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The weird thing is that Stuart's the one guy - Stuart [Immonen ]and Sean Gordon Murphy, they're the kind of guys you can trust, where you don't need to do that because those guys are so incredibly reliable. They're just like clockwork, they turn in the pages just so perfectly on time. But I'm so paranoid, because I've been burned so many times, that I'm still even banking these guys.
Part of the concept of the euro zone was to establish a common market. The banks were going to bank across all their countries like we bank across states. But that concept got killed for a whole bunch of reasons that I won't get into. That was a good concept, by the way. It may yet return, because there are huge economies of scale in banking. That's another thing people don't quite get.
It is not competition, but monopoly, that deprives labor of its product. Destroy the banking monopoly, establish freedom in finance, and down will go interest on money through the beneficent influence of competition. Capital will be set free, business will flourish, new enterprises will start, labor will be in demand, and gradually the wages of labor will rise to a level with its product.
The collapse of the world's banking system and the impending disaster of accelerating climate change are not separate phenomena. They are simply the most visible symptoms of a particular model of capitalism that will bring civilisation to its knees. But those symptoms will not get sorted unless and until we commit to a radical transformation of the way we create and distribute wealth in the world today
The Kaiser Wilhelm Institute's eugenics studies were initially endowed by Gustav Krupp von Bohlen und Halbach, the head of the Krupp munitions monolith, and James Loeb, of the Kuhn-Loeb banking family. Loeb's relatives, the Warburgs, were banking partners of William Rockefeller, and both families were responsible for setting up the American Harriman family - also movers and shakers in eugenics - in business.
The money problem facing the country from 1789 to 1896 existed because Congress never exercised is authority to "coin money or regulate the value thereof" - but rather delegated that authority, sometimes by charter and sometimes by default, to the banking system. This despite the provision in the Constitution that charged Congress with the power to 'coin money, regulate the value thereof, and of foreign Coin, and fix the Standards of weight and Measures.'
The Fed is pushing a variety of workarounds that would inject trillions in new money into the economy while bypassing the banking system altogether. Time will tell whether or not this will succeed. Meanwhile, a serious danger lurks around the corner. Once the recession is over, the lending will start again. With fractional-reserve banking and limitless supplies of cash on hand, we will likely see the overall price trends reversed, from deflation to inflation to possible hyperinflation.
