Menu



error This forum is not active, and new posts may not be made in it.
Luis Miguel Goitizolo

1162
61587 Posts
61587
Invite Me as a Friend
Top 25 Poster
Person Of The Week
RE: ARE WE NOW IN THE END TIMES?
12/15/2015 5:11:12 PM
Mon Dec 14, 2015 6:35PM

US President Barack Obama speaks to reporters after a National Security Council meeting on the ISIL campaign with Vice President Joe Biden (L), Secretary of Defense Ashton Carter (2nd L) and Central Command Commander General Joseph Austin (R) at the Pentagon, December 14, 2015. (AFP photo)
US President Barack Obama speaks to reporters after a National Security Council meeting on the ISIL campaign with Vice President Joe Biden (L), Secretary of Defense Ashton Carter (2nd L) and Central Command Commander General Joseph Austin (R) at the Pentagon, December 14, 2015. (AFP photo)

President Barack Obama has said the US-led coalition is hitting the Daesh (ISIL) terrorist group "harder than ever," while acknowledging that "this continues to be a difficult fight."

"As we squeeze its heart we’ll make it harder for ISIL to sell its propaganda to the world," Obama said in a brief statement Monday following a meeting with his national security team at the pentagon.

The president said that his administration is continuously reassessing its strategy to combat ISIL, and also in the US homeland against home-grown extremists.

Obama adopted a more aggressive tone against ISIL leaders, calling those that have been killed in airstrikes by name.

“Our next message to them is simple: you are next,” he added.

Obama asserted that the terror group has lost “thousands of square miles of territory” it had seized in Iraq and Syria and has not had a major battlefield victory since summer.

“All this said, we recognize that progress needs to keep coming faster,” he stressed.

Obama also said that he was sending Defense Secretary Ashton Carter to the Middle East to encourage coalition partners to step up their contributions.

He said the US has intensified the airstrikes against the terror group and has dropped more bombs on ISIL targets last month than in any month since the campaign started.

Before his televised speech, Obama chaired a National Security Council meeting at the Pentagon, where he received an update on the campaign against ISIL.

Obama (L) speaks with Secretary of Defense Ashton Carter during the National Security Council meeting on the campaign against ISIL. (AFP photo)

Vice President Biden, four cabinet secretaries, four generals, diplomats, law enforcement officials, and White House advisers huddled with Obama at the meeting.

The fight against ISIL has taken up added urgency since the Nov.13 terrorist attacks in Paris. The terror group claimed responsibility for the deadly attacks.

The US and some of its allies, especially Saudi Arabia and Turkey, have been funding and arming various militant groups to fight against the Syrian government.


(PRESS TV)


"Choose a job you love and you will not have to work a day in your life" (Confucius)

+1
Luis Miguel Goitizolo

1162
61587 Posts
61587
Invite Me as a Friend
Top 25 Poster
Person Of The Week
RE: ARE WE NOW IN THE END TIMES?
12/15/2015 5:29:27 PM

Ken O’Keefe – Excellent!!! — Paris False Flag

Ken O’Keefe discusses “who is ISIS” and the absurdity of what the mainstream media is telling us in this latest false flag manipulation broght to you by the powers that be.





"Choose a job you love and you will not have to work a day in your life" (Confucius)

+1
Luis Miguel Goitizolo

1162
61587 Posts
61587
Invite Me as a Friend
Top 25 Poster
Person Of The Week
RE: ARE WE NOW IN THE END TIMES?
12/15/2015 5:53:19 PM

Preston James VT 12-13-15… “The power and hegemony of the incredibly evil but incompetent American Military Industrial Complex”

veterans_today_banner_NEW_179veterans_today_preston_james_banner_46The video at the end with President Putin’s answer to a BBC reporter is a particularly pointed one to watch. “Kapu Aloha”, Russian style.

“Amazingly incompetent at its core but this incompetency has been overridden and compensated for by brute power and limitless funding. That is, until now.

