he might have learned something in that time, but if you’re cursing him for being Keynesian rather than a Milton Friedmaniac, you haven’t.

  69. @Kali

    Thanks Kali. Most gracious.

    It is heartwarming to know that one’s efforts are appreciated and that good people are still part of the emerging majority of those whose love extends beyond the personal and the particular.

    More folks are realizing that the Whole is One and that the One is equal to yet greater than the sum of its parts. Many who post on Unz are very aware of the problems. Some search for solutions.

    When one endeavors to work with the universe, magic just seems to happen. Simple things like saving an earthworm, lost on a flooded sidewalk, can reverberate in many dimensions. Mowing around a milkweed plant, rather than running it down, can save the life of an endangered Monarch butterfly.

    Mosquitos are a whole nother issue, though. I keep wondering whether Creator actually manifested those bloodthirsty pests, or whether those traditions which speak of an evil entity, the demiurge, have insights into negative (at least to our perceptions) manifestations.

    Even a long-studied Gnostic can only know so much. Beyond full understanding are the realms of mystery.

    • Replies: @Kali
  70. JM says:
    @MatthewB

    Hudson is a bleeding heart Third Worldist who takes “them” as a whole and leaves the abysmal state of their unresolved class divisions uncriticized.

    The Third World (including China) has received a huge game changing shifts in production/markets at the massive expense of the Western nations (particularly the organized working class, the essential instrument for economic change) in the form of world shattering globalist institutional (Western trade barriers torn down) changes. All of which he approves.

    As an essentially narrow visioned Yank, he “forgets” the massive associated privatisations in the West that have changed their economies from sovereign to tool of Finance Capital. That’s because this hardly happened in the smart arsed USA in which it was always The Electricity Company, The Road Company, the Railway Company etc etc including ALL forms of productive capital, all of which were burgeoning in other decent Western nations (Australia, New Zealand, France, Britain, Canada, Italy etc etc). In the latter the government sectors was highly efficient and a powerful tool in the hands of the – relatively – sovereign governments. And yet these were clearly market economies.

    Not just that, but Imperialism isn’t what his kindergarten Marxism serially and irritatingly imagines it is – exploitation of the Third World World by the First, but a worldwide system essentially embodying the export of capital and commodities. As such it has reached as near as it will get to the stage of Ultra-Imperialism in which the Western and much of the rest of the world is controlled by a “single” global cartel.

    Not just that but Hudson disembodies the issue of ascendant, hyper-dominant Finance Capital, not once mentioning its obvious ethnic character, something that even the traditional Marxists did not neglect to do even when it wasn’t nearly so obvious. His professorial circle, “Far Left” “collective” is showing.

    I find it hard to look into his smug bleeding heart dial. His carping about the lying Globalist Agenda of Climate Change almost universally extant among the “Far (Globalist) Left is a bridge too far.

    • Agree: peterAUS
    • Replies: @Doug Hillman
  71. @Mefobills

    The very name “Thorstein” is an indicator. His parent/s likely were of the non-deracinated Norse old-stock who never totally accepted the impositional Crosstianity which “Hellig Olav” (Holy or Saint Olaf) saddled upon the people of Norway. As a land divided into many tiny communities scratching out a living in a rugged environment far from the “madding crowd”; some of the Norse were able to retain their folkways, as they did not consider themselves as being apart from the natural world.

    To name a child “Thor” was a rather bold statement during the first half of the 19th Century. However, to honor the pre-JudieChristie MagickMindfuck culture was possible in isolated rural environments, in particular. Later in that Century, a Norse couple here in northern Minnesota named their son Odin. Odin Langen ultimately was elected as the U.S. Congressman from the heavily Norwegian descended 9th District of Minnesota.

    Those of us who are fortunate enough to have grown up in a culture (usually, but not always rural) which retained elements of ethnic heritage which were not tied to organized religion, rather still connective with traditional folkways; were able in some instances to look outside the box of deracinated and homogenized Americanization policies, violently enforced by the state terror imposed by those controlling Woodrow Wilson’s administration during World War One.

    It is the great misfortune of the American people to have been subjected to an educational system in which Thorstein Veblen would not have been a somewhat eccentric but very insightful outsider. Rather, an original thinker like him would have only very rarely been able to navigate the highly politicized and ideologically biased environment of contemporary U\$\$A academia.

    Was it Theodore Dreiser who authored the book titled “An American Tragedy”? What an apt précis to describe the contemporary condition of culture (mostly lack thereof) in the “land of the free and home of the brave”.

    Veblen can be seen as the antithesis to the virtue-signaling, herd-mentality consumerism which currently dominates day to day reality for the vast majority of deracinated Americans.

    • Thanks: Mefobills
  72. JR Foley says:
    @Truth Vigilante

    Hudson keeps flowing and “Mark Twain Deep Water” is inflation rising and Ambrak Joe is soon to be replaced by Zylenskyy and Israel under God will rule the USA and the world. How many Ukrainians must die to prove Quantitative Easing is a farce–monopoly ( the kids game version) fake tender.

  73. JR Foley says:
    @Mefobills

    But America has Yellen and Joe Biden –both 3 decades beyond best due date. Suggest USA look outside tThe Triad of Canada-Ukraine and Israel —all under the command of Donnie Trump and God.

  74. @JM

    Hudson is a bleeding heart Third Worldist who takes “them” as a whole and leaves the abysmal state of their unresolved class divisions. uncriticized

    Clearly you haven’t read or listened to Hudson at all. This is inverted, unfocused projection. Class divisions are at the core of Hudson’s humanist philosophy and economic theory; it’s what impassions and moves him. You’re way off.

    The rest of your post is equally confused, trigger by labels. Hudson is not a Marxist, which apparently is a bur in your sphincter. He does, however clearly understand its logical critique of capitalism, with its intrinsic and inevitably fatal flaws, and he assimilates Marxist dialectics if not its prescriptions in whole. And yes, Jews are key villains of finance capitalism, as they were in Bolshevik Communism before it, but it’s beyond a single megalomaniacal race that’s always been trying to take over the world. Making it primarily about race would be unnecessarily polarizing and misdiagnose the trans-racial psychopathy underlying finance capitalism. Broaden your objectivity.

    • Agree: Mefobills
    • Replies: @JM
  75. @CelestiaQuesta

    “Hitler’s Holocaust”? Wasn’t it the Jewish Holocaust, organized by Samuel Untermyer, with the aim of six million assimilated Jews being killed? (Failure there!) Maccabees yet again?

    Sure, the six million Hellenistic, non-Talmudic Jews suddenly vanished around AD 400, the Talmudists erased them, but all Jewish writings vanished everywhere at that time, except a very few saved by the Christians, like those of Josephus. Sure, God loves holocausts, or so the OT says, … in Ezra for example.

    But Hitler? Who’s that?

    • Replies: @CelestiaQuesta
  76. @Simply

    You wrote:

    Capitalism is a reverse Robin hood – robbing the poor and giving to the rich.

    This is the belief that the ruling establishment indoctrinate into the minds of the gullible [through the public education system, the Zio owned MSM etc], to smear capitalism.
    During the 2008 GFC, if capitalism was the order of the day, all those banks that were involved in financial chicanery and reckless lending (ie: Goldman Sachs, J P Morgan, Citigroup and countless others), would ALL have gone bust – and deservedly so.

    That’s what then Congressman Ron Paul advocated for because he believes in the Free Market.
    ‘Why should Joe Average be on the hook for the mistakes made by these criminal institutions’, said Dr Ron Paul, or words to that effect.
    Instead, profits were privatised and losses were socialised as GOVERNMENT bailed out their oligarch pals. ie: the poor were robbed and said taxpayer money bailed out the rich.

    In unfettered Free Market Capitalism :

    1) There are NO bailouts
    2) There are NO government subsidies to support zombie businesses (eg: Green/Renewables) that would not be remotely viable without taxpayer trillions to prop them up.
    3) There would be NO excessive regulatory burden that falls disproportionately on the smaller players – done to help the Big Box stored protect their market share
    4) There would be NO roadblocks that prevent new entrants to the market – done specifically to protect the oligarchs from competition
    5) There would be NO tariffs, excises, quotas and outright prohibitions – done to protect inefficient local producers from foreign competition, thus enabling the local zombie businesses to keep selling their overpriced and poor quality output.

    Unfortunately ‘Simply’, as your name implies, you are indeed a simpleton who desperately needs to learn same basic economic fundamentals.
    Fortunately you’re in luck. You can start here: https://mises.org

    You can access the library at the Mises Institute and begin with ‘Economics in One Lesson’ by Henry Hazlitt.

  77. @Charles Pewitt

    You wrote:

    When the privately-controlled Federal Reserve Bank uses Quantitative Tightening to pop the asset bubbles and extinguish inflation, other national currencies and regional currencies will go down against the dollar.

    Inflation was running around 13 – 14% just over 40 years ago when then Fed Chairman Paul Volcker set the Fed Funds Rate at 20% to break the back of inflation.

    It was not enough to set the Fed funds rate at just marginally more than the official rate of inflation – it had to be several percentage points more to do the trick because the declared rate of inflation is a lagging indicator and because investors were wary of government statistics and suspected that the true rate of inflation may have been even greater.

    In the present era inflation is not calculated the way it was 40 years ago when it was more honest. It is manipulated using hedonics and substitution to yield a much lower headline rate than what it really is.
    If the government announces 8% inflation you can safely say that it’s at least double that.
    ie: present inflation in the U.S right now is the worst it has been in the last 100 years and will get worse still.

    A little bit of quantitative easing here and there and hikes a of a few basis points in the Fed Funds Rate will do NOTHING to ease the rate of inflation.
    Yes, if the Fed Funds rate gets to 3% or so, it may be enough to prick the asset bubble but that was going to self combust at any stage anyway – so precarious is the house of cards otherwise known as the U.S economy.

    As for other currencies going down against the dollar, you’re using the 2008 GFC playbook to make that prediction and you’re speculating that it may happen again.

    The ONLY reason that the USD appears to be holding its own is because the Zionist Usury Banking Cartel controlled major western central banks are printing their currencies (Euros, JPY, GBP – and to a lesser extent the CAD, AUD, CHF etc), and buying USD to artificially prop up the latter.

    It is not in their interest to do this as they’re exacerbating inflationary pressures in their own countries but said corrupt politicians and bureaucrats of these obsequious vassals of the Anglo Zionist empire have long ago sold out their fellow countrymen and are just following the Zio script.

    Bottom Line: There will be NO reduction in the rate of inflation as the Fed and other western central banks do not have the guts to set the Fed Funds rate into double digit territory.

    Inflation is going to get a lot worse. The western central banks have lost control of the situation.

    Volcker could afford to set the Fed Funds rate at 20% in the past because the U.S had Federal debt of under \$1 trillion and the combined state, local, corporate and private debt was of a comparable magnitude.

    Today the Federal debt is over \$30 trillion. Adding the state/local/corporate/private debts will yield something of the order of \$ 70 – 80 trillion and hikes in interest rates of only a few percent (well short of what’s needed to tame inflation), will entail default as debtors are not even able to pay the interest on the loan, let alone reduce the principal owing.

    In the end [ie: the not too distant future], the U.S is headed for systemic collapse.

    • Agree: RoatanBill
  78. @Irish Savant

    Peter Schiff has been predicting imminent dollar collapse and massive inflation. For about the last fifteen years.

    Well then, Schiff should be getting accolades for getting it 100% right.

    Let’s understand something about exchange rates.
    You might look at the USD exchange rate Vs the Euro and say, for example, I got 0.90 Euros for \$1 USD 15 years ago and I’m getting the same today more or less.
    You may have gotten 120 JPY for your USD 10 ten years ago and getting more or less the same now.

    But what has happened in the last 10-15 years to petrol prices (were \$2/gallon, now over \$5 – \$6/gallon in the U.S), the cost of food, gas and electricity bills.
    All of these are WELL UP and the PURCHASING POWER of all fiat currencies has eroded in tandem.

    What you should be comparing the USD is to REAL MONEY. ie: GOLD.

    Fifteen years ago the price of gold was around USD \$700/oz. Today it is around USD \$ 1850.

    Versus Gold the USD has LOST OVER 60% of its value.
    I’d call that a collapse. What do they call it in County Galway/Cork/Wexford where you’re from ?

    As to inflation, the U.S has had a TON of it.

    Let’s understand what inflation is.

    The textbook definition of inflation is AN INCREASE IN THE SUPPLY OF MONEY.

    And we’ve had unprecedented increases in the money supply. Yes, the USD in particular but also in the other western currencies.

    Inflation (the increase in the money supply) is NOT to be confused with Consumer Price increases which is sometimes called Consumer Price Inflation. Rising Consumer prices (or stock markets, Real Estate etc) are a SYMPTOM of inflation.

    Since the 2008 GFC, what with all the bailouts of the reckless financial industry, TARP, QE etc, unlike in the 1970’s where the money found its way to Main St and ordinary workers were thus able to bid up the prices of consumer staples, the post 2008 period was different.

    That’s because the 1% got the bulk of the money (or should I say the 1% of the 1%), and they poured that money into the STOCK MARKET, into REAL ESTATE and into speculative items like cryptocurrencies, NFT’s and all manner of other things like mergers and acquisitions, share buy backs of the major corporations etc.

    In other words the working class, for the most part, did not get it – because many were flat broke.

    Bottom Line: There was a hell of a lot of inflation post 2008. But said money went into those asset classes that were the play things of the rich.
    Post the 2020 Covid hysteria, huge sums were printed/digitally created that were actually doled out to the masses – in the form Covid relief payments and welfare as people where paid to stay at home where they earned more than they were getting from their minimum wage jobs.

    END RESULT: As workers stay at home and labour shortages arise in various industries, ipso facto there are LESS people producing STUFF, whilst simultaneously there is more freshly printed MONEY floating around chasing what output there is [ie: bidding up the prices] from those that are actually working.
    That equals inflation.

    So Savant, you should give praise where it’s due.

    The fact that Peter Schiff was calling these things a DECADE (or more) IN ADVANCE, is proof indeed of his prescience and mastery of economics.

  79. @Truth Vigilante

    A critical comment from TV, the bozos’ bozo? As someone once said, ‘Like being savaged by a dead sheep’.

  80. @Mefobills

    Mofo-Bill writes:

    RENT-SEEKING IS a behaviour that describes the tendency of people to seek profits without doing any real work. This reduces economic efficiency through the misallocation of resources. Rent-seeking also hinders the creation of wealth, reduces government revenue, increases income inequality, and potentially leads to national decline.

    What you’ve written is the product of a diseased mind.

    A typical man works for 40 odd years and accumulates a retirement fund for his old age.
    In bygone days you could put your money in the bank and earn 5% – 8% interest or more in a SAVINGS account.

    Savings is DEFERRED CONSUMPTION. Yes, said saver could have spent the money instantly on riotous living but by putting it in a bank, or buying government/corporate bonds, said money was either loaned out or used by employers to GROW THEIR BUSINESS, CREATE JOBS and increase economic prosperity.

    ie: the EXACT OPPOSITE of what the Mofo says.

    And ALL the historical data supports what I’ve said. In Europe, the northern countries (Germany, Netherlands, Switzerland etc) have a hard working and thrifty mindset with a HIGH SAVINGS RATE. So too for countries like Japan.
    Not surprisingly, said countries with high savings rates also had the HIGHEST ECONOMIC GROWTH and the highest standards of living.

    Contrast that to the southern European and Sth American countries that traditionally had the ‘let’s live for the moment’ mentality. They had a low savings rate and had profligate governments that invariably spent beyond their means.

    End Result: Said Low savings countries had LOW ECONOMIC GROWTH, had unstable and depreciating currencies and, in the case of Sth and central America, they were third world banana republics.

    UR readers, can you comprehend just HOW STUPID THIS Mofo person is and how ridiculous are his economic policy prescriptions that he learned from Michael Hudson ?

    Yes, said individuals from northern Europe that chose to be prudent and save their money or invest it the stock market, according to the Mofo’s twisted logic, sat at home and relaxed while they MADE MONEY WITHOUT DOING ANY REAL WORK.

    BUT, didn’t these individuals accumulate their money in the first place through DOING REAL WORK ??

    Of course they eff’n did,

    So what business is it of the Mofo if a man puts his money in a savings account, OR buys a dividend yielding stock OR buys an investment property that earns him rental income ?

    In he case of the latter, this man may have purchased a vacant block of land and had a dual occupancy dwelling erected – thus providing accommodation for two families and easing the demand for rental accommodation.

    The more houses/apartments that are built and thus available on the market for rent, the LOWER will be the rental prices in that region, all other factors being equal.

    Now the Mofo will counter that said individual may not have bought a vacant block and built an apartment/house, thus adding to the supply of rental accommodation.
    Yes, he may have purchased an existing home.

    But what did the individual who SOLD the existing home do with his money ?
    Well, he in turn may have bought an existing home of his own as well.
    BUT, somewhere along the line, one of the sellers will use said proceeds to build NEW HOUSING.

    OR, said seller will use the proceeds to expand his business which will employ more people who in turn will generate income to be able to build a new home of their own and thus CREATE WEALTH FOR SOCIETY.

    What if I damage my ACL (knee injury) playing football and I’m told I’m not able to drive my manual transmission vehicle for the next 3-4 months while I recover ?
    Rather than leave it in the garage sitting idle, is it wrong to loan it out to my neighbour who has offered to give me one-third of the gross income as he uses it as an Uber driver ?

    After all, I will be deriving profits WITHOUT DOING REAL WORK during that time ?

    What an EFF’n IDIOT Mofo-Bill is !!!

    I own that car which I paid for through HONEST TOIL. I can therefore do with it as I please.

    Bottom Line: People think that investments in real estate ALWAYS GO UP.
    WRONG !!

    Tell that to residents of Detroit who bought their houses in the 1960’s/early 70’s and ended up selling it for less in NOMINAL TERMS 40 years later when their neighbourhood became a crime zone infested with gangs and meth addicts.
    Of course, in real terms after factoring in inflation, they’re probably down 90% or more on their investment.
    Tell that to real estate speculators that bought in the 2003 – 06 in Las Vegas and parts of Arizona and ended up taking a 50% haircut during the 2008-09 GFC.

    Similarly with money in the bank or government bonds – there is ALWAYS THE RISK of loss of capital, as banks fail and governments are subject to sovereign debt default.
    To compensate for said risk, the typical investor will need to receive a DIVIDEND/capital appreciation (if owning stocks). OR rent payments if owning real estate.

    In the Mofo’s utopian Socialist world (which corresponds to Klaus Schwab’s ideal world), no one will be able to RENT OUT any possession of theirs to make ‘Unearned Income’ because the STATE will own the means of production and their will be NO PRIVATE PROPERTY.

