Why A Recovery Isn’t Going To Happen

No country has a free press any more. That went long ago. All the newspapers, magazines, publishing houses, film industry, television and radio have over the years fallen into the ownership of the financial elite, who own just about everything else as well.

That’s why hardly anyone knows about the financial racket that envelopes the whole of the western world, and most other countries as well.

Here in England it started in 1694 with the establishment of the Bank of England. This was before the Act of Union with Scotland. Otherwise most probably it would have been called the “Bank of Great Britain” or “Bank of the UK”. The Bank of England was set up to lend money to the government so it could pursue its wars in France, and the amount lent was said to be £14 million.

Where this money actually came from or how it was raised by just a handful of people led by one William Patterson is something on which information is scarce. But ever since then we in England, or the United Kingdom, have had a “National Debt”, and the practice of bank lending to provide finance to governments, corporations and individuals has become the norm.

I’m not going into “fractional reserve” banking or the fraudulent practice of all banks in lending money that the banking system creates out of nothing, but I will cover just one aspect of it that relates to the state of our economy at this time (February 2011).

There’s much talk in what we know as the “media” of a “recovery” from the recession. The media, remember, is owned and controlled by the financial elite, itself implacably opposed to the existence of strong, independent nation-states controlled by their own people.

The media really does want us to believe that a recovery from the financial and economic mess is about to happen, in spite of

  • record numbers of insolvencies
  • most of our productive industry having been permanently destroyed by foreign competition
  • the National Debt running at record high levels and consuming a larger and larger proportion of our GDP by way of interest payments.

The truth is that our economy is in terminal decline. And the reason for this is the banking system and the burden of debt that we have been labouring under for over 300 years. The moneyed interests in this sick system care nothing for our country, nor for any country in which they choose to reside. They despise the ordinary people.

How else could the likes of Goldman Sachs (described recently as a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money) pay their bankers such grotesquely huge bonuses within months of having played a major role in the financial disasters of 2008-10 and left the US taxpayer holding the bill.

These people have forced the system of “free trade” upon us and, through their control of the media and the educational system, created the myth that there is no other option, that any form of protectionism would somehow cause even more bankruptcies, loss of trade, unemployment and poverty.

Protectionism, by the way, is how the United States in the nineteenth century kept European manufactured goods out of their home market and built up their own industry until by the end of the century it was the largest and richest economy in the world, producing just about everything it needed, with a healthy surplus to export.

Take a look at Britain’s National Debt here, and the US National Debt here.

Frightening, isn’t it? How are we ever going to get out of debt other than by repudiating it? And abolishing the whole sick fraud on which it’s based, and creating our own folk-based money system, free of debt and administered according to the needs of our people.

But that is going to take a revolution.

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