2008 Thought for the Week:
young lady is a lady of property. The mature young gentleman is a gentleman of
property. He invests his property in futures and derivatives speculation. He goes,
in a condescending amateurish way, into the City, attends meetings of Directors,
and has to do with traffic in globalized 'free market' Shares. As is well known
to the wise in their generation, falling house prices, and mortgage foreclosures
traffic is the one thing to have to do with in this world. Have no antecedents,
no established character, no cultivation, no ideas, no manners; have mortgage
brokers' predatory and fraudulent lending practices. Have multibillion-dollar
rescue packages mounted with dizzying speed to rescue greedy investment banks.
Have Shares enough to be on Boards of Direction in capital letters, oscillate
on mysterious business between London, New York and Paris, and be great.
does he come from? Shares. Where is he going to? Shares. What are his tastes?
Financial systems that reward unconstrained speculation, and Shares. Has he any
principles? Yes, commodification of food, i.e., its trading as a means of generating
profits rather than an end in itself Shares. What squeezes him into Parliament?
Shares. Perhaps he never of himself achieved success in anything, never originated
anything, never produced anything. Sufficient answer to all; Shares. O mighty
To set those blaring images so high, and to cause us smaller vermin,
as under the influence of henbane, opium, to cry out night and day, "Relieve
us of our money, scatter it for us, buy us and sell us, ruin us, only we beseech
ye take rank among the powers of the earth, and fatten on us!"
- With apologies to Charles Dickens and "Our Mutual Friend," 1867
LET THE LAW SUITS BEGIN : AND BRACE FOR
writes Ellen Brown: Source: http://www.webofdebt.com/articles/bracing-storm.php
"Let the Lawsuits Begin: Banks Brace for a Storm of Litigation": 13th, July
In an article in The San Francisco
Chronicle in December 2007, attorney Sean Olender suggested that the real
reason for the subprime bailout schemes being proposed by the U.S. Treasury Department
was not to keep strapped borrowers in their homes so much as to stave off a spate
of lawsuits against the banks. The plan then on the table was an interest rate
freeze on a limited number of subprime loans.
"The sole goal of the freeze is to prevent owners of mortgage-backed
securities, many of them foreigners, from suing U.S. banks and forcing them to
buy back worthless mortgage securities at face value - right now almost 10 times
their market worth. The ticking time bomb in the U.S. banking system is not resetting
subprime mortgage rates. The real problem is the contractual ability of investors
in mortgage bonds to require banks to buy back the loans at face value if there
was fraud in the origination process.
. The catastrophic consequences of bond investors forcing originators to buy back
loans at face value are beyond the current media discussion. The loans at issue
dwarf the capital available at the largest U.S. banks combined, and investor lawsuits
would raise stunning liability sufficient to cause even the largest U.S. banks
to fail, resulting in massive taxpayer-funded bailouts of Fannie and Freddie,
and even FDIC . . . "
What would be prudent and
logical is for the banks that sold this toxic waste to buy it back and for a lot
of people to go to prison. If they knew about the fraud, they should have to buy
the bonds back."
Toxic subprime paper-writing
- design of banks' 'financial products':
The thought could send a chill
through even the most powerful of investment bankers, including Treasury Secretary
Henry Paulson himself, who was head of Goldman Sachs during the heyday of toxic
subprime paper-writing from 2004 to 2006. Mortgage fraud has not been limited
to the representations made to borrowers or on loan documents but is in the design
of the banks' "financial products" themselves.
Among other design flaws is that securitized mortgage debt has become so complex
that ownership of the underlying security has often been lost in the shuffle;
and without a legal owner, there is no one with standing to foreclose. That was
the procedural problem prompting Federal District Judge Christopher Boyko to rule
in October 2007 that Deutsche Bank did not have standing to foreclose on 14 mortgage
loans held in trust for a pool of mortgage-backed securities holders.
numbers of defaulting homeowners were to contest their foreclosures on the ground
that the plaintiffs lacked standing to sue, trillions of dollars in mortgage-backed
securities (MBS) could be at risk. Irate securities holders might then respond
with litigation that could indeed threaten the existence of the banking Goliaths.
