Showing posts with label fiat. Show all posts
Showing posts with label fiat. Show all posts

Sunday, 10 February 2019

No place like home!

The Wizard of Oz (1939)


Even though 'The Wizard of Oz' (the film) based on the 'The Wonderful Wizard Of Oz' (the book in 1895) played important roles in many people's childhood, I was always under the impression that it was one of those silly children stories that one can do without. Of course, the soundtrack of the movie, especially 'Somewhere over the Rainbow' kept ringing in everyone's ears to remind that the right time will come one day or was it a message just to keep the crybabies quiet?

Now they tell me that 'The Wizard of Oz' was satire through and through. Subtly hidden behind the outrageous storyline was the fight of the Populist Party in the 19th century USA against their monetary system. In 1895, there was an economic depression that affected most of the typical Americans. Part of the reason for that money was pegged to gold. The Populist Party, under the auspices of its leader William Jennings Bryan, a two-time Presidential candidate, campaigned for usage of silver and gold in their monetary policy. There was a fear of usage of Greenback to create fiat money. Gold was at risk of being controlled by bankers. 

The author, L. Frank Baum, was a journalist and a member of the Populist party. He bought over a Republican Party newspaper. To keep its readership (Republicans) happy, he wrote about many of the Populist agenda in a concealed manner. His book in 1900 'The Wonderful World of Oz' was one excellent example. 

Just like the 'Grimm Tales' which portrays living conditions in Germany and 'Alice in Wonderland' of Victorian times, 'The Wizard of Oz' is an allegory to the monetary system and of the American dream. It was all about people power, having a vision and finding it in your own backyard. 

In the 1890s, America had a severe recession. Farmers lost their land to greedy bankers. Industry workers lost their jobs. People were generally disillusioned. 

Dorothy, the average American, is blown off in her house in Kansas (Populist's stronghold) to Munchinland (short, dark, funnily dressed people - probably immigrants). Her house lands on the Witch of the East (Wall Street) and killing her. She is threatened by the Witch of the West (Rockefeller in Cleveland, West to NY). The kind Witch of the North is Populist Party who helps Dorothy with the silver slippers to pave the Yellow Brick Road to meet The Wizard of Oz. The silver denotes the silver that the party is campaigning for; The Yellow Brick Road being the Gold standard. To flaunt their spanking new Technicolour abilities, the filmmakers decided to substitute the silver slippers to scintillating red ruby ones. The Witch was the West is hellbent on removing the silver sandals.

Accompanying Dorothy in her journey are The Scarecrow, Tin Man and the Cowardly Lion. The Scarecrow needs a brain. It refers to the farmers who have the knowledge but lack the confidence to stand on their own. The Tin Man, referring to the workers in industries, need constant oiling (need oil money to keep them working) needs a heart because he has been dehumanised by modern machinery. He used to be made of wood but was soon replaced. He needs the heart to be human again. The Cowardly Lion refers to Bryan, the voracious speaker who does not have the guts to push his agenda all the way to Washington (Emerald City in the story).

The symbolism goes on and on. Oz refers to how gold is measured; oz being abbreviation to the ounce. The Wizard of Oz seemed like an unapproachable guy, but he ended up being a lovable guy controlled by buttons and gadgets behind the curtain. These complicated things denote the intricate contraptions devised by the bankers to entrap the people, and The Wizard (maybe the President) is dancing to their tune.

The take-home message here is that everything is there is the USA. It is up to the people of all level to grip it and chase their American Dream.

Thursday, 3 May 2018

A monster too big to leash?

The Creature from Jekyll Island (1994)
Author: G. Edward Griffin

No, this is not some kind of sci-fiction about a radioactive exposed and mutated creature that lurks in the vicinity of Jekyll Island. This book is, of the non-fiction variety, and it talks about our banking system. In fact, it tells of the devious manner that it operates. It was on this island that the monster called Federal Reserve System was created.