    In other words, if the Mofo had his way, YOU WILL OWN NOTHING AND YOU WILL BE HAPPY.

    I’ve suspected this about Mofo from Day 1. I trust that other UR readers will awaken to this depraved man’s nefarious agenda – the same agenda that his messiah Michael Hudson advocates for.

    • Agree: RoatanBill
    • Replies: @Mefobills
  81. Kali says:
    @emerging majority

    When one endeavors to work with the universe, magic just seems to happen.

    Invariably, in rmy experience. – As soon as we let go of our desire to control the outcome of our actions, and as soon as those actions are in responce to the needs of the moment rather than pesonal ambition, then in steps the Divine Crator to guide, lead and open the way. Until sudenly, as if by magic, but actually by the grace of Divine Love, one sfinds oneself the caretaker of a mountain paradice in Portugal, for example.

    I don’t know much about the life cyle of mosquitos, but my feelings about wasps was very (useless, agressive creatures) negative until I learned about their life cycle: Only the queen survives the winter with a small clutch of eggs and enough neqtar to feed her young brood. The workers hatch and as soon as they can fly they are essentially slaves to her hormonal secretions, until early autumn, when she stops secreating the hormone which has entraced them, where upon they suddenly feel ravenously hungry, and go off in search of sugary foods (human picnics 😄) to feast on before they die. And now that I’m a gardener I know that the parsitic wasp is one of my best friends. Now I have nothing but respect for them. – Maybe theres a similar story with mossies? 😉

    But bact to “economics and civilisation”: I suspect that those finner aspects of civilisations – great architecture, great musical compositions, inovations which make our lives easier, fine roads… etc, etc, may not be the result of “civilisational” advances, but rather, are the inevitable results of mankinds innate creativity. It seems – from my uneducated, but I hope, insightful/intuitive perspective – that there’s an a priori assumption that those things are the result of civilisational forces, and we wouldn’t know them absent civilisation. And therefor, to live refined lives we need civilisations, complete with hierarchy, banks and some form of economy-stupid… etc.

    But if civilisation itself is an expression of our creativity, and not the cause of it, then surely the questions and challenges we face today may be better approached by dropping such a priori assumptions,

    The impsitions of Kings, of bankers, of generals, of nation states, all of which have certaily produced some aw-inspiring works alongside their blood-soaked legacies, in the final analysis ( because “the final analysis” seems to be exactly where we are right now) may not be all it’s cracked up to be.

    Without them we would still have music and art and architecture and roads and etc – and even if not, we do have those things now and the skills to produce them. Why not take the best that such institutions have given us, and leave the rest behind?

    The bottom line is that I’m not sure that “civilisation” is all that civilised, that our creativitity as a species is not dependand upon it, and that there may be altertative approaches available to us that are being missed or overlooked because of our a priori assumptions.

    Grass-roots, bottom-up solutions are constantly being drowned out or co-opted and bastardised by the NGO’s and “think-tanks” of billionaires, and our own thinking is ultimately supressed and limited in accordance with (((their))) interests.

    We really do have to think way outside the box if we are ever to live outside the cages (((they))) have constructed around us.

    With love,
    Kali.

    • Replies: @emerging majority
  82. Mefobills says:
    @Truth Vigilante

    What you’ve written is the product of a diseased mind.

    Or, maybe it is exactly as Hudson contends, and of which you take great issue?

    Namely, that Hudson chooses not to get fleas by going to a flea bag hotel. That some people live in an alternate and parallel universe.

    That’s you! A flea in a flea bag motel, and part of a parallel universe. You just cannot believe that you are living in that parallel universe, as somebody who got punked and brainwashed.

    Here you are saying I have a diseased mind, for posting a definition of rents. It is not even my words, I gave the link, which seems to have flown over your head.

    Lolbertarians cannot even accept a concept like rent seeking. This is why your ideology is destined for the trash can of history.

    Below is a sovereign government system which returned profits to savers, just as you desire:

    A typical man works for 40 odd years and accumulates a retirement fund for his old age.
    In bygone days you could put your money in the bank and earn 5% – 8% interest or more in a SAVINGS account

    In Canada from 1938 -74, they had a sovereign money system. If you wanted to take out a loan on a house, you were forced to go to a TRUST. A trust is a savings bank, where people put their savings and were guaranteed 3-6 percent interest.

    If you followed the money cycle, the MOF will tell the BOC, to issue debt free money into modes of production. This built out schools, hospitals, rail, etc., – things that made life better for Canadians.

    Much of that money would become wages, and then it was SAVED in a trust. The Trust would then be the source of money that people used for buying homes. Banks, who hypothecated new money into existence, were not allowed to make housing loans. The trust is a gyro system, meaning that it recycled existing money, savings, into new loans. It was a circular system, like a gyro.

    So, the people of Canada via their Sovereign System, had improved quality of life, and then at end of life, their savings cycled into the young, who borrowed it to buy housing. I have posted many times how this sovereign system did not create inflation, nor did it create public debt. Canadians had almost free health care and education, and a high standard of living. They also had world beating small businesses and local economy.

    This virtuous cycle had young people creating goods and services, for their parents and for the old to consume while retired. The young had this virtuous money that was related to wealth and equity in the country, to then borrow to have housing. This virtuous cycle also kept housing prices and land from being pushed in price by private banking corporations. In other words, housing was affordable, and wage earners were productive.

    These monetary rules have been known since Aristotle and Plato. Plato’s rules for his republic are that citizens have TOKEN money for use with each other, but gold or silver were to be provided for foreign trading.

    YOU, are completely confused about the fabric of reality, BECAUSE you have imbibed on false Lolbertarian teachings. You haven’t even heeded my warnings that Lolbertarianism is the product of Jewish minds.

    Well, maybe others will read this, but since you are “ate up” there is no reaching you.

    Plato did not want his republic (and Rome which followed Plato/Salon’s rules in the beginning), to fall under sway of the Middle Eastern Temple Cults, most of whom had coinage which was gold by weight. This is very important. A country is not sovereign, if is uses gold internal to economy.

    The error of not keeping to Plato’s rules, made Rome move East toward the Bosporous, to then interdict the east/west trade in precious metals, and was Rome’s undoing. Just as Hudson contends, these errors were compounded when Rome allowed an Oligarchy to form, and this then polarized society.

    The West is the child of Rome and Greece, not the middle eastern temple cults. In the early years of Rome, they used what was known as a nummulary system, based on fiat money, bronze disks – not gold.

    Pliny blasted the new gold coinage in Rome, “The next crime committed against the welfare, was on him who was first to coin a Denarius of gold. A crime the author of which is unknown… would that gold could have been banished forever from the Earth, accursed by universal report, reviled by the reproaches of all the best men, and looked upon as discovered only for the ruin of mankind. (Pliny as quoted by Del Mar, Money in the Ancient Countries)

    If privateering in-groups get control over the money power, and then break well known monetary rules to self aggrandize, then that is something that has to be dealt with by law and force.

    LoLs, are perfectly OK with in-groups or self interested powers (Jews and the finance class) to privateer and control the money power of a nation. It is THE source of power for Jews and the Finance Class.

    Lols are un-American and traitors.

    You know, so long as Lol’s get their magick gold as coin of the realm everything would be unicorns and rainbows, as they are brainwashed to believe by their Jews. LoL’s have to invert and cherry pick history, so they want to capture young minds, to then brainwash them. It is quite disgusting to observe, something like watching a trans person trying to recruit young people, and then deform them from having a full life.

    • Thanks: Kali
    • Replies: @Kali
    , @Truth Vigilante
  83. Kali says:
    @Mefobills

    Finally it’s all beginning to make sence Mefobills!

    Thank you once again for explaining. – The Canada model,: token money, gyros… and gold/silver for international trade, equals a sovereign nation. Gotcha!

    To be honest, I thought I’d never get it (because I’m lazy and don’t read enough) but at last the fog is clearing.

    Moito obrigado!!!

    Much love,
    Kali.

    • Thanks: Mefobills
  84. Mefobills says:
    @Kali

    The trading Gold standard was created at Bretton Woods.

    This worked for awhile, but was overcome in 1971, when Nixon went off the standard.

    Basically, there was a big pile of gold in Vaults at the New York Fed. These vaults held more gold than fort knox.

    Let’s say that the U.S. was in trade surplus with Britain. That surplus would inform the exchange rate through gold flow.

    Gold really didn’t flow. They just moved signage around on the piles in the FED.

    So, if you were in trade surplus or deficit, the signage would move around. Then your national pile of gold at the FED, would either shrink or increase in size.

    So, any trading nation that was part of the post war system would get this feedback, which would then inform their national “token” money and its exchange rate.

    When would you lose gold? Let’ say your country did not make enough goods for trade, and you imported too much. You were out of balance. Well you would lose gold to the other country in exchange for their goods. After awhile of losing your gold to the foreign country, your country had better lower its exchange rate, to then make your goods and services attractive to be bought.

    This is pretty much what Plato, Lycurgus, Salon and others understood a long long time ago, after watching how things work. Or, rather watching how civilizations collapsed, and what needed to be done.

    Glazyev’s new trading currency is a replacement for the gold trading standard, which was overcome in 1971.

    This will force honesty back into the system of trading nations, and be in alignment with known good monetary science.

    I obviously get annoyed with the LoL’s like TV, because they are whispering death into people’s ears, while pretending to be of the highest morality.

    • Thanks: Kali
    • Replies: @Kali
  85. @Ann Nonny Mouse

    I was being cynical with the “Hitler’s Holocaust”, part, but thanks for noticing.

    As if one needs to clarify wars and who they ultimately benefit.

    Chill out mi lady, we are fighting the same enemies.

    Peace,

    CQ

  86. “That represents the apex of “Finance Capitalism’s” political strategy”

    Allow me to fix that: That represents the apex of “Government created Finance Capitalism’s” political strategy.

    Think of government as an ocean and virtually all of mankind’s behaviors and so-called civilizations are responses to living in that Government Ocean environment.

  87. @Kali

    Reminder that “civilization” explicitly originates as civic life, mores and standards—in other words the root concept is predicated on life in cities. Conceptually, those cities are the prime repository, if not necessarily origin of such developments as the arts, architecture and organized forms of commerce. They also form the rootstock for formalized education of the young in order to ensure that the accumulated value-systems are re-energized and accepted by successive generations.

    Some 2,500 years ago, coincidentally at the same time period when Buddhism began its ascension in India and also synchronous with the development of Rabbinical Talmudism in Babylon; Socrates, unarguably the most celebrated philosopher within the Western tradition, expressed his core insights on the urban phenomenon. To wit, the Hellenic observer of multiple aspects of the human condition opined that the maximum population of a cohesive city would be in the range of 30,000 people.

    Urban growth beyond that ideal figure would tend towards a loss of civic-mindedness and ultimately towards societal dissolution.

    Compare and contrast the monstrous megalopoli such as Shanghai, Beijing, Delhi, Mexico City and the sprawling metastastizations such as the New York metroplex and that of the desert cities of LaLaLand in Southern California and the Phoenix basin in Arid-Zona. Though I’ve not recently checked population figures, some of those urban masses must now be nearing 30 million. We are looking at a virtual order of magnitude in the incomprehensible chaos implicit in such massive agglomerations of disparate humanity…disparate and all too frequently desperate .

    Because of the phenomenon of the “Rat-Race”, people living in those scenes of metropolitan madness are so stressed-out in their daily lives as homo-economicus, that, excepting perhaps upon retirement, they have very little time to “waste” on creative endeavors. Stressed-out individuals tend to lose a broader sense of being, particularly of being part of a whole which is not merely an anomalous mob.

    Hyper-urbanization tends more and more in a devolutionary direction. The over-educated idiot phenomenon all too often gets swept up in the myth of “progress”. In my estimation, the very term “progress” is a dirty word. Progress towards what, one should ask. Seems like Huxley scoped it out rather well in his dystopian “Brave New World”, as did Orwell with “1984”.

    Centralization axiomatically engenders an all powerful corporate state, run from behind the scenes by an amalgam of an administrative bureaucracy and a tight cabal of oligarchs calling the shots.

    In order to recover from the current state of cultural degradation, humanity needs to abandon the entire concept of large urban conglomerations. Cities, to develop and maintain a creative and cohesive edge, need to be fully walkable, with no motorized vehicles within the urbs. They would not be a place to raise children. They would be dynamic and infused with creative energies constantly and effusively intermingling and cross-pollenating.

    At a remove from these intensive scenes would be market towns, ranging in populations from between a low of perhaps a thousand inhabitants to a high of around 5,000. Their secondary purpose, beyond that of a transition zone between cities and villages, would be as somewhat of a re-creation of the medieval concept of craftsmanship and apprenticeship for post pubertal adolescents to develop useful skill-sets for the many and formulations reminiscent of the Hellenic agora for those with artistic and intellectual fascinations.

    One ought to bear in mind the old African proverb of “it takes a village to raise a child”. Though cities would not encourage birthing and raising children in such environments, neither would they forbid them.

    Children should grow up in a fully supportive environment of a village where the adult population would conjointly assist the parents in enculturation of the very young. An environment where stress and fear were not a considerable factor in day to day living and where a generalized atmosphere of contentment and love would be the prime envelopment and where from toddlerhood to the onset of puberty would allow the very young the freedom and security to discover their own pathways to lifetime fulfillment.

    We need to think outside the box. Some of us have managed to escape the contemporary urban madness, simply so we can be (and become) our own selves. At the same time, though, we have a responsibility to general humanity as individuals who are able to see the entire forest at the same time as cherishing particular trees.

    It is Colin Wilson’s “Outsider” who has the capacity to intellectually encompass the big picture. Somehow, we tend to see this as a duty. Perhaps our role is that of the ambulatory white blood cell.

  88. @Alrenous

    All Americans are also de-facto owned by the government.

    The stealth slavery of an ant colony.

    • Replies: @Alrenous
  89. Che Guava says:
    @Badger Down

    That ‘Agree’ was a mis-press. Not that I totally disagree, just on various details.

    I just spent a few mintes searching for Mr. Reed, overload of ‘Frederick Reed’
    named people, then checked his old blog title, he seems to be alright.

  90. Mefobills says:
    @emerging majority

    Compare and contrast the monstrous megalopoli such as Shanghai, Beijing, Delhi, Mexico City and the sprawling metastastizations such as the New York metroplex and that of the desert cities of LaLaLand in Southern California and the Phoenix basin in Arid-Zona. Though I’ve not recently checked population figures, some of those urban masses must now be nearing 30 million.

    It seems Xi of China has some solutions up his sleeve. Xi is arguably more important than Putin.

  91. Alrenous says: • Website
    @Drapetomaniac

    Children in particular.
    If the government can take away your kids, that means they’re the government’s kids, they’re merely loaning the kids to you. You can keep them if you behave yourself.
    You’re obligated to feed and clothe them and stuff – meaning you are enslaved to the government for the upkeep of the government’s children.

    Child neglect is not such a widespread problem that it’s worth enslaving every parent to fix it. Indeed it’s obvious that avoiding child neglect is not high on the CPS priority list. Working as intended.

    • Replies: @Alrenous
  92. Alrenous says: • Website
    @emerging majority

    Cities could be neighbourhoods that merely happen to be next to each other rather than trying to be a cohesive whole.

    Fixing the problem is super easy. Basically the solution is feudalism. Have a lord, who has peasants. The lord is responsible for keeping the peasants a community instead of merely a collection of atoms that happen to live uncomfortably close together. With this solution it doesn’t particularly matter how spread-out or bunched-up the neighbourhood is. The lord is responsible for making any necessary adjustments. E.g. if a village needs to move to the city, don’t trickle in one-by-one, build a whole apartment complex and move the whole village into it. Can hold church in 602 and maybe have a school in 914, and damn the zoning laws.

    At the same time, though, we have a responsibility to general humanity as individuals who are able to see the entire forest at the same time as cherishing particular trees.

    If you haven’t sworn an oath then no, you have no such responsibility. Assuming un-agreed responsibilities is known as theft.

    You have to get them to agree to let you be responsible for them. You can use conquest too, I suppose.
    Go ahead and try it. I’ll wait. The joke being I’m perfectly serious except that I know you won’t do it, because you already know it won’t work.

  93. Alrenous says: • Website
    @Simply

    Socialism/Communism was meant to be a Robin Hoodization of socitety

    Yes. With unprincipled exceptions, though.

    Capitalism is a reverse Robin hood

    No.

    Hint: the poor don’t have anything worth stealing. It’s in the name. You can’t get rich stealing from the poor.

    The pie is not fixed. Under capitalism you get rich by making the pie bigger.
    America is so anti-capitalist that regular folk don’t even know that the pie can get bigger. They don’t know anything about capitalism.

    • Agree: Truth Vigilante
    • Replies: @Simply
  94. @emerging majority

    Reminder that “civilization” explicitly originates as civic life, mores and standards—in other words the root concept is predicated on life in cities. Conceptually, those cities are the prime repository, if not necessarily origin of such developments as the arts, architecture and organized forms of commerce.

    In order to recover from the current state of cultural degradation, humanity needs to abandon the entire concept of large urban conglomerations.

    Since cultural development and urban planning are complex topics, there cannot be an easy solution to be applied universally. It seems to me that your recommendation in the third sentence, quoted above, would contradict the basic premises you stated at the beginning, depending on what your threshold for “large” is. To be vibrant and attract visitors as well as dwellers, especially in scenarios in which automobiles play a lesser role, cities need to have a certain size, beyond what you suggested, to maintain basic aspects of civilization.

    You invoked Socrates discussing the urban phenomenon 2500 years ago, towns with a maximum population of 5000, and medieval craftsmanship, so it might be useful to regard European urban progress in a historical context and select a few exemplary cases that have evolved over a long span of time to derive useful insights. With that in mind, I have used a simple methodology, of applying four basic constraints, to distill a short list of twenty interesting cities worth looking at more closely because they have survived the test of time.

    Top Ten European Bi-Millenium Cultured Cities
    (of Twenty)

    [MORE]

    Step 1 – Begin with the set of all known urban settlements in Europe that already existed before the common era, during the reign of Caesar Augustus (Octavian). This will necessarily already preclude such important cities as London, Vienna, and Regensburg, which were established slightly later during the Roman period.

    Step 2 – Among that set, consider only those which had an estimated population of at least 5000 in the year 1000 AD. This step will eliminate such cities as Zurich, Nantes, Strasbourg, and Bonn, which gained prominence later. The basis for this step is a historical database shown on a map at the following link that must then be clicked on for an enlarged area to see their detailed location. Since they appear unnamed, geographical and historical knowledge is helpful.