“As VT Financial Editor Mike Harris has stated many times, the largest American Defense contractors make expensive weapon systems that seem to need constant upgrades and fixes for operational problems and do not always constitute a good value.

“False-flags are often used to con the American people and motivate the American youth to live one of the biggest lies ever told: “defend American Freedom” by bring democracy to these foreign land we must attack before they bring war home to the USA. Strangely the actual plan of the American War Machine is to do exactly that.

“And much of the World is now ganging up on them and building major financial firewalls against the US Petro Dollar which is now in retreat, not sustainable much longer as the World’s Reserve Currency… this is going to be interesting how this all plays out and as the Khazarian Mafia (KM) is neutralized on many fronts, losing its World hegemony and “falling from grace” like lightning from the sky.”

——————————————————–

The power and hegemony of the incredibly evil but incompetent American Military Industrial Complex

Checkmated by Putin and the Russian Federation in Syria and faced with an impending economic collapse, the mighty American Military Industrial Complex is now unraveling and its incompetence is overriding its incredible power and hegemony.

Incompetent by design in order to create its own perpetually continuing future business opportunities for more war profits.

Yes, the American Military Industrial Complex (MIC) is an incompetent beast, but an incredibly powerful beast now stationed all over the World in 800 or more bases and outposts.

Amazingly incompetent at its core but this incompetency has been overridden and compensated for by brute power and limitless funding. That is, until now.

As VT Financial Editor Mike Harris has stated many times, the largest American Defense contractors make expensive weapon systems that seem to need constant upgrades and fixes for operational problems and do not always constitute a good value.

Compare this to the Russian Defense contractors after the end of the Cold War which have been able to develop and manufacture high-tech state-of-the-art weapons systems at very low prices. And these systems actually work as claimed and do not need constant expensive fixes and redesigns which seem to appear as planned obsolescence to increase profits.

No war is ever officially declared, all US troops are either marketed and recruited into secret slavery or hired as disposable mercenaries to be sacrificed to help obtain the Globalist NWO Agenda of the Select Few that really run things and hide behind so-called “national security”.

All wars are managed but NOT to ever be won, but to be forever continue-able, thus allowing a continuing market for more weapon and supplies, all designed to continue the massive war profits for the stockholders and Directors that own and control the major Defense Contractors.

If you ever get through all the layers of dummy corporations and find out who the actual owners of this stock are, the folks that truly reap all the extreme profits of war, you will find that all roads lead to the World’s largest Organized crime syndicate and their Cutouts and the wealthiest most powerful American Establishment “blue-blood” families.


None of these wars of aggression and acquisition is ever officially declared by the US Congress as is required, all US troops are marketed and recruited into secret slavery or hired as disposable mercenaries.

BLACKWATER5Blackwater-type mercenaries get no VA treatment or any disability benefits, but the lucky ones with survivable wounds get taken to Israel for treatment.

You can only imagine what is done to the other more seriously wounded. But the incentives to go to work for Blackwater-type mercenary groups are quite high, some have claimed they were given high pay, often 3,000 to 10,000 USD per week or even more in some cases.

All these contemporary American wars of aggression are extra-legal, unConstitutional, unprovoked, undeclared, unwinnable and perpetual, by design from the get-go.

False-flags are often used to con the American people and motivate the American youth to live one of the biggest lies ever told: “defend American Freedom” by bring democracy to these foreign land we must attack before they bring war home to the USA. Strangely the actual plan of the American War Machine is to do exactly that.

The Select Few’s secret plan is to transform America into GAZA II, the World’s largest open-air prison camp and make the American People the New Palestinians. Doubt this and want proof? Just research who started Homeland Security, how it was done, who controls it now and who they take orders from.

And all these extra-legal wars yield increases in personal fortunes and power for the hijackers of America.

JANUS5

The two-faced God Of Janus based on the premise that is is necessary to present a phony public faced based on lies to get done what you need to get done.