States leading the charge
with the power to bring major lawsuits include state and local governments, which
hold substantial portions of their assets in MBS and similar investments. A harbinger
of things to come was a complaint filed on February 1, 2008, by the State of Massachusetts
against investment bank Merrill Lynch, for fraud and misrepresentation concerning
about $14 million worth of subprime securities sold to the city of Springfield.
The complaint focused on the sale of "certain esoteric financial instruments known
as collateralized debt obligations (CDOs) . . . which were unsuitable for the
city and which, within months after the sale, became illiquid and lost almost
all of their market value."
The previous month,
the city of Baltimore sued Wells Fargo Bank for damages from the subprime debacle,
alleging that Wells Fargo had intentionally discriminated in selling high-interest
mortgages more frequently to blacks than to whites, in violation of federal law.
Mayor of Cleveland - no different to organised
Another innovative suit filed in January 2008 was brought by Cleveland
Mayor Frank Jackson against 21 major investment banks, for enabling the subprime
lending and foreclosure crisis in his city. The suit targeted the investment banks
that fed off the mortgage market by buying subprime mortgages from lenders and
then "securitizing" them and selling them to investors. City officials said they
hoped to recover hundreds of millions of dollars in damages from the banks, including
lost taxes from devalued property and money spent demolishing and boarding up
thousands of abandoned houses.
included banking giants Deutsche Bank, Goldman Sachs, Merrill Lynch, Wells Fargo,
Bank of America and Citigroup. They were charged with creating a "public nuisance"
by irresponsibly buying and selling high-interest home loans, causing widespread
defaults that depleted the city's tax base and left neighbourhoods in ruins.
"To me, this is no different than organized crime or drugs," Jackson told the
Cleveland newspaper The Plain Dealer. "It has the same effect as drug activity
in neighbourhoods. It's a form of organized crime that happens to be legal in
many respects." He added in a videotaped interview, "This lawsuit said, 'You're
not going to do this to us anymore.'"
Full article at: http://www.webofdebt.com/articles/bracing-storm.php
Books for further reading
and understanding of the Money System:
"A History of Monetary
Crimes," by Alexander Del Mar, first published 1899. Mr. Del Mar explains
"the insidious crime of secretly or surreptitiously altering the monetary laws
of a State is not new." $20.00 posted.
"In This Age of Conflict"
by Ivor Benson. $8.50 posted. Mr.Benson traces the modern source and technology
of this illegitimate and fraudulent Power.
"The Babylonian Woe" by
David Astle. $42.00 posted. In this scholarly work true-born Anglo-Saxon David
Astle, in the greatest tradition of his nation presents to the world a history
of the effects of 'monetary mechanics' even in very ancient times.
"The Tallies: A Tangled Tale" by David Astle. $20.00 posted. This book includes:
A brief study of the Tally Stick as an instrument of State finance; a glimpse
at the activities of the Money Changers during the so-called Middle Ages and a
copy of the original Charter of 'The Bank of England' - a virtually suppressed
"The Money Bomb" by James Gibb Stuart. $20.00 posted.
We believe this book must have come into Dr. Mahathir's hands in order for him
to ask Gibb Stuart in 1998 to "provide advice" on "Defending -Malaysia's -) National
Economic Sovereignty" (OT Vol.44, No.26).
"The Money Trick": From the Institute for Economic Democracy. $13.00 posted
Discover how a credit monopoly creates our money and then charges us for the
privilege! Most of us have grown up with only the vaguest notions of money. We
are fairly certain that it is the Government's right to print notes and mint coins.
For the rest, our knowledge is distinctly foggy...
FINE WORDS TO BE SURE - BUT ARE THEY ENOUGH
by Betty Luks:
As editor of O.T. I am
responsible for its content. Fair enough. Occasionally I receive an indignant
letter from a reader because of a published article, and, occasionally a letter
of appreciation encouraging the League to 'keep up the good work'.