    Data Source: General Map of (Unnamed) Cities with population >5000 in 1000 AD
    https://www.jetpunk.com/user-quizzes/266956/100-biggest-cities-in-europe-in-1000-ad-with-a-map

    Step 3 – Do not further consider any cities that were subjected to Islamic rule, conquest, pillage, subjugation, or rapes, due to the lasting adverse impact, even centuries later, of Arabian or Mulatto admixture into the local population (contrary to what was advocated in 1925 by Richard von Coudenhove-Kalergi in his book Practical Idealism, in which he envisioned a mixed Euro-Negroid race ruled by Jews). Cities need a population that is collectively creative, innovative, entrepreneurial, and prudent, rather than dull, lazy, sloppy, and impulsive. This step will eliminate cities in all of Iberia, Sicily, Hungary, Serbia, and Greece, all of which were ruled for over a hundred years by Islamic degeneracy – some regions, such as in Andalusia for over five hundred years – but also such historically important cities – even today – as Naples, Rome, Genoa, Lyon, Toulouse, and Bordeaux, which were all subjected to Muslim conquests centuries ago, including the taking of slaves, a topic that is not much discussed.

    Step 4 – Set a minimum current population threshold of 100 thousand. this will eliminate such important historical cities as Pavia, Ferrara, Mantua, Cremona, Speyer, and Worms, the latter of which was a center of the Jewish community in Germany more than seven hundred years ago. This process yields twenty cities, listed below. The top ten (shown in bold type) result coincidentally by setting a minimum population threshold of 200 thousand. In my view this population is a decent minimal level for a municipality to be viable, with its own airport, a university, medical clinic, and manufacturing base. Two well-known cities with such a population are Geneva and Basel, for instance.

    Results – The twenty cities are listed below, the bottom ten in brackets, and grouped into three categories, in descending order of population for each of the sub-categories.

    • Cities in which the entire historic centers are designated UNESCO World Heritage sites:
    Florence, Verona [Bergamo]

    • Cities which have UNESCO World Heritage sites, usually related to architecture:
    Paris, Bologna, Padua, Brescia [Reims, Modena, Rouen]

    • Cities with no appellation (the top four were significantly destroyed in air bombings):
    Milan, Cologne, Augsburg, Mainz [Parma, Reggio, Perugia, Metz, Trier, Piacenza]

    Observations – One sees that none of these twenty cities are located along the ocean. Access to the ocean was important for fishing, salt, and trade, but the exposed nature was hard to defend against invaders, even with heavy fortifications. Historically, very few European cities along the Mediterranean could withstand pirate raids during the Ottoman Empire. Possible exceptions among the more important ones may have been the Venetian cities of Split and Zadar in Dalmatia, and Kerkyra (Corfu) in Greece. Also noteworthy is the fact that all twenty cities have populations that have historically been Catholic. All of the top ten cities have universities, three of them are among the very oldest in Europe, one of which had a famous professor, Galileo (see below).

    To highlight the issue of creativity and innovation for half of the lesser known top ten cities above, I will not refer to art and architecture, but technical innovations and development, in five key areas that have had transformative effects upon society, listed chronologically, citing also the individuals they were associated with:

    Mainz – Johannes Gutenberg –
    Mid 15th century – Movable type, printing press, book publishing

    Brescia – Pietro Beretta –
    Early 16th century – Gun barrels, weapons, oldest manufacturing company

    Padua – Galileo Galilei –
    Late 16th century – Kinematics of motion, astronomy, telescope

    Bologna – Guglielmo Marconi –
    Late 19th century – Radio and antenna, wireless telegraph

    Augsburg – Willy Messerschmitt –
    Mid 20th century – Jet fighter aircraft Me-262 and aircraft manufacturing

    Also, Modena, not among the top ten, is associated with the automobile brands Ferrari, Maserati, and Lamborghini; and ALFA-Romeo cars used to be made in Milan.

    Useful Wikipedia information for further reference:
    – Historical Urban Community Sizes
    – List of Largest European Cities in History

    Useful Book:
    – Paul Fregosi – Jihad in the West: Muslim Conquests from the 7th to the 21st Centuries

  95. Alrenous says: • Website
    @Alrenous

    P.S.
    Potential parents respond to having their children automatically nationalized by not having kids in the first place. “Actually I don’t like being enslaved? Skip.”

  96. Simply says:
    @Alrenous

    Hint: the poor don’t have anything worth stealing. It’s in the name. You can’t get rich stealing from the poor.

    Hint: Labor, without labor nothing will ever gain any value, no matter how smart the capitalist is, and no matter how many patents for unique products thanks to his superior intelligence he holds. Nothing ever gains in value without labor. From the poor. Because they are “stupid” and have nothing else to give.

  97. Alrenous says: • Website

    Nope.

    You sound stupid and ignorant. I’m going to assume you’re trying to make me participate in your cope.

  98. JM says:
    @Doug Hillman

    You obviously haven’t a clue about most of what I posted. I’ve read enough of Hudson to “do him justice”.

  99. @Mefobills

    Mofo writes:

    So, the people of Canada via their Sovereign System, had improved quality of life, and then at end of life, their savings cycled into the young, who borrowed it to buy housing. I have posted many times how this sovereign system did not create inflation, nor did it create public debt.

    The Classical Gold Standard (pre-WWI) saw the world collectively prosper in a manner that has never been seen either before or since.

    The bastardised Gold Standard between the wars left much to be desired, as did the Gold Standard post Bretton Woods post 1944, but it worked much better than the fiat system we’ve endured under these last 50 years.

    You say that in Canada from 1938 -74, they had a sovereign money system yet Canada was during that period (and certainly in the 150 years or more prior to that), very much a capitalist country [that conducted commerce on the Gold Standard] and thus owed much of its prosperity to the capitalist model.
    Importantly, there is nothing exceptional about Canada in the period 1938-74. It’s growth was more or less in line with what it achieved post 1974 and was demonstrably LESS then what it experienced in the century or more prior to 1930.

    My understanding is that Canada’s central bank came into being in the 1930’s. Needless to say, said Canadian central bank would’ve been within the orbit and working with the Zio owned U.S Federal Reserve and utilised to serve the agenda of the Zionist Usury Banking Cartel, as opposed to what was in the interests of the Canadian people themselves.
    In Australia, where I’m from, the Reserve Bank of Australia came into being in 1959.
    Prior to it’s creation Australia was doing just fine.
    Upon its creation Australia continued its upward momentum from before for a decade or so but the wheels began to fall off not long thereafter and Australia’s central bank has pursued its vassalage to the Zio cabal dictates from then on.

    In relation to your claim that Canada’s ‘Sovereign System’ did not create inflation, as we all know:

    Inflation is ALWAYS and EVERYWHERE a monetary phenomenon.

    So, if you don’t recklessly indulge in money creation, there will be no inflation.
    It’s that simple and will hold whether one has what you call a ‘Sovereign System’ or not.
    It’s all about monetary restraint.

    Lastly, you came up with this asinine remark:

    Lols are un-American and traitors.

    Of course, Dr Ron Paul is the highest profile Libertarian in the world and you’re calling this ‘Living Treasure’ of a man a traitor. (We could add to that Congressman Thomas Massie and Senator Rand Paul as well – both champions in their own right).

    Well, let’s see what active duty military personnel, the people that put their life on the line for their country and the constitution had to say about that in the lead up to the 2012 Presidential election as Ron Paul was contesting the primaries:

    That 3 min video is titled ‘Ron Paul Gets More Donations From US Soldiers Than ALL Other Candidates Combined Including Obama’.

    That says it all. Active Duty Military Personnel endorse Ron Paul because HE is the only one standing up for the constitution and adhering to Thomas Jefferson’s (and George Washington’s) suggestion that the U.S avoid foreign entanglements and the sacrifice of America’s blood and treasure in pursuit of Jewish hegemony.

    Yes Mofo, the Libertarian Ron Paul is the most patriotic American Presidential candidate in living memory and you have the audacity to call him and the Libertarians traitors in a clear example of projection.
    It is chicken hawks like you Mofo that are the traitors. Any UR readers with even half a brain can see that.

    Michael Hudson has stated in no uncertain terms that there should be land confiscation from those that have land holdings, in pursuance of the Judeo-Bolshevik time honoured tradition that no one can seek economic rent for their land because there will be NO PRIVATE LAND HOLDINGS.

    Your almighty Socialist state, of which you and Michael Hudson shall be on the Politburo, will own the means of production.

    The rest of us will merely be expendable cogs in the wheel, mindless automatons following orders from said Politburo.

  100. @Kali

    Kali, I’m puzzled that you absorbed what the Mofo had to say.
    I found it convoluted and it wasn’t helped by the fact that the Mofo went off on a tangent from time to time and carried on about unrelated events from antiquity.

    Seeing as Mofo went on a tirade against me and you thanked him for his remarks, I can only interpret that as a critique of what I had to say.
    Of course no one is infallible and like everyone else I will get it wrong from time to time and will deserve to have some tough love dished out my way on occasion when I get it wrong.

    Kali, even though we’ve agreed on much in the past, I appreciate the fact that you don’t hold back and speak your mind if and when I [or anyone else] says something that conflicts with your view on the world.
    I would much rather get a critique from someone like you who I know to be sincere than someone like the Mofo who is pursuing his Statist agenda.

    In this world, there are many people who view things as a dichotomy. Either a society is Socialist where the output of society is [allegedly] shared more or less equally or it’s Capitalist, whereby they assume that an elite few, the oligarchy, usurp most of the wealth and the majority live in subsistence poverty.

    Of course, the latter is increasingly looking like what the U.S has become.
    However, what is transpiring there is NOT capitalism.
    Some call it Crony Capitalism but that besmirches the reputation of capitalism so it’s more accurate to call it Crony Corporatism, seeing as large corporations owned by the oligarchs were enabled by BIG GOVERNMENT to monopolise the wealth of the nation.

    Kali, I’m aware that you own a plot of land in Portugal and cultivate and live off the land.
    You aim to be ‘off the grid’ as far as dependency and interaction with the state, and most of us admire what you’ve done and how you’ve served up a template for others to follow.

    If you’ve listened to the Mofo and Michael Hudson, the latter has made it clear that NO FORM OF RENT SEEKING is to be allowed under the system they propose and to enforce that, Hudson has stated in no uncertain terms that LAND CONFISCATION is to be employed.

    Of course Hudson and Mofo will likely say that only the lands and property holdings of the mega rich will be appropriated by the state and that the rest of us will be exempt.
    You may not be aware of this but there was NO INCOME TAX in the U.S until the 16th Amendment was passed around the time of the creation of the Zio owned Federal Reserve in 1913.

    When it was legislated, it was brought in under the pretext that tax would only be a few percent and what little tax that was levied would only be paid by the top 1% or 2% of taxpayers, and that the lowers and middle classes would be exempt.

    Well, we saw how that morphed into what it is today.
    This is called the ‘letting the camel’s nose under the tent’ analogy.
    Once the camel’s nose gets under the tent, it’s a matter of time before the whole animal is inside and running amok.

    And that’s how it will be if or when Hudson and Mofo’s authoritarian ideas ever get adopted.
    Yes, they’ll go after the low hanging fruit and confiscate the land, bond and stock holdings of the very wealthy, claiming that these people are not entitled to ‘INCOME FROM UNEARNED RENT’.

    Then when they’re gone, Mofo’s beloved Socialist state will still be subject to civil unrest as there still remain more than a few ‘have-nots’ that envy what was previously called the middle class. ie: people that own their home and may have a small stock portfolio, savings account or an investment property earning them ‘UNEARNED RENT’.

    Needless to say, they too will have their holdings confiscated so that they can be EQUAL to the miserable destitute poor and thus an egalitarian society is achieved.

    Kali, there may come a time when you’re too old or ill to work the land on your property. You and your husband may be forced to relocate to a care home or assisted care.
    Your progeny may not wish to move to Portugal straight away to cultivate the land where you left off but promise that they’ll do so at some point in the future.

    Meanwhile, to assist with your cost of living expenses in your care home, you and your husband decide to RENT out the property to someone who wishes to live off the land and be off the grid as you and your spouse presently are.

    However, according to the Mofo and Michael Hudson, this would be RENT SEEKING.
    After all, you are not working the farm but merely deriving income from UNEARNED RENT.
    It is of no concern to the Mofo or Michael Hudson that you and your husband bought this property through savings accumulated over decades of HONEST TOIL.
    All that matters is that you have it now, whereas others among the proletariat have nothing, so according to them you and your husband must have gotten it from exploiting the remainder of society in some shape or form.

    Accordingly, you would be deemed an enemy of the state, an exploiter of the working class under this system and the masses would be clamouring for confiscation of your property.

    THIS is where it will ultimately lead.

    Kali, and the rest of the UR commentariat reading this, I URGE you spend a few minutes and listen to this audio (just listen from 14:40 – 23:30) and see for yourself why Socialism, in ALL its forms, NEVER works:

    That section of audio I suggested above should be called ‘The Story of Thanksgiving’.
    It details the goings on of the Plymouth colony of Massachusetts and how America very nearly didn’t come into being.
    Had centralised authority through a socialised authoritarian state (as the Mofo and Michael Hudson advocate) come into being, the colony would’ve died off.

    • Replies: @Kali
  101. Meanwhile, seeing as we’ll never get the truth from Michael Hudson about the coming inflationary whirlwind (why would Hudson come clean on that, seeing as the inflation is being caused, to a large degree by MMT and Hudson is on record as saying that he believes Modern Monetary Theory is a panacea for America’s problems), here is the latest from Peter Schiff (listen to the audio from 1:00 – 10:00):

    In fact, in the days before Michael Hudson banned me from critiquing his articles (due to the fact that he likes being surrounded by automaton yes-men and women), I recall reading something he said in one of those threads where he endorsed the chief proponent of Modern Monetary Theory (MMT).
    Of course I refer to none other than Professor Stephanie Kelton, who was advising the Biden administration about the ‘Deficit Myth’ and basically telling Biden that deficits don’t matter, that the Fed can print up all the money it wants to pay for any government boondoggle imaginable, and there would be no adverse consequences.

    Well, we can all see how that’s working out right now.

    In recent years, Kelton was invited to be the Geoff Harcourt Visiting Professor at the University of Adelaide in South Australia.

    Don’t worry UR readers if you haven’t heard about the University of Adelaide.
    I’m in Australia and even here this university is hardly regarded as being at the forefront of academic excellence.
    But, it’s the best that Kelton could manage to secure acknowledgement from – seeing as her theories are so hare brained.

    That said, Kelton did earn a B.S from California State University in Sacramento in the 1990’s.
    Well, I’m calling her out for B.S as well.

    Everything from this woman is just B.S.

    • Replies: @RoatanBill
  102. @Truth Vigilante

    All of economics is just opinion. There is no one thing called economics, but many versions that disagree with each other. If these people can’t seem to get to some consensus on their supposed specialty, I see no reason the rest of us should listen to any of them. Although Austrian economics makes the most sense to me, I wouldn’t want them in control either since not being grounded in empirical facts, they’ll eventually head off into the weeds as well.

    Here’s a list of the various flavors of their opinions:
    Classical economics
    Neo-classical economics
    Keynesian economics
    Monetarist economics
    Austrian economics
    Marxist economics
    Neo-liberalism/Neo-classical

    Then we get to these also:
    Behavioural Economics
    Ecological Economics
    Environmental Economics
    Health Economics
    Information Economics
    International Economics
    Labour Economics
    Monetary Economics
    Population Economics
    Public Finance
    Urban Economics

    Not one of these versions of economics can prove a damned thing. The people that believe gov’t should be able to conjure “money” out of nothing only look at the momentary benefits and ignore the long term consequences that always occur, namely inflation and the misnamed business cycle. It’s the gov’t putting it’s finger on the scale of free market activities that causes the eventual problems. We, as individuals, are the best economists for our own transactions. When left to the billions of individuals to each seek out what’s best for themselves, we have a free market. Anything else is an attempt to control all of the world’s people.

    Economists are the whores for the bankers and bureaucrats. They are the ones that can rationalize every stupid idea and policy that the controllers want to implement. It’s their suggestions that produced the current economic conditions where the “west”, in particular, is feeling the after effects of not having sound money.

    • Thanks: Truth Vigilante
    • Replies: @Mefobills
  103. Kali says:
    @Mefobills

    I feel I should be taking notes (and if I wasn’t lying flat out on the couch, tired from hey-making and house work, and over-hot from the sun, I would be.)

    I can’t thank you enough for your patients and your kindness in sharing what you have learned. – This also goes to Emerging Majority (whos vission makes a great deal of sense: I have found, downloaded and begun to read Wilson’s Outsider. 🙂

    Much love to you both,
    Kali.

  104. Mefobills says:
    @Truth Vigilante

    Most people if they get even one thing wrong, will go hmmmm. Maybe I should update my thinking.

    But dishonest ideologues will just double down.

    Inflation is not always a monetary phenomenon. There is also cost push, which comes from supply constraints on goods.

    Demoralization produces a unique kind of idiocy.

    Why go to flea bag hotel? The fleas have something wrong with their brain functions and cannot uptake info at variance with their fake ideology.

  105. Mefobills says:
    @RoatanBill

    Do you even know that your libertarian heroes found succor and support from the very finance class you claim they are against?

    The Austrian ideology is funded is it not?

    It’s a brainwashing operation and you are a useful idiot. How great is it for them that you work for free.

    • Replies: @Drapetomaniac
  106. Kali says:
    @emerging majority

    Thank you; thank you..; agree; agree; agree; agree; …; thank you… 🙂

    Back to economics:
    In the village you describe, let everything be given and shared freely: in the market town and the (small, sane) city let trade be facilitated in token money; For the import/export of commodities and goods (if its thought wise in a post apocaliptic word to recomence such trade, and if so let us choose our partners wisely) how about we use Glazyev’s (I hope I have his name right!) Basket of currencies and commodities or something designed by our very own Mefobills?

    As I interpret the word “nameste” it means, when the Divine in me encounters the Divine in you great things are possible.

    Nameste,
    Kali.

  107. Kali: A few short words (unusual for me) in appreciation for your gracious contributions and words of endearing support.

    Short words because I’ll soon hie from this apartment for a few miles to the homestead where on some scraped-over land (machine work) by an Amish friend last fall, where yesterday I planted some 42 squash seeds in seven separate locations. This was after spading out the roots of grasses and goldenrods and refilling those spots with good garden soil and rotted manure.

    Today, I’ll add to those 42, with those seeds currently soaking. Should the SHTF this fall, I’ll have plenty of squash to swap for other garden produce, as the three major gardens, after some six years, are overburdened by invasive grasses and more of those nasty goldenrods.

