Tag Archives: Greek Debt

Our Toxic Financial System – 1 of 3

Nathan Rothschild

I deliberated long and hard about using ‘Toxic’ in the title and even turned to the dictionary. This decided me (The Free Dictionary by Farlex):

3a. Extremely risky or harmful, as a debt for which the borrower is in default and the collateral has lost   so much value that its sale cannot cover the amount of the loan.

3b. Causing social tension or unpleasantness.

A ‘Monopoly’ is something we are very wary of because we know from bitter experience it generates a level of power over the users of services and goods that becomes increasingly uncompetitive and expensive.

Big Pharma is a good example, where (patented) life giving drugs are price fixed to (often) put them out of the reach of the very people they should be helping. The AIDs virus was one such case, particularly in Africa, where it was rife and standards of living were amongst the poorest in the world.

This pales into insignificance however, compared to our global private banking system. They too have ‘patented’ money and become the exclusive suppliers of 97% of the world’s currencies and cash. It is by far and away the biggest monopoly within our species.

We know how toxic monopolies can become and regularly introduce laws to restrict such practices. The sheer size and power of global banking demonstrates how ineffective we are in this endeavour.

Whilst Big Pharma create exclusivity to price fix their products for maximum profit, private global banking is amassing vast powers over the global population from debt, which also produces elephantine profits for them.

Monopoly ignites human fallibility to abuse and greed and power are the ultimate fuel. We have seen this power at work in 2015 when unelected representatives, the Troika, brought Greece to its knees, shocking the world in the process. This is the power of debt at work in all its uncloaked savagery and witness to control by monopoly.

Monopoly often goes beyond what many people are aware of and is best described with the many levels of abuse on Society through Student Debt. To start with there is the moral issue, which seeks to make money out of our young before they even have the means to financially stand on their own two feet.

This helps consolidate the monopoly position of private banks in several ways. Firstly, it places students under financial obligation and gets then used to debt at an early age, conditioning them to a mental frame of mind that accepts debt as the primary means by which to finance their future lives.

Secondly it indentures them into an already financially controlled Society, ensuring they feel they are in a ‘normal’ environment where the payment of interest, for the use of the money in their pockets and bank accounts, is paramount.

Thirdly, this monopoly environment begins to reach into other areas of their lives. It is now the (ludicrously narrow) yardstick by which characters are assessed, even to the extent of how credit worthiness can affect suitability for a job – to hell with an expensive university education!

Sadly, this monopoly is strengthened by our governments who have been inveigled into supporting this lending as the ‘retailers’ of the money, borrowed from the banks and put out in grants, hoping to make a profit on the deal. “Wait a minute” I hear you say, “This is a good thing as government makes a profits that benefit taxpayers!”

Sadly, it is now becoming apparent that their inability to create employment is seeing a growing number of students unable now to repay the loans. In the UK in 2015, government set aside £2bn a year to cover student loan write down. 45% of loans are now anticipated will be written off . . . It was $3billion in the first three months of 2013 in US!

This means that instead of a profit for taxpayers they will yet again be contributing to the profits of private banks. The students cannot be made to repay the debt but government can, with taxpayer money, because they too are indentured by the power of this global monopoly, whose concern is only ever the payment of their profit/interest.

We can see through this one example, how the toxic power of monopoly can cause multiple abuse. Here, in addition to the enslavement of the young, public money is intertwined with commercial practice to underwrite guaranteed profits for private banks, when it has actually been raised to provide public services to support Society.

I have tried here to illustrate how pervasive debt has become within our Society, from a monopoly control that we have known for centuries is both abusive and destructive. In Part 2 I will take another closer look at the private banking system, to illustrate the toxic affect that monopoly has upon our future as a species, by controlling Life through frighteningly narrow constraints.

Awareness breeds understanding and understanding breeds change.

Until the next time.

 

Thinking from his Book: Global Magna Carta. Returning Power to the 99% . . . If They Want It! By J T Coombes

Fracking Our National Parks . . . NOOO!!

