Joined: 24 Nov 2011 Posts: 1440 Location: The Caribbean of Canada
Posted: Wed Feb 04, 2015 8:34 am Post subject:
The Bank of Canada used to be a government lending institution, creating near interest free loans that built much of Canada’s infrastructure during the 50’s and 60’s. In 1974 at the Bank of International Settlements in Basel Switzerland, Trudeau Sr. was convinced by fellow Bilderberg attendees to dismantle this crucial function of the Bank of Canada, and since then we’ve lost sovereign control of our monetary policies and money supply and government debt at all levels has risen dramatically. This court case challenges the disuse of the Bank of Canada to create money for the public good.
"Therefore, we Canadian civil society organizations, who work for public welfare, call on our federal government to revive the powers of the Bank of Canada to provide funding to all levels of government in Canada, largely with interest-free loans, as was done between 1935 and 1975 with very low inflation, enabling our nation to break out of the Great Depression, to fulfill extraordinary responsibilities during World War II, and to prosper while building our infrastructure and highly valued social programs during some thirty post-war years. We Canadians now urgently need a renaissance of these powers of our Bank of Canada."
If someone's fist repeatedly punches you full in the face, you don't say "it's that damn middle fingers fault" or " if that bloody thumb hadn't caught my eye". The banks, government, the media, the military industrial complex and the rest of it, are all part of a system, a system that's used as a tool to control and manipulate the people living upon any given land, that subscribe to that rule set. By saying is it this or that, that that's too much or needs changed, we are participating and by participating we make it possible for it to happen. The banks are just another part of the system of control, that is they are used as such by the you know who's, it's like, guns don't kill people ,people do. We pick up the gun, just like in the movie Shane as brilliantly pointed out by Hicks.
Joined: 24 Nov 2011 Posts: 1440 Location: The Caribbean of Canada
Posted: Tue Mar 31, 2015 4:07 pm Post subject:
I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. Thomas Jefferson, (Attributed) 3rd president of US (1743 - 1826)
After selling out his country with the Christmas Holiday vote (and he signing into law); the traitor Woodrow Wilson voiced his regret:
I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men. Woodrow Wilson, after signing the Federal Reserve into existence
Gangster Bankers - a True Parasite
_________________ "Now water can flow or it can crash. Be water, my friend." - Bruce Lee
"Three things cannot be long hidden: the sun, the moon, and the truth." - Buddha
Globalist Agenda Watch 2015: Update 17B – Debunking the phony “BRICS Bank versus World Bank/IMF” conflict
Observe the “Good East vs. Bad West” dialectic propaganda surrounding the New Development Bank (the NDB / “BRICS Bank”)…
As this RT article demonstrates, both Western and Eastern mainstream and alternative media sources are attempting to sell us the idea that the NDB is being developed as an alternative to the UN’s World Bank and IMF, and that it is part of the larger conflict between East and West. But as I’ve gone to great pains to document in my NWO section, this conflict is phony and is being staged as a public relations maneuver to get the public to accept the New World Order.
Beyond this made-for-public-consumption pabulum surrounding the establishment of the New Development Bank, though, is the reality being discussed in the globalists’ own policy papers. And that reality is that the NDB is just another plug-and-play addition to the constellation of multilateral international institutions that constitute the Rockefeller-planned NWO. To show you this is so, allow me to take you on a guided tour of this March 2014 document from the United Nations Conference on Trade and Development…
As the title indicates, this paper enthusiastically supports the establishment of the NDB despite the fact that it comes from the United Nations (of which the World Bank and the IMF are components). In fact, if we look to the paper’s table of contents…
…we see how it talks about the NDB filling gaps in the globalists’ “southern financial architecture” and providing investment for “infrastructure and more sustainable development needs in the emerging and developing countries.” It also talks about how the NDB will link-in with other multilateral, regional, and national development banks (the financial side of the NWO).
If there was an actual conflict between the BRICS and the “Western-led” (as RT puts it) financial institutions, you’d expect a UN paper to whine about the NDB, not promote it. Isn’t that so? They would be complaining about the “divisive agenda” of the NDB instead of talking about how well it will fit in. Obviously, there is no real conflict; there is only the illusion of conflict being propagated in the media.
Proceeding to the paper’s abstract on page 1…
…we see that it talks about how the NDB will play a “complementary role” (NOT a conflicting role) with existing development banks. And it mentions the NDB’s “importance for enhancing the influence of BRICS and other developing countries in the international development architecture.” In unspun words, forming the NDB is an important step in drawing the developing countries into the globalists’ multilateral spider web.
