Monthly Archives: September 2009

The Missing Link of Monetary Reform: How? A challenge to monetary reformers

The Missing Link of Monetary Reform: How?

A challenge to monetary reformers

Ben  Bernanke - Printing Money - 60 Minutes Interview

CBS 60 Minutes: “Is that tax money that the Fed is spending?”

Ben Bernanke: “It’s not tax money. The banks have accounts with the Fed much the same way that you have an account in a commercial bank. So to lend to a bank, we simply use the computer to mark up the size of the account they have with the Fed. So it’s much more akin, although not exactly the same, but it’s much more akin to printing money then it is to borrowing.”

CBS 60 Minutes: “You’ve been printing money?”

Ben Bernanke: “Well effectively, and we need to do that because our economy is very weak, and inflation is very low. When the economy begins to recover, that’ll be the time we need to unwind those programs, raise interest rates, reduce the money supply, and make sure that we have a recovery that does not involve inflation.”

— Question to monetary reformers: how many falsehoods are in Ben Bernanke’s utterance above?

— Question to the public: wouldn’t it be great if the public too can get to have monopoly money magically appear in our bank accounts every once in a while, like the banks do? What powers of persuasion do you think the Fed wield upon the government that they can make counterfeit money – just printing it whenever they want – and it magically becomes legal tender? But you and I can’t print our own money whenever we want without going to jail for 100 years? How did that happen? How are such skilled powers of persuasion of the banksters to be countered?

— Reality check: Is there even any point to all this talk of monetary reform when absolutely no one among the who’s who of reform will speak to the real issues of power that actually prevents all reform? The monetary reform agenda today is largely an academic conversation piece, to be debated in conferences, on websites, and a source of livelihood for the often indigent authors peddling their favorite solution on paper. Instead of all coming together on one singular platform, of taking the power of coining money away from private banksters gratuitously getting fat on usury, they energetically bicker among themselves on what solution to replace it with!

— Challenge: Why not come together on what’s common ground? And instead of pitching one’s own new-and-better “mouse-trap”, create an unbiased monetary commission of monetary reformers and rebellious economists to look into all the proposals on the table, chartering them to come up with a recommendation, or series of recommendations or advocacies if you will, which in turn can be put on the ballot in each state for public adjudication? This is where perhaps all the conferencing, books, websites, speeches, television talk-shows, grass-roots activism to educate the public on the monetary commission’s recommendations, can be made fertile pursuits rather than the present infertile conversations in conferences. That’s how one builds up counter-power in a system where, as Hitler had aptly put it, “when the voting papers of the masses are the deciding factor; the decision lies in the hands of the numerically strongest group”. One has to work the system – unless one is working on overthrowing it! The former sometimes entails withholding the votes entirely to show the system’s illegitimacy when both political parties and its electees represent the same corrupt oligarchic ruling interests; and other times it entails gathering the votes to show the same. That requires uniting on a common platform in order to gather enough votes!

Response to American Monetary Institute’s 2009 National Conference on Monetary Reform , Chicago, September 24-27, 2009

California, September 14, 2009

My principal problem with modern monetary reformers is that they typically act like prima-donnas telling the ignorant public what is the best solution for them. Each one thinks they have just descended from the mountain with the tablet. Unless the implementation issues wrestled with in “Monetary Reform: Who will bell the cat?” and “The entrenched notion of Public Debt in America – will take a gestalt shift to overcome!” are addressed head-on, just more pipe-dreaming words from the mighty reformers applying the think-system invented by the “Music Man”. The following Huxley statement sums up my consternation with the present crop of monetary reformers completely:

Well this is the real problem. Nothing is easier than to formulate high ideals, but few things are more difficult than to discover the means for by those ideals might be implemented, and the categorical imperatives which spring from them can be a pain. This is the real problem. I mean one has to dream, but one has to dream in a pragmatic way to consider how… Merely preaching to people doesn’t have much effect, people have been preaching for an awefully long time and we are still pretty much where we were.”

The respected Prophet-Reformer of mankind, Moses, too had a great plan for his flock three millennium ago – “thou shall not kill” – but few have found the means to implement the glorious Ten Commandments even millennia later.

Watch below Ron Paul* candidly describe the unmatched legal power of the Federal Reserve and the American Elite way back in 1988 which makes even the mighty United States Congress powerless before them. This was reaffirmed 20 years later in the 2008 Bailout Bill!

Given the tortuous reality of the “Monetary Conspiracy for world Government” rapidly progressing towards fruition, how do the monetary reformers plan to counter it?

Do they think that the banksters and the elite will simply roll over and play dead so that a bunch of conscionable rebels can get their reforms passed in a Legislature and Executive which is entirely controlled by the oligarchs?

As was truthfully observed once before: ‘Ah – but what if the “criminals” were to write the laws and the statutes themselves? Then, the conniving and conspiring isn’t legally defined as a crime, nor the “criminals” called criminals. In fact, most are called bankers (emperors previously), and their instruments today, foundations (fleets previously)! Isn’t that just peachy?’

What is the implementation plan, the How, to counter this entrenched legal power that gives the present monetary system its raison d’être – apart from “faith” and “hope” that is, that a “Jesus” will magically be found to throw the moneychangers out of the temple?

A rather straightforward challenge to the monetary reform conference attendees.

Ron Paul - The  American Power Structure 1988

Zahir Ebrahim


* Also see Ron Paul Related: My beef with the stellar congressman Hon. Ron Paul

(Tortuous Reality Check on Monetary Reform is repeatedly thrown in one’s face for anyone not entirely lost in the immanent spaces of their ivory tower. The owners of the present monetary system wield a power so gargantuan, that they can strangulate the dissent of entire nations, and those whom they must, as the threat made by the US Treasury Secretary, Timothy Geithner, betrays. What of monetary reform conversations by a handful of overzealous reformers? Only indigenous institutions and nations banding together in Full Spectrum Alliances to reject the present hegemonic monetary system of the oligarchs – that is coercing all nations into the shared predicament of one-world government – and with real teeth to back their common stance in Full Spectrum Deterrence, can there be any power in monetary reform. The first order of business therein must be to get rid of the corrupt indigenous rulers and politicians who eagerly share in these inequities, who suffer from a surfeit of avarice and cowardice, and therefore, have no incentive to affect any reform. In the United States Congress, the present crop of Honorable office bearers could not even muster sufficient chutzpah to defeat the 2008 banksters bailout bill when almost the entire American nation was overwhelmingly with them!)

The Missing Link of Monetary Reform: How? A challenge to monetary reformers