These hijackers of America are the “enemy within our gates”, the Treasonous Ones whose greatest secret weapon is TV news, Madison Avenue mind-kontrol, and an ability to be unsuspectingly two-faced (Evil with a nice face).

These foreign wars yield cheap access to oil, and other natural resources, opium in the case of Afghanistan (like in the Vietnam War), access which would otherwise be denied.

All wars are managed NOT to ever be won, but to be forever continue-able, expanding and perpetual, thus allowing a continuing market for weapon sales and supplies and continuing war profits.

The US Military has been incredibly mismanaged while being incredibly incompetent. Its gross incompetence is overridden by its extreme power, both political and military and its endless funding, much of which is borrowed against the future with pernicious usury applied.

This Extreme Power of the Military Industrial Complex (MIC) is maintained by its revolving door control over the US Military High Command and its ability to buy, bribe, human compromise and control almost every single Member of the US Congress, the Administration and the USG.

Most Generals and High Command officers are well groomed by the large well funded US military and defense contractors and find six figure positions there upon military retirement. Some begin these incredibly lucrative private positions while in the US Military working as Generals or Admirals.

These folks are called “double-dippers” and earn huge salaries and retirements for selling out and rejecting their responsibility to the American people by deciding to serve Mammon for vast rewards and a Golden lifestyle. Many are completely mind-kontrolled having drunk the Koolaide of the Khazarian Mafia’s vast and secret “Evil Empire” of Money-Power.

bank-run__thomas_jefferson___joeforamerica__com

Old Political cartoon against the upcoming Federal Reserve Act passed through bribery and human compromise of the US Congress and Administration in 1913. This passage marked the point at which a foreign enemy, the Khazarian Mafia (KM) entered the Gates of America and hijacked our monetary creation and distribution system. The new private Central Banks began charging pernicious usury for using what should have been ours in the first place. It has been downhill for America ever since. Later it gradually switched to counterfeit 100% FIAT debt-notes with no Gold or Silver backing and in 1971 President Nixon made sure the transformation was complete with America taken completely off of the Gold standard and no more Gold or Silver Certificates were ever issued as real money again and the US Petro Dollar became the World’s Reserve Currency in exchange for the Oil producing nations and Big Oil being protected by the Pentagon.

This secret “Evil Empire” of the City of London private central Banking system which charges pernicious usury for using debt-based counterfeit money which accrues pernicious interest is best referred to as the Khazarian Mafia (KM).

The Khazarian Mafia (KM) is the World’s largest organized crime syndicate which would never have arisen and could not exist without the money-power provided by its worldwide “sleight of hand” fake money system designed to craftily steal the fruit of every normal person’s labor and any accrued wealth.

Naturally the World’s largest organized crime syndicate desires to maintain its hold on the World money system and levers of power. But this requires that a lot of money (“grease”) and political favors to be paid out and kept being paid out to keep Traitors feeding at their trough of goodies forever.

Most pigs at the trough never really understand how they have sold out their nation and their very own descendants because they have obtained very fat exclusive life-styles in return, often with high status, power and lots of perks others cannot ever have. Lavish vacation homes are the norm, fat stock holding and investments and lots of foreign travel.

Eating at the best, most expensive restaurants is a given and expected. Plus they have entered a subculture of high status, high class, privilege and wealth of rarefied air where this kind of traitorous behavior is the norm and expected. Thus their twisted, sick, evil behavior becomes normal to them as being part of a special subculture inside the beltway and the Pentagon.

And the bigger the Khazarian Mafia (KM) has become, the larger and more powerful it has able to build up this American Military Industrial Complex (MIC).

And of course after WW2, the huge American Military Industrial Complex (MIC) was able to amass so much power and political influence over the levers of power in America that it was able to transform America into an Empire fed by and addicted to military aggression all over the World. And the MIC shared it lavish new wealth with the politicians supporting their evil tasks and their evil tasks and allowed their associated corporations to eat at the tough of war spoils.