    Besides the squash, I’ll also be wheelbarrowing construction-grade rocks up to the kitchen site where they will be worked into a free-standing foundation (no concrete involved) in the old Norse style; for the new kitchen. Then it’s on to some mowing with the 22 inch Huskvarna push-mower into some overgrown reed-canary and quack-grasses, which will be later raked and added to the compost. Some 5 hours of such labor and my 77 Y.O. corpus will be ready for something more restful.

    Blessings.

    • Replies: @Kali
  108. Kali says:
    @Truth Vigilante

    What an odd species we are! I’m surprised we ever manage to agree on anything! lol

    I found Mefo’s explaination really clear. And I found his reference to Plato’s Republic very helpful! (Maybe that’s something to do with my poor quality education, and the fact that I would have loved to have received a clasical education, so I pick up what I can, where I can.) Still, the reference did help.

    [MORE]

    I know (as do we all) that you and Mefobills don’t see eye-to-eye on very much, and I have no wish to take sides in your debate/s. But the truth is, TV, that when he’s not needling you as a “lol” he does make a great deal of sence. The amount of reading he’s done on the subject, and his obvious undertanding of the processes at work, together with his ability to explain things in a way that even I can grasp, has made him, from my point of view, one of the most important comrenters on this forum.

    I don’t agree with him on everything – or maybe I simple don’t quite understand everything he writes (“money is law” for example), but I do regard him as an expert when it comes to economics, finance and money.

    , I can only interpret that as a critique of what I had to say.

    Not at all, TV. I was simply thanking him for his explaination, which I found very helpful. If I’m honest, right up to and including this comment to which I’m replying, I’ve struggled to understand why you think that “free-market” capitalism is the solution. You spend more time railing against socialism than supporting free-marketism/neo-liberalism.

    The way I see it, if the pair of you were to lay aside you anomosity, you’d probabley find (as seems obvious to me) that you actually do agree on the nature of the problem – eg. “Some call it Crony Capitalism but that besmirches the reputation of capitalism so it’s more accurate to call it Crony Corporatism, seeing as large corporations owned by the oligarchs were enabled by BIG GOVERNMENT to monopolise the wealth of the nation.” – Is this not exactly what Mefo describes as “rent-seeking”? Are you not describing the same phenomenon using different terms?

    To be sure, I think you trigger each other because “statist”, because “libitarian”, becaus “socialist”, because “neo-lberal”… and from there you conversations degenerate into slagging-matches, some of which contain gems of truth.

    I have stated many times on this forum that I see money as a replacement for trust, as an interloper which replaces faith in God. – On this point neither of you have changed my mind. But because I recognise that it will probably be another thousand years or more before the truth of this is realised, of course I must compromise for the sake of developing (if only in theory) a system which might be understood and acceptable to my contemporaries during these interesting times.

    Plato. Socrates, Pythagarus and all of these towering interlects of antiquity, though I barely know a thing about them, have left us a legacy that has stood the test of time, informed philosophers, economists, physicists, kings, generals, and poets throughout the ages. Something inside me tells me that to ignore them, to start from scratch, to reinvent the wheel would be a fools errand. -eAre these not giants who’s shoulders we can stand upon today in order to see where we went wrong and how we might correct our course?

    I don’t own any land, TV (we are “The Caretakers” of land held by a Trust, grantored and executed by a “fellow traveler” of the anarchist variety (search “universal community trust” for an overview) but if we did we would not charge rent for the use or development of it, just as we are not charged and do not charge for caretaking.

    I cannot say where Mefo stands on the concept of “private property”, centralised power-structures, socialism, big-government, etc. But even if we stand on oposite sides of such debates does not preclude me from learning from him in other matters.

    These are huge topics, and my own input into them would be as neuanced as would yours or Mefo’s or any body elses with half a brain. Accepting Mefo’s monetary system (token money + gold/commodity currency) doesn’t mean I have to accept bloated-goverment or anything else. Of course, as/when we pursue such discussions here, I bring my own perspective to them.

    I seriously doubt that Mefo even owns a camel, but if he does I would never allow it into my tent – not its nose, not its toe, not any part of it! – This would be a question of jurisdiction, and as I have stated several times before, I recognise none but my own, under God and Natural Law (this is where the imperative “know yourself” becomes central. One who knows himself, lives by his conscience, not by codified “laws”. That said, the legal/lawful maxims “cause harm loss or injury to no other, be honest with your word and enter no fraudulant contracts” would underpin the justice system in my ideal world.)

    As you can see, TV, already we are progressing into a wider discussion of fundamental issues, way beyond simple monetary, economic systems. Agreement in one area does not signify agreement in all others.

    You and your husband may be forced to relocate to a care home or assisted care.

    No. If care cannot be delivered by a wider community, then I will forgo care. – I worked in that particular industry for many years, and even with the best will in the word and the most genuinely caring staff, the vast majority of those facilities are under-staffed by half, at least, to the point that the administration of “care” is performed on a tredmill basis – next.. next.. next. I worked in one where that wasn’t the case, until it was bought out by a multi-national. Now, but for the monied classes, they are pretty much all the same.

    To be sure, I’d prefer to sit quietly infront of the range stove, wrapped in blankets preparing for the next step of the big-journey. Of course, better would be for me to receive the care of our still small, but growing community. – Which really amounts to the same thing, but this time with soup and someone to listen to my stories.

    I think you fret too much, TV, and as a result you go off on tangents and off into hyperbole, defensiveness and projection.

    You know I’m an anarchist. And you know that anarchy means “no rulers” (which, for the benefit of the uninitiated, does not mean no order). It therefore stands to reason that neither Mefobills nor Mike Hudson are my new government just because I see the sence in Mefo’s economic model as outlined above.

    Much love dear Truth Vigilant,
    Kali.

    P.S. I’m so off-put by the name “Schiff”, but I will have a listen to the podcast you share tomorrow. Right now I need to take the (two new baby – a boy and a girl -) goats for a wander. Eternal moma, me! 😊

    • Replies: @Truth Vigilante
  109. Mefobills says:
    @Truth Vigilante

    Michael Hudson has stated in no uncertain terms that there should be land confiscation from those that have land holdings, in pursuance of the Judeo-Bolshevik time honoured tradition that no one can seek economic rent for their land because there will be NO PRIVATE LAND HOLDINGS.

    TV, such a rich vein of BS to mine. Why? Because Lolbertarianism is a brain washing operation, and they know nothing of real history. Like neoliberalism, they selectively cherry pick history, to then create fake narratives.

    Does the average LOL even know that after WW2, the Zaibatsu land holding “class” in Japan had to be smashed by the Americans? Without breaking apart this class and their holdings, Japan would have remained polarized.

    Rome fell due to concentration of land, and this concentration is due to DEBTS! An oligarchy forms and then the land transfers to said Oligarchy. Rome eventually fell, and they were on the gold standard. Oh Wait! Isn’t gold magick?

    Tiberius Gracchus was a STOIC, the only type of personality who should be near the levers of power. Certainly no Lolbertarian or Anarchist should be allowed in a position of power, because they are brain damaged, as is fully evident by their postings.

    Tiberius was elected to Tribune in 133BC, with the idea of enforcing the old Licinian laws. This law limited the use of public lands to so many herd animals per person. AND, so much acreage per person.

    Previously, the law had been ignored. Why? Because the WEALTHY gained control over the land. Tiberius sparked a revolutionary movement, which lasted 100 years until Augustus.

    The historian Plutarch repeated Tiberius, “The savage beasts of Italy, have their particular dens… their places of refuge; but the men who bear arms and expose their lives for the safety of their country have nothing more than air and sunlight, and having no houses or settlements of their own, must wander from place to place with their wives and children… they fight and are slain.. to maintain the luxury and wealth of other men.

    Lolbergs and Anarachists and other Liberal Individualists are anti-social and want to be the “oligarch.” They want to have others maintain their luxury and wealth.

    In 133 BC, Tiberius Gracchus passed a law to take back the illegally occupied lands (which had transferred through debt mechanics). The lands were then passed to the landless Romans.

    OH, the Horror.

    Tiberius was murdered within the year at the instigation of the Senate. Ten years later, his brother Gais was elected to carry forward the program, and he was murdered in 121BC in a riot.

    This process of Oligarchy formation via debts is already well known by now, but Lolbertarians are unable to acknowledge the fabric of reality, because they are brainwashed and are signaling for their masters.

    Their masters who brainwashed them are the finance class emitting false dialectics. In the case of Rome, the worst sort of defective person became part of the Senate. These people emerge out of the population; they do not magically appear in Government. They emerge out of a “Free Market” that allows land polarization, and allows concentrations of ill gotten wealth.

    If you have a populist movement, things are really getting out of hand, and the population is restive, mostly because of the “grabbers” who want to grab and hold all the land, which in turn is the source of all wealth.

    The only reason Russia is alive today is because Putin taxed the Oligarchs. Lolbergs are toxic, and nation destroyers, want unlimited immigration, to then lower the wage price so they can live high on the hog.

    • Replies: @Truth Vigilante
  110. Mefobills says:
    @Truth Vigilante

    The Classical Gold Standard (pre-WWI) saw the world collectively prosper in a manner that has never been seen either before or since.

    It is so much fun mining your BS, because you are a unique idiot.

    The idiocy comes from sucking on the tit of Lolbertarianism, which is a brainwashing operation.

    Most people are aware of the Wizard of OZ books and movie.

    Oz relates to an ounce of silver. The yellow brick road is gold, which leads to its concentration in the finance centers, where the Wizard lives.

    The wicked witch of the East, were concentrations of “capital” in the East.

    The emerald city and the munchkins are the ‘greenbackers” who wanted Lincoln’s greenbacks to solve the depression.

    Frank L. Baum in his book, had Dorothy’s slippers made out of silver. The farmers wanted to monetize silver again, to then get out of the depression.

    So, Dorothy had the answer all along, to the financial whirlwind, which was the depression – gold is depressionary.

    All Dorothy had to do is click her heals together, to then have silver monetized, so the Farmers could then have money to buy and sell their crops.

    Gold has always been depressionary. It is not around during planting and harvest season, it does not flex to he needs of a normal S shaped economy.

    Also, Gold is “international” and can be melted down and spirited away, collapsing a nation state. This actually happened after King Edward kicked out the Jews, and is why they were forced onto the Talley Stick System.

    Talley sticks are also not part of Lol memory, because they selectively look at only slices of history.

    Do not use gold internal to an economy.

    https://www.thevintagenews.com/2019/04/12/wizard-of-oz-symbolism/?chrome=1

    https://eh.net/encyclopedia/the-depression-of-1893/

    • Replies: @Truth Vigilante
  111. Kali says:
    @emerging majority

    I’m overwhelmed and full of joyful smiles, EM! Thank you for sharing! 🙂

    If your squashes grow as big as I hope they do, you’ll be needing to save some strength to lift them come the autumn.

    We try to keep the hard physical to about 4 hours per day (not always successfully, but it’s a good rule of thumb). That way we feel were working to live and not the other way around.

    When you have time I’d love to raed more about the traditional building methods you’re using. – Soon well be buildiug ourselves. (kitchen, workshop, guest accomodation). We thought to use cobble-stones as a foundation (no cement, so no planning permition required). Better if we could use the granate from the mountain if we can find an easy way to cut it though.

    Have you heard of air-crete? Wonderful stuff! Worth investigating.

    Sending love and smiles,
    Kali.

  112. Thanks again, Kali. “Air-crete” is a new one on me. Will hafta look it up. Back in the 70’s and early 80’s and occasionally in more recent years, I was the biggest farm rock pile thief in my county. Once an elder farmer drove up when I was loading rocks from a pile in some of his unused pasture-land. “Oh! You’re TAKING rocks. Take all you want and there’s more in my fields.”

    That was the attitude back in the day. Nowadays, many of them bury their rock piles because they use such huge machinery that those piles interfere with “efficient” operations. Some of the ones who still have some, feel they have gold or something. Different era, different attitudes.

    My part of northern Minnesota was covered and moved around by every glacier there ever was here on Turtle Island. I’m fortunate enough to live in a narrow band of hilly territory which has a wide variety of rocks. Over the years I picked almost exclusively the angular ones, both limestone and what the Germans would possibly call hartenstein (hard-stone…granites and such).

    I do not believe in breaking up rocks—one of my spiritual quirks. But in setting or placing them, I tend to be somewhat of an intuitive wiz. Something from prior lifetimes most probably. Seem to intuit the exact one to fit into the multi-dimensional jigsaw puzzle. Very entertaining and accomplished rapidly. That’s almost entirely a rightbrain function. It would drive the left hemisphere logical, rational, analytical types half crazy.

    When one plays at a task it is never toil. Of course it does help to be working on one’s own and not for some serf-employing taskmaster. That’s probably why coming into this lifetime, my choice of parents included heavy doses of Norwegian ancestry. You see, the Norse never were serfs, quite unlike continental Europe, the British Isles or even neighboring Sweden or Denmark. Seems the Finns may have had a similar untamable independent streak.

    Best of success with your building efforts. Yes, the 4 hour heavy work-day is something I should do.

    • Thanks: Kali
  113. @Kali

    Thanks for taking the time to write that Kali – it’s much appreciated.

    As for this remark of yours:

    I’m so off-put by the name “Schiff”

    As are we all, in view of the infamous Jacob Schiff’s contributions to messing up the world.
    Peter Schiff, Ron Paul’s economic adviser during the 2008 Presidential campaign, is no relation to the aformentioned individual.

    Peter Schiff, like his dad Irwin Schiff before him, is a genuinely good guy.
    You can watch the last two minutes of this video to see what happened to Irwin Schiff:

    In a nutshell, Irwin Schiff committed no egregious crimes. He was a simple Tax Protestor.
    He wouldn’t have even gone to gaol had he agreed to stop selling his books and promoting the fact that the IRS was illegally levying the income tax – in contravention to the constitution, which he’d studied thoroughly.
    But Irwin Schiff was a man of honour and he chose incarceration over compromising his principles.

    So they gaoled Irwin Schiff when he was 77 years old and he spent the last 10 years of his life in prison. He died of untreated skin cancer and was handcuffed to his hospital bed at the time.

    Just think about that. A serial killer half of Irwin Schiff’s age with terminal cancer would likely not have been handcuffed to his hospital bed but they did this to an EIGHTY SEVEN year old man – as if there was any likelihood that he’d scale the high walls of the penitentiary with a grappling hook and make his escape.

    That tells you all you need to know as far as whether or not Peter and Irwin Schiff are/were working for the Zio cabal.
    And, like Dr Ron Paul, they’ve been relentless in their pursuit of Ending the Fed – that endless Money Tree that furnishes the trillions that enable the Zio cabal to perpetrate its depravity.

    • Thanks: Kali
    • Replies: @mulga mumblebrain
  114. @Mefobills

    You wrote:

    Rome eventually fell, and they were on the gold standard. Oh Wait! Isn’t gold magick?

    Well NO, actually.

    As was explained to you before, the Romans DEBASED their money by progressively using less and less precious metal in their coins – THAT is why the empire collapsed.

    Absent that, the Roman Empire may have gone on another 1000 years.

    You also said:

    the worst sort of defective person became part of the Senate …. They emerge out of a “Free Market” that allows land polarisation, and allows concentrations of ill gotten wealth.

    The worst sort of people will emerge from all quarters. Only with the ENABLING of Big Government can the concentration of wealth occur.

    A bare bones government infrastructure, with LIMITED FUNDING and highly restrictive powers, will not be able to dole out substantive favours to their cronies, enact legislation that protects oligarch pals to maintain and expand their market share.

    Just think about it. In an open slather Free Market, new entrants will invariably build a better mouse trap, be more innovative and efficient.
    In that environment NO OLIGARCH can sustain said dynastic empire UNLESS THEY CONTINUE TO SATISFY CONSUMER NEEDS with the best products and services.

    The Ford Motor Car company was untouchable in the early part of the 2oth century, as far as profitability, innovation and value for money were concerned but new entrants outdid them.

    That’s what invariably happens in an unfettered Free Market.

    • Replies: @Mefobills
  115. @Mefobills

    Mofo-Bill writes:

    Gold has always been depressionary

    Yet another BALD-FACED lie from the Mofo.

    We’re all aware of the Chinese economic miracle where, in terms of actual people, there is no precedent in human history of so many people being lifted out of poverty.

    However, as a percentage of the population, MOST Chinese didn’t do nearly so well.
    Those Chinese who live in rural settings are not much better off today than they were 50 years ago. Of China’s 1.4 billion population, nearly the entirety of the wealth is concentrated in the hands of a few hundred million people – those living in the major cities and urban regions.

    So, where do we find an example of a country where the BULK of the population was lifted out of back breaking subsistence poverty working the land from sun up to sundown, to being an industrial behemoth ?

    Of course that country is none other than the U.S (and Britain, Canada, Australia and western Europe to varying extents) and that happened during the 19th century under a GOLD STANDARD.
    Not only was there unprecedented growth, the likes of which the world had never seen, but a [Gold Backed] dollar in 1900 had MORE PURCHASING POWER than it had in 1800.

    YES, we had deflation in the 19th century and things were, on average, CHEAPER in 1900 than they were 100 years prior – this despite the fact that people earned multiples more in dollar terms than when the century started.

    In fact, one could go even earlier than the 19th century.
    It’s no coincidence that the Renaissance (covering the 15th and 16th centuries), featuring exponential advances in science, literature, the arts, cultural activity and commerce, COINCIDED with the Spanish and Portuguese discoveries in the New World that inundated Europe with newly discovered gold and silver, thus greatly expanding the role of transacting with precious metals in society.
    Because Europe utilised SOUND MONEY (a Gold/Silver bimetallic standard), the civilised world prospered.

    Once again, the Mofo is caught peddling fiction.
    Yet another socialist/Marxist tactic of yours. You include some partial truths in your analysis but sprinkle it with fallacies, hoping all the while that your gullible followers will never actually take the time to check the veracity of your output – because they’re just too lazy to do the due diligence.

    That’s why they became socialists in the first place I guess. So these parasites could live off the productivity of others.

    • Replies: @Mefobills
    , @Mefobills
  116. Mefobills says:
    @Truth Vigilante

    A historical example, for the unique idiot T.V.

    Think about what he an other lolbergs would be doing under these circumstances.

    The Jewish revolt of 115-117AD. Edward Gibbon:

    In Cyrene they massacred 220,000 Greeks, in Cyprus 240,000. In Egypt a great multitude. The victorious Jews devoured the flesh, licked up the blood and twisted entrails like a girdle around their bodies, and we are tempted to applaud the severe retaliation which was exercised by the arms of the legion…

    The Jewish revolt was because Trajan’s armies interdicted the Jewish caravan trade, where they took arbitrage on the difference between gold and silver exchange rates.

