This Week’s Theme: The System is Indeed “Rigged” by Bruce Bennett

The theme discussed in articles this week – ranging from the philosophical lessons of the US election, to gun control, section 18 C and many other topics –is that “the system is rigged,” to take a meme from the present Trump debates. The idea here is that the “system” – economic, political, and cultural – has fundamental elements of corruption and deception built into it. Social creditors would not be surprised to be told this because they have been aware since at least Major Douglas’ first writings about our flawed financial/economic system, with faults ranging from the lack of purchasing power to the “black magic” creation of credit by banks out of nothing and the debt creation on financial instabilities produced by that.

However, apart from the “big picture” corruption, relating to the fundamental contradictions of the system, we continue to find every week “micro corruptions” in the economic, political and cultural systems. To name a few from economics: there is the “discovery” of a global gold price collusion, where the world’s major banks rigged the price of gold for over a decade: The Australian, October 14, 2016; A Caminschi and R. Heaney, “Fixing a Leaky Fixing: Short-Term Market Reactions to the London PM Gold Price Fixing,” The Journal of Future Markets, vol. 34, no. 11, 2014, pp. 1003–1039.
There is also the failure of politicians across the world to address the seriousness of the exploding debt crisis. While the media falls all over Hillary Clinton, bowing to her globalism, US national debt is now a crushing $US 20 trillion, as Collapse News, October 21, 2016 reports. It would take 18 months, using the entire US GDP – which is obviously impossible – to pay this debt off No-one asks: who is the debt to, and how could a nation become essentially bankrupt? Who lurks in the shadows pulling the strings?

While the Australian debt issue has been reported in our media, but receiving less coverage than the fact that Donald Trump likes the ladies, according to the IMF, private sector debt in Australia is rising faster than in any advanced nation, with total debt levels now 225 percent of GDP since the Global Financial Crisis. (The Australian, October 6, 2016, p. 2)

Australia’s foreign debt level is now classified as “extreme,” according to ratings agency Standard & Poor. (The Australian, October 10, 2016, p. 1) According to the Australian Bureau of Statistics, foreign debt liabilities rocketed from $976 billion to $1.045 trillion in the 12 months to June 2016 (which includes commonwealth, state and private sector borrowings). Foreign equity fell from $70.1 billion to $6.6 billion.

The Australian media though have been shy in reporting about the sickness of the major banks. Deutsche Bank, for example, seems ready to topple and may bring down the entire refugee-based German economy. The IMF issued a report claiming that one third of European banks and one quarter of US banks are “too weak to recover” and thus are in danger of collapsing. Governments are in no position to bail them out, suffocating from debt themselves. And instead of recommending that individuals keep reserves of cash (as well as gold and silver), the Council on Foreign Relations, the big banks and some media sources are railing against cash, arguing that cash is not used much in transactions, which are increasingly by electronic transactions or debit and/or credit cards, so that cash remains the preferred option for criminals such as drug traffickers. Of course, the real agenda is government scrutiny and control.

All of these examples illustrate the illusory and deceptive nature of modern society, where truth has been deconstructed and lies become the foundations of a fragile reality – one that is being increasingly challenged.



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Thursday, 29 September 2022