I personally reply, but editors of League journals do not have the luxury of office
helps and such, so that doesn't happen often. Recently an indignant reader disagreed
with John Brett's letter in O.T., Vol.44 No.21, and, because I think the matter
is fundamental to what we are about in this big wide world of ours, I thought
it important enough to respond publicly.
"Faith and revelation: Sir, Christianity changed the world
because of its revelation, not its "faith". The under-girding revelation was that
all power and authority arose from within the individual, not external to the
individual, as all other religions believed then, and as most still do. Unless
there has been a new recent discovery, all doctrine and philosophy arises from
one or the other of these beliefs, which then becomes a Faith.
is that so-called Christian faiths have abandoned this revelation, creating the
vacuum that is being filled by the religions whose adherents believe all power
and authority arises external to the individual, exactly where we were before
the Christian revelation. The Spirit is either Incarnate, or still wandering around
at random in space." - -Signed, etc.
quote the reader's response in full:
Dear Sir, Re: Bulletin (OT) Letter
6/6/08. Faith and revelation. Christianity did not change the world because its
under-girding revelation was that all power and responsibility arise from within
the individual and not external to the individual. All power comes from God and
revelation from His Son, Christ the Lord and from the Holy Ghost, the third Person
of the Blessed Trinity [John XIV, v.26 Acts (John) II, vs 38 & 42].
of faith was handed down to us from the Apostles through the orthodox Fathers
in exactly the same meaning and always in the same purport. There has been no
new revelation since the death of the last Apostle.
Truth and reality are
objective, words have their objective meanings and deeds their objective consequences.
The combination of the orthodox and the heterodox is the essence of Modernism
which is the synthesis of all heresies. Faith is not a blind sentiment of religion
but a genuine assent of the intellect to truth revealed by hearing from an external
source. The modernist sees nothing of unalterable permanence in the Church and
ultimately denies the very concept of objective truth itself.
P.S. The gifts
of the Holy Ghost: wisdom, understanding, counsel, fortitude, knowledge, piety,
and the fear of the Lord.
The fruits of the Holy Ghost: charity, joy, peace,
patience, benignity, goodness, longanimity, mildness, faith, modesty, continency
and chastity. - - Yours sincerely, J. Craig, Rosebud Vic.
Along with "Jane Eyre" in the Charlotte Bronte classic,
I see that when 'things (in the temporal order) have changed, I must change too.'
This also means a continual 'binding back' (the English word religion comes from
the Latin words re-ligare; meaning, to 'bind back') to the body of Christian teaching,
and the seeking of ways to apply the teaching in changed human situations, conditions
"The Kingdom of God is within you." I knew from earlier
correspondence John Brett's letter was prompted by his delight with Owen Barfield's
essay "Philology and the Incarnation" which appeared in O.T. Vol. 44. No.10. Barfield
presented a most inspiring word-picture of the stirrings of the inner consciousness
of man; the evolution of man (an unfolding from the centre outwards, as in organic
growth), over a particular time-slot in human history. Barfield presented the
evidence through the study and understanding of the development of the English
language; he pointed the reader to look at the evidence of this organic growth,
coinciding as it did with the Incarnation and the presence of the Holy Ghost within.
Mr. Craig, you write that "faith is not a
blind sentiment of religion but a genuine assent of the intellect to truth revealed
by hearing from an external source '" I presume you mean by the teaching of the
Church? Fine. But what comes next? After intellectually assenting to the truths,
what comes next? Or does nothing follow? Do not those truths take form and content
as the fruit of our lives? Do not those truths have to be 'incarnated'?
League has always argued that until Christians match their intellectual belief
with a practical application then they are merely espousing fine words. Didn't
St Paul refer to Christians without love as being empty vessels without 'the fruit',
the form and content, of the Spirit?
It was not always so: Christian men did
not always believe that their faith was to be merely intellectually assented to.
If they had, there would have been no individual growth, no community growth,
no national growth, no such thing as a Western Christian Civilisation taking form
with content - incarnated.
