By J T Coombes www.globalmagnacarta.com @GMagnaCarta In this new millennium 21st century Society is saddled with systems way past their sell by date.
. . . A 15th century democratic system, complete with glass ceiling
. . . An 11th century monetary system that increasingly holds the world to ransom
. . . A 2000 year old surveillance system being replaced by modern technology
Voting with what we now have will never solve the problems we now face
In this series of 6 posts I will offer a view on why I think we might be sleepwalking into Election 2015
Part 3: Debt and a Predatory Economy
The money supply for a country is no different to the money supply for family. We have bills we pay from our earnings (Taxes) and when the expenses become too much we either cut back on our spending, or take out a loan for a fixed period from our bank to cover the additional costs.
Countries are run in the same fashion but their loans are provided from a central bank by becoming money circulated within the economy, which can be a good thing or a bad thing depending upon who is running the bank!
Over the millennia the battle has raged between the banks and politicians as to who is responsible for this critical, powerful (and lucrative) job. When government prints its own money and circulates it through public banks Society benefits from a financial infrastructure that can reduce, or even eliminate, personal taxation. This is possible because the interest paid on the money government provides is recirculated back into Society to finance the public services etc., effectively alleviating the need for income tax.
When private banks are in control however, they are in the business of making profits and so interest rates are not only higher but the interest earned is taken out of the system as profit, rather than being recirculated. In addition private banks will only print enough money for government needs and not the funding to pay the interest. This means government has to increase its borrowing, thereby increasing the total of its debt.
Of equally critical importance, debt confers enormous power upon those making the loans. We know from our personal experiences with banks and our credit cards that if we don’t follow their rules we risk not being able to borrow more when we need it, or worse, having those loans called in. When we move from our small loans to the multi-zillion pound/dollar/euro arena of international money supply the obligations become quite worrying.
International financiers wield considerable power in how countries are run, to ensure the interest on their loans is always met. This power also provides them with the ability to leverage their investments by supporting corporate activity, both locally and globally.
When the financial meltdown of 2007/8 occurred immense pressure was placed upon countries to bail out the banking system. A vast amount of money was printed, increasing the level of debt by eye watering amounts, supposedly to put into the public domain to stimulate spending and revive the economy. We now know that money went directly to insolvent banks to prop up their balance sheets.
Unemployment followed as ‘austerity measures’ were introduced to prioritise debt repayment, forcing governments to cut back spending on public services. Here we come to understand the predatory nature of debt, as time has shown that ‘austerity’ is not a solution but rather a tool by which to control and plunder Society. Money was found for the banks and could equally have been found for the economy . . . Why wasn’t it?!
If you look closely at the restrictions to the money supply under ‘austerity’ it appears that only corporations win. Higher unemployment forces wages down, directly improving corporate profits and selling off public services expands their resources for making even more profits. Small and medium size businesses close because ‘austerity’ has starved them of essential finance thereby reducing competition and consolidating the position of large corporations. (Of particular worry is also the support and encouragement for behemoths like Monsanto to patent their work with our food, allowing them then to assert ownership of our most basic means of survival.)
“Control the oil, and you control nations. Control the food, and you control the people.” Henry Kissinger
In addition to unemployment and ‘zero hours work’, the people endure home foreclosures, growing poverty, failing schools and healthcare, crushing student debt (with no jobs to repay that debt) and higher taxes, forcing the gap between the rich and the poor ever wider.
Statistics can now prove that this growing gap is placing immense power in the hands of the few and accelerating global poverty to the many. In 2010 the wealth of the six members of the Walton family, who own over 50% of Walmart in US, was equal to the total net wealth of the bottom 30% of American families! – (Source Wikipedia)
Since 2007 global debt has increased by more than 40% to $100 Trillion and growing. (Source Bank of International Settlements) Debt of these staggering proportions begs the question as to whether it can ever be repaid and if it can’t why have banks acted seemingly so irresponsibly?
I would argue that debt is no longer about earning interest on loans but the ‘financialisation’ of all aspects of our lives that enables control of whole countries by stealth. Actual governance/power is moved from publicly elected representatives to the corporate and financial sector as our governments, beholden to their creditors, look on helplessly. How bloodless and inexpensive (profitable even!) to take over a country by indebtedness rather than the traditional method of invasion by armed forces.
This we know is what happened in countries like Greece and Italy, where, after the financial collapse, unelected individuals were placed in authority to ensure the interests payment on debt were prioritised over the needs of the people, as the rigid rules of ‘austerity’ were applied.
The International Money Fund, World Bank and World Trade Organisation have instituted and driven this strategy in other countries with little opposition because of their hold over the global money supply. I have much respect for the human ingenuity they have exercised to hone the present monetary system, attending to such detail as stigmatising bankruptcy to pressure people into not reneging on their loans, humorously deflecting attempts to lift the veil upon their collective activities as conspiracy theories and the infallibility of cash dispensers which never seem to break down or make mistakes. However, we have known for a long time now that monopolies are uncompetitive and harmful.
It is exciting, therefore, to hear that Brazil, Russia, India, China and South Africa (BRICS countries) have recently declared their intent to set up a new banking conglomerate which will challenge the current unhealthy environment we have.
If government power has been eroded by debt, then a return to democracy has to be achieved by the people currently being abused by the power shifts now bringing them and this beautiful Planet to its knees. Whilst we cannot resolve the global problems here in the UK, I would suggest we can do something about our own.
This ‘Club’ environment that exists between government and the corporate world has to be broken and power returned to the majority. The 2015 election is not about Left and Right in my opinion. Whoever were to win would be subservient to our creditors and therefore ineffective in governing the country for the benefit of those who had supported the sham that general elections have now become.
This coming election, if it is to mean anything, is about maximum disruption of ‘Cosy Club Parliament’ . . . and it may be our last real chance to do something, as corporations become more entrenched!
Disruption can be simply achieved by not voting for either of the main parties. With no clear winner able to assume power another election will need to be called. (The country will not collapse as the Civil Service administer its running).
It is at this point that the 99% regain control over Parliament by demanding that all parties standing in the new election give an irrevocable guarantee that legislation will immediately be implemented giving power to the people to sack MP’s. It is unlikely they will prevaricate as they can see by our actions we finally mean business! (The mechanics are easy by utilising current petition procedures through Social media or such).
Also please be sure that by not voting for your own party you are not being disloyal, far from it, you are re-empowering them! You are wresting power away from corporations and putting it back in the hands of the people, by exercising the most powerful tool in democracy . . . Your Vote! Parliament is no longer fit for purpose and needs to be shaken out of the arrogant complacency that is rife within the building. Voters are the only body capable of achieving this!
Nelson Mandela once said, “It always seems impossible until it’s done” . . . and look what he achieved, together with the people of South Africa.
I would simply add to that: “When our lives near completion, how will we justify any apathy?”
Part 4: Gender Equality Is Essential To Our Survival
Thinking from his Book: Global Magna Carta. Returning Power to the 99% . . . If They Want It!
By J T Coombes
