“The war is not meant to be won, it is meant to be continuous. Hierarchical
society is only possible on the basis of poverty and ignorance. This new
version is the past and no different past can ever have existed. In principle
the war effort is always planned to keep society on the brink of starvation. The
war is waged by the ruling group against its own subjects and its object is not
the victory over either Eurasia or East Asia, but to keep the very structure of
society intact.” ― George
Orwell
We have to “Keep America out of these endless, ridiculous, stupid foreign
wars.” For many years, we have been “fighting foreign wars, defending foreign
borders,” in countries we don’t even know where they are. ~ President Donald
Trump
That's what this whole Covid-19 is, “a war waged by the ruling group against its
own subjects.” It is another attempted coup by the
“ruling group against its subjects” for electing Donald J. Trump
president. The global, radical reaction
to the pandemic and locking down of the world’s economy came at a time when the
Central Banks of the world are on the verge of collapse.
America’s central bank, the Federal Reserve has exerted
control over America’s treasury and foreign policy since its inception in
1913. Its fiat currency being held as
the world’s reserve currency, is the only thing keeping the Fed solvent. The Fed claims the American people owe them over
$43 trillion dollars. How is that possible?
Where did the money go if the American people are homeless, jobless and
hungry needing help from a bankrupt government that is collapsing due to nearly
20 years of endless war?
Trump has been relentless in taking on the Federal Reserve
Bank since the day he took hold of the reins of power. The Federal Reserve Bank needs for America to
be in a continuous state of war to justify America’s status as a debtor nation
while billionaire globalists rape our treasury.
But the people were getting restless, down right angry taking to the
streets of across Europe to demand financial justice and an end to
austerity. Something had to be done,
voila a pandemic!
What better way to gag the protestors than to lock them in their homes, socially distance them from others, ban group gatherings and require masks be worn in public. Now the important thing to do was to enlist the media to invoke hysteria in order to turn citizen against citizen. This was a job for the CIA’s Mockingbird Media and the British Empire’s “FacebookWarriors:
Excerpt:
Is the UK heading toward medical martial law?
We are hearing frequent calls for
the UK’s coronavirus “pandemic” response to become a military operation
On the 28th September Tobias
Ellwood, Tory MP for Bournemouth East, stood up in Parliament and suggested that the British Army and the Ministry of Defense be in charge of
distributing and administering “millions of doses” of the Sars-Cov-2 vaccines,
as well as issuing “vaccination certificates” which will “allow travel”.
And that’s just the highlights,
there’s a lot more vaguely sinister language, camouflaged in his rather drab
monotone voice… This is a concerning
development, one very much worth keeping an eye on. The BBC don’t think so,
of course, because the call for what would easily amount to medical martial law
didn’t even make it into their “Today in Parliament” programme.
This is not new behaviour for
Ellwood. He has always been a consistent
voice for use of the military in response to the “pandemic”. On the 18th of
September he requested the Prime Minister make “greater use of our fine armed
forces”.
He specifically mentions “managing the narrative”, which is
no surprise considering his role as a former Army officer, a current reserves
officer, and his known affiliation with the 77th Brigade. For those who don’t
know: The 77th is the British army’s team of “facebook warriors”. An
information warfare unit whose job is to “counter misinformation”, “manage the
narrative” and generally corral and control the internet
conversation.
That’s not a “conspiracy theory”, their existence is readily acknowledged by
both the government and the mainstream media. Considering they’re currently employed “countering covid
misinformation“, they will likely be in the comments of this post
(Hi guys!).
Other countries around the
world have already moved on to this “war footing”, and the UK is likely not far
behind.
The British Empire is “managing the narrative” so that the people of the UK will accept “a "military response” to the pandemic otherwise known as Marshall Law. The Covid-19 pandemic has provided the excuse for the UK and US to be on “war footing.” Like the UK military’s “Facebook warriors” the CIA’s “Mockingbird media” in America is censoring Covid-19 information that refutes the official narrative.
For President Trump big media is the enemy. President Trump knew he had to take action
and expose the duplicitous media for what they are and to put an end to media
censorship. You can read Trump’s
Executive Order here:
Excerpt:
Executive Order on Preventing Online Censorship
By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered as follows:
Section 1. Policy.
Free speech is the bedrock of
American democracy. Our Founding
Fathers protected this sacred right with the First Amendment to the
Constitution. The freedom to express and
debate ideas is the foundation for all of our rights as a free people.
In a country that has long
cherished the freedom of expression, we
cannot allow a limited number of online platforms to hand pick the speech that
Americans may access and convey on the internet. This practice is
fundamentally un-American and anti-democratic. When large, powerful
social media companies censor opinions with which they disagree, they exercise
a dangerous power. They cease functioning as passive bulletin boards, and ought to be
viewed and treated as content creators…
Twitter, Facebook, Instagram,
and YouTube wield immense, if not unprecedented, power to shape the
interpretation of public events; to censor, delete, or disappear information;
and to control what people see or do not see.