Let’s continue into the introduction on page 1…
This passage reiterates that the NDB will be “a complement, not a substitute, for existing financial institutions” and that it will supposedly help give the developing nations a “voice” (by bringing them into the NWO system where they can moan under the weight of brand new debt). It also offers the globalist rationale for creating the NDB…
On the one hand, you have developing countries like China who have lots of extra cash, and on the other, you have other developing countries which are short on cash. The NDB brings those two hands together within a multilateral framework. The multilateral framework ensures that all nations involved cede key aspects of their national economic sovereignty to the supranational institution. Whether a nation joins a supranational development bank or merely borrows from one, there are rules that must be followed, and those rules tie the hands of the national governments.
As to the broader strategy behind the globalists’ creation of the NDB, the fact that it will appear to be “BRICS-owned” makes it easier for governments to justify going into debt. A population that might be resistant to their government borrowing money from “Western imperialist” institutions like the World Bank or IMF might be less hesitant about borrowing from the BRICS “freedom fighters.” Their government can say, “We’re borrowing this money from the good guys, not the bad guys, so we don’t have to worry.” Since all these international institutions are run by the Occulted Powers from behind the scenes, though, they will still be borrowing from the same people. Instead of borrowing from the globalist left hand, they’ll be borrowing from the globalist right hand. It will be no different than what has gone on before.
Going into page 2…
…we see that the “Western-led” UN complex finds the creation of the NDB “very welcome.” And we see the BRICS leaders also stating that the NDB is intended “to supplement the existing efforts of multilateral and regional financial institutions for global growth and development.”
Going on to Section II, “EXISTING GAPS IN THE SOUTHERN FINANCIAL ARCHITECTURE,” the paper identifies two needs vis-a-vis the southern financial architecture:
1) the need for money to fund “more sustainable” development (think Agenda 21), and
2) the need for a pool of cash to draw upon during times of crisis.
It then establishes the need for the pool of cash based on negative effects Federal Reserve monetary policy has had on the developing nations, and it points to a previous, similar effort to provide such a pool, the Chang Mai Initiative…
“The Chiang Mai Initiative (CMI) is a multilateral currency swap arrangement among the ten members of the Association of Southeast Asian Nations (ASEAN), the People’s Republic of China (including Hong Kong), Japan, and South Korea. It draws from a foreign exchange reserves pool worth US$120 billion and was launched on 24 March 2010. That pool has been expanded to $240 billion in 2012.
The initiative began as a series of bilateral swap arrangements after the ASEAN Plus Three countries met on 6 May 2000 in Chiang Mai, Thailand, at an annual meeting of the Asian Development Bank. After 1997 Asian Financial Crisis, member countries started this initiative to manage regional short-term liquidity problems and to facilitate the work of other international financial arrangements and organisations like International Monetary Fund.”
If we look back at the Asian Financial Crisis, we see evidence that the globalists instigated it…
“The foreign ministers of the 10 ASEAN countries believed that the well co-ordinated manipulation of their currencies was a deliberate attempt to destabilize the ASEAN economies. Former Malaysian Prime Minister Mahathir Mohamad accused George Soros of ruining Malaysia’s economy with “massive currency speculation”. Soros claims to have been a buyer of the ringgit during its fall, having sold it short in 1997.”
…and then used it to pull the Asian nations into a multilateral framework with the Chiang Mai Initiative…
…Problem / reaction / solution strikes again.
Continuing on with Section II, the paper points out that the “Chiang Mai Initiative Multilateralization (CMIM)” has a provision that requires the member nations to seek IMF approval if they wish to access the majority of the available funds, and it goes on to explain that the BRICS Bank’s Contingent Reserve Agreement (the BRICS version of the “pool of cash”) would have the benefit of not requiring such approval. This raises an obvious question: why would a UN paper be lauding such a feature?
The answer, of course, is that such an arrangement is necessary in order to carry out the globalists’ “governance reform” script. When the next “Lehman Shock” is triggered, the BRICS will be able to stand on their own feet and weather the storm while the West and the IMF flounder. This will put them in position to step up and “save” the West and the IMF in exchange for “reforms.” In this way, the NWO will rise like a phoenix from the ashes of the next Lehman.
[size=-][/size] _________________ "A person hears only what he understands."
