Babylon's Bankers

DAILY BELL: DEBT JUBILEE SET TO BECOME A MAINSTREAM MEME

This past week I've been talking a lot about gold, Germany, and geopolitics, but there's another side to this financial coin - if I may be permitted to stretch the metaphor - and that is the fiat money/debt jubilee debate currently occurring, albeit, somewhat quietly at present:

Debt Jubilees and Memes ...

Once again, one has to be in admiration of The Daily Bell for pointing out the emerging memes of the world we are entering into, and for placing certain key ideas on the table for discussion, in this case, debt repudiation/jubilee, and the nation-state.  And, to a certain extent, they are in my opinion correct: what has happened in the latter half of the 20th century, and particularly from World War Two onward, is the merger of central banks and the military-industrial complex, a process begun, really, in Nazi Germany, with its creation of state-issued debt free money, which was, of course, immediately repudiated by the West, forcing Germany into an international barter system of trade.

But what profoundly disturbs me, and which seems to some extent to be neglected by the article, is the implication that the globalists themselves have emphasized the theme of the obsolescence of the nation-state, and the need to replace it with a system dominated (and perhaps governed) by multinational corporations and banks. The Daily Bell, in promoting the idea of Austrian school economics, by pointing out the "anarchy" that obtained in the pre-federation pre-US-constitution days, is thus to my mind overlooking some things. Suppose that such a global market truly did emerge... the technology is certainly driving us there.

This fact, plus the rise of local or regional currencies, inevitably brings about the need for some sort of clearing of transactions, and here one sees the inevitable beginnings of the very same sorts of processes that gave rise to nation-states to begin with, since at some point people conducting transactions in whatever currencies or media of exchange are chosen, must entrust transactions to an elite few doing the clearing. Perhaps one might see the possibility, implied by the Daily Bell article, that clearing would no longer be a monopoly of certain banks and their clearing agencies, but rather a multitude of competing clearing options - much like the post- Ma-Bell era of telecommunications, with various carriers and suppliers having to compete for customers. This, I take it, is the real import of the article.  But even with this, a basic unit of medium of exchange has to exist regardless of which clearing agency may be involved in transactions... and there's the rub, for as I've often mentioned in my books and blogs about this subject, money not only represents a what, it also represents a who... namely, who is the ultimate issuing authority. Therefore the growth of technology and increasing reliance on types of money represented by electronic transfers makes the debate on debt jubilee ideas even more crucial, for as the Daily Bell article itself points out, the jubilee idea is intimately tied to very old notions of religion, of primordial debt, and of sacrifice. Money, as I have also pointed out, very early on in the human experience, became entangled with notions of debt, of closed systems, of scarcity...

...it is here that the actual history of money becomes somewhat muddled in modern thinking and particularly among standard economists (even of the Austrian school, folks), for as I point out in my future book The Financial Vipers of Venice, at a certain point in history, money became bullion, and because of the nature of bullion, money was therefore tied to the notions of scarcity, of debt, of peonage, and to a financial elite, and became disentangled from the idea of production and society. Not for nothing do the rise of the great empires of ancient times inevitably accompany the rise of "sound money," i.e., bullion, as a basis of the medium of exchange.

Bullion, in other words, is not an end run  around central banking elites and empires and the types of corrupt financial speculation that we have see, but a headlong rush directly into them... so as we contemplate and discuss the emerging meme of debt jubilees and repudiations, we need also to bear in mind all the attendant ramifications of why the whole idea jubilees arose in the first place, and we may summarize the resemblance of the ancient pattern to the modern one in one word: re-hypothecation, the endless sale and re-sale of the came collateral, and its re-collateralization with each re-sale, under the whole system grew so enormous and so complex that actual productivity slowed, as system made it more profitable not to produce to the point that society was in danger of collapse. Hence, the whole system periodically had to be re-booted and re-set.

See you on the flip side.

14 thoughts on “DAILY BELL: DEBT JUBILEE SET TO BECOME A MAINSTREAM MEME”

  1. terminally skeptical

    I can see/hear the pitch already, a sort of global Rodney King refrain: Why can’t we all just get along?” This chorus would be bootstrapped to a central governance and of course all debt would be forgiven because we’re now just one big happy family. Personal debt forgiveness would be last on the agenda while the too-big-to-fails, derivatives and rehypothecation mischief with the wave of a wand would be absolved of their debts and criminality. After a victory dinner and a good nights rest, on Day 2 the New World Order council would, in the wake of that cleared docket money problem, start making calls to all those renegade purveyors of new-fangled free energy designs. Alas in that particular setting the outcome for the common good would not be favorable even if we had 10,000 Bravehearts willing to resist the stasi.

    I say let the chips fall where they are warts and all and allow the public, me included, to feel the pain that comes with this centuries, perhaps millennia old malfeasance dance of predatory “capitalism”. Perhaps then enough of us will wake up to demand accountability from the Shylocks and deny them their get-out-of-jail-free cards. It gonna take conscious souls to live in a brave new economy and new energy world.

    Re-booting and re-setting the present structure of business as usual isn’t enough. If we’ve learned anything by now it should be patently clear that we need a new paradigm.