As President, I have made clear my
commitment to free and open debate on the internet. Such debate is just as important online as it is in our universities,
our town halls, and our homes. It is
essential to sustaining our democracy.
Online platforms are engaging in selective censorship that is harming
our national discourse. Tens of
thousands of Americans have reported, among other troubling behaviors, online
platforms “flagging” content as inappropriate, even though it does not
violate any stated terms of service; making
unannounced and unexplained changes to company policies that have the effect of
disfavoring certain viewpoints; and deleting content and entire accounts
with no warning, no rationale, and no recourse…
In particular, subparagraph (c)(2) expressly addresses protections from
“civil liability” and specifies that an
interactive computer service provider may not be made liable “on account of”
its decision in “good faith” to restrict access to content that it considers to
be “obscene, lewd, lascivious, filthy, excessively violent, harassing or
otherwise objectionable.”
It is the policy of the United States to ensure that, to the maximum
extent permissible under the law, this provision is not distorted to provide
liability protection for online platforms that — far from acting in “good
faith” to remove objectionable content — instead engage in deceptive or pretextual actions (often contrary to
their stated terms of service) to stifle viewpoints with which they disagree.
Section 230 was not intended to allow a handful of companies to grow
into titans controlling vital avenues for our national discourse under the
guise of promoting open forums for debate, and then to provide those
behemoths blanket immunity when they use their power to censor content and
silence viewpoints that they dislike.
When an interactive computer
service provider removes or restricts access to content and its actions do not
meet the criteria of subparagraph, it is engaged in editorial conduct. It is
the policy of the United States that such a provider should properly lose the
limited liability shield of subparagraph and be exposed to liability like any
traditional editor and publisher that is not an online provider…
I’ll bet Trump didn’t make any friends in Silicon Valley
with his Executive Order revoking the immunity they have enjoyed for so long. That immunity that awarded “a limited number of online platforms to hand
pick the speech that Americans may access and convey on the internet. As Trump’s order states, “this
practice is fundamentally un-American and anti-democratic...
Congress is the enemy of the people, they are not elected by
the American people; they are selected by the billionaire Globalists and
confirmed through an election system that is rigged by the politicos who are
running for office. They do not answer
to the American people, they answer to their Globalist paymasters. From the Unz Review:
Excerpt:
The U.S. is Saving the Financial Sector, not the Economy
…We are seeing the consequences of Western societies painting themselves into a debt corner by their creditor-oriented philosophy of law. Neoliberal anti-government (or more accurately, anti-democratic) ideology has centralized social planning and state power in “the market,” meaning specifically the financial market on Wall Street and in other financial centers.
At issue is who will lose when employment and business activity are disrupted. Will it be creditors and landlords at the top of the economic scale, or debtors and renters at the bottom? This age-old confrontation over how to deal with the unpaid rents, mortgages and other debt service is at the heart of today’s virus pandemic as large and small businesses, farms, restaurants and neighborhood stores have fallen into arrears, leaving businesses and households – along with their employees who have no wage income to pay these carrying charges that accrue each month…
The U.S. corona virus lockdown is turning rent and debt arrears into an opportunity to impoverish the indebted economy and transfer mortgaged property and its income to creditors. There is no inherent material need for this fate to occur. But it seems so natural and even inevitable that, as Margaret Thatcher would say, There Is No Alternative.
But of course there is, and always has been. However, resilience in the face of economic disruption always has required a central authority to override “market forces” to restore economic balance from “above...”
That is why every successful society since the Bronze Age has been a mixed economy. The determining factor in whether or not an economic disruption leaves a crippled economy in its wake turns out to be whether its financial sector is a public utility or is privatized from the debt-strapped public domain as a means to enrich bankers and money-lenders at the expense of debtors and overall economic balance…
UNLESS PERSONAL DEBTS, RENTS AND TAXES THAT CANNOT BE PAID ARE ANNULLED, THE RESULT WILL BE WIDESPREAD BANKRUPTCY, IMPOVERISHMENT AND HOMELESSNESS.
Bronze Age rulers could not afford to let such bondage concentration of property and wealth to become chronic. Labor was the scarcest resource, so a precondition for survival was to prevent creditors from using debt leverage to obtain the labor of debtors and appropriate their land. Rulers therefore acted to prevent creditors from becoming a wealthy class seeking gains by impoverishing debtors and taking crop yields and land for themselves.
