This subject is one that has been more or less a major theme or interest of mine, and it is indeed intriguing to see how someone with a real financial background, and not a rank amateur like me, approaches the problem. As I pointed out in Babylon's Banksters, and as I will "hint at" in the upcoming Financial Vipers of Venice, our broad history of the development of currency or media of exchange is almost completely upside down.

The standard model would have it that mankind, in his primitive hunting-gathering stage, relied upon a purely localized system of exchange, barter, and hence, "economies" themselves were confined to small areas, since barter required the transport and exchange of physical goods. Then, we are told, came bullion and coins, then paper money, bills of exchange, and so on, and finally, credit instruments, securities, and so on.

Note the implicit assumption here: man in antiquity was primitive, as he gained in sophistication, civilizations became more complex, and so did their media of exchange.

But when one assumes the existence of a sophisticated civilization in High Antiquity, this whole economic-Darwinism scheme is thrown into a cocked hat, for what it would imply is that credit instruments or some form of bills of exchange came first, then coins and bullion, and then barter. Indeed, in modern times, barter emerged as a basis of international trade when Nazi Germany initiated a huge system of debt-free money, and the world central banks responded by locking Germany out of foreign markets. In effect, they simply refused to receive Nazi Reichsmarks in transactions. Germany responded by a system of barter exchange with Eastern Europe that worked more or less effectively. This is, of course, a vastly oversimplified history, and I am not arguing for or against Germany's currency system, merely pointing out that they did it.

The real point here is that we do not see barter emerging on a large scale first. In fact, we see systems of various media of exchange first, avoiding barter altogether, and our earliest records from Sumeria indicate that they were using bills of credit and exchange as circulating media of exchange, long before coinage or bullion was introduced. The point here is that this financial pattern is consistent with the view that there was a High Civilization prior to those of Sumeria and Egypt. We may infer that perhaps this is one reason economic and financial history is so badly distorted, for it is a way of disguising the real implications of what portions of the record show.

In this respect, I also pointed out that there are essentially two types of financial system, both intimately based upon larger cosmological and physics views. One viewing the system as a closed system, a zero sum game, in which debt is the primary feature. The other, views the system as an open system and able to generate information. We might call this an "equity-based" system.

With this prologue in mind, I ran across this interview with Secretary Catherine Austin Fitts, and it is about as succinct a statement of the debt-war complex as can be, a complex which in the coming Financial Vipers of Venice, and as I averred in Babylon's Banksters, is really a debt-bullion-slavery-empire complex. Enjoy:

Old System Struggling and Dying-Catherine Austin Fitts

See you on the flip side.

Joseph P. Farrell

Joseph P. Farrell has a doctorate in patristics from the University of Oxford, and pursues research in physics, alternative history and science, and "strange stuff". His book The Giza DeathStar, for which the Giza Community is named, was published in the spring of 2002, and was his first venture into "alternative history and science".


  1. marcos toledo on August 11, 2013 at 12:33 pm

    Continumm the science fiction series gives us a idea and Elysium the new movie by the person who brought us District 9 what science fiction really is whether as books or movies. And may I add one of the first films I ever went to the movies Forbidden Planet I was about eight I celebrated my sixty four birthday yesterday. I have seen this interview before very interesting. As you written before the breakaway civilization is going to try and leave the rest of us in the ditch. I hope Catherine Austin Fitts better future prevails or we in for a hell of a ride as for ancient civilizations the evidence always been there it just our Elites especially the Norman-Anglo-American Oligarchs denial of their existence.

  2. Robert Barricklow on August 11, 2013 at 10:57 am

    That there existed an highly advanced civilization prior to the current “advanced” one is, in my mind’s eye, a given.
    But as far as what happened to it?
    That some “entity”, either in physical form, or some other form(relating to communicating somewhat dtailed concepts) is also a goven.
    Gold for me is like Byron’s speech of a “Cross of Gold”.
    Collapse is here; it’s just not evenually distributed.
    It’s PRIVATE Vs. public.
    PRIVATE IS in the driver’s seat, primarialy due to it’s control of money as master to the people at large. The people need to unwind this tangled web of control & become masters of their own futures, instead of slaves to the CORPORATE Few.

  3. WalterBosley on August 11, 2013 at 9:54 am

    At what point does a ‘critical mass’ get fed up enough to take effective action?

    • Robert Barricklow on August 11, 2013 at 5:05 pm

      Apparently the Privatized Government is loading up for bear/according to Ben Swann’s latest article:
      Welcome To America’s Police State.

      Of course, Naploean describe revolution as/
      three meals away…

  4. basta on August 11, 2013 at 6:11 am

    Catherine Austin Fitts has a formidable intellect and is a gracious human being. It was a pleasure to hear her speak, though I found her cautiously optimistic forecast of economic renewal and dynamism–privatized and its profits beyond governmental control, enriching the few at the expense of the public sphere–to be a quite chilling vision when extrapolated fully into the future.

    Visions of Orwellian corporate overlords… oh what joy! If there is anything even worse than government, it is the corporation–a completely psychopathic entity, by its very definition.

    • justawhoaman on August 11, 2013 at 10:06 am

      Given Catherine’s history outside government, but more specifically IN government, and the ordeal she survived, I would think she is a much better gauge of the economic future than the men listed, whose experiences have been in the market-driven sector only. I, too, have found myself uttering “huh?” when she has pronounced her views on various topics but over the years I have seen her able to see trends that most people have overlooked. She has always said that there is a 10% chance that everything will go to H-E-double hockey sticks but she is a firm believer that the Breakaway Civilization will continue on. She never said there won’t be a total mess but that she believes that there will be a Bail-In for which everyone should do their best to prepare. Yes you need bullets but not against the swat teams….

      What I have gleaned from listening is that if I do my best to create food for all my neighbors, work toward coordinating the effort into the community, then it will be easy to create a local militia to protect all of us. With a limited “me” view, none of us will survive. The trick is to figure out how to make this concept work WITHIN the Breakaway Civilization…

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