OF BRITISH CULTURE AND TRADITION FOR OUR FUTURE:
The following passages
taken from "Christian Philosophy in the Common Law" are presented as
examples of what I endeavour to highlight. I have used passages from Richard O'Sullivan's
It is an expansion of a paper he presented to the Aquinas
Society in March 1942. A photocopied version is available from our Book Services.
O'Sullivan writes: "The Common Law of England: Now it is reasonable
to suppose that a system of law which had its origin in England in the 12th and
13th centuries would be Christian in inspiration and character. In fact, each
of the men who are named on the memorable last page of the Great History of Pollock
and Maitland was a prelate of the Christian Church. Martin of Patteshull was Archdeacon
of Norfolk and Dean of St. Paul's; William of Raleigh was Bishop of Norwich and
(after a stern struggle with the King) Bishop of Winchester; and Henry of Bracton
was Archdeacon of Barnstaple, and at his death in 1268, Chancellor of Exeter Cathedral.
God and the Christian Faith:
Ever since the period of the Norman
Conquest, the emerging principles of the Common Law were being shaped by Christian
kings and by Churchmen who were also Canonists. And at all times the Canon Law
'made a natural bridge to connect legal ideas with ethical and theological discussion.'
The separate organisation of spiritual and temporal Courts which is
contemplated in the Charter of William (the Norman) reflects the view of the relations
between Church and State that had been put forward as early as the fifth century
by Pope Gelasius I.
Christian sense of personal freedom and
Behind the declaration of Gelasius lies the development
of the concept of human personality and of liberty that was unknown to the ancient
The teaching of our Lord put an end to ancient doctrines of State
absolutism: 'Render unto Caesar the things that are Caesar's, and to God the things
that are God's'.
The political theory of
the Middle Ages:
The political theory of the Middle Ages was profoundly
affected or rather controlled by certain conceptions which were distinctly Christian
in their form, if not in their origin. The first of these is the principle of
the autonomy of the spiritual life which in these ages assumed the form of the
independence of the spiritual authority from the control of the temporal.
the forms of the great conflict (i.e. between Papacy and Empire) we have to recognise
the appearance in the consciousness of the civilised world of principles new and
men have been compelled to recognise that the individual
religious and moral experience transcends the authority of the political and even
of the religious society, and that the religious society as embodying this spiritual
experience cannot tolerate the control of the State
The Dignity of Man:
The sense of Christian dignity and the principles of Christian philosophy
thus converted England into a society of free men and women living in the fellowship
of a free community.
Freedom and responsibility:
At Common Law Everyman is answerable for his own acts. No man is answerable
for the act of another unless he has commanded it or consented to it
freedom goes responsibility.
A free man is answerable for his own acts
and omissions. The Common Law conception of the legal responsibility of Everyman
for his own acts springs from the conviction of the moral and intellectual autonomy
By virtue of this autonomy each man is an original source of
spontaneous and rational action
Animated by the principles of Christian
philosophy and theology, the Common Law in the centuries of its creative power
and achievement slowly built a social system on the basis of the dignity of human
personality and moral autonomy of Everyman
THE WILL-TO-POWER VERSUS THE WILL-TO-FREEDOM
1992 Eric D. Butler wrote a letter to a friend, setting out how he saw Australia's
place and position in the battle for our freedoms and British-Australian culture.
"History has brought Australia to a situation where it is
in the front line of an international power struggle. What happens in Australia
is therefore critical for the whole Crown Commonwealth and those countries which
still accept the Monarchy as a central factor in Commonwealth relations.
there are deeper implications. Our Monarchy and our Royal family now occupy the
focal point of the crucial spiritual and political conflict of the Age, between
those forces who treat people as unique, living, human persons and the forces
who treat people as merely indistinguishable economic, financial and political
units in the human herd.
