The People Against The Banks

The Occupy Wall Street protesters must not allow themselves to be sidetracked by talk about Zionist bankers, American Imperialis or the perennial fight against racism.

A great movement is arising; all over America and the world, people are occupying “Wall Street”, but sadly we have seen this sort of thing before, and if it is not to end in tears, with a whimper, or to be hijacked by others with their own sinister agendas, the people must stay focused.

Patricia McAllister, a black woman from the West Coast, thought she had the answer, it was the Zionist Jews who controlled the banking system. David Duke may smile at that, but Chris Bambery and his chums from the SWP etc and ad nauseum have a different answer: it is the evil, (white) capitalists. For them, capitalism is inherently racist, indeed, racism arose out of capitalism, so both capitalism and racism (read the White Man) must go. In the words of Susan Sontag, the White Race is the cancer of history.

Others believe it is not simply the White Race but Americans who are to blame. In his infamous fatwa, the late and unlamented Osama Bin Laden called for Moslems to murder Americans with impunity. In addition to Americans, white people and Westerners generally, he and his Al-Qaeda chums have never been averse to murdering Moslems who don’t share their perverted interpretation of the Holy Qur’an. Although you are not likely to run into any of them at a Wall Street occupation, you may well rub shoulders with a few Deep Greens. Their philosophy is even more genocidal; they would like to see world population reduced to a few hundred million at most. Just how do they propose to do that?

In order for Mankind to solve the challenges our children, grandchildren and great-grandchildren will face, we need to develop the technologies that will enable them to survive in a world without oil, to feed 10 or even 15 billion people, to conserve dwindling resources, including wilderness, and eventually to expand into outer space. We can’t do this with the current financial system, because we are subservient to the financial system, and not it to us.

The problem has long been identified, by Major Douglas, Arthur Kitson, and their contemporaries, by Mrs Sarah Emery, who wrote Seven Financial Conspiracies... as long ago as 1887, and by the Holy Qur’an some considerable time before that.

There are two fine 20th Century satires that tackle this problem head on: Salvation Island published by Louis Even in 1933, and The Earth Plus 5% from 1971 by the Australian financial reformer Larry Hannigan. Modesty does not permit mention of a third, The Gift Of Ramu.

The major problem created by the current financial system is not rocket science, it is not even higher mathematics; it is kindergarten mathematics. Any five year old child can understand the concept. Take a fixed group of people, for simplicity’s sake 10, and have an 11th person issue each of them with $100 in cash at 5% interest. Now let them trade amongst each other then repay their loans to the banker at the end of a fixed period. It can’t be done.

Money issued as a debt is irredeemable. The banking system has a monopoly of this credit, and unless new money is created debt-free by a responsible national authority, this nation, and every nation, must go progressively into debt to the banking system. This debt has no tangible existence, it exists only as figures in a book or as blips in cyberspace, yet because there is a shortage of this non-existent substance, willing hands cannot work, goods and services cannot be produced, the people of Greece and elsewhere must be subjected to “austerity measures”, people must go hungry or even die. How insane is that?

This simple anaylsis begs the question, if the system is so easy to fix, why hasn’t someone fixed it? The simple answer is because tyrants never give up power voluntarily, especially when they have half the world’s politicians in their pockets.

Banking is essentially bookkeeping; bankers do all sorts of other things too, but the primary functions of a bank are security - better keep your bucks in the bank where it is insured than under the mattress - and book-keeping. You pay your Internet bill; the bank debits your account and credits your ISP. And so on.

This is all the power any bank should have, but at the moment, the banks have the power of life and death over us, and over the destinies of nations. The politicians have had many opportunities to take them on and take them down. A few have tried, most haven’t. Now it is own turn, we the people.

Until we have broken the monopoly of credit, all Mankind’s other problems and petty differences and bickerings should be put on hold. After we have broken the monopoly of credit, most people will be surprised at just how much we have in common, and how little we will want to squabble over anything.

[The above op-ed was first published October 26, 2011.]

Return To Site Index