BUTLER7777As General Smedley Butler claimed in his infamous classic, War Is a Racket, who won the Congressional Medal of Honor Twice as a US Marine, claimed that he finally figured out that the US Military was used as an enforcer for the large Corporations.

Yes, the US Military Machine uses war to displace rightful owners from their oil and natural resources which are then funneled to the large corporations associated with the KM.

These corporations then use K-street lobbyists and positions and perks to funnel money, positions and perks to Members of Congress to keep supporting these wars and providing special interest legislation and fat defense contracts.

The nature of “Empire” is best understood by learning about the rise and fall of the Roman Empire which was addicted to continuing aggression and invasion of other nations.

But this addiction also eventually spelled their own demise. That is exactly what is ahead soon for America the new Evil Empire because it has been designed that way by theKhazarian Mafia.

And all this power of the American Military and Industrial Complex that Ike warned about is controlled by the Select Few that seized control over Majestic, the Ultra secret organization that was set up to control all crashed, recovered and back-engineered UFO Anti-gravity Craft (AGCs) and Alien ET matters.

Now who actually runs this emergent American Evil Empire that has not only declared war against most of the World, but has also now secretly declared war against the American People with DHS?

It is the Khazarian Mafia (KM), the World’s largest organized crime syndicate. The KM has accrued and used their evil Money Power to infiltrate, hijack and then build up the American Military Industrial Complex (MIC) into a Worldwide Evil Empire. Not only is this empire not truly American anymore, but most Americans have no clue that their nation has been taken away from them, by who, or for what purposes.

Insiders have figured this all out how America has been hijacked by Khazarian Mafia (KM) City of London Money Power using Zionist Cutouts and have leaked it to those who will share this information with others. Right now the place you can get the best information about all this is Veterans Today, but there are more and more alternative news sources on the Internet beginning to disclose this information too.

We know that the Khazarian Mafia (KM) has hijacked the American Political System to support their Military Industrial Complex (MIC) by using the following methodologies:

1>By deploying False-flag terror inside America using real MK-ultra mind-kontrolled shooters in gun free zones and lots of well paid professional crises actors that use stage props and change their appearance like Hollywood actors;

2>By declaring a permanent “War on terror” and targeting any enemy desired (like a Rorschach projective psychological test) and using this to justify massive USG and State expenditures to fight it;

3>by manipulating American Soldiers to commit war crimes and crimes against humanity which include anonymous air power and remote controlled drone attacks on innocent civilians, torture of terrorists (many actually were innocent teenagers kidnapped for CIA bounties by war lords of competing tribes). This dirtied many up, made them hate themselves, but also created and/or selected a small proportion of soulless pure psychopaths that could be used by the Secret Shadow Government for high Intel positions or as contract “wetboys”.

American-Dead-back-from-Iraq-500-X-4664>By using American soldiers as cannon fodder to make huge war profits but also to kill off many, horribly wound many, to create many with permanent disabilities and PSTD, all done to weaken the backbone of America and to destroy the American spirit and make America easier to disassemble in the future.

In order to sufficiently motivate young Americans to sacrifice themselves for the American War Machine, very nasty enemies must be created, trained, supplied and paid. Americans must be made to feel they are responsible for being the World’s policeman for all the evil.

5>Chaos, war and death must be created all over the World. This is one of the main goals of the KM which is regarded by insiders as the Globalist NWO Cabal. They have an age-old inter-generational Evil Agenda to create massive World chaos, war and death of 90% of the World’s population and have recorded that in writing and in stone.

6>By consolidating all American police and seizing illegitimate, illegal, unConstitutional control by setting up DHS as the personal Secret Police Force of the Khazarian Mafia (KM) and Israeli-American “Israeli-first” Dual Citizens;

7>By militarizing the American Police and transforming them into ADL trained “empty your clip until the threat stops” counter terrorist forces and murderers (aka “shoot ’em dead” for minor non-compliance).