  2. A Jewbilly? Sounds like more bible bable. Lots of memes. The people’s religion, set up on high…The meme…the psyop…the idol of the lie. “Go to Jericho, my ‘Chosen’ and kill them all; every man woman and child.” The two faced god made them do it! Evil Demiurge!!! How about Nazis? Wotan abusing the Germans? So Carl Jung might say…But who even knows anymore? There is a mystical place, in a land far far away. A wizard named Tavistock gives away gifts that are lies, and an ugly witch named Hillary Clinton puts people to sleep. Who can sleep with such ugliness going on? Too much noise and it’s hard for thee to kick against the pricks. Jobs! Building cars!! Gone to China…Be Back Soon!!! Little mice on wheels. So much spin. So many memes. The poor little mice are dizzy. Too many wheels. Too much spin, and So big is,this lie. Is truth even possible anymore? Psyops and memes and lies…Oh my!

  3. Hmmmmm I smelling “econophysics” here. Consider all the money that Germany has been handing out, I dont believe that Frau-dulent Merkel wants to not have a chair when the music stops. If she thinks she’s not going to get repaid, then getting more loot back to the homeland is “foresight”.

    Dont forget who she is, she has a Phd in Quantam Chemistry and is not unaware of the geopolitical games being played at the moment.

    The elites are at the old game, but Germany has been playing for a long time too, so dont expect the Nazi’ to roll over and play dead.

    1. @Ken Lemon–

      Except that German bankers bear massive responsibility for the mess is in places like Spain and Ireland. So in fact they should be paying.

  4. If we presume that a faction of the elite is cognizant of the fact that the jig is almost up, so to speak, it follows that we suppose they have a keen interest in establishing a dialectic that polarizes public opinion between the current system or something very much like it (Monetized Debt), and a gold standard (Symbolic Debt) — i.e. they mean to establish an either/or dialectic dealing exclusively with the “what” of the money problem, brooking no discussion of the “who.”

    So, might this emerging return-to-gold mentality being inserted into the mainstream actually be evidence of a tactical retreat of some sort?

    The fiat experiment seems to be in its death throes, so the return to gold might be interpreted as a calculated step backward in “the plan,” in order to secure a grip on the reigns and recuperate. (I can already hear the rhetoric plundered and twisted, by both “sides,” from William Jennings Bryan’s ‘Cross of Gold’ speech.)

    This whole financial debacle really has the hair on the back of my neck standing on end. Ultimately, I can’t help but wonder if we can realistically expect to see the emergence of a global currency — a “real” currency based on production, rooted in the reality of our social world — within a geopolitical climate of such sharp financial (and often cultural) mistrust, or if we’re deluding ourselves in thinking that a possibility.

    Needless to say, neither the gravity of this sort of speculation, nor the reality of the situation at hand lend themselves to pleasant musing.

  5. Robert Barricklow

    After taking ownership of Earth “they” will reboot, BUT keep all their ill gotten gains over the centuries of crime.
    If your going to reboot.

    Reboot
    IT ALL,
    FROM SCRATCH!

      1. Who are they HAL838?

        I am assuming ‘they’ are a carry-over of the bunch (Babylon’s Bankers ) that got run out of town by the sheriff (Rome ) and ended up in the SWAMPS OF VENICE.

        He Joe, I just love that image or comparison but if it’s true I must be afraid for this sic “bunch” really knew how to work it’s way up off the ground or should I say, ‘BOG?” ( are they really called the “Black Nobility around the alternate theory circuit or is this just a nuance?

        No — gold is just a symbol of magic or power. For that matter money is psychic energy. The rest, gold along with green pieces of paper are just inert-matter!

        NOW lets IMAGINE someone invents a GIGANTIC Gold-Bug MONSTER who shits all over the place (planet) and do we (whoever?) have one hell of a time killing it?

        Now how do we (again whoever) get rid of all this shit (gold-mess) laying around fouling up the place to High Heaven, ha, ha!

        Have a nice 1st of the month day —U-ALL. (In Albany, NY the 1st and the 15th of the month were once celebrated as “MOTHERS’ DAY’ out on the streets and sidewalks of the ghetto back in the days before Clinton called Welfaire some other strange name — what? = pentagon subsides?

        So the Financial Vipers of Venice — nothing like grabbing the tiger by the tail Joe! have a nice ride doing so!

        1. Are ANY of you actually following what [ANY OF IT] is
          going on currently [NOW] around THIS country?

          By the time you would think to be voting for
          your favorite butthole
          [EVERYTHING]

          will be
          [DIFFERENT]

  6. The trouble with all this talk about “ultimate issuing authority” is that 1) no group can be trusted with such power and 2) to claim such power is inherently immoral and absurd.

    It rather puzzles me that you apologize for the state like this. You keep referring to the “production of the state” as the state were a real and legitimate thing.

    Government is just another religion worshipping another imaginary god, one that claims a higher morality. Stealing is wrong, except when government does it and calls it taxes. Kidnapping is wrong, except when government does it and claims it can cage you for not stopping at a painted piece of metal. Assualt is wrong, unless the goon is wearng a blue costume and has a badge.

    This moral schizophrenia is no different than what we see with Yahweh. Make no mistake, this is not a government gone bad, this IS the very essence of government. Government is violence, always and forever. It claims to own you and all your decisions, just like the church used to.

  7. The Daily Bell is a bit confused about the Federal Reserve and the DB offers no evidence what so ever for claims the the private Fed has merged with the US Treasury and military.

    In fact it is a bit of a mystery about where the debt that the Fed buys up goes and what monies the Fed uses for that purpose, and frankly JPF knows this point having speculated on the Fed’s source of funding. So this entire DB article looks like a conscious misdirection.

    1. “conscious misdirection”
      is one of the latest diseases,
      and there’s a lot of it going around

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