Johann Wolfgang von Goethe
it's just a coincidence that the first countries to fall deep into trouble just happene result in the abbreviation PIGS
It's just coincidence that Brazil, Russian, China, India, South Africa just happens to abbreviate to BRICS...BRICS.....Brick by Brick, from the ground up, the Bricks and Mortar the fabric upon which everything relies.
It's just coincidence that Mexico, Indonesia, Mexico, Turkey just happened to abbreviate to MINT, MINT meaning wealthy, rich, financially wealthy
Edit on second thoughts it is a coincidence, it sure has marketing punch though
Last edited by stillsearchingtruth on Sat Apr 11, 2015 9:50 am; edited 1 time in total
In the first three installments of this series, we examined the realities behind supply and demand, unemployment and personal debt, and national debt. As has been proven in each consecutive article with ample evidence, mainstream establishment numbers are, for the most part, utter garbage. They are not legitimate. They are meaningless.
The figures and stats that do have some truth to them are so obscured from the public view and unreported by the media that they may as well be state secrets. The average person has no clue of their existence because his primary sources of information are establishment-dominated. Even MSM talking heads and economic “analysts” are so mesmerized by the false version of the economic world that they have no point of reference when suddenly confronted with singular facts. Some people call this catastrophic behavior a “positive feedback loop.” It is a mainstream echo chamber that has become a financial tomb.
Now that I have covered the lies within our economy that I can prove absolutely, it is time to move on to the lies that are more difficult to pin down. These lies often slip past our investigations because the hard data that could be used to expose them is simply not available to the general public. In fact, much of the data is not even available to government officials. I am, of course, talking about the hard data behind the activities of central banks across the globe — the International Monetary Fund, the Bank for International Settlements and the Federal Reserve in particular. In this installment, we will explore the purpose of these lies; to hide the imminent destruction of our currency — by hook, by crook and by fiat.
In Part 3 of this series, real U.S. liabilities were revealed to far exceed official stats given by the Treasury Department (upward of $200 trillion currently owed, not owed in some distant future where none of us will be alive to worry about it). The debt singularity most responsible for this problem has been created through entitlement programs, as well as a Social Security program that the government uses as its own ever-cycling taxpayer supported personal slush fund, triggering a debt accumulation of more than $8 trillion per year.
How does our government (or any government with a central bank) continue to function monetarily if it is generating far more debt than it will ever be able to pay off in tax revenues? Well, our system does not really “function.” It just refuses to fully die. And, it does this through fiat money creation.
The quantitative easing programs, which allowed the Federal Reserve to conjure massive stores of fiat money out of thin air and purchase U.S. Treasury bonds (among other things), were a blatantly open admission by bureaucrats and central bankers alike that the government has not been capable of sustaining its own operations without fiat aid.
I’ll say it again: QE programs are in and of themselves hard evidence of government insolvency. Solvent governments do not need to monetize their own debt obligations with a printing press.
After the limited TARP audit, which reveled a money creation scheme in excess of $16 trillion (overnight swaps are still a devaluing action though some MSM pundits argue they are not "debt creation"), there has been little information available to the public in regards to the true level of paper and digital money conjured from the ether. We have no idea to what extent the dollar has ultimately been devalued, and we won't know until foreign investors and banks finalize their decoupling from the U.S. (a process that will likely accelerate this year).
One might argue, though, that since the finalization of the taper and the end of QE3 and the bailout programs overall, our system must be amply flush with cash yet again and the printing bonanza must have been worth the risk. Why else would the taper have been instituted at all? I would argue and have argued in the past that the taper was instituted not in preparation for economic recovery, but in preparation for economic collapse. The QE bailouts have stopped because they no longer serve any purpose in propping up the false economy.
For instance, the inspector general for the Federal Housing Finance Agency (FHFA) is now suggesting yet another bailout for socialist New Deal failures Fannie Mae and Freddie Mac, after the Obama administration reserved the right to take all profits from the conservatorship beginning in 2012. That's right, all that money that Fannie and Freddie supposedly made and paid back didn’t make an ounce of difference, as the federal government now steals profits in order to pay off other debts. In the meantime, companies like Blackstone reap the benefits as they purchase and bid on hundreds of thousands of homes for pennies on the dollar, turn them into rentals and artificially support the illusion of a housing recovery in the United States. (I would also note that Blackstone has conveniently served as an “adviser” to the U.S. Treasury throughout the Fannie/Freddie bailouts.)
