By Godfrey Bloom
The cave in of the foreign banking & forex procedure is inevitable.
This aide memoire is to provide the layman an perception into why.
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Additional resources for The Magic of Banking: The Coming Collapse
If you binge yourself into a coma and wake up with a stinking head and a huge bar tab it’s your fault and nobody else’s. The disaster that is the euro today is the fault of politicians and those stupid enough to elect them. If the common currency had been gold or silver the Mediterranean countries would still be bankrupt, but they might have seen it coming earlier without the interference of the central banks with quantative easing, shadow banking, bond purchases and all the rest of the jiggery pokery beyond the understanding of both politicians and their electorate.
Step back a moment if you will, forget jargon, forget the great and the good explaining black is white to bewildered TV and radio presenters and ponder this. We have a political system which enfranchises every citizen over the tender age of eighteen. The concept is, as it must always be corrupt. This political machinery owns the monetary system, it controls the banks, it controls legal tender laws. Whatever the State does, no matter how supposedly pro bono publico its ideals money remains simply a medium of exchange, interest rates reflect time preference and individual circumstance.
You draw up your chair, you switch on the telly and tune in to the news. It is all very authoritative, delivered in a manner that brooks no contradiction. But in a minute or two you are going to have a number shot at you with all the same authority and sincerity as the others, but the number is fake. Needless to say it is a government number, created for the sole benefit of the state. It is the figment of the state’s imagination and is replicated across the world. The phenomenon can be traced to the beginning of the civilised world.