8>By hijacking and consolidating all Mass Media into their own Controlled Major Mass Media owned by six Media Moguls who formed a virtual illegal News Monopoly best called the News Cartel; these six Media Moguls answer to one very large international investment group which work out of Switzerland and is closely associated with the Khazarian Mafia (KM). I am not allowed to mention their name but they are believed to be on the vanguard of many lucrative domestic and international investments.

The US Military has been incredibly mismanaged while being incredibly incompetent.

Its gross incompetence is often overridden by its extreme power, both political and military and its endless funding, much of which is borrowed against the future with pernicious usury applied.

This extreme Power is maintained by its revolving door control over the US Military High Command and its ability to buy, bribe, human compromise and control almost every single Member of the US Congress, the Administration and the USG.

RUSSIANSU34

Russian SU-24 checkmating the Israeli-American Terror Machine in Syria. Attempting to destroy Syria and Iran, two Russian Federation allies, is now proving to be a clear indicator that the American Military Machine has gone off the rails and has become so incompetent it is reaching the end of its hegemony.

The American Military Industrial Complex (MIC) is the muscle behind the Israeli-American Terror Machine which is now attacking the Mideast, the Ukraine and Africa in earnest, is actually self-limiting in the final analysis.

Its World hegemony has finally been checkmated in the Ukraine and Syria and Iran by Putin and the Russian Federation.

Its incompetence is increasing at a rate faster than its accrual of power. The Select Few of Majestic have planned it this way and need to asset strip America by exporting all its jobs and burning up all its resources on wars of aggression and acquisition.

The Select Few have created DHS for the Khazarian Mafia to keep the lid on at home as American implodes from within from economic collapse.

This is designed to give them extra time to complete their Globalist NWO Agenda which is not only anti-American, but completely anti-human too.

Respected Boston University Economics Professor Laurance Kotlikoff now claims that the actual USG deficit is 210 trillion USD, far in excess of what the USG claims as 13 trillion USD. He also claims that the USG is spending 58% more than it takes in right now.

6corps-320x316It doesn’t take a Rhodes Scholar to conclude that this massive American private Central Banking Ponzi scheme will not be able to go on forever.

Especially since most heavy industry and manufacturing has been treasonously exported under all these so-called Free Trade Agreements designed by the Khazarian Mafia (KM) to progressively destroy America.

And everyday despite the massive mind-kontrol of 50 years of TV and the Controlled Major Mass Media (CMMM) News Cartel, many Americans are beginning to wake up and come out of their brainwashed stupor. And they are diffusing this truth to their family, friends and associates by word of mouth and shared articles.

The Worldwide Internet, the World’s New Gutenberg Press is now diffusing the truth to the masses and slowly breaking the evil spell of the Khazarian Mafia and their use of the US Military as the enforcer and agent of their Israeli-American Terror Machine. This is of course a long drawn out process because the Khazarian Mafia (KM) has been hard at work hijacking America and its key institution including the Pentagon for over 50 years, ever since they arranged for the CIA Op40 to assassinate JFK, RFK and MLK.

And much of the World is now ganging up on them and building major financial firewalls against the US Petro Dollar which is now in retreat, not sustainable much longer as the World’s Reserve Currency.

ISIS77778Yes, this is going to be interesting how this all plays out and as the Khazarian Mafia (KM) is neutralized on many fronts, losing its World hegemony and “falling from grace” like lightning from the sky.

Stay tuned because it isn’t over for America and loyal Americans until the fat lady sings.

The following video will give you an idea that a significant number inside the US Military High Command are now waking up, beginning to admit their “sins” and are breaking free along with the younger 70% members of Majestic. And many in the US Military High command now realize that Israel and Traitors inside the Pentagon and US Administration were responsible for the attack on America on 9-11-01.

Listen to one American, Colonel Lawrence Wilkerson, General Colin Powell’s former Chief of Staff, come clean and shows that he has woken up and now truly understands what the American Military Industrial Congressional complex has become and what it has been doing to further the cause of Empire. He no longer supports such evil and is now speaking out openly about it.