Jekyll Island is a real island off the coast of Georgia. In 1910, a group of seven individuals of politicians and bankers gathered in a holiday resort to discuss the future of banking in America. Together, they possessed a quarter of the world's wealth then. Earlier, at the beginning of the century, Americans had become wary of their banking system and did not trust bankers to handle their money. The purpose of this extremely secret meeting was to create the blueprint of the Federal Reserve System. Note the absence of bank in its name and the authentic sound of its title. At one look the intentions look noble, but when we scrutinise its whole setup, we can smell a rat. The entire operation was shrouded in secrecy as the American public wanted the bankers to be the last person given the responsibility of taking care of their money. In the not-so-distant American past then, many financial institutions had sprung up and followed in the line of customers being fleeced off their hard-earnings.

It was a covert operation for a group of European bankers, who had links with magnates like the Rockefellers, Rothschilds and JP Morgan and had a stronghold in the dealings of the world economy. Despite America's previous bad experiences with unregulated paper money, the USA decided to follow the very same path. That was the beginning of fiat money where wealth is made out of thin paper with no intrinsic value to the currency. It was built on the trust that people would take the money for its face value. It operates under the assumption that the public would not, all at once, demand back their deposits in cash.

The setup is like this. When the Congress needs money, it goes to the Treasury. The Treasury would not have money. Together, we would march to the Federal Reserve System (FRS). The FRS would issue a cheque for a certain sum (of money that it does not have). This paper money makes its way to the banks to be loaned. The banks can loan out up to 90% of the funds it received (which is non-existent) to customers who would repay with interest. In other words, the lay people are taxed to work to pay for the money that was created from nothing to run the whole system. The by-product of this entire exercise to finance the banking system and to fatten bankers.

Every now and then, the whole bubble would go burst when inflation sets in as the value of money dwindle as there is a lot of money circulating. To offset this, the banking system makes the taxpayers pay more taxes or decrease the interest rate for them to borrow more. The whole setup is based on credit.

The author, G. Edward Griffin, is a renowned conspiracy theorist who goes on to link the operation of the FRS to many of mishaps that happen around us. War and political upheavals spur economic activities which are, of course, beneficial to the bankers. Loans need to be taken.

Even as early as the American Civil War, financiers had the bad habit of financing both sides of the warring factions. In their mind, they are not tied down to nations but were citizens of the world. The Russian Revolution did not solely happen because peasants raised their sickles against the Tsar. Their course was partially finally sponsored by German bankers who wanted the Russians to be weak to defeat them. The Americans brought in aid under the guise humanitarian effort through the Red Cross to fund rebels. The financiers sponsored Trotsky, the Menshevik and even the Bolshevik to cripple the Russians. The sinking of Lusitania by the German U-boats marked the entry of the USA into World War 1. It was no mere coincidence that the cruise ship was hit. It entailed an elaborate plan of the bankers' interference in intercepting newspaper advertisement, false declaration of goods and blocking of navy communications.

As known to us, FRS through their lackeys, the World Bank and IMF, are quick to write off loans of despotic third world regimes by giving them more notable credits with a more extended tenure of repayment to make these countries eternally in debt. The biggest losers are the citizens who become debtors for generations altogether.

Loyalty is an alien to the bankers. Money, business, wealth and power is all that matters. The strategy of putting up a two-faced appearance go on all through time. They were around at the time when Germany was gung-ho in arming themselves to the teeth and going gangbuster into industrialisation. At a time midway through World War 2, they syphoned off legally gold to Europe to improve their economy. They support dictators in the modern era.

The Federal Reserve System has grown too large for comfort. The author proposes that it should be abolished as it runs like a cartel working against the public interest, advocating extreme usury, generates unfair tax, destabilises the economy, encourages war and is an instrument of totalitarianism.

The Seven Members of Jekyll Island


A satirical cartoon of 1848 depicts "Rothschild" pondering over which of Europe's rulers to favour with loans, while revolutionaries challenge the ancient order he is supporting.

“Be afraid. Be very afraid.”*