    Silver would drain from the West, and Gold from the East, while all the Jew had to do was drive his Caravan, and pretend he was only moving spices.

    Lolbergs cherry pick history, as if the history of gold was all unicorns and rainbows, and if only we go back to it, then there will be a harmonic convergence.

    This is why the Lolbertarians are completely full of shit.

    A LOL would be on the side of the Jew, because said Jew was trafficking in Gold and Silver precious metals, while screwing over both the West and East (India).

    Gibbon noted that as a result of the massacre of 240,000 Greeks in Cyprus, that Jews were not allowed to land on the island, or if shipwrecked there, were put to death.

    A LOL would be standing there virtue signaling about how the poor precious Jew must have free immigration, you know because of human action.

    There is also a racial angle, the Greeks of that era were much more Cro-Magnon than today, while the Haibaru (Apiru) Jews of the Caravan routes, were likely highly Semitic/Neanderthalic.

    The LOL religion of liberalism and false economy deserves a quick death, as it is false dialectic designed to ensnare and trap young and highly moral people. This is why it is dangerous.

    The old and stupid LOLs (like TV) cannot be helped, they are already demoralized.

  117. Mefobills says:
    @Truth Vigilante

    As was explained to you before, the Romans DEBASED their money by progressively using less and less precious metal in their coins – THAT is why the empire collapsed.

    Edward Gibbon described the monetary disorder of late stage Rome:

    The abuse by PRIVATE MINTERS of Rome’s coinage.

    OH Wait! Isn’t privateering the GOD of free market, for which LOL’s bow down to revere?

    Toward the end of the 3rd century a HEREDITARY CAST of moneyers, became entrenched and regularly short-changed Rome, manufacturing coins without the full stated metallic content, and then keeping the DIFFERENCES FOR THEMSELVES.

    OH wait, isn’t that human action, and isn’t that rational? LOL’s are so full of shit it is breathtaking.

    When these privateers were discovered to be minting UNAUTHORIZED coinage of a dead emperor, the existing emperor Aurelian attempted to reform them in 275AD, and then found himself at war.

    This oligarchy class of privateers, who assumed the money power for themselves funded war.

    It turns out that 7000 Roman soldiers were slain fighting the “workmen” at the mint, and their mercenaries.

    Gibbon tried to explain why so many veteran, battle hardened, Roman legions were killed.

    Nothing less than the firm though secret CONSPIRACY of the authority of the Senate; the wealth of the Equestrians, and the arms of the Praetorian Guard could have displayed the strength capable of contending in battle with the veteran legions of the Danube.

    Conspiracy is not part of “human action” that Lolbergs pretend is operative. Lolbergs demonize government, but not the types of people infesting it.

    In this case, an Oligarchy arose, who was privateering the money, and then used that to pay off what was then the “deep state” of Rome.

    LOL’s ideology is actually an apologist for privateering and oligarchy formation, because they aren’t know nothings.

    LoLs actually promote false dialectic to brainwash, in a cynical attempt to keep normies as mushrooms. The mushroom is kept in the dark and shit on.

    LoL’s are dropping giant turds onto normies heads. Unique idiots like TV are operating for free, as a Sayanim. A useful unique idiot.

  118. Mefobills says:
    @Truth Vigilante

    Of course that country is none other than the U.S (and Britain, Canada, Australia and western Europe to varying extents) and that happened during the 19th century under a GOLD STANDARD.
    Not only was there unprecedented growth, the likes of which the world had never seen, but a [Gold Backed] dollar in 1900 had MORE PURCHASING POWER than it had in 1800.

    You haven’t read Hudson’s book, instead you sucked on LOLberg tit, and are now brainwashed.

    https://www.goodreads.com/book/show/10074353-america-s-protectionist-takeoff-1815-1914

    The contribution of the American School of Political Economy (1848 to 1914) to America’s wildly successful industrial development has disappeared from today’s history books. American protectionists and technology theorists of the day were concerned with securing an economic competitive advantage and conversely, with offsetting the soil depletion of 19th century America’s plantation export agriculture. They also emphasized the positive effect of rising wage levels and living standards on the productivity that made the American economic takeoff possible. The American School’s “Economy of High Wages” doctrine stands in contrast to the ideology of free traders everywhere who accept low wages and existing productivity as permanent and unchanging “givens,” and who treat higher consumption, health and educational standards merely as deadweight costs. Free trade logic remains the buttress of today’s financial austerity policies imposed on debtor economies by the United States, the World Bank, and the International Monetary Fund. By contrast, the lessons of the American School of Political Economy can provide a more realistic and positive role model for other countries to emulate – what the United States itself has done, not what its condescending “free-trade” diplomats are telling them to do. The lesson is to adopt the protectionist policies of the late 19th and early 20th centuries that made America an economic superpower. Michael Hudson (Distinguished Professor of Economics, University of Missouri, Kansas City) is a frequent contributor to The Financial Times, Counterpunch, and Global Research. (

    Don’t you see your hypocrisy? You are claiming the gold standard, and free trade was responsible for the productivity, when it was NOT.

    It was the American System of Economy that was responsible. And if LOLBERGS had been around during the revolution, the country would never have formed.

    Traitor, and unique idiot.

    Condescending free trader — that is you. You have inverted history because your (((Heroes))) fed you a cock and bull story, and now you are repeating it like a good goy.

    • Replies: @Truth Vigilante
  119. @Mefobills

    The Mofo makes the ridiculous claim that Gold has always been depressionary.

    Not being able to find a single example of this being so in the last two millennia, the Mofo trawls antiquity to see what he could come up with.

    EVEN THEN, he comes up empty handed !!

    So, 2000 years ago there was arbitrage of gold and silver.
    Then the Mofo tells us a few hundred thousand Greeks and Cypriots were massacred. What said massacres had to do with gold OR the creation of Depressions, only the Mofo knows.

    This has descended into the absurd.

    Mofo keep reminding us how Michael Hudson advises the ‘Chinese Government’ on economic matters.
    Now, I wouldn’t be surprised if a few nonagenarian hardline communists are still around from the Mao era that admire Hudson’s Marxist economic policies.

    But the Chinese economic experts that count, the SERIOUSLY SMART individuals, have adopted the Ron Paul/Peter Schiff/Libertarian position and they’ve advised the Chinese government to ACCUMULATE GOLD LIKE THERE IS NO TOMORROW – which it has been doing for the last 20 years at least.
    As are the 4D chess proficient Russians.

    That’s why the remainder of the 21st century will belong to the Sino-Russian SUPER HEGEMON.
    Because said world leading nations, like the Libertarians, UNDERSTAND THE ROLE OF SOUND MONEY IN ECONOMIC PROSPERITY.

    Moreover, there can ONLY ever be sustainable economic prosperity in a sound money system.
    Five Thousand years of history has emphatically proven that.

    I’ve brought up this fact about China’s voracious accumulation of gold on NUMEROUS occasions but the Mofo NEVER addresses it.

    Let’s put a few things on the record from the outset. I think we can safely say that the Mofo and I are both in agreement that:

    1) The Chinese have some seriously smart people running their economy
    2) The Chinese ruling class put the welfare of their own people BEFORE the enrichment of themselves (unlike the western elites who have gone out of their way to impoverish, depopulate, back stab their own).

    With that in mind, if the Gold Standard results in Depressions, WHY would the Chinese be accumulating so much gold, if in the end it will lead to rack and ruin ?

    OF COURSE THE GOLD STANDARD WILL DO NO SUCH THING.

    There is NO PRECEDENT IN HUMAN HISTORY where it ever did.
    Sound Money, as advocated by Dr Ron Paul and the Libertarians is the saviour of societies.

    So UR readers, we know that the Mofo and Hudson smear the Gold Standard at every opportunity.
    Well then, what do they recommend we use in its place ?

    Of course they suggest we stick to the ‘tried and true’ FIAT MONETARY EXPERIMENT.
    In other words, the exact system we’re using right now.

    So UR readers, tell me how that’s going for you as you fill up the petrol tank in your car or go grocery shopping.
    The U.S has a rate of inflation RIGHT NOW (if inflation was being reported honestly using the metrics of 40 years ago), at the HIGHEST LEVELS in a 100 years.

    And it’s due to get a lot worse as the U.S enters an INFLATIONARY DEPRESSION that will be worse than the 1930’s.

    Hold on, wasn’t it only on a Gold Standard that Depressions occur, according to the Mofo ?

    So Mofo, let Hudson keep advising those elderly Chinese Communist hardliners (who are on a heart-lung machine and due to expire at any moment), all he likes.

    Because NO ONE OF SUBSTANCE IN THE CHINESE GOVERNMENT IS LISTENING TO HIM.

    The only reason they listen to Hudson is because he’s a more then useful CONTRARIAN INDICATOR.

    Whatever Hudson says, the Chinese do the OPPOSITE.
    Because Hudson [and his groupie Mofo], has ALWAYS been wrong.

  120. @Mefobills

    The Mofo says that:

    It was the American System of Economy that was responsible [for the phenomenal growth of the U.S in the 130 or more years prior to the creation of the Federal Reserve].

    Of course, there is a REASON I also included in my comment the massive growth/real wealth created in countries like Britain, Canada, Australia and western Europe during this same period.
    (In fact, I recall reading that at one point in the late 19th/early 20th century, Australia had the highest per capita GDP in the world and we Aussies sure as hell didn’t employ the ‘American System of Economy*’).

    The ONE THING they all had in common was sound money, conducting commerce under a GOLD STANDARD and adopted FREE MARKET CAPITALISM** for the most part.

    (*Not that Mofo’s so-called conjured-from-nowhere term ‘American System of Economy’ even existed. And, to the extent there was an ‘American System’, said system was FREE MARKET CAPITALISM).
    (**Western European countries practised Free Market Capitalism for the most part and did very well. To the extent that they didn’t practise it and had varying degrees of tariffs, protectionism etc, that is why they did nowhere near as well as countries like Australia which came much closer to a completely unfettered Free Market).

    Meanwhile, more projection from the Mofo when he writes this:

    You have inverted history because your (((Heroes))) fed you a cock and bull story, and now you are repeating it like a good goy.

    So let’s get this straight.

    The Mofo (and his messiah Hudson), advocate for a FIAT MONETARY SYSTEM.

    ie: a system where that entity that owns the western central banks (the Zionist Usury Banking Cartel), can conjure up TRILLIONS of freshly printed/digitally created USD, Euros, GBP etc, and dole it out amongst themselves.

    AND, because they can copiously create unlimited quantities of CONJURED-FROM-THIN-AIR fiat currency, said surplus of currency is chasing a fixed quantity of society’s output which results in RUNAWAY INFLATION.

    Meanwhile, under a Gold Standard (or ideally a Gold/Silver bimetallic standard), said Zio miscreants CANNOT CONJURE GOLD & SILVER FROM THIN AIR.

    In other words, THEY CANNOT DOLE IT OUT amongst themselves OR create runaway inflation because the amount of gold and silver is more or less fixed, and to the extent that it increases with mine output, it grows by around 1-2% each year at most.

    Bottom Line: With every dollar the Zio miscreants print/digitally create, ipso facto the PURCHASING POWER of the dollars already in existence DECLINES.

    What I’ve written above is an irrefutable fact.

    So UR readers, let’s see a show of hands. Which one of us (me or the Mofo) is shilling for the Zio cabal ?
    Which one of us advocates for a system that enriches the Zio degenerates ?

    IT NEEDS NO EXPLANATION.

    Dr Ron Paul has been working towards auditing, then ENDING, the Fed for five decades.
    That’s why the Zio cabal went all-out to derail his 2008 and 2012 Presidential campaigns.

    Because they KNEW that Libertarian principles and a Ron Paul Presidency meant the uprooting of the Money Tree – otherwise known as the Federal Reserve.

    UR readers, the PRESENT SYSTEM we have in the western world is a FIAT MONETARY SYSTEM, and you’re witnessing in real time the havoc it is causing.

    The Mofo counters by saying that ownership of the Federal Reserve and other central banks should be confiscated from the Zio cabal [agreed] and then the ‘state’ can issue debt-free money.

    But who exactly is the ‘state’. Once ownership of the Fed is ‘transferred’ to the ‘state’ (I assume he means the U.S Congress), then they will be the new owners.
    The Mofo calls this the issuance of ‘Sovereign Money’ but this is pure obfuscation.

    I ask you: WHO THE EFF OWNS THE U.S CONGRESS ??

    It is none other than the Zio cabal themselves.

    So it will be a DISTINCTION WITHOUT A DIFFERENCE.

    Congress, or whatever politicians/parliament that are on the Zio payroll in the other western nations, WILL CONTINUE issuing COPIOUS QUANTITIES OF FIAT MONEY that will be DOLED OUT TO THE SAME ZIONIST CRONIES.

    Simply put, a Gold Standard makes it impossible to DEBASE THE CURRENCY and erode the value of our hard earned savings.

    • Replies: @Mefobills
    , @Mefobills
  121. antibeast says:
    @Truth Vigilante

    With that in mind, if the Gold Standard results in Depressions, WHY would the Chinese be accumulating so much gold, if in the end it will lead to rack and ruin ?

    Sorry to interject but I think you’re misrepresenting China’s decision to accumulate gold.

    During the last ten years of Fed-induced QE-driven USD-printing, the Chinese authorities stopped accumulating USD T-bills by buying gold with China’s excessive USD reserves. Among other things, they also allocated \$1T to China’s SWF (Sovereign Wealth Fund) to invest in equities. Chinese investors also went on a buying spree abroad, snapping up real-estate, mining, farming, oil&gas, technology and other industrial concerns.

    Contrary to your supposition that China had adopted the Gold Standard as the basis of its fiat currency, China began piling up its gold reserves to hedge against the declining value of its USD financial assets, whether in the form USD currency or USD T-bills. Precious metals such as gold was one of the many commodities that China had been accumulating since Ben Bernanke started the Fed-induced, QE-driven, USD-printing.

    The idea of an asset-backed currency rather than a debt-backed currency is what is at issue here, not whether the asset is in the form of gold. The Fed-issued FRN (aka USD) is a debt-backed currency issued by a privately-owned Central Bank (ie, Fed) but made payable by the debts (eg, T-bills) issued by the US government. China wanted to back its currency not with its public debts but with a physical commodity such as gold to settle its foreign trade, not as a basis of its fiat currency as used in its internal economy.

    • Thanks: Kali
    • Replies: @Mefobills
    , @Kali
  122. Mefobills says:
    @antibeast

    It’s impossible for TV to understand you antibeast.

    He cannot think in terms of debts, or equity, or even the differences between gold standards.

    The point I’ve been trying to make, is that once someone is brainwashed to think a certain way, they are lost. Libertarianism is especially dangerous because it substitutes BS for good thinking.

    The trading gold standard is using gold external to your economy; I even mentioned Plato recommending that method earlier. LOLs want an external and internal gold standard, with no government control.

    TV magical thinking is that gold somehow finds balance, when throughout history gold was either controlled by government, or by the Temples. The conspiracy of Rome’s mint, which I mentioned earlier, is an early attempt at privateering, something libertarians would have been for.

    In Byzantium (the Bezant) was fixed in ratio to silver by Government fiat. The reason Rome moved East to Constantinople was because it was so difficult to maintain this ratio due to the drain of silver to the East.

    Lolbertarian retards are loath to admit that the money power is a government function, and always has been – even when it was gold by weight in the first temples. There gold was an extension of the barley ledger. The Temples and the God-Kings worked together. Gold was convenient to use by weight, because it was soft and could be cut off of a rod, to then be balanced on a balance beam. This is why today, gold is measured in grains of weight, and the grains were barley.

    LOL’s cannot even accept this history on gold as money, instead it emerges by magic out of barter, as a market mechanism. In other words, they live in an alternate reality. They tell themselves lies that are at variance with reality.

    There was a conspiracy to destroy half of the worlds metallic money by silver demonetization in the late 19’th century. Carlisle (Secretary of Treasury, 1878); The Conspiracy which seems to have formed here in Europe to destroy by legislation and otherwise, from 3/7 to 1/2 of the metallic money of the world, is the most gigantic crime of this or any other age.

    The financiers, by doing demonetizations like this, are dishonest. In this case they were operating to prop up their gold hoards to have higher purchasing power. They are privateers, which in LOLberg land, cannot happen, yet does happen throughout history. Libertarian human action is some sort of caved in head mentality, where you ignore actual history of human behavior.

    So, privateers insisted on gold or silver for money, where (((they))) control it. They also controlled the amount of bank credit riding on top of said gold, as gold was also held in reserves.

    So, with this privateering money power over gold (and bank credit) you get these perverse effects of the gold trading standard circa 19’th century, where mercantile countries are trying to drain each others gold. And internal to deficit country economy, there is a lever effect where the bank credit is no longer propped up by gold reserves. This lever is at least 10:1.

    So, yes, gold was depressionary, especially with the lever effect, meaning there was rapid depressions. Going back further in time, the collapse of Rome into Latifundia was the “greatest depression.”

    The dark ages were actually the greatest depression, and that happened because the land polarized, and gold was consecrated to the vaults.

    • Replies: @antibeast
  123. Mefobills says:
    @Truth Vigilante

    In other words, THEY CANNOT DOLE IT OUT amongst themselves OR create runaway inflation because the amount of gold and silver is more or less fixed, and to the extent that it increases with mine output, it grows by around 1-2% each year at most.

    You are fixated on this above point. Your point is BS, because it ignores the S shape.

    Do you not remember, or did you selectively forget, that Lincoln’s Greenbacks were never issued in more volume than that proscribed by law? You forgot, or didn’t even read it when I told you. Why? Because you are hubristic and think you know things, when you don’t.

    How about the legal effects of the Basileus (Byzantine money authority) fixing the Gold/Silver ratio for hundreds of years?

    In other words, all money is fiat. You just don’t know that because of the brainwashing.

    The question is always WHO. Who is to be in control of the money power.

    When the who is exposed to the law, and has sunlight shone on them, there is much less room for funny business.

    One reason China is successful is that they are fully sovereign, and the money power is held by the government. China actively monitors its money, and dials control knobs to maintain balance.

    At the first moment that your internal unicorn and rainbows gold standard fails, because it cannot flex to the S shape of an economy, there will be bank “credit” issued, as the people will be loudly complaining on how they cannot sell their goods.

    The new credit will then be riding on top of your “gold” and then we are back again into the cycle of privateering.

    This is why you are a unwitting dupe, a Sayanim, desirous for humans to circle the toilet and not having full life.