By rejecting such alleviations of debts resulting from economic disruption, the U.S. economy is subjecting itself to depression, homelessness and economic polarization. It is saving stockholders and bondholders instead of the economy at large. That is because today’s rentier interests take the economic surplus in the form of debt service, holding labor and also corporate industry in bondage.
Mortgage debt is the price of obtaining a home of one’s own. Student debt is the price of getting an education to get a job. Automobile debt is needed to buy a car to drive to the job, and credit-card debt must be run up to pay for living costs beyond what one is able to earn. This deep indebtedness makes workers afraid to go on strike or even to protect working conditions, because being fired is to lose the ability to pay debts and rents.
So the rising debt overhead serves the business and financial sector by lowering wage levels while extracting more interest, financial fees, rent and insurance out of their take-home pay.
By injecting $10 trillion into the financial markets (when Federal Reserve credit is added to U.S. Treasury allocation), the CARES act enabled the stock market to recover all of its 34 percent drop (as measured by the S&P 500 stocks) by June 9, EVEN AS THE ECONOMY’S GDP WAS STILL PLUNGING.
The government’s new money creation was not spent to revive the real economy of production and consumption, but at least the financial One Percent was saved from loss. It was as if prosperity and living standards would somehow return to normal in a V-shaped recovery…
In times of a general economic disruption, giving priority to creditor claims leads to widespread bankruptcy. Yet it violates most peoples’ ideas of fairness and distributive justice to evict debtors from their homes and take whatever property they have if they cannot pay their rent arrears and other charges that have accrued through no fault of their own…
Yes, that is the Democratic Party today, just an extension of the GOP, it is a uni-Party dedicated to wealth extraction on massive privatization. As the article says, “By injecting $10 trillion into the financial markets (when Federal Reserve credit is added to U.S. Treasury allocation), the CARES act enabled the stock market to recover all of its 34 percent drop (as measured by the S&P 500 stocks) by June 9, EVEN AS THE ECONOMY’S GDP WAS STILL PLUNGING.
The much ballyhooed bipartisan “CARES Act” that expired on July 31st was a prime example of Pelosi’s talent for passing legislation that is so half-assed as to do the absolute least amount possible to help the least amount of people possible.
The CARES Act included a 120-day federal eviction MORATORIUM FOR RENTERS WHO PARTICIPATE IN FEDERAL HOUSING assistance programs or live in a property with A FEDERALLY BACKED MORTGAGE. ... This ban expired on July 24, allowing landlords to issue 30 days' notice for tenants to vacate properties.
So Pelosi and McConnell’s CARES Act moratorium on eviction only pertained to “renters who participate in Federal Housing or have federally backed mortgages”. Really, isn’t that just one step above doing nothing? But for Pelosi and McConnell even helping a small group of people out of the huge pool of millions who are facing eviction through no fault of their own, well that was just too generous.
So they let the provisions of the CARES Act” expire on July 31st when they left for their month-long August vacation without a care in the world. Trump and the American people are seeing just how useless, worthless and not needed congress is. Fortunately for America, Trump side-stepped our bought and paid for congress to provide relief to Americans
An outraged Trump stepped in when congress left for their month-long vacay without acting. Trump signed an Executive Order that extended the moratorium on evictions going further than congress in helping the American people directly (congressional action not needed). From White House.gov:
Excerpt:
Executive Order on Fighting the Spread of COVID-19 by Providing Assistance to Renters and Homeowners
By the authority vested in me as
President by the Constitution and the laws of the United States of America, it
is hereby ordered as follows…
The CARES Act imposed a temporary
moratorium on evictions of certain renters subject to certain conditions. That moratorium has now expired, and THERE IS
A SIGNIFICANT RISK THAT THIS WILL SET OFF AN ABNORMALLY LARGE WAVE OF
EVICTIONS. With the failure of the Congress to act, my Administration must do all
that it can to help vulnerable populations stay in their homes in the midst of
this pandemic.
Those who are dislocated from their homes may be unable to shelter in
place and may have more difficulty maintaining a routine of social
distancing. They will have to find
alternative living arrangements, which may include a homeless shelter or a crowded
family home and may also require traveling to other States.
In addition, evictions tend to
disproportionately affect minorities, particularly African Americans and
Latinos. Unlike the Congress, I cannot sit idly and refuse to assist vulnerable
Americans in need.
Accordingly, my Administration, to the extent reasonably necessary to
prevent the further spread of COVID-19, will take all lawful measures to
prevent RESIDENTIAL evictions and foreclosures resulting from financial
hardships caused by COVID-19.
Sec. 2. Policy.
It is the policy of the United States to minimize, to the greatest
extent possible, residential evictions and foreclosures during the ongoing
COVID-19 national emergency.