Prince Charles went right to the root of the human
drama in his 1991 Shakespeare birthday lecture insisting that people; who wish
to survive into the future must go back to their roots. And Charles shares the
same philosophical concept as does that towering literary genius Alexander Solzhenitsyn,
whose programme for regenerating Russia stresses the importance of building from
local communities upwards, instead of trying to centrally plan from the top down.
The will-to-power has always been a major factor in
the human drama and will always be a constant. The roots of the unique British
contribution to minimising, even if not eliminating, the corrupting influence
of centralised power can be traced back to the early influence of Christianity.
The underlying philosophy has always been anti-monopoly, with power divided and
While the idea of Kingship goes back a long way in human
history and Monarchy is not uniquely British, the Constitutional Monarchy we have
inherited is a long-term invention of the genius of the British peoples, and developed
organically along with the Common Law, both under the influence of Trinitarian
The overall result was a culture reflecting a basic decency,
tolerance and a deep sense of fair play. The Australian sense of mateship is one
reflection of British culture, as has been the flair for voluntary co-operation.
Whatever the explanation for what the peoples of the British Isles have
developed, with the English playing a special role in Constitutional development,
they have, with great resourcefulness taken the concepts right around the world.
Yes, the old British Empire had its defects, but apart from its civilising
influences, with its colonial record far more humane than that of any other colonial
power, it pointed mankind in a new direction following the loss of its American
The philosophy of decentralising power, permitting the development
of self-governing, sovereign nations resulted in a demonstration of the truth
that true unity comes from diversity.
Pax Britannia had developed to the stage
where it was the dominant influence in world affairs and was setting an example
to all the world of how people could live together in harmony.
It was a
major barrier to any programme seeking to establish New World Orders (an old idea,
not a new one) or World States. With the advent of World War I there emerged a
long-term programme to destroy the sovereign nation states." - - Signed,
Eric D. Butler.
Mr.Craig of Rosebud Victoria,
it is this philosophy of the 'will-to-power', i.e., external power over the Individual
originating from some point, whether it be in the State, the Party or even the
Church, versus the Christian concept of the will-to-freedom.
of the will-to-freedom' brings forth the fruit of, i.e., incarnates, a social
system built on the basis of the dignity of human personality and the moral autonomy
of Everyman. It is this concept, that I understand, John Brett was referring to.
DANCING ON THE GRAVE OF THE WEST
Each month The Australian Literary Review is sure to
have a wide range of material to 'get up the noses' of those of my nationalist
political temper. Bill Emmott's "Power Rises in the East" (4 June 2008) is an
extract from his new book "Rivals : How the Power Struggle Between China, India
and Japan Will Shape Our Next Decade."
goes a little bit beyond the usual "our future is Asia" rhetoric.
will go to Asia but "Asia" is not a unified entity. Indeed, there are bitter rivalries
between China, India and Japan : they all generally hate each other. The greatest
fear is fear of China, a fear that "is not going to go away."
of war, just from conventional economic and political turns of events are enormous.
The extract from "Rivals" does not discuss looming resources crises. Add it all
up and the situation is explosive.
1991 Emmott published "The Sun Also Sets : The Limits of Japan's Economic Power."
The recognition of the severe economic, political and environmental vulnerabilities
of China, India and Japan seem to have passed this author by.
is like that of Kishore Mahbabani in "The New Asian Hemisphere : The Irresistible
Shift of Power to the East" which urges the West to gracefully give up its dominance.
If so, expect global anarchy as one narcissistic Asian nation squares off against
the other. Expect President Obama to join in on this dance on the grave of western
THE ASSOCIATION OF THE COMMONWEALTH REALMS
all of our members in the United Kingdom have been totally engaged in rallies
and lobbying politicians in the United Kingdom to hold a referendum on Britain
entering into the Treaty of Lisbon.
Lisbon Legislation - in the UK it is not Queen who gives Assent:
as anticipated, the legislation enacting the Treaty has passed through the Commons
and the Lords and has received Royal Assent.