  124. Mefobills says:
    @Truth Vigilante

    But who exactly is the ‘state’. Once ownership of the Fed is ‘transferred’ to the ‘state’ (I assume he means the U.S Congress), then they will be the new owners.
    The Mofo calls this the issuance of ‘Sovereign Money’ but this is pure obfuscation.

    What a retard.

    Article 1 section 8:

    Clause 1 General Welfare Clause
    The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;

    The money power was always supposed to be in the hands of Congress, and Treasury was the “actor.” Treasury controlled the private banks, especially after Lincoln’s reforms.

    With the first bank, it was “American credit” flowing in the economy. Anybody can read Hamilton’s reports on manufacturers and see that it was first bank credit and NOT GOLD, that ran the country. The first bank was supposed to be Treasury owned.

    Why wasn’t it? Why only 50 percent Treasury ownership. Because there were people like you, standing around and pretending they should be the “who” so they could take sordid gain, forever. The privateers do this by making a false case about reality.

    With regards to your “debase the currency argument” then I guess the “crime of the ages” when silver was demonetized in Europe didn’t happen?

    See what I mean, there are giant gaps in your knowledge base, because Lolbertarianism is an a-priori construct (meaning it is made up in advance) and then post facto, it cherry picks history to hold up the BS doctrine.

    Anything a priori is a dialectic designed to snare and confuse people.

  125. Kali says:
    @antibeast

    China wanted to back its currency not with its public debts but with a physical commodity such as gold to settle its foreign trade, not as a basis of its fiat currency as used in its internal economy.

    So, very much as Mefobills described earlier when he referenced Plato and pre ’74 Canada? – “Token” money for domestic use (to include a savings/gyro-bank) and commodity/gold-backed currency for international trade.

    It can be quite difficult to sort the wheat from the chaff in the rather heated exchanges between TV and Mefobills.

    I still don’t understand why TV, and the libertarian movement in general, advocate a “free-market ideology” (as we have today, and as is funnelling the wealth of the entire planet into a few avericious hands). – In what way might a “gold-standard” free-market prevent such a situation from reoccuring? Also, would any other commodity besides gold be acceptable? If not, why not?

    Finally, why would a commodity/gold-backed currency for international trade NOT work alongside token/fiat/circular/gyro money at home?

    Maybe the calmer and more measured Roatan Bill (or one of our other libitarian-leaning commenters – no of|ence TV!), if he’s reading, could explain? – I hate to put you on the spot, friend, but I really do want to understand, and trawling through skreeds of invictives and ad homen ain’t getting the job done, and I’m way too tired right now to even try. – I’ll look into the peter Schiff stuff later, when I have more energy.

    With love,
    Kali.

  126. @Kali

    You write:

    I still don’t understand why TV, and the libertarian movement in general, advocate a “free-market ideology” (as we have today, and as is funnelling the wealth of the entire planet into a few avericious hands).

    Kali, I advocate for the Free Market ideology precisely because I want to ENSURE that wealth is NOT funnelled into a few avaricious hands.

    Kali, you’re obviously not paying close attention to what I write.

    As I’ve said repeatedly, WE DO NOT PRESENTLY HAVE A FREE MARKET or a Gold Standard.

    In the 130 or more years leading up to the creation of the Federal Reserve, the opportunity for upwards social mobility was accessible like at no time in human history and the U.S was a far more egalitarian society with a much fairer distribution of wealth.
    This was, not coincidentally, the time of the Classical* Gold Standard and as near to unfettered Free Markets as any society has ever come, either before or since.

    (*Not to be confused with the bastardised Gold Standards that existed between the wars and post Bretton Woods in 1944.
    That’s not to say that the bastardised Gold Standards weren’t infinitely better than what we have today, it’s just that they didn’t function as well as that which transpired during the late 18th century and the whole of the 19th century).

    Yes Kali, money has indeed been channelled into avaricious hands under the present system.
    And what, pray tell, is the current system ?

    Today in the U.S and elsewhere in the world we have a FIAT MONETARY SYSTEM – yes the same fiat system that Mofo-Bill advocates for.

    As I [and many others] have mentioned before, the U.S (and by default the whole world), went off the Gold Standard in August 1971 when Nixon defaulted and said he would no longer exchange gold for USD.

    So now that we have that straight, seeing as you had it 180 degrees arse backwards before, hopefully you can join me, Dr Ron Paul, Senator Rand Paul and those whose express desire it is to make sure that a minority of parasites don’t funnel money their way, because adoption of the Mofo’s ideas will surely exacerbate the present path we’re on.

    • Replies: @nokangaroos
  127. antibeast says:
    @Mefobills

    Using precious metals such as gold or silver in the internal economy of a sovereign nation can be dangerous because it makes the national economy dependent upon external factors outside the control of a sovereign State. For example, both the Ming and Qing Dynasties used silver as the national currency in China’s internal economy which became dependent upon the exports of Chinese goods paid for by imports of Mexican silver during the two-and-a-half centuries of the Spanish Galleon Trade. After the American colonies revolted against the Spanish Empire, the Spanish Galleon Trade abruptly ended which caused the Daoguang Depression (circa 1820-1850).

    To serve foreign trade, an international currency is needed which is decoupled from a national currency. Glazyev‘s proposal to create a synthetic currency for international trade, backed by a basket of exchange-traded commodities as well as a selection of national currencies, effectively decouples this international currency from any particular national currency. An oil-exporting country like Saudi Arabia, for example, could create its own synthetic Petroriyal currency for foreign trade, backed by its own oil exports, joined by other members of OPEC. Glazyev’s synthetic currency as a type of asset-backed currency based on exchange-traded commodities makes it much more impervious to monetary inflation as well as financial manipulation which is an intrinsic feature of the current USD-based debt-driven global financial system.

    • Replies: @Mefobills
  128. antibeast says:
    @Kali

    TV is totally confused about the different types of monetary systems (debt-based or commodity-backed) which he mixes up with the various kinds of economic systems (Capitalist ‘free-market’ or Socialist ‘State-driven’). He thinks commodity-backed currencies based on the Gold Standard are ‘sound money’ because they are better suited for Capitalist ‘free-market’ economies without any State intervention.

  129. Mefobills says:
    @antibeast

    Exactly, and thank you. More to add:

    Below quote is from Anal Fekete, a Lolbertarian, but at least he tries to make sense. He fails on his real-bills doctrine. Like all LOL’s they get tripped up eventually.

    The opium wars do not belong to the glorious episodes of Western history. Rather, they were instances of shameful behavior the West still has not lived down. Mercantilist governments resented the perpetual drain of silver from West to East in payment for Oriental goods (tea, silk, porcelain) that were in high demand in the Occident, facing low demand in the Orient for Occidental goods. From the mid-17th century more than 9 billion Troy ounces or 290 thousand metric tons of silver was absorbed by China from European countries in exchange for Chinese goods. The British introduced opium along with tobacco as an export item to China in order to reduce their trade deficit. Under the disguise of free trade, the British, the Spanish and the French with the tacit approval of the Americans continued sending their contraband to China through legitimate as well as illegitimate trade channels even after the Chinese dynasty put an embargo on opium imports. Because of its strong appeal to the Chinese masses, and because of its highly addictive nature, opium appeared to be the ideal solution to the West’s trade problem.

    So, there you have it, disgusting free- traders willing to go to war, to kill, to indebt, to wreak havoc, and get people hooked on opium. All of this satanic mercenary business because they are allowed to hide out in dark smoke filled rooms hatching their odious plans, and pulling strings of parliament to maneuver and get their way.

    When the Portuguese started trading with Japan, they soon drained Japan of its silver. The Japanese didn’t know that the Portuguese could exploit the gold silver ratio. In other words, Portuguese would buy Japanese silver for cheap, and then use that cheap silver to buy a lot of Gold elsewhere (usually in India). Then rinse and repeat, and the Portuguese (probably Jews) were living high on the hog, while Japan gets busted out.

    So, yes – Glazyev’s synthetic currency would not allow market manipulators to have their way. Floating exchange rate system using dollar/debt money is obviously ripe for manipulation. And of course, it is manipulated.

    The gold trading standard failed when Nixon deficit spent dollars on war. This was because at Bretton Woods, the dollar had become the defacto world trading currency as a gold substitute.

    Xi is also doing some good things.

    • Replies: @antibeast
  130. Mefobills says:
    @Kali

    It can be quite difficult to sort the wheat from the chaff in the rather heated exchanges between TV and Mefobills.

    It is easier when you only see the wheat and not the chaff.

    The very first industrial capitalist economy was in Massachusets.

    They issued bills of credit. Bills of Credit look like a check, and came from nothing. They were signed by the Treasurer and became new purchasing power to get the Colony going.

    Basically the Bill of Credit was put into a State Bank, and now the State bank could direct the new money in accordance with the wishes of the Colony. The new money channeled toward industry.

    Additional Bills of Credit would be issued later on, depending on whether or not the economy needed it.

    So, now the colonials had money directed at them to get to work, mostly making things out of iron, like nails and cannon.

    The Colonial leaders also issued debt free paper notes from nothing. These notes would pay the interest on any loans that Colonials took out. The notes were also signed by the Treasurer, so they would be harder to counterfeit.

    Inside of Mass Bay, they had token money … the bills of credit and paper notes, and soon became wealthy.

    Outside of Mass Bay, to balance trade with England they would use gold or silver.

    A Lolberg like TV would be standing around in Mass Bay, kvetching about how the Colonials were not using Gold internally, even though there was little gold to be had, and if was available it would be at usurious rates.

    • Replies: @Truth Vigilante
  131. antibeast says:
    @Mefobills

    The British introduced opium along with tobacco as an export item to China in order to reduce their trade deficit.

    The Indian Opium trade with China was carried out by the British East India Company (EIC) from India not England which had a trade surplus exporting cotton textiles to India, payable in silver which was also used as the currency in China. England did not need to sell Indian Opium to China because it had earned enough silver from exporting cotton textiles to India. But the problem was India not England whose cotton textile exports had destroyed the Indian cotton textile industry which led to the bankruptcy of the British EIC. That’s how the British EIC came up with the idea of selling Indian Opium to China, in order to stay afloat in India.

    England had become the richest country in the world by the mid-19th century, after less than a century of the Industrial Revolution. For England to export its machine-made cotton textiles alone would have been enough to balance its imports of silk, tea and porcelain from China, not to mention its steam engines, steel mills, textile machinery, railroads and other industrial goods, coming out of its Industrial Revolution. But the problem was the Qing Manchus who refused to trade with England. That was the impetus behind the First Opium War which was about opening China to foreign trade. The Second Opium War was about legalizing the Indian Opium trade which grew spectacularly after the First Opium War, due to the need of the British EIC to stay afloat in India.

    England had nothing to do with the Indian Opium trade with China which had everything to do with India. Western historiography omits any mention of the role played by the British EIC in the Indian Opium trade in order to protect the reputation of its City of London stockholders.

    • Thanks: Mefobills
    • Replies: @Mefobills
  132. @Mefobills

    Your comment is meaningless.

    Man lives and attempts to survive in a sea of government. That means everyone is dragged down to the level of the insane savagery of government.

    Simply put there is no other option because the 99% that are government lovers are still savages and will destroy you if you try to be free.

    • Agree: Truth Vigilante
    • Replies: @Mefobills
  133. @Kali

    One question – who appointed those government loving advocates on the left and right that they can tell everyone else how they have to live their lives?

    If man wasn’t still an an animal living by the “Might Makes Right” of the animal world, those who wish to have little or no government could do so.

    But that is not the case because those societies would show how pathetically evil the world your kind creates. Mans political history is far more savage than the red in tooth and claw world of nature.

    Your beliefs and man’s world that they create are wrong and can never made to be anywhere near being right or civilized.

  134. Mefobills says:
    @antibeast

    The Qing Manchus not being Han. We’re they a hostile elite?

    • Replies: @antibeast
  135. @Mefobills

    Mofo-Bill writes:

    A Lolberg like TV would be standing around in Mass Bay, kvetching about how the Colonials were not using Gold internally, even though there was little gold to be had, and if was available it would be at usurious rates.

    Noted for his asinine commentary, the Mofo keeps lowering the bar as far as stupidity goes.

    The New World had an abundance of commodities (eg: the fur trade and latter cotton) sought by the civilised Europeans that could be traded for gold, silver or whatever manufactured goods were sought.
    So, as is ALWAYS the case in voluntary exchange, you specialise in that which your country/region has a competitive advantage and offer that in exchange for goods that the other party is able to produce more efficiently.

    In Nth America, when other mediums of exchange were in short supply, tobacco was traded locally in exchange for goods and services.
    No matter how chronic a shortage of any particular precious metal that is utilised in coinage, the people of a particular region would improvise and settle on a medium of exchange that was mutually agreed upon and was available in relative abundance in that part of the world – WITHOUT heavy-handed interference from Big Government statists like you Mofo.

    Case in Point: By the early 19th century, Australia was producing a whole host of raw materials that Britain sought. eg: agricultural output, wool, timber from cedar trees etc.
    Then in the 1850’s gold was discovered in my state of NSW.
    A fellow by the name of Bernhardt Holtermann came up with this little beauty which was dubbed the ‘Holtermann Nugget’:

    This from Wikipedia:

    Perhaps his [Holtermann’s] greatest claim to fame is his association with the Holtermann Nugget, the largest gold specimen ever found, 59 inches (1.5 m) long, weighing 630 pounds (290 kg) and with an estimated gold content of 3,000 troy ounces (93 kg)

    Soon enough, the Sydney Mint was producing these little beauties:

    https://avatars.mds.yandex.net/i?id=494761374eaa56ebcce0f3a3ab1347e3-4575864-images-thumbs&n=13

    In the 1860’s, even larger gold deposits were located in the state of Victoria.
    During that decade Australia was producing more than 40% of the entire world mining output of gold.

    So, gold deficient Britain (in terms of gold mining output), traded their manufactured goods in exchange for Australian gold.
    And thus, IN NO TIME AT ALL, those regions that had a shortage of a particular precious metal or commodity, had bountiful quantities.
    Needless to say, British gold found its way to the European continent as the latter traded their wares for British bullion.

    In the present era, to give just one example among countless others I could provide, resource poor countries like Japan trade their high tech and manufactured goods ( like automobiles) for oil and other energy requirements.

    Thus, as Thomas Jefferson reminded us (slightly paraphrased):

    ‘ commerce, Free Trade and peaceful relations with all nations, and no foreign entanglements’

    … is a recipe for prosperity and tranquility throughout the planet.

    Meanwhile, CONTRARY to what you claimed in another comment, it is GOVERNMENT and the actions of certain depraved individuals with a Napoleonic complex who have grandiose territorial ambitions, that were enabled by the CENTRALISED Big Government that you and Michael Hudson advocate for, that have initiated these wars and pursued an imperialistic agenda that raped and pillaged the third world.

    Had we all pursued the Jeffersonian philosophy of Free Trade and voluntary exchange with NO PROTECTIONISM, tariffs, quotas or prohibitions (ie: that advocated by Libertarians), the world would be a far better place.

    • Replies: @Mefobills
  136. antibeast says:
    @Mefobills

    Yes and no. They were a hostile elite at the beginning and towards the end of their rule. At the beginning of their rule, the Manchus faced down rebellions by promoting Hans to the Confucian ruling class but keeping themselves and their Mongol allies as the military aristocracy. Towards the end of the rule, the Qing Dynasty faced down rebellions by promoting Hans as military leaders and encouraging Han settlement of their ancestral homeland in Manchuria.

    The Qing Manchus were hostile to foreign trade, at one point, declaring all Hans live outside a certain distance from port cities, due to their fear of sea-borne rebellions. They also opposed the introduction of railroads and modern factories into China, due to their medieval mindset. As a consequence, the Qing Dynasty neglected the industrial technologies coming out of the Industrial Revolution in England, such the steam engine, locomotive, steamship, railroad, steel mills, textile machinery, etc. which delayed the Industrial Revolution in China until the Xinhai Revolution led to the founding of the Republican State in 1911.

    Modern PRC historians now blame the Qing Manchus for their obstinacy in delaying much-needed reforms in the Chinese economy by refusing to trade with the West in the 19th century. By the first half of the 20th century, China had missed the First Industrial Revolution which had allowed another East Asian country to become an industrial and military power in its own right, Imperial Japan. Under Chiang, China had become self-sufficient in cotton textile manufacturing and textile machinery, both industrial technologies of the First Industrial Revolution, while trying to catch up with steel production and weapons manufacturing by partnering with a Western country with the most advanced industrial technologies coming out of the Second Industrial Revolution: Germany. But it was too little too late as Imperial Japan invaded China by seizing Manchuria in 1931, which sparked the Second Sino-Japanese War, leading to WWII.

    • Thanks: Mefobills
    • Replies: @d dan
  137. Mefobills says:
    @Truth Vigilante

    There wasn’t any Gold when Mass Bay first began. They wouldn’t have made it one year if you were their economic advisor.

    Thomas Jefferson wanted one do over, and that was to prevent the country from borrowing its own credit from privateers.

    Mass bay people would have starved, and the country would not have formed if you had your way.

    Let it be understood that the Continental was the cornerstone of our success.

  138. d dan says:
    @antibeast

    “But the problem was the Qing Manchus who refused to trade with England. That was the impetus behind the First Opium War which was about opening China to foreign trade.”

    Qing refused to trade with England because there was low demands of English goods by Chinese consumers. So, it was not a totally irrational decision. Sure, England had machine-made textile, but Chinese had high end silk and hand-made clothes. The first opium war was therefore about creating demands in the Chinese market for the English goods. What was more easy to start than with demand in opium?

    “Modern PRC historians now blame the Qing Manchus for their obstinacy in delaying much-needed reforms in the Chinese economy by refusing to trade with the West in the 19th century. ”

    You should mention “some” historians. In fact, I would even think it is only a minority of historians who believe trade was the key or relevant for Qing’s backwardness. I personally believe fear of lost control (to Han) and corruption were the reason for its slow adoption of Western tech and ideas. If it was the Ming court or even early Qing (when the Manchus still had much confidence), they could more easily introduce Western inventions without ravaging their market to Western exploitation and lost of sovereignty.

    • Replies: @antibeast
  139. Mefobills says:
    @Drapetomaniac

    Your comment is meaningless.

    Looking up data on Kings or Nobles who became saints….I stopped counting over 50.

    Apparently they didn’t drag down their population into savagery.

    LoLs have a serious case of Brainwashing. I’m sure there were good emperors in China as well.
    .