He is not alone either. Many are now beginning to understand how the Pentagon was hijacked by the Khazarian Mafia (KM) and has become their “Tool of Evil Empire” in order to provide massive war profits for Big Oil and Big Minerals, their associated large Wall Street Banks, and the major Defense Corporations by “ministering death to the masses” Skull and Bones 322 style”.

Notice that he added the term “Congressional” to the phrase Military, Industrial Complex making it the “Military Industrial Congressional Complex” like President Eisenhower wanted to in his last and most historic public speech but was convinced by advisers to remove it because they told him it would hurt the Republican Party which was in power at the time.

Colonel Wilkerson’s openness and truth-telling is a very good sign. You can bet there will be more American Military leaders speaking out soon because they now have woken up too and no longer will support the Pentagon’s evildoing for the Khazarian Mafia (KM), so stay tuned.

You will probably be able to read about them first at Veterans Today.



Bonus video on US Military Aggression for those who have time and interest. Note Putin’s spontaneous clear thinking and ability to brilliantly respond to a western journalist’s questions based on propaganda and big USG/KM lies. Us Americans need a Populist President like Putin who will place the interests of Americans first before the Khazarian Mafia (KM) and the Select Few.





"Choose a job you love and you will not have to work a day in your life" (Confucius)

+1
Luis Miguel Goitizolo

1162
61587 Posts
61587
Invite Me as a Friend
Top 25 Poster
Person Of The Week
RE: ARE WE NOW IN THE END TIMES?
12/16/2015 12:08:24 AM

Ellen Brown, MaxKeiser.com, 12-12-15… “Reinventing Banking: From Russia to Iceland to Ecuador” [via Jean Haines]

max_keiser.com_header_1This is quite the fascinating and informative article. I’ve just been reading parts of this, and there is data that shows, that. “Yes, my dear, Santa Claus is indeed bringing new financial systems to this planet.” Here’s what Jean had in a comment on her posting of this:

“My thanks to Ellen, who brings us clarity about the fundamental changes occurring in the banking systems around the world. Please take time to read and orient yourself to what is going on as we move forward.~J”

Here’s a highlight or three which I tuned in to:

“Like China, Russia has developed an internal Russian version of SWIFT Interbank payments; and it is now considering a plan to restructure Russia’s banking system. Engdahl writes: ‘Much as with Islamic banking models that ban usury, the Orthodox Financial System would not allow interest charges on loans. Participants of the system share risks, profits and losses. Speculative behavior is prohibited…’

“…Russia is in “a fascinating process of rethinking every aspect of her national economic survival because of the reality of the western attacks,” one that “could produce a very healthy transformation away from the deadly defects” of the current banking model.

“Iceland’s government is considering a revolutionary monetary proposal – removing the power of commercial banks to create money and handing it to the central bank.

“…in Ecuador, radical transformation of the banking system is under way… the government of President Rafael Correa has therefore established the world’s first national digitally-issued currency.

“Unlike Bitcoin and similar private crypto-currencies (which have been outlawed in the country), Ecuador’s dinero electronico is operated and backed by the government. The Ecuadorian digital currency is less like Bitcoin than like M-Pesa, a private mobile phone-based money transfer service started by Vodafone, which has generated a “mobile money” revolution in Kenya.”

———————————————————–

Reinventing Banking: From Russia to Iceland to Ecuador

Global developments in finance and geopolitics are prompting a rethinking of the structure of banking and of the nature of money itself. Among other interesting news items:

  • In Russia, vulnerability to Western sanctions has led to proposals for a banking system that is not only independent of the West but is based on different design principles.
  • In Iceland, the booms and busts culminating in the banking crisis of 2008-09 have prompted lawmakers to consider a plan to remove the power to create money from private banks.
  • In Ireland, Iceland and the UK, a recession-induced shortage of local credit has prompted proposals for a system of public interest banks on the model of the Sparkassen of Germany.
  • In Ecuador, the central bank is responding to a shortage of US dollars (the official Ecuadorian currency) by issuing digital dollars through accounts to which everyone has access, effectively making it a bank of the people.

