In centuries past, money was synonymous with precious metal. For the most part, preciousness denoted rarity. After all, however shiny, glittering and sparkling silver, gold and diamonds are, (in their own rights) had they been plentiful, their preciousness would have been lost on vanity crazed humanity. This is akin to water and life. Without water we can’t exist and yet its plentiful-ness takes away its pricelessness, at least in our perverted modern vain world. Compared to other forms of currencies, (like paper currencies), coins are relatively durable. Moreover, coins can be denominated as desired, by merely varying their shapes and weights. The combination of the above and more, rendered precious metals as the preeminent value storing commodities. However, late modernity thought it would come up with better schema to replace these ‘old relics’. But it failed disastrously, not only in the rarefied world of modern finance!
Here is a short summary of the story of modern banking, probably the greatest non-violent crime of the millennium! It all started when people were using gold to do exchanges. Keeping gold in a typical household was not prudent and therefore many took their gold to their town’s goldsmith for safe keeping, as they were the ones with the strongest safes around. The goldsmith charged fees for keeping people’s gold and they also issued receipts verifying the amount of stored gold. Soon, instead of going to the goldsmiths to access their gold, for each and every transactions, buyers and sellers started to do their trades using only their gold receipts. Moreover and in due course, the goldsmiths realized that, by and large, people do not come to collect their gold all at the same time. In fact, people were becoming quite comfortable dealing with their receipts, for the obvious reasons. After all, these receipts were as good as gold! Not long in this trusting regime of safekeeping, the too clever by half goldsmith started issuing receipts to other individuals with no deposited gold, at a premium. They started charging interests on the phony gold receipts they issued. As the phony receipts made their circulations into the market, inflation and other ills started to crop up. In the process, the goldsmith and their cronies became rich from their fraudulent activities, while the working stiff was hardly eking out a living. Today modern banking operates using the exact same fraudulent principle! Incidentally, the crooked goldsmiths of the middle ages were given proper justice; they were allowed the privilege of cleaning the rusted blades of the long unused guillotines, if you know what we mean!
Commercial banks issue credit (just like the old phony receipts of the goldsmith) to borrowers and they charge interests. These credits come from thin air and are introduced to the economy via debts. At the same time these unearned or un-deposited money enrich the connected parasites that are in close proximity to the money spigot. What has changed from the old days is that, instead of the crooked goldsmith going to jail or worse, the modern banking cabal is celebrated and even gets bailed out when things start to sour in the fraudulent system. Modernity created the so-called central banks, or other international institutions (IMF, ECB, BIS) to protect the fraudulent global banking system from collapsing. But things are now changing. Just like the old days, people as well as countries have started to lose trust in the fraudulent system. Countries are hording real gold and are getting rid of the modern equivalents of phony receipts. The process has now accelerated. 2018 is a record year in government’s purchase of actual gold, at least since 1971. China, Russia, India, Iran, Turkey, etc. are all buying gold instead of stuffing their vaults with the likes of phony receipts (treasury bills, commercial papers, bonds, etc.) In contrast to the learned idiocy of the elites, the farsighted Indian women have, in their own custody, the largest gold reserve in the world, amounting to 20,000+ tons!
Individuals who have been on the losing side of the fraudulent system have also started experimenting with alternatives. Securities, financial or otherwise, based on ‘fiat currency’ and ‘fractional reserve banking’ have become increasingly unreliable, as there is a whole lot of criminality going on behind the scene. To start with, the ephemeral wealth of the global order depends, to a large extent, on the whims of the global banking cabal and their criminal institutions. Inflation, devaluation, even the outright confiscation of bank deposits and other wealth are, part and parcel of the extended ills harbored by the fraudulent financial order. Look what is happening to Venezuela! Venezuela cannot even get its own gold deposit from London, let alone successfully negotiate the protracted regime of sanctions imposed by empire! Out of desperation, Venezuela is trying to sell its oil using crypto-currencies. The new system of crypto-currency has a long way to go before it becomes robustly global. To set up integrity based global crypto-currency would require, amongst other things, an independent Internet (net neutrality) carried by an even more independent cable operators; in other words, a whole new system away from the reaches of empire’s tentacles. Because of this, a universal and fully independent crypto might be a long way off, unfortunately! In the mean time the current cryptos, like Bitcoin, et al, might show the way or at the very least, expose the unfair nature of the reigning financial system! See the articles next column, on page 41 & 44.
We are living in uncertain times, to say the least. One thing is for sure; the global sheeple (human mass) is awakening. It has become acutely aware of the comprehensive unfairness of the prevailing order, including the various governance systems. At the same, it has also accepted the fact that capable leadership might not be allowed to surface, given the nature of the existing Orwellian order, which is closely bordering the dreaded fascism! That is why the ‘Yellow Vests Movement’ decided to become a kind of leaderless movement. Soon many such movements will come to the fore. The status quo better heed the advice of one of the better political leaders of yesteryears: “You can fool some of the people all of the time or you can fool all of the people some of the time, but you can not fool all of the people all of the time.” Abraham Lincoln. Good Day!