As referenced in Part 1 of this series, stimulus measures have absolutely failed to inspire any semblance of recovery in consumer demand, and global demand for goods is imploding.
As referenced in Part 2, real employment has not improved throughout the duration of the Troubled Asset Relief Program, quantitative easing and zero interest-rate policy. In fact, it only seems to have stalled unemployment at about 23 percent.
As referenced in Part 3, stimulus actions have only served to create even more unmitigated debt while producing no tangible results other than a massive bubble in stock markets.
Poverty is at record levels. Welfare demand is at record levels. Average wages are falling, and prices on essential goods (except oil at this time) are rising. Global demand is visibly sliding into the same territory as in 2008/2009. Housing markets have become a corporately boosted feudalistic farce. And unemployment continues at a depressing level; meanwhile, people aren’t even counted as unemployed anymore because they’ve been jobless for so long.
At this point, at the onset of spring 2015, I think it is safe to say that alternative economic analysts have been right all along in our assertions that central bank stimulus measures are completely useless. Though some of the slimier day traders like to argue that they “tripled their profits” during the stimulus period and our “doom and gloom” means nothing to them, in their naivety they would be missing the bigger picture. You don’t play the collapse. In the end, the collapse will play you.
Now, it would seem as though the Federal Reserve has failed in every aspect of its bailout quest. But what are the consequences of this debacle? The result is the displacement of U.S. economic standing. The U.S. is being made economically irrelevant.
China has surpassed the U.S. as the world’s largest exporter/importer and has long been far superior to the U.S. in manufacturing capability, making China the most valuable economic partner in the world. According to the IMF, China is now superior to the U.S. in trade standing and is soon to be the largest economy on the planet.
China has recently launched its regional Asian Development Bank, a kind of Asian World Bank. And nearly 50 countries, including European allies to the U.S., have rushed to sign on.
The talk is even growing within mainstream circles that China is about to decouple from the U.S. economy and, along with the BRICS nations, structure a new Asian-centric financial system that will “stick it” to the Western financial elites. This, however, is too simplistic a notion.
We are talking about the REAL economy in this series; and in the real economy, no nation with a central bank actually “breaks” from the New World Order. In fact, all conflicts between the East and West are only serving to further the cause of globalists and Fabian socialists.
China alone does not have the capacity to replace the U.S. as a primary driver for the global economy, nor does the Yuan have the capacity to replace the dollar as a world reserve currency. However, this is not China’s goal. It never has been China’s goal. China’s only purpose in its historic fiscal expansion has been to achieve inclusion in what the IMF calls the “global economic reset.” Part of this reset is the introduction of the IMF global currency basket system, or Special Drawing Rights (SDR), as a kind of centralized control mechanism for all currencies around the world. The IMF and China have continuously called for the SDR basket system to replace the U.S. dollar as the world reserve currency.
I covered this developing scheme in great detail in my article 'The Economic End Game Explained'.
Despite the hopes of some alternative writers that China will somehow break the chains of the central banking monopoly, every Chinese action since at least 2008 has been in preparation to become a full slave nation under the control of IMF policy. China has now officially submitted its currency (the Yuan) for inclusion as a reserve currency in the SDR basket. China's central bank has openly called for the IMF to take a dominant role in the management of the world's currencies through the SDR basket system:
The world economic crisis shows the "inherent vulnerabilities and systemic risks in the existing international monetary system," Gov. Zhou Xiaochuan said in an essay released Monday by the bank. He recommended creating a currency made up of a basket of global currencies and controlled by the International Monetary Fund and said it would help "to achieve the objective of safeguarding global economic and financial stability."
The IMF conference on the SDR, which takes place every five years, is set to begin preliminaries in May and finish in October or November. It is widely expected that China’s currency will indeed be included in the SDR this year, that this will adversely affect the dollar's standing as the world reserve currency, and that the U.S. will have little capacity to stop such a development. That’s because American veto power within the IMF is likely to be removed, due to a lack of approval on funding measures and policy changes put to Congress in 2010.