Developments in Russia

In a November 2015 article titled “Russia Debates Unorthodox Orthodox Financial Alternative,” William Engdahl writes:

A significant debate is underway in Russia since imposition of western financial sanctions on Russian banks and corporations in 2014. It’s about a proposal presented by the Moscow Patriarchate of the Orthodox Church. The proposal, which resembles Islamic interest-free banking models in many respects, was first unveiled in December 2014 at the depth of the Ruble crisis and oil price free-fall. This August the idea received a huge boost from the endorsement of the Russian Chamber of Commerce and Industry. It could change history for the better depending on what is done and where it further leads.

Engdahl notes that the financial sanctions launched by the US Treasury in 2014 have forced a critical rethinking among Russian intellectuals and officials. Like China, Russia has developed an internal Russian version of SWIFT Interbank payments; and it is now considering a plan to restructure Russia’s banking system. Engdahl writes:

Much as with Islamic banking models that ban usury, the Orthodox Financial System would not allow interest charges on loans. Participants of the system share risks, profits and losses. Speculative behavior is prohibited . . . . There would be a new low-risk bank or credit organization that controls all transactions, and investment funds or companies that source investors and mediate project financing. . . . Priority would be ensuring financing of the real sector of the economy . . . .

On September 15, 2013, Sergei Glazyev, one of Vladimir Putin’s economic advisers,presented a series of economic proposals to the Presidential Russian Security Council that also suggest radical change is on the horizon. The plan is aimed at reducing vulnerability to western sanctions and achieving long-term growth and economic sovereignty.

Particularly interesting is a proposal to provide targeted lending for businesses and industries by providing them with low-interest loans at 1-4 percent, financed through the central bank with quantitative easing (digital money creation). The proposal is to issue 20 trillion rubles for this purpose over a five year period. Using quantitative easing for economic development mirrors the proposal of UK Labour Leader Jeremy Corbyn for “quantitative easing for people.”

William Engdahl concludes that Russia is in “a fascinating process of rethinking every aspect of her national economic survival because of the reality of the western attacks,” one that “could produce a very healthy transformation away from the deadly defects” of the current banking model.

Iceland’s Radical Money Plan

Iceland, too, is looking at a radical transformation of its money system, after suffering the crushing boom/bust cycle of the private banking model that bankrupted its largest banks in 2008. According to a March 2015 article in the UK Telegraph:

Iceland’s government is considering a revolutionary monetary proposal – removing the power of commercial banks to create money and handing it to the central bank. The proposal, which would be a turnaround in the history of modern finance, was part of a report written by a lawmaker from the ruling centrist Progress Party, Frosti Sigurjonsson, entitled “A better monetary system for Iceland”.

“The findings will be an important contribution to the upcoming discussion, here and elsewhere, on money creation and monetary policy,” Prime Minister Sigmundur David Gunnlaugsson said. The report, commissioned by the premier, is aimed at putting an end to a monetary system in place through a slew of financial crises, including the latest one in 2008.

Under this “Sovereign Money” proposal, the country’s central bank would become the only creator of money. Banks would continue to manage accounts and payments and would serve as intermediaries between savers and lenders. The proposal is a variant of the Chicago Plan promoted by Kumhof and Benes of the IMF and the Positive Money group in the UK.

Public Banking Initiatives in Iceland, Ireland and the UK

A major concern with stripping private banks of the power to create money as deposits when they make loans is that it will seriously reduce the availability of credit in an already sluggish economy. One solution is to make the banks, or some of them, public institutions. They would still be creating money when they made loans, but it would be as agents of the government; and the profits would be available for public use, on the model of the US Bank of North Dakota and the German Sparkassen (public savings banks).