    • Replies: @nokangaroos
  140. antibeast says:
    @d dan

    Qing refused to trade with England because there was low demands of English goods by Chinese consumers. So, it was not a totally irrational decision. Sure, England had machine-made textile, but Chinese had high end silk and hand-made clothes. The first opium war was therefore about creating demands in the Chinese market for the English goods. What was more easy to start than with demand in opium?

    The Qing refused to trade with England because the Manchus were medieval obscurantists who styled themselves as some kind of an aristocratic nobility. Even after the First Opium War forced the Qing to grant trading privileges to the British, the Manchus refused to allow foreigners to build railroads or open factories in China until the Treaty of Shimonoseki in the aftermath of the First Sino-Japanese War. This was the reason why Qing China missed the First Industrial Revolution because the Manchu Obscurantists (who practiced Tibetan Buddhism) were into esoteric medieval mysticism, unlike the reform-minded Han Neo-Confucianists. The Manchus were also heavily invested in luxurious ostentation, building ornate palaces such as the Summer Palace and Winter Palace, similar to Louis XIV’s Palace of Versailles, all the while ignoring Commerce and Industry, Science and Technology throughout their reign.

    The Indian opium trade had nothing to do with England but everything to do with India whose cotton textile industry was devastated by the massive influx of machine-made cotton textiles from England. Bengal, which was home to the Indian cotton textile industry, suffered the most as its farmers turned to growing opium for export to China, under the rule of the British EIC. Other Indian merchants such as the Marwaris, Parsis, etc., also took part in the Indian opium trade, outside of the British EIC monopoly. After the Second Opium War had legalized the opium trade in 1860, Chinese merchants themselves went into growing Chinese opium inside China, which then competed against and finally surpassed Indian opium by 1880. Thereafter, Indian opium had to be exported to markets in Southeast Asia as its competition — Chinese opium — had undercut its market share in China. By the end of the 19th century, Chinese opium had grown so much that China’s production was TEN(10) times that of India, with exports of Chinese opium now flooding into Southeast Asia and the world. The British finally agreed with the Qing Dynasty to ban the opium trade by 1910.

    You should mention “some” historians. In fact, I would even think it is only a minority of historians who believe trade was the key or relevant for Qing’s backwardness. I personally believe fear of lost control (to Han) and corruption were the reason for its slow adoption of Western tech and ideas. If it was the Ming court or even early Qing (when the Manchus still had much confidence), they could more easily introduce Western inventions without ravaging their market to Western exploitation and lost of sovereignty.

    The PRC historians under Xi’s China have adopted the historical worldview of the Chinese Nationalists, including their ‘nationalist’ reappraisal of the historical role of the Qing Manchus as well as Chiang Kai-shek (Jiang Jieshi), which has displaced the anti-Western historical worldview of the Chinese Communists. The Republican Era under Chiang (circa 1926 to 1945) is now viewed favorably by the most recent PRC historiography. That would explain Xi’s BRI as the modern reincarnation of the ancient Silk Road for the 21st century, exactly the opposite of the obscurantist Qing Manchus.

    To illustrate my point about Manchu obscurantism, the British (and Germans) sold modern weapons and steam-powered warships to the Qing Dynasty but the Chinese did not know how to operate those weapons and battleships due to their lack of training and education in the arts and theories of modern warfare. During the First Sino-Japanese War, the Japanese Navy sank the entire Beiyang Fleet despite the latter’s acquisition of the largest fleet of British-built and German-built modern warships in Asia.

    While corruption and insecurity had some effect on the Qing Manchus, it was their medieval obscurantism which precluded them from seeing the forests from the trees. The modern Industrial Age had already dawned in Asia by the time of the First Opium War. The Manchus reacted defensively while the Japanese actively adapted to the changing of the times.

    • Thanks: Mefobills
    • Replies: @d dan
  141. @Truth Vigilante

    Rothbard was very good with words, yes; I even admit to a certain
    faible for Dr. No 😉
    But here I have to side with Mefo …
    in the era you so exalt Marx wondered loudly why American wages were
    three times higher than European ones; the simple truth is the American
    worker, if miserable enough, could always opt for eating bio, wearing expensive
    fur and knocking up Injun princesses.
    The teachable moment here is that the Age of Acquisition ™ is an
    unnatural state of affairs (and USrael is really in need of getting its face
    rubbed into that); there is no terra nullius left, and everything that is acquired
    has to be taken from someone else i.e. time to adapt to the zero-sum game
    (except for that which is produced, but USrael has abandoned that path long ago).
    Gold favors the (((hoarder))) (and indeed their word for bankruptcy –
    Pleite – literally means “flight”, meaning with portable assets).
    The Natzees ™ recognized early on the Bürgerliches Gesetzbuch (“civic” law,
    emphasizing “property rights” and casuistics) was a Jewish racket and
    especially inapplicable to agriculture (I have known farmers still singing the
    praises of the Reichserbhofgesetz, but feel free to ask any American one).
    Land reform is the hot-button issue in most of the world, but the merest
    hint at it is knee-jerk answered with threats of (((war))).

    How long do you think you can keep this up?

    • Replies: @Truth Vigilante
  142. @Mefobills

    The standards for becoming a saint were not … exacting at times
    (think Charles the Mediocre Saxon Slayer).
    It was the medieval equivalent of the Peace Nobel.

  143. @nokangaroos

    You wrote:

    Gold favours the (((hoarder)))

    You know, I hear that from leftists all the time – like ‘hoarding’ is bad thing.

    Have you heard of the term ‘the velocity of money’ ? When you have an inflationary environment (like today in the U.S and elsewhere), people know that the price of something tomorrow or next week will be higher than in the present.
    So the minute they get their money, they spend. Especially in the hyperinflationary scenarios (like the Latin American banana republics over the decades and Zimbabwe and Venezuela in more recent times) where the price may change from morning to afternoon, the urgency to spend your fiat is exacerbated.
    And when you spend it on something, the recipient will quickly seek to unload their money also – lest they have diminished purchasing power.
    And all of this compounds the inflationary spiral.

    An inflationary situation is a DISINCENTIVE to save.

    Meanwhile, in the 19th century when the U.S was on the classical Gold Standard, your dollar actually bought more in 1900 then it did in 1800 – because there was DEFLATION over that century.
    Did said deflation impede the growth of the U.S during that period ? Not at all.
    In fact, never in all of human history, have so many (as a % of the population), increased their standard of living by so much as occurred in the U.S in that period.

    When you have SOUND MONEY, when you know it will maintain its purchasing power, this is an incentive to SAVE.
    And when money is saved (more often than not in a savings bank), said money is available to be loaned out to borrowers who will build factories, invest in R & D, available to be invested in education, infrastructure projects etc.

    In other words, it is available for utilisation in WEALTH CREATION.

    Take note of these words from the great Doug Casey:

    ” If you’re penalised for saving, you’re going to do less of it.

    You’re going to go out and spend the money now on a bigger house, a new car, or perhaps a wild party.

    This is one reason why Third World countries never progress on their own. Their currencies are unstable, worthless, and not worth the trouble of people saving them.

    So, they never develop a capital base. It’s why poor people with bad habits stay poor ”

    And of course savers are being penalised by the artificially low interest rates that are the result of the Federal Reserve manipulation.
    If a market rate of interest was being offered, there would be more savings to ADD TO THE CAPITAL BASE which is what creates wealth.

    Now picture the so-called hoarder. Whether it be hoarding gold or silver dollars or pennies, makes no difference.

    When someone hoards (as you call it), but I prefer to use the more accurate wording of SAVES (as in saves for a rainy day), said money is NOT IN CIRCULATION.

    The more hoarders there are and the more money that is hoarded, the better for the remainder of society.
    Because this implies there is LESS MONEY out there chasing a fixed quantity of output.

    This has the effect of REDUCING PRICES OF THOSE OTHER GOODS.

    In other words, that dollar in your pocket has INCREASED IN PURCHASING POWER because of the actions of those hoarders.
    Thank God for the hoarders.

    Who doesn’t want the prices of consumer goods to be cheaper tomorrow than they are today ?
    Who doesn’t want to see their energy bills falling ?

    Families are struggling right now to make ends meet because PRICES ARE RISING.

    When prices fall we have the REVERSE EFFECT and it will make life easier for all of us, but especially the poor.

    Mr/Ms Kangaroo, you’ve drunk too much of the Zio Kool-Aid and you actually believe the Orwellian double-speak from the Zio owned Fed and MSM that deflation is bad.

    DEFLATION is paradise for the vast majority.
    Perhaps not for the profligate that have borrowed recklessly and are indebted to the eyeballs. But these type of people need to be culled from society.
    What we need is incentives for the prudent. They should reap the rewards for being disciplined enough to opt for deferred consumption.

    • Replies: @Mefobills
    , @nokangaroos
  144. Mefobills says:

    The standards for becoming a saint were not … exacting at times
    (think Charles the Mediocre Saxon Slayer).
    It was the medieval equivalent of the Peace Nobel

    So, you are saying that all of the saints were dragging their populations down into savagery?

    Generally, an ideologue will make a blanket statement, and then cherry pick history to back up his point. It is close to being a strawman argument. It is also disengenuous.

    Our lolbertarian friends engage in this sort of activity. If you point out a weakness in their argument, they double down with additional blank statements, most of which also are strawman-like with some sort of convoluted illogic.

    So, after a while, you have a towering edifice of BS.

    The plain fact of the matter is that there is always hierarchy, and LoL’s are loath to admit it, out of some sort of weird hubris. This hubris comes from somewhere, and I think it is a personality defect.

    Most LoL’s have something wrong with them, they are personality defectives, and are beyond reason. Or, rather they would prefer to cling to comfortable shibboleths that are operative in their parallel universe.

    • Replies: @nokangaroos
  145. Mefobills says:
    @Truth Vigilante

    When you have SOUND MONEY, when you know it will maintain its purchasing power, this is an incentive to SAVE.
    And when money is saved (more often than not in a savings bank), said money is available to be loaned out to borrowers who will build factories, invest in R & D, available to be invested in education, infrastructure projects etc.

    In other words, it is available for utilisation in WEALTH CREATIO

    Parallel universe stuff, not connected to the real world.

    The only “sound” money is that which is controlled by a sovereign who gives a damn about his poeple. For example, the Russians are slowly pulling head out of rectum, and allowing the Ruble to be related to wealth and equity present in Russian lands. Gold in Russia is an asset in parallel with other assets, like good water, timber, minerals, and the labor value/genetic health of its people.

    Here is some sound money, gold in South Africa, a free market! There should have been a harmonic convergence right? According to LOL theory, south africa should have been unicorns and rainbows.

    https://nationalvanguard.org/2022/06/free-to-cheat-jewish-emancipation-and-the-anglo-jewish-cousinhood-part-2/

    Another example of the Cousinhood’s increasing grip on the direction of British politics came with growing Rothschild involvement in South Africa. Feldman states that during 1890s the Rothschild branch became “heavily involved in diamond and gold mining on the Rand.”[40] When the German-Jewish diamond and gold mining magnate Alfred Beit floated Rand Mines in 1893, he was crucial in ensuring the House of Rothschild received more than 25% of the shares. By 1899, Britain found itself at war with the Boers of the Transvaal over the vague cause of securing political rights for foreign gold miners.[41] Because of the obvious shared ethnic heritage of the mine owners and the diplomats who trod the path to war, “the view that the war was a Jewish war was commonplace among its opponents.”[42]

    Plenty of gold in Africa. The Rand was gold backed. Plenty of negro labor to mine the gold!

    OH, but wait! An in-group of Jews and British, the Cousin-hood formed, to then take sordid gain.

    In-groups cannot form in LOL LOL land, because of human action.

    On planet LOL LOL, which is in an alternate universe, there are different laws that are operative. I think the fleas that flew over from planet LOL LOL, should fly on back, and not bother people who live in the real world.

    Vague rights for the “international” to have free market access to Gold and Negro Labor, sounds pretty LOLLY to me.

    Lolbergs are Sayanim, operating as disinfo agents for free! What a deal for the Jew.

  146. d dan says:
    @antibeast

    “The Qing refused to trade with England because the Manchus were medieval obscurantists who styled themselves as some kind of an aristocratic nobility.”

    Whatever name/label you want to called Qing (I am not defending them), there were low or no demands for English goods. Chinese was 100% self-sufficient at that time, and even machine-made product couldn’t compete in the Chinese market because of cost of transportation, distribution, tariffs and local preference.

    Qing’s decision to forbid and restrict the trade was not totally irrational or out-of-place. Many western nations and Japan did that to some degree without slow down their advancement and modernization. Only colonial state like India had their market 100% open to outsiders.

    “The Indian opium trade had nothing to do with England but everything to do with India whose cotton textile industry was devastated ”

    I didn’t know the warships that bombed Chinese coast were flying the Indian flag. Thanks for your “education”.

    Stop reading the English-sources “history” about opium wars. There are very few totally objective description of opium wars in English.

    “Chinese merchants themselves went into growing Chinese opium inside China, which then competed against and finally surpassed Indian opium by 1880. ”

    Exactly. Nobody could compete with the productive capability of the Chinese workers and merchants.

    “To illustrate my point about Manchu obscurantism,…”

    You are digressing. Opium wars were about using military forces to balance the trade deficits and making profits for the British merchants. If you insist that it was a trade issue, than it was about UNFAIR trade, imposed by the British on China, period.

    And because of the many unequal, unfair treaties and the wars, it became harder and harder for the Chinese to catch up with the industrial revolution in subsequent decades. It was only after communist stop all the unequal treaties did China start to catch up.

    • Replies: @antibeast
  147. @Truth Vigilante

    (should probably have said rent seeker/usurer/fraudster; but you
    deflect on the inconsequential then go off on a tangent)

    I agree as far as the US tax code systematically punishes saving and
    incentivizes debt, true to the Keynesian core belief that debt is money and
    repaying debt (= annihilating money) is original sin; this is how you ended up
    with an economy consisting of hot air, and it is not healthy.
    Inflation is baked in the cake.
    A corollary of that is the specific American obsession with the stock market …
    about the only thing the US system does well is raise risk capital, by pampering
    rent seekers (to the point of going to war). This has enabled unparallelled
    growth (but for those #?§*! limits).
    The Marxists (A. Kozlik) have argued the American pathology is one of
    permanent capital overproduction crisis, all that capital floating around
    frantically searching for rendite by any means necessary
    (I see “hoarding” was an infelicitous choice of word).
    However Weimar, unlike Zimbabwe, was not done
    in by fiscal irresponsibility but by foreign exchange machloikes
    i.e. outside attack by those with the gold – and bought up cheaply;
    we are by now familiar with the playbook.
    The Natzees ™ were not pulling money out of their asses – indeed their
    schtick would be considered quaint and conservative now (but it took
    the power from those with the gold – quite probably the real reason for WWII).

    I am no believer in MMT, far from it 😀

    • Replies: @Mefobills
  148. @Mefobills

    John XXIII once received a query from a little Italian boy … he couldn´t
    decide whether to become pope or policeman, and pray advise;
    John responded that definitely policeman as anybody could become
    pope – he should know 😀

  149. @Truth Vigilante

    Sorry to squelch your dope dreams, but the 21st century will be the (very short) century of global ecological collapse. That is REALITY not the hallucinations of greedy fanatics.

  150. @Mefobills

    Dear me-Gibbon was an ‘antisemite’. Dear me.

  151. @Truth Vigilante

    ‘Taxation is the price paid for a civilized society’ etc. So you and old Schiff clearly put insatiable greed before civilization.

    • Replies: @Truth Vigilante
  152. antibeast says:
    @d dan

    My point in this whole exercise is to disabuse the notion that England had to sell Indian opium in order to balance its trade with China. That was the British EIC which had financial problems staying afloat in India where it needed an alternate source of silver income to pay its bills. Their solution was to grow and export Indian opium to China, first by smuggling them into Canton and later by exporting them via HK. That was their motive for lobbying the English Parliament to wage the Opium Wars against China.

    England became the richest country in the world by the mid-19th century. Whatever trade deficits it had with China prior to the Opium Wars, England more than made up for it with its trade surplus with the rest of the world, including India which became its biggest market for machine-made cotton textiles. The Indian Opium Trade itself had nothing to do with England but everything to do with India. The British EIC had an opium monopoly in India where opium was grown in Bengal. Those Bengali opium were then sold to the British merchants in HK such as Jardine Matheson who acted as the middleman between the British EIC and China. Indian merchants such as the Marwaris and Parsis also took part in the Indian Opium Trade by growing their own opium and bypassing the British EIC opium monopoly in India.

    The British merchants did eventually import machine-made cotton textiles from England to China via HK but that did not involve the British EIC in India which only had Indian opium to export to China. After the opium trade was legalized following the Second Opium War, Chinese merchants went into growing Chinese opium which undercut imports of Indian opium, cutting off one of the main sources of revenues for the British Raj in India. After losing its market in China, the British Raj then began exporting Indian opium to Southeast Asia where the opium trade was legalized in the late 19th century and continued until its end during WWII.

    • Replies: @d dan
  153. Mefobills says:
    @nokangaroos

    The bear raiding shorts on the mark were done by foreigners holding gold or dollars or pounds.

    The loans created new marks which caused the hyperinflation.

    MMT is not sovereign money but does describe how the privateering debt money system works.

    Oh my! Gold helped instigate the hyperinflation. Germany had already been drained of its gold by paying Versaille debts. The bear raiders sniffed out weakness and attacked to then take sordid gain for themselves.

    LoLs maintain it was profligate government causing hyperinflation. Once again they get it wrong.

    • Replies: @Truth Vigilante
  154. @mulga mumblebrain

    ‘Taxation is the price paid for a civilised society’

    …. said the overcompensated fat-cat bureaucrats that were a natural fit for government, trying to justify why you should continue funding their parasitic existence.

    Take the U.S for example. Taxpayers funds are used to make weapons of death that kill, maim and orphan some wretched poor people that pose no threat to the U.S.

    A goodly portion goes each year to subsidising the Apartheid Israeli state and their dropping of white phosphorus incendiaries on Palestinian civilians.

    If that is what you call ‘civilised society’, then give me the nomadic hunter-gatherer lifestyle any day.

  155. @Mefobills

    The Mofo peddles yet more fallacies when he writes:

    Germany had already been drained of its gold by paying Versaille debts. The bear raiders sniffed out weakness and attacked to then take sordid gain for themselves.

    LoLs maintain it was profligate government causing hyperinflation. Once again they get it wrong.

    You’ve made a bold claim so it’s only fair that you back it up.
    What high profile Ron Paul Libertarian (ie: the Mises wing of the party) ever said Germany’s hyperinflation was caused by profligacy ?