In numerous articles over the past couple of years I have warned that the destruction of U.S. position within the IMF would be blamed on "political gridlock" over the refusal by Congress to confirm policy changes from 2010, and the brunt of the blame would be placed on "conservatives". This past week my suspicions were supported by the statements of Larry Summers, a former Treasury Secretary and elitist who was partially responsible for the end of Glass-Steagall and the creation of the derivatives bubble, and the man who claimed "history will overwhelmingly approve QE". Summers decried the end of the U.S. as the "underwriter of the global economic system", also stating:
"Largely because of resistance from the right, the US stands alone in the world in failing to approve the International Monetary Fund governance reforms that Washington itself pushed for in 2009. By supplementing IMF resources, this change would have bolstered confidence in the global economy. More important, it would come closer to giving countries such as China and India a share of IMF votes commensurate with their new economic heft..."
"With China’s economic size rivalling America’s and emerging markets accounting for at least half of world output, the global economic architecture needs substantial adjustment. Political pressures from all sides in the US have rendered it increasingly dysfunctional..."
Avid enthusiasm for China’s new regional bank has put the U.S. on the defensive, as supposed allies are joining the chorus calling for China to join the SDR.
This would make the Yuan the first currency not fully convertible to join the SDR basket. Meaning, it is difficult to directly invest in Yuan compared to investing in dollars. But this is exactly what the IMF wants.
The Asian Times put it rather bluntly but honestly:
"Currently, central banks can’t include yuan holdings in their foreign exchange reserves. However, via inclusion in the SDR basket, the currency will effectively enjoy a “back door” where convertibility is concerned. The upshot, according to Citibank, means increased yuan demand from central banks and further integration of the currency into global capital market flows.
Importantly, China has espoused an “internationalisation” of reserve currencies away from U.S. dollar hegemony and dependencies on local economic fluctuations on exchange rates and stability. The yuan inclusion in the basket would be a step towards a more multi-lateral currency world. While full convertibility may still be far away, China’s ability to have a global reserve currency may soon be upon us."
Yes, that’s right, China’s inclusion in the SDR will HELP the process of marginalization of the dollar and aid in the ascendance of the SDR as a world reserve mechanism. And as China becomes a currency powerhouse in its role as the No. 1 economy in the world, the only way central banks around the planet can benefit or “invest” in the Yuan will be by stockpiling SDRs! Demand for SDRs will be cleverly boosted by natural demand for the Yuan. This is how a global currency structure begins.
The only true beneficiaries of this cycle will be the IMF and those elites who desperately want a totally centralized global economic system.
In the meantime, as the dollar loses its world reserve status, it loses the ONLY pillar of support keeping its value somewhat stable. As the dollar falls, U.S. citizens will be reduced to Second World or Third World economic expectations. Employment and wages will continue to dissolve, while the margins between the “haves” and “have nots” will continue to grow. In the worst-case scenario, total chaos would result followed by an international intervention to “save us” from ourselves. Our currency would likely be permanently pegged to the SDR basket, just as Argentina’s was pegged to our dollar after its collapse. And the IMF would own the U.S. rather than the U.S. owning the IMF, as is the common delusion.
As stated earlier, Federal Reserve stimulus actions “seem” to have failed miserably. Now our nation is facing a firestorm. But I would submit that the Federal Reserve has not failed in its mission. The Fed’s purpose is not to defend the stability of the U.S. economy and the dollar; the Fed’s purpose is to destroy the stability of the U.S. economy and the dollar. Thus, the Fed has succeeded in its mission. And I believe a full audit of Fed policies and actions would prove this fact beyond a doubt.
I will continue to outline the endgame for globalization that is under way in the next installment of this series, including how central banks in foreign nations collude with each other and are managed by supranational entities like the IMF and the BIS. The implosion of America serves a very particular purpose. It is not a product of blind coincidence, fate, political stupidity or corporate greed. It is an engineered event meant to clear the way for an even more sinister economic environment designed to establish a final economic empire with the purpose of permanently enslaving us all.
_________________ "A person hears only what he understands."
Johann Wolfgang von Goethe
Think about it. What would people do if they started buying all the air? You know they would if they could.
Familiar mega-banks and investing powerhouses such as Goldman Sachs, JP Morgan Chase, Citigroup, UBS, Deutsche Bank, Credit Suisse, Macquarie Bank, Barclays Bank, the Blackstone Group, Allianz, and HSBC Bank, among others, are consolidating their control over water. Wealthy tycoons such as T. Boone Pickens, former President George H.W. Bush and his family, Hong Kong’s Li Ka-shing, Philippines’ Manuel V. Pangilinan and other Filipino billionaires, and others are also buying thousands of acres of land with aquifers, lakes, water rights, water utilities, and shares in water engineering and technology companies all over the world.