In Ireland, three political parties – Sinn Fein, the Green Party and Renua Ireland (a new party) — are now supporting initiatives for a network of local publicly-owned banks on the Sparkassen model. In the UK, the New Economy Foundation (NEF) is proposing that the failed Royal Bank of Scotland be transformed into a network of public interest banks on that model. And in Iceland, public banking is part of the platform of a new political party called the Dawn Party.

Ecuador’s Dinero Electronico: A National Digital Currency

So far, these banking overhauls are just proposals; but in Ecuador, radical transformation of the banking system is under way.

Ever since 2000, when Ecuador agreed to use the US dollar as its official legal tender, it has had to ship boatloads of paper dollars into the country just to conduct trade. In order to “seek efficiency in payment systems [and] to promote and contribute to the economic stability of the country,” the government of President Rafael Correa has therefore established the world’s first national digitally-issued currency.

Unlike Bitcoin and similar private crypto-currencies (which have been outlawed in the country), Ecuador’s dinero electronico is operated and backed by the government. The Ecuadorian digital currency is less like Bitcoin than like M-Pesa, a private mobile phone-based money transfer service started by Vodafone, which has generated a “mobile money” revolution in Kenya.

Western central banks issue digital currency for the use of commercial banks in their reserve accounts, but it is not available to the public. In Ecuador, any qualifying person can have an account at the central bank; and opening one is as easy as walking into a participating financial institution and exchanging paper money for electronic money stored on their smartphones.

Ecuador’s banks and other financial institutions were ordered in May 2015 to adopt the digital payment system within the next year, making them “macro-agents” of the Electric Currency System.

According to a National Assembly statement:

Electronic money will stimulate the economy; it will be possible to attract more Ecuadorian citizens, especially those who do not have checking or savings accounts and credit cards alone. The electronic currency will be backed by the assets of the Central Bank of Ecuador.

That means there is no fear of the bank going bankrupt or of bank runs or bail-ins. Nor can the digital currency be devalued by speculative short selling. The government has declared that these are digital US dollars trading at 1 to 1 – take it or leave it – and the people are taking it. According to an October 2015 article titled “Ecuador’s Digital Currency Is Winning Hearts!”, the currency is actually taking the country by storm; and other countries in Latin America and Africa are not far behind.

The president of the Ecuadorian Association of Private Banks observes that the digital currency could be used to finance the public debt. However, the government has insisted that this will not be done. According to an economist at Ecuador’s central bank:

We did it from the government because we wanted it to be a democratic product. In any other countries, [digital currency] is provided by private companies, and it is expensive. There are barriers to entry, like [expensive fees] if you transfer money from one cellphone operator to another. What we have here is something everyone can use regardless of the operator they are using.

Banking Moves into the 21st Century

The catastrophic failures of the Western banking system mandate a new vision. These transformations, current and proposed, are constructive steps toward streamlining the banking system, eliminating the risks that have devastated individuals and governments, democratizing money, and promoting sustainable and prosperous economies.

They also raise some provocative questions:

  • Would issuing “quantitative easing” to the tune of 20 trillion rubles for Russian development and trade trigger hyperinflation?
  • Could merging the Iceland version of the Chicago Plan with a public banking initiative return the power to create money to the public without collapsing credit?
  • How does the Ecuadorian national digital currency mesh with the “war on cash”underway in Europe?

These and related questions will be explored in later articles. Stay tuned.

Read more at http://www.maxkeiser.com/2015/12/reinventing-banking-from-russia-to-iceland-to-ecuador/#xSjxYLhRpuaSQHI4.99

"Choose a job you love and you will not have to work a day in your life" (Confucius)

+1
Luis Miguel Goitizolo

1162
61587 Posts
61587
Invite Me as a Friend
Top 25 Poster
Person Of The Week
RE: ARE WE NOW IN THE END TIMES?
12/16/2015 12:32:25 AM



Green groups are deeply divided on whether the Paris Agreement is a win or loss

"Choose a job you love and you will not have to work a day in your life" (Confucius)

+1


facebook
Like us on Facebook!