Footnotes on Myths, Lies, Deceptions, Millstones
By: Jim Willie CB
Thursday, 5 September 2013
Many are the myths held so firm by the public. Many are the lies told so boldly by the leaders. Many are the millstones around the neck of the system that is fast losing its momentum. Many are the frauds committed routinely in full view. The entire US system is unraveling, myths exposed, lies contradicted, while the millstones weigh down the financial and economic system. The absent Gold Standard, the invalidity of money, the insolvency of banks, the toxic nature of sovereign debt, the illegitimate money, the intrusive debilitating central bank franchise system, these are grand millstones around the neck of the Western system. The current monetary policy is killing capital, a fact not observed by 5% of working economists, the harlots working closely to policy making. The nation is hurtling quickly toward systemic failure in every conceivable frame of light. A quick review should be revealing of myths, lies, deceptions, and millstones.
USDOLLAR AS MONEY
The greatest myth of all is that the USDollar is money. No way, not a shred of truth! The reality is that Gold & Silver are money. The USDollar is declared to be legal tender, when it is actually debt denominated coupons brought down to low parcels for spending purposes. Being debt, the monetary system based upon the USDollar will next deliver powerful blows to the US population. Their savings and investments are based in the USDollar. Therefore the debt writedown will foist a huge wealth writedown upon the hapless masses. Their wealth was never wealth at all. It was more debt markers, gathered in much like Al Capone would hold.
The myth is that the people’s life savings are always protected and safe. The reality is that 401k, IRA, and Keough savings plans are a grand trap. They entice the participants with tax deferral which is hardly tax avoidance. People’s savings are then stuck in the system, never to come out. The reality is that funds are subjected to the whiplashes of the ever-present asset bubbles. Next on the reality tap is the forced conversion to special USTreasury Bonds, where they will earn no interest yield and be vulnerable to USGovt debt default writedowns. The ongoing risk is also for Bail-in confiscation taxes, but that seems more like a fail-safe insurance threat in protection of accounting fraud and bank criminality.
The myth is that the Bail-in plans would recapitalize the big banks. The myth is that conversions would build back the urgently needed bank capital base. The reality is that the big banks are far too insolvent to remotely be in a position for such restoration. As the Western nations one by one installed the Bail-in plans, the light bulb went on in the Jackass skull. The Bail-in plans are an insurance policy against the big banks ever being forced to capitalize to proper levels. The Bail-in plans are an insurance policy against the big banks ever being prosecuted for grand fraud and grand larceny and grand counterfeit. Attack the big banks, and the people will lose a large portion of their life savings. Therefore, the big banks will be left alone to go about their business, whatever that is, to be sure mostly criminal.