    To the extent that Germany had any gold holding at all at war’s end, it would’ve been negligible seeing as Germany had blown the bulk of it fighting the war.
    The fact is, even if Germany had the combined gold holdings of ALL the world’s central banks, it still wouldn’t have been enough to pay the crushing debt burden imposed on it through the unjust reparations levied at Versailles.

    At the end of the day, the Anglo-Zionist empire and a few useful idiot-nation dupes ganged up on Germany to start WWI, so no amount of prudent pre-war fiscal or monetary policy on Germany’s part would have saved them.
    Kaiser Wilhlem II’s mistake was not forging closer ties to the Russian Empire before the war and perhaps cementing a treaty obligation of sorts.
    Perhaps something along the lines of Germany promising to industrialise Russia in exchange for a guarantee from the latter that they would supply food and resources for the homeland, coupled to a lasting peace.

    This Russo-German hegemon could have ruled the world for centuries and more than a hundred million lives would not have been forfeited in the 20th century had that been the case.

    • Replies: @Mefobills
  156. Mefobills says:

    You’ve made a bold claim so it’s only fair that you back it up.

    Since when have I been unable to back up my claims?

    It is you, who is a legend in his own mind, who constantly makes preposterous claims; claims at variance with known history. Lolbertarianism is a brainwashing operation, what part of that statement don’t you understand?

    You are constantly being corrected, and are unable to take the correction. This state of being is known as demoralization. It a state of ideological fanaticism. Do you think I’m just calling you out as a sociopath for fun… you really are one.

    On May 26. 1922, the Reichsbank was forced to withdraw from Chancellery control, and was privatized. This was the KEY factor in the hyperinflation. The other key factor was the triangular flow of debt payments.

    But, WAIT! I thought free markets and privatizations were a panacea and god-like? The privatization was due to the Versailles debt reparations, and countries like the U.S. were behind the scheme, with the usual types (like you) thinking they had the answers.

    Private currency speculators attacked because the Mark was weak, and did not have enough FX (dollars/pounds/francs/gold) backing. They knew that the exchange rate could be broken, so they mounted a concerted attack.

    In July 1922, due to the shorting action of international privateers, the mark fell to 3oo marks to \$1. In November it was 9,000 to 1, in Jan 1923 is was 49000 to 1,; by July 1923 is was 1,100,000 to 1.

    2.5 trillion to 1 in November 1923.

    During this monetary chaos, Hamburg, Bremen, and Kiel established PRIVATE BANKS to issue money backed by GOLD or Foreign Exchange.

    They needed backing by gold as there was not enough FX, otherwise the shorting mechanism would have never began. The gold had already been drained away by 1922, especially to pay debts, as Germany was disallowed to sell goods. The U.S. in particular kept German goods out of U.S. markets, so Germany had a tough time acquiring dollars.

    When Schacht introduced the Rentenmark to stop the inflation, it was by using GOVERNMENT ACTION.

    A new government position was made for Schacht, the Commissioner of Currency.

    Lolbertarains of that day, such as Helfferich were arguing that the German State was not powerful enough to create money that would command public confidence. Only the business community and elements acting on their own FREEEEE WILLL, were competent to the task.

    LoL’s exist in all places and times it appears, and it is some sort of skull fu#kery they engage in, to then pass hypnosis. This hypnosis is that they are the ones who are to profit and own the money power. Their greed knows no bounds.

    Schacht knew that people like Helfferich were full of shit. Schacht put the Rentenmark into circulation in November 1923. They were not even legal tender. A separate company was formed to create them to then sell to the now government controlled Reichsbank.

    RENTENMARKS COULD NOT BE USED FOR INTERNATIONAL PAYMENTS. THEY WERE PURE TOKEN MONEY, AND NOT INTERNATONAL MONEY.

    Schacht stopped all money issuers, meaning private banks hypothecating new loans against short positions. That means no new gold was backing up the shorts, which in turn stopped the hyperinflation mechanism.

    Rentenmarks were expressly forbidden to transferred to foreigners (the international Jew mostly). That meant that speculators could not trade them for FX (gold or dollars or pounds), to then support their speculations when the trade went against them. In other words, if the trade on a short goes the other way, the bear raider has to PAY.

    Schacht: The speculation was carried out by loans easily obtained by the privatized Reichsbank. Or they were made with emergency money which one printed oneself (at the private banks in the cities mentioned above).

    The loans for short positions were no longer granted by the now government controlled Reichsbank, and the private banks were denied their ability to print, and then the Rentenmark was not allowed to be used abroad. The token money had to stay within Germany’s borders. Schacht knew by instinct that money was not gold, it was law.

    Schacht crushed the speculators, and reigned in the hyperinflation.

    Money is law, and never allow your national money to extend past your borders.

    In March of 1924, Schacht’s commands were ignored by the private banks.

    Schacht then denied these banks re-discounting of their bills, blocking them from access to the Central Bank.

    In April 1924, the Reichsbank refused to issue any new credit for 2 months. At this time, the private banks could also not hypothecate.

    The speculator/privateers had to turn over their FX (which backed up their short position) to pay their debts, as their short position turned against them.

    Germanies FX turned around from 600 million marks in April 1924 to 1200 million in August of 1924. This would be an increase of gold, pounds, francs, and dollars, while simultaneously the mark began to stabilize relative to then rentenmark.

    By the end of 1924 the Rentenmark and old Reichmark (mark) were trading as equal.

    Gold, as an “international money” is implicated in the hyperinflation. Rootless cosmopolitans (that would include lolbergs) could give a damn about a countries blood and soil, they only want to take out of greed – and then run off to some bolt hole with their “gold.” I got mine and screw you – right?

    Lolbergs wrap themselves in the flag, and pretend to be moral, when they are merely brainwashed dupes. Sayanim

    • Replies: @Kali
  157. Mefobills says:
    @Truth Vigilante

    Kaiser Wilhlem II’s mistake was not forging closer ties to the Russian Empire before the war and perhaps cementing a treaty obligation of sorts.

    The usual (((types))) were running around behind the scenes, acting in secret, angling for gain. They wanted to profit and make sure their “capital” positions were secured.

    You cannot understand WW1 without factoring in the City of London. Oh wait, the City of London is merely free market, and is not the government. The square mile is pure free marketeering. Hands off!

    So, now WW1 is the Kaiser’s fault in your twisted mind? Blame the victim much.

    • Replies: @emerging majority
  158. d dan says:
    @antibeast

    My point in this whole exercise is to disabuse the notion that England had to sell Indian opium in order to balance its trade with China.

    Sure, England didn’t have overall trade deficit, but they, and almost all European countries, and the US, and most of the rest of the world did have trade deficits with China. And it was the silver deficit which was the problem, which Chinese had accumulated since the Ming. It pushed the price of silver artificially high. The western powers implicitly or explicitly ganged up to solve the problem with opium wars and other wars.

    England became the richest country in the world by the mid-19th century.

    Of course they were rich. Having colonized many parts of the world, and having the ability to indiscriminatingly dump their products to destroy any indigenous industries in the colonized states certainly made them rich.

    “The Indian Opium Trade itself had nothing to do with England but everything to do with India.”

    Oh, stop this crap that it is about India. It is like arguing that attacking the Bank of England had nothing to do with Soros but everything to do with his poor employees, because Soros was already very rich before the attack.

    Yes, the English were rich, but they wouldn’t decline the opportunities to be richer. The opium war was authorized in London and debated in their parliament. Many members were impressed and motivated by the wealth of Qing (which likely was richer, due to its size). The war was fought by the British, for the profits of their and other foreign merchants. It was not fought for the average Indian.

    I know it makes some people feel better to dissociate the British from the opium wars, but forcefully overdoing it risk making you taste like a banana.

    Thank you for your attention.

    • Replies: @antibeast
  159. antibeast says:
    @d dan

    I know it makes some people feel better to dissociate the British from the opium wars, but forcefully overdoing it risk making you taste like a banana.

    I am not defending the Opium Wars at all.

    The British merchants bribed the English Parliament to authorize the Opium Wars but the Indian Opium Trade itself had nothing to do with the Industrial Economy of England because that was exactly what it was — Indian Opium exported from India to China via HK. With its Industrial Economy, England did not have any problems with its balance of payments because it enjoyed a trade surplus by exporting machine-made cotton textiles to India which was on the Silver Standard. As England was on a Gold Standard, the silver from India could have been used to pay for whatever Chinese goods that was imported to England. The problem was with the bankrupt British EIC which resorted to growing Indian opium in Bengal and selling them to British, Jewish and Indian merchants in Bombay who then exported them to China via HK. The British EIC came to rely on the Indian Opium Trade to stay afloat until its takeover by the British government which created the British Raj to officially govern India in 1857.

    • Thanks: d dan
  160. @Mefobills

    Spot on with that one. Benjamin Disraeli did one helluva con job getting Russia to leave Bismarck’s Drei Kaiser’s Bund and allying with Britain and France. We must also consider the fact that the French branch of the Rottenchild Crime Clan as well as Lazard Freres had made quite a few major investments in Russia.

    Bob Dylan called it on his Tribe: “Money doesn’t talk, it swears”. Of course Dylan is essentially a Jewish rebel…and prophet.

    • Thanks: Mefobills
  161. Kali says:
    @Mefobills

    Thanks, once again, Mefo. I apreciate the explaination as well as the history lesson.

    One thing I still don’t get is why you say that “money is law”.

    National sovereignty, sound economic policy, note/token money, gyrobanking, commodity-backed foreign exchange, all of that I get and am very grateful to you for your explainations.

    But “money is law” leaves me blank. Are you talking about regulation and control of monitary/economic policy?

    I ask in the hope that you are still reading and with apologies for my delayed responce. – Things have been flat-out here on the homestead lately.

    Thanks to everybody else for you contributions too. Nokangers and Antibeast, thank you.

    TV, I’m really sorry, but though I have gained some insight from your contributions, and why certain behaviours/policies are bad, you still haven’t explained why a free-market trading in gold is good, in and of itself. Also, I haven’t seen Mefo once suport the idea of “big government”, but only sound monitary/economic policy and national sovereignty.

    I hope this finds you all well and happy – if you are still reading!

    With love,
    Kali.

    • Replies: @Truth Vigilante
  162. @Kali

    TV, I’m really sorry, but though I have gained some insight from your contributions, and why certain behaviours/policies are bad, you still haven’t explained why a free-market trading in gold is good, in and of itself.

    I have actually explained it in some depth in various threads but you may have missed those comments of mine.
    To explain it as succinctly as possible:

    We have runaway inflation at the moment and that is caused by copious printing/digital creation of ‘fiat’ money.
    In other words, there is NO RESTRAINT on the amount of money that can be printed.
    Under a Gold Standard (or ideally a Gold/Silver bimetallic standard), a country MUST LIVE WITHIN ITS MEANS.

    It cannot run chronic budget deficits (one of the major reasons being the obscene amount of the U.S budget that’s allocated to the Military-Industrial-Security complex and that funds these endless genocidal wars in pursuit of Israeli hegemonic aspirations).

    Under a Gold Standard you cannot create trillions with a key stroke and dole it out to the Zio miscreants to bail them out every few years as a result of their financial chicanery and reckless business practices.

    SUMMARY: Under a Gold Standard you cannot conjure up gold and silver from thin air to fund Zio depravity because the amount of money in circulation is tied to the amount of precious metal holdings held by your central bank/treasury.
    It’s THAT simple.

    Very importantly also, when fiat money is created in copious amounts, every dollar that is printed REDUCES THE PURCHASING POWER of those dollars already in existence.
    In other words, the Zio cabal imposes a TAX on you by stealth.

    Under the Classical Gold Standard, a dollar in 1900 BOUGHT YOU MORE than it did in 1800.
    ie: your purchasing power INCREASED over that 100 years.
    That is the definition of SOUND MONEY.
    And when a society has sound money, you have an incentive to save, businesses are incentivised to invest, growth and prosperity are concurrent with that.

    As dumb as Mofo-Bill is, (he was born in the ‘Stupid Tree’ and struck every branch on the way down as he tumbled), even he knows this.

    Evidently he [and Michael Hudson] have an agenda to maintain the present system and enrich their Zio benefactors.

    • Thanks: Kali
    • Replies: @Kali
  163. Kali says:
    @Truth Vigilante

    Thank you TV. Your explaination helps. (Thanks also for looking back at this thread and responding to my rather tardy recent comment.)

    So, now I have anther question: Rather than linking a currency to gold/silver as you describe, what are your thoughts on basing a national currency on the land/asset/resources inherent to that nation in support of the domestic/local economy. This would, I think, have the effect of limiting the amount of money in circulation, thereby preserving its value.

    In tandem with this, a gold/silver/commodity backed currency could be used for international trade without detriment the internal economy of the nation.

    (I find myself asking this question whilst already re-revising my recently revised possition. But that’s another story upon which, no doubt, more will be writen soon enough. 😉 )

    Hoping this finds you well and happy, TV.

    With love,
    Kali.

    • Replies: @Truth Vigilante
  164. @Kali

    Thanks Kali I am well and I hope you are likewise.

    You asked me:

    Rather than linking a currency to gold/silver as you describe, what are your thoughts on basing a national currency on the land/asset/resources inherent to that nation in support of the domestic/local economy.

    The idea of money is that it be divisible, transportable, have intrinsic value, be impervious to the elements (gold coins sunk in a Roman galley 2000 years ago and retrieved from the bottom of the Mediterranean Sea are as shiny and untarnished as the day they were minted) etc.

    Let’s run with your suggestion Kali and compare two tracts of land of identical dimensions in different countries that have similar rainfall, similar soil fertility and are in countries with similarly stable governments and, for arguments sake, let’s just say they’re both used to grow wheat and yield identical bountiful harvests year after year.

    However, in the first country the farmer does not conduct due diligence and soil erosion takes hold (perhaps compounded by climactic changes like droughts etc).
    In that situation the first tract of land is thus rendered LESS VALUABLE than that in the other country.

    Secondly, let’s consider political factors.

    I know for a fact that Argentine beef producers are some of the most efficient in the world and, if allowed to export their output on the world market without restriction, they’d get MUCH MORE for their beef than they would selling it domestically and earn countless billions in revenue for the country that increases prosperity for the citizenry as a whole.

    Unfortunately their government prevents them from doing so for the bulk of their output and they are thus forced to sell their beef domestically for cents on the dollar – because the government has decreed that the impoverished working class Argentines can’t afford to pay the world market price for beef.
    So, in that context, can you see that an equivalent tract of land in Australia for example, where beef farmers are free to export their produce overseas will be worth far more than the land in Argentina.

    I could probably introduce SCORES of other variables that can affect land values at any given time.
    That’s why linking a currency to land or resources* would be problematic.

    (*In the case of resources, let’s take oil as one example. Saudi Arabia has lots of oil – for now. Hence it’s land must be deemed as valuable.
    But, when the oil runs out we’re left with parched desert).

    So, if you’ve got Saudi currency backed by oil reserves, do you really think that the Saudis are going to announce in advance that their oil wells are near depleted ?
    Not on your Nelly !
    They’ll keep printing away all the while telling the dumbed down masses that they have hundreds of years of oil remaining.
    You’ll keep hoarding said Saudi currency thinking all the while that you’re saving a valuable nest egg, while those with insider knowledge are dumping theirs on the unsuspecting and purchasing hard assets with theirs.
    And one morning you wake up to find your money worthless.

    That’s an appropriate analogy for what’s going to happen to the USD. It’s presently backed by the ‘Full faith and credit of the United States’.

    Well, I for one have NO FAITH in the U.S. As for it’s ‘credit’, don’t make me laugh.
    The U.S is the greatest DEBTOR nation the world has ever known and is technically insolvent.

    Gold or Silver, Platinum, Palladium, Rhodium etc are elements of the Periodic Table.
    They are here today and they will be there tomorrow .
    They will NEVER become worthless because they have industrial application, they’re sought after in electronics, solar panels (silver), aerospace and jewellery (gold), automotive application (palladium used in catalytic converters) etc.

    Gold (and silver) meanwhile remain unblemished, uncorroded, uncompromised after thousands of years.
    Importantly, to function as money, a medium of exchange MUST be able to be transported to another jurisdiction if the present one you’re living in is subject to political instability, a civil war, or some other natural or man-made cataclysm that requires the departure of you and your family from said country.

    Gold (and Silver) tick all the boxes because they’re scarce, but not that scarce as to be near impossible to find.

    Copper ticks a lot of the boxes too but fails on account of lack of scarcity – there is a LOT of it around.
    (But copper does a great job as far coinage for the smaller denominations – and not surprisingly that’s exactly what it was used for over thousands of years).

    • Replies: @Kali
  165. Kali says:
    @Truth Vigilante

    Thank you for taking the time to reply, TV. Your explaination is well taken.

    But what of the notion of separation of internal, national money from international trading currency/ies, so that the internal economy is protected from the vagueries of international trade? – I know you reject what Mefo describes as “token money” because of it’s “fiat” status, but if there was no debt created in the issuance of token money would that not contitute a built-in protection in itself?

    Full disclosure: As I said above, even as I ask these questions I find myself returning to my original position – that money is a replacement for faith and trust, constructed by “rulers” for their own enrichment and empowerment, and coopted by industrial capitalists for the same reason.

    Mankind managed perfectly well in eons gone by, to feed, shelter and clothe ourselves without such an interloper (ie, money). If that wasn’t the case, we would’t be here to talk about it.

    Right now the economy-stupid is being transformed into a means of enslaving us all. So, unless we develope the means of our own survival through cooperation with one another, we’re basically fucked as a free species. – And should we create our own monetary sysem to replace that which now threatens us so directly, then we will be setting the stage for exactly the same situation to arrise again in the future.

    Local economies based on giving and sharing – give only what you can, take only what you need, and shared commonwealth – with any administrative body deemed necessary (maybe for inter-community/international trade, justice and defence) supported and monitored (public service = loss of privacy, and therefore contemplated only by those wholy dedecated to the good of the people) by their respective communities throughout the term of their service.

    The bottom line for me really comes down to our ability to survive and thrive as free, self-reliant, sentient men and women. -Life without freedom is not worth the effort.

    Industrial capitalism, and the entire “economy-stupid”, needs to be dumped along with all of its destructive outcomes.

    As a species we thrive when we come to live in harmony with our natural environments and the seasons, which dictate our activities, and which by its very nature ensures plenty of time for creative endeavours.

    Arguing back and forth about the various economic systems we think our overlords (present or fouture) should employ to maintain our standards, when most have never once looked to see how much more pleasurable life is once those “standards” have been shelved, is a waste of energy.

    We need to evolve before we are either killed or enslaved by godless materialism.

    Yes, I am well and happy, though a little fatigued. Look forward to a restful summer, now that the hey is made and the gardens planted. 😉

    Much love TV,
    Kali.

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