I would mention that in the United
Kingdom, it is not The Queen who now personally gives Assent, but 'Lords Commissioners',
comprising certain members of the House of Lords, in her name. Notwithstanding
the failure of the referendum held in Eire, it seems that the intent of the European
Union is to proceed, even though a requirement is that ALL member nations must
agree. However- politicians being politicians etc. etc. etc!
new map of Europe
The redrawing of the map of Europe is proceeding. On
St George's Day, the National Day of England, draft maps were released in which
there is no 'England' and no 'English Channel'. England is split into three and
joined together with other countries to create what is called: "transnational
regions". Under the programme, known as INTER-REG, counties along England's south
coast join with northern France to form the "Manche Region"
England is joined to Eire, Wales and parts of Portugal, Spain, France and Scotland
to form the 'Atlantic Region' and Eastern England becomes a part of the "North
Sea Region", which covers areas of Sweden, Denmark, Germany, Belgium, Norway and
the Netherlands. None of these 'Regions' will have a headquarters based in the
UK. The 'Manche Region' will be ruled by the French, the 'Atlantic Region', by
the Portuguese and the 'North Sea Region' by the Danes.
add insult to injury, the map purposefully omits the words "England" and "Britain"
from the official maps of each area and the Manche Region renames the English
Channel "The Channel Sea"!
private court case seeking a 'Judicial Review' over the British Government's refusal
to hold a referendum on the Treaty of Lisbon, despite the implied commitment to
put the matter to the people, has been rejected by the Law Lords who have also
refused leave to appeal their judgment. Hopes are now pinned on a Conservative
Victory in the anticipation that a new government will put the matter to the people
at a referendum.
The emphasis, of course of
the Association is the work to bring together the peoples of the Commonwealth
Realms. That is those nations of which Her Majesty is Queen. It is hoped to establish
contact with monarchists in Papua New Guinea It is little known in Australia that
many of our northern neighbours are zealously loyal to The Queen.
those readers who want to know more about The Association of the Commonwealth
Realms, details are: Address: Suite 3303 70 Market Street, Sydney, Phone: (02)
9232 4959 Fax: (02) 8580-4923 Email: firstname.lastname@example.org
WE HAVE FINANCIAL, NOT ECONOMIC PROBLEMS
The above heading encapsulates the truest words from the mainline
media that I have read in a long time. (business.timesonline.co.uk 14/7/08)
real world of sun and moon, rain and seeds and germination and photosynthesis,
and pollination and cultivation and harvesting has not stopped just because the
financial system is in a mess. No sirree
this message has been proclaimed for nearly 100 years! In the 1930s Clifford Hugh
Douglas travelled the western world and warned the leaders, unless the financial
system is adjusted to take into account the industrial revolution, (and now automation
and technology) with the changed economic environment, and this included the money
system's very important function of distribution of the abundance of the advanced
economic processes, there would be nothing but chaos and disorder.
only that, unless there were also changes in our understanding of the purposes
of a money system, the financial elite of the world would continue to push towards
centralisation of all power under their control.
WATER IS THE WAY TO GO !
Wallace Klinck, Canadian correspondent
As a matter of (considerable) interest,
I just heard a newscast today saying that the hydrogen-powered car has now entered
the market in California with fifty to sixty now being on the road. I don't know
what variant of hydrogen power is being used--but in any event I find this quite
exciting. The economic incentive now certainly exists!
Hugh McGunnigle, 27/6/08 wrote:
In view of the recent comments by Wallace
Klinck I have a reference for those interested in the use of Hydrogen as a possible
replacement fuel for Hydrocarbons in Internal combustion engines.
from the Royal Society of Chemistry (RSC), and is a book called "Hydrogen Energy"
- authors are D.A.J. and R.M. Dell, copyright 2007 and cost 45 pounds Sterling
in hardback copy. It is recommended as a study reference for Post Graduates in
Chemistry and allied sciences, and for those with a good understanding of environmental
It is a very recent publication and is recommended by the
RSC who do not give their blessings to any publication unless it meets their stringent
research requirements. The two authors are from a prominent Australian university
It can be obtained directly
from the RSC by logging on to their website, and following the purchasing procedure
they have in place.