I couldn’t believe parliament is going to have a debate this week on whether we should be carrying out fracking operations in our National Parks. That government rode roughshod over our wishes in allowing it in the first place was insulting enough. Now, to hold a debate on whether they should or shouldn’t, knowing full well they will anyway, is just rubbing our noses in it!

As I have ranted before, this odious process has nothing to commend it, except its production of profitable income for global corporations (as if they didn’t have enough already!), and the tax revenue our governments can expect from (some) of those profits.

It is an open assault upon our very existence as it steals our dwindling water resources away from vital food production, often operating under our homes with government permission . . . but not ours!

There is a phrase – ‘Eye Candy’ – that refers to beautiful women and handsome men whose looks are pleasing to us. I have a variation on this – ‘Eye Pollution’ – that is something that immediately jars upon all of our senses.

I was in the New Forest only a week ago, on a glorious sunny day with that special light that is only available at this time of year. As I travelled across the forest the open spaces were inspiring in their beauty, with the sun boosting the autumnal colours of the shrubs and trees. Grazing ponies and cattle added to the magic of this scene and somehow complemented the tree lined background, making a picture that has been there for a thousand years or more a privilege to witness.

This panoramic vista was one of the primary reasons government embarked upon a programme of turning these beauty spots into National Parks, to protect them, as I understood it. Or was it to take control of areas that have very much been under the control of local people for centuries, in order to minimise protest when it came to turning them over to the corporate world as another source of profit?

I am cynical enough now to accept this thinking, particularly with the push to increase the number of National Parks. The government was, as is increasingly the case where threats to our national welfare are at stake, three or four jumps ahead of us. Like donning our other cap as ‘consumers’, as ‘voters’ we are no longer the recipients of the services of those we support but rather in direct competition with them as they connive and manipulate for profit and power.

This is the unmasked face of neoliberalism in all its abusive unpleasantness. We have seen the financial face, as the Greek people have been savagely forced into decades of penury because they held a referendum against the wishes of the unelected IMF and ECB.

Here our national pride and sovereignty is being systematically destroyed by globalisation and political will, as the ‘dodgy duo’ of Cameron and Osborne use their early months in power to implement actions that will appease their corporate lords and masters.

What upsets me most is the loss of national pride in this beautiful country, which is endemic at the very top. Instead of the sight that greeted and inspired me last week, the future will see that same scenery blighted by scores of lorries constantly taking water to the fracking sites and then taking the poisoned stuff away somewhere to be disposed of (I won’t even go there!).

Yes the fracking sites, where the actual drilling takes place, are relatively small. Perhaps a football pitch or two, which can be hidden from sight. However the reality is that they also require a much larger space for the fleets of lorries transporting the extract from the site plus the transportation of the vast amounts of water necessary for the process. This often overlooked aspect of fracking will add to the damage and pollution across the country, affecting all of our lives.

I mentioned having our ‘noses rubbed in it’ earlier. It will happen again here, if the experience in America is anything to go by and I have no reason to believe we will be any different. What the American taxpayer is finding is that after the site has been exhausted and no longer profitable, the company ups sticks and moves on to the next location, leaving the mess, pollution and damage for the local people to clear up at their expense.

It seems as though the banks created an unholy precedent in 2008, when the cost of their irresponsible banking practices were simply passed onto the already abused taxpayers and the same thing is now being repeated with the nightmare that fracking is becoming.

We have the wherewithal, through social media, to put together the pieces of the venomous jigsaw that is global neoliberalism, as it seeks to devalue every aspect of Life on Planet Earth in its unregulated onslaught for power and profit.

As I have said before, becoming aware of the nature of what we face is the first step and then we can assess how we want to deal with it. Our patience is wearing thin and our apathy is turning to anger.

A far more competent emotion for change don’t you think?

 

Until the next time

 

Thinking from his Book: Global Magna Carta. Returning Power to the 99% . . . If They Want It! By J T Coombes