The Monetary System- Crying Wolf

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Crying Wolf?
By Hernando Martínez & Martha Segura
Bogotá, Colombia
December 14th, 2014
On October 14th, 2014, Positive Money.org published in Youtube the video “Stop banks from creating money”[1], presenting Martin Wolf—who acts as the cardinal for the Doctrine of the Faith at the Financial Times, the church of the House of Rothschild—and his remarks on four questions concerning the future of the monetary and financial system and the need for a radical change.
This is our reading on his introduction and four-fold argumentation.
1) Mr. Wolf begins his numbered list by asking:
“What is the fundamental case for having permanent, not temporary, permanent Government creation of money, returning the function of creating money in our society from the private sector—which I’m sure you know creates virtually all the money in our economy, a point which was already noted in detail by Shaw in his great book on interest and money late in the 19th century, so this is not a new idea.”
Mr. Wolf, are you sure we all know? For this is an outstanding revelation! In fact, we, as citizens, as parliamentarians, as voters, as students of Economics and Constitutional Law and Political Science, as intellectuals, as entrepreneurs, as workers, as bank clients, we ignore that money creation is undertaken by private banks and for private profit because we have been led to believe that money is created by our Central Banks and that these are public institutions. Furthermore, a little while ago, even to suggest that Central Banks were controlled by a cartel of lenders was considered heresy.
Mr. Wolf, what is in the offing since you and your colleagues at Financial Times are airing this issue with the candid support of Positive Money.org?
Remember October 10th, 2008? Greed had already blown out the financial system. The imf-g7adopted emergency measures: the complete nationalization of the liabilities of the entire financial system and the socialization of risks, meaning that all banks were insolvent, that we taxpayers had to assume a share in the bursting of their excesses and become their blood-sucking source.
But just now you and Mr. Rogoff[2] and all at the Holy Synod are crying out in unison that a radical change is needed, including the writing down of debts. On whose behalf are you talking? Whose interests do you represent? Isn’t it those of the private bankers themselves, whose greed has put mankind on knees?
2) Mr. Wolf then inquires:
“Does it matter precisely how we go about Government creation of money? There are two slight…two variants on this idea out there, and I am going to discuss those. One of them is Positive Money’s and the other goes more under the heading of 100% reserve banking. I will argue that they are not significantly different.”
City locuta, causa finita[3].
Mr. Wolf, a minute before this statement of yours, no solution to the world financial crisis was apparently available. Hellas, today you offer us a miraculous way out! And you are indeed right when you suggest that “they are not significantly different”, for this two-variant proposal issophistry:
• Positive Money proposes to grant the actual Republican States the monopoly of money creation. Now, in the light of Sri Aurobindo, we raise this question:
What, after all, is this State idea, this idea of the organized community to which the individual has to be immolated? Theoretically, it is the subordination of the individual to the good of all that is demanded; practically, it is his subordination to a collective egoism, political, military, economic, which seeks to satisfy certain collective aims and ambitions shaped and imposed on the great mass of the individuals by a smaller or larger number of ruling persons who are supposed in some way to represent the community.[4]
Mr. Wolf, you are endowed, like no other, to answer this question because before becoming a charismatic journalist you worked for the World Bank and daily lend your ears to the rulers.
• As all roads lead to Rome, needless to say that the 100% reserve banking option also leads to The City, that is to say, to the House of Rothschild, as they control all Central Banks from their headquarters in London and Basel.
3) Mr. Wolf then proceeds to skillfully apply the art of manipulation:
“The most important section of what I have to say is to deal with the objections to having a system in which the Government creates most of the money in our economy.”
We have no objections whatsoever, Mr. Wolf, to the idea of granting society the monopoly of money creation, since it is the thing that we all believed to be happening from time immemorial. What we strongly object and oppose is your posture that misleads and induces us to remain ignorant of the fact that the Republican State—as a constitutional monarchy in which the House of Rothschild plays the role of Monetary Authority—is a private venture, now seeking to mechanize, stunt and rend stationary the evolution of mankind.
4) Mr. Wolf closes his remarks by telling us “parodying Lenin: What To Do”:
“Possible ways forward given where we are now, and given—I think—the inevitable extreme difficulty of shifting overnight to an entirely different system.”
Mr. Wolf, let us stop playing the game that States and nations are synonymous when indeed they are opposites, as nations are captives of the Republican State organization!
Thus, the first step to achieve a liquid and just and fair and sustainable monetary and financial system is to dismantle the Republican State. Besides, money, as you very well know, has no value in itself, but under the auspices of the supranational monetary authorities (bis, imf) paper/electronic money has been awarded fictitiously a conventional value. Only goods and services possess intrinsic value. Therefore, the true way to enact a solid and plentiful worldwide system is to close central and commercial banks and put money exclusively at the service of the production and exchange of goods and services.
In so far as solving the “inevitable extreme difficulty”, your friend Raghuram Rajan
​,

former financial advisor of the imf and current president of the Bank of India, preaches since 2004 that, “organizing a financial system is mostly a question of common sense.”[5]

So, once liberated from the greed of private money creators and from the grip of the Republican State organization, nations should be perfectly capable of structuring simple but complex platforms through which all the people may participate not only in the production and exchange of goods and services, but also in the formulation of a rich and flourishing collective life, at a minimal cost and debt-free.

Last but not least, Mr. Wolf starts by making this astonishing comment:
“I am very grateful to the Institute of Chartered Accountants of England and Wales; I was thinking… I was saying that how wisely you chose your name. Nothing about United Kingdom in it— which you might have to change very soon.”
Mr. Wolf, is this a prophecy[6]? The Annals of History holds the House of Rothschild—the real power behind all thrones—as the one victor at Waterloo. Being part of the rewards, the UK has been since then in their hands. Are they now ready to squeeze the kingdom that has served them so well to crown out of its ashes The City as their own and most private sovereign State?
Mr. Wolf, we humans are still on time to listen to Savitri’s injunction:
Even should a hostile force cling to its reign
And claim its right’s perpetual sovereignty
And man refuse his high spiritual fate,
Yet shall the secret Truth in things prevail.[7]

[1] “Stop banks from creating money”; in: https://www.youtube.com/watch?v=B_rTSYo_CkQ
[2] “How to prevent the next financial crisis. Does Martin Wolf have the answer?”; in: http://www.prospectmagazine.co.uk/features/how-to-prevent-martin-wolf-shifts-shocks-review-the-next-financial-crisis
[3] Latinism for: “City has spoken, the case is over.”
[4] Sri Aurobindo, The Ideal of Human Unity, Pondicherry (India), Sri Aurobindo Ashram Press, 7th impression, 1997, p. 278; in:http://www.sriaurobindoashram.org/ashram/sriauro/writings.php
[5] Raghuram Rajan, “Assume anarchy? Why an orthodox economic model may not be the best guide for policy”, IMF Finance and Development, Washington, September 2004, pp. 56-57; in: http://www.imf.org/external/pubs/ft/fandd/2004/09/pdf/straight.pdf
[6] “Editor’s Choice: The case for an independent London”, interview by Jonathan Guthrie, City editor, to Philip Stephens, chief political commentator; Financial Times, December 11th, 2014; in: http://video.ft.com/3936817148001/The-case-for-an-independent-London/World
[

]

​ ​

Sri Aurobindo, Savitri, Pondicherry (India), Sri Aurobindo Ashram Press, 1997, vols. 33-34, book xi: the book of everlasting day, canto i, the soul’s choice and the supreme consummation, p. 708; in: http://savitri.in/

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Kittu Reddy <kitturd@gmail.com>

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