The second disturbing trend is that while the new water barons are buying up water all over the world, governments are moving fast to limit citizens’ ability to become water self-sufficient (as evidenced by the well-publicized Gary Harrington’s case in Oregon, in which the state criminalized the collection of rainwater in three ponds located on his private land, by convicting him on nine counts and sentencing him for 30 days in jail). Let’s put this criminalization in perspective:
Billionaire T. Boone Pickens owned more water rights than any other individuals in America, with rights over enough of the Ogallala Aquifer to drain approximately 200,000 acre-feet (or 65 billion gallons of water) a year. But ordinary citizen Gary Harrington cannot collect rainwater runoff on 170 acres of his private land.
It’s a strange New World Order in which multibillionaires and elitist banks can own aquifers and lakes, but ordinary citizens cannot even collect rainwater and snow runoff in their own backyards and private lands.
Joined: 24 Nov 2011 Posts: 1440 Location: The Caribbean of Canada
Posted: Sun Apr 19, 2015 7:26 am Post subject:
"Once a nation parts with the control of its currency and credit, it matters not who makes the nation's laws. Usury, once in control, will wreck any nation." -- William Lyon Mackenzie King, prime minister of Canada, 1935
The Bank of Canada became a public institution in 1938
Canadians have been fleeced for billions, but no traction in media for complex banking case. This case is not mentioned in MSM...but other meaningless stuff is flaunted day after day.
You know the old aphorism -- "If a tree falls in the forest...?" Well, how about this one: If citizens win a significant victory in court against an autocratic government involving the fleecing of Canadians of billions of their hard-earned tax dollars and no one in the media actually covers it, did it really happen?
That might well be the question being asked over at the Committee for Monetary and Economic Reform (COMER) a very small and low-budget Toronto think tank. With their lawyer Rocco Galati (of Supreme Court fame in the Marc Nadon case), they have been steadily winning court battles initiated in 2011 that would oblige the Bank of Canada to return to its pre-1974 practice of lending the government money virtually interest free. But the mainstream media has boycotted the story. Galati believes the Harper government has done some serious arm-twisting to keep the story buried.
The good folks at COMER have for years -- decades, actually -- been trying to get people to pay attention to what is far and away the biggest, most outrageous fraud ever perpetrated on the Canadian people. I am speaking here of the fact that instead of the Canadian government borrowing money from its own bank, our bank -- the Bank of Canada -- it has, since 1974 chosen instead to borrow exclusively from private international and domestic financial institutions providing them with enormous, absolutely risk free profits for almost four decades.
*The paragraph below illustrates just how destructive the parasite is. This setup is the reason for all the wars since 1974. This scheme is much more lucrative than just seizing oil fields, opium, weapon sales etc....but it is imperative to get your man or woman in there.
The result, according to economist Ellen Brown: "By 2012, the government had paid C$1 trillion in interest -- twice its national debt. Interest on the debt is now the government's single largest budget expenditure -- larger than health care, senior entitlements or national defense." While some of that interest was paid to holders of Canada Savings Bonds, the vast majority was paid to private lenders. In the early 1990s, at the height of the media's deficit hysteria and rhetorical nonsense about hitting a "debt wall," 91 per cent of the $423 billion debt was due to interest charges. Our real debt -- revenue minus expenditures -- was just $37 billion.
_________________ "Now water can flow or it can crash. Be water, my friend." - Bruce Lee
"Three things cannot be long hidden: the sun, the moon, and the truth." - Buddha
Posted: Tue May 12, 2015 2:31 pm Post subject: David Stockman's take on things
According to David Stockman, it's the central banks that are the main culprit. Then again, who owns the central banks? The same people that own the banks! Anyway, although I do not necessarily agree with everything Stockman says, this guy sure knows what the heck he's talking about and explains the situation in which we find ourselves today like no other!
In his own words; "We have simply doubled-down at the central bank with even more fantastic expansion of balance sheets and intrusion into the financial system, and we’re on the lip, I think, of the next great financial crisis.”
David Stockman is a former Republican congressman from Michigan and was President Reagan’s budget director from 1981 to 1985. After leaving the White House, Stockman became a managing director at Salomon Brothers, and he later founded a private equity fund. David is the founder of David Stockman’s Contra Corner, and he is the author, most recently, of The Great Deformation: The Corruption of Capitalism in America.
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