Sec. 3. Response to Public Health Risks of Evictions
and Foreclosures. (a)
The Secretary of Health and Human Services and the Director of CDC shall
consider whether any measures temporarily halting residential evictions of
any tenants for failure to pay rent are reasonably necessary to prevent the
further spread of COVID-19 from one State or possession into any other
State or possession.
(b)
The Secretary of the Treasury and the Secretary of Housing and Urban
Development shall identify any and all available Federal funds to provide
temporary financial assistance to renters and homeowners who, as a
result of the financial hardships caused by COVID-19, are struggling to meet
their monthly rental or mortgage obligations.
(c) The Secretary of Housing
and Urban Development shall take action, as appropriate and consistent
with applicable law, to promote the
ability of renters and homeowners to avoid eviction or foreclosure resulting
from financial hardships caused by COVID-19. Such
action may include encouraging and PROVIDING
ASSISTANCE TO PUBLIC HOUSING AUTHORITIES, AFFORDABLE HOUSING OWNERS, LANDLORDS,
and recipients of Federal grant funds in minimizing evictions and
foreclosures.
(d)
In consultation with the Secretary of the Treasury, the Director of FHFA shall review all existing authorities and
resources that may be used to prevent evictions and foreclosures for renters
and homeowners resulting from hardships caused by COVID-19…
Now that’s some effing help to keep the American people in
their homes. Keeping people in their
homes is integral to a healthy society.
When Pelosi and McConnell so callously left for their vacation allowing
the CARES Act provision of an extra $600/week for masses of unemployed, they
were just keeping “society on the brink of starvation” as the Globalists
demand. As with the Care’s Act provision
on eviction moratoriums, the unemployment provision was also classic Pelosi,
the least amount of assistance possible for the least amount of people for the
shortest amount of time.
Under the FPUC provision of the
Act, individuals who are eligible for unemployment
benefits will receive an extra $600 weekly benefit for all weeks of
unemployment between April 5, 2020 and
July 31, 2020, in addition to the amount the individual otherwise would
be entitled to receive under state law.
While the extra $600 per week may have allowed people to stay in their homes and pay car payments and phone bills, it was just too generous for Pelosi and McConnell. They let the provision expire on July 31st. Once again President Trump side stepped congress. Using his powers to declare an emergency, Trump enacted the emergency powers of FEMA to rescue the people. From White House.gov:
Excerpt:
Memorandum on Authorizing the Other
Needs Assistance Program for Major Disaster Declarations Related to Coronavirus
Disease 2019
Because many of the relief programs created by the Congress have
expired or will shortly expire, my Administration and the Republican
leadership in the United States Senate have proposed multiple options to
continue to provide needed relief to Americans…
I am hereby directing the
Federal Emergency Management Agency (FEMA) to assist in providing benefits from
the DRF, and am calling upon the States to use their CRF allocation, to bring continued financial relief to
Americans who are suffering from unemployment due to the COVID-19 outbreak.
Sec. 2. Providing Disaster Relief Funds. On March 13, 2020, I declared a national
emergency recognizing the threat posed by COVID-19. I also determined that same
day that the COVID-19 outbreak constituted an emergency, of nationwide scope,
pursuant to section 501(b) of the Stafford Act (42 U.S.C. 5191(b))…
As of April 18, 2020, I have declared that a major disaster
exists in all States and territories as a result of the virus, and
have authorized Emergency Protective Measures…
To provide financial
assistance for the needs of those who have lost employment as a result
of the pandemic, I am directing up to $44 billion from the DRF at the
statutorily mandated 75 percent Federal cost share BE MADE AVAILABLE FOR LOST
WAGES ASSISTANCE TO ELIGIBLE CLAIMANTS, to supplement State expenditures in
providing these payments.
AT LEAST $25 BILLION OF TOTAL DRF BALANCES WILL BE SET ASIDE TO SUPPORT
ONGOING DISASTER RESPONSE AND RECOVERY EFFORTS AND POTENTIAL 2020 MAJOR
DISASTER COSTS…
These funds, including those
currently used to support State unemployment insurance programs, may be applied
as the State’s cost share with Federal DRF funds. To ensure that those affected
by a loss in wages due to COVID-19 continue to receive supplemental benefits
for weeks of unemployment ending no
later than December 27, 2020, States should also identify funds to
be spent without a Federal match should the total DRF balance deplete to $25
billion.
So here we are again, Pelosi’s House has passed a half-assed
lame stimulus package larded up with goodies and giveaways for themselves and
their special interest groups that has no chance of seeing daylight, just
before leaving for another extended, paid vacation that will last until after
the November 3rd election.
However this time the situation is even worse. While Trump managed to keep people in their homes and pay them enough money to stay afloat, those emergency measures were a temporary fix. Now we have a media manufactured new wave Covid-19 crisis is being used to keep the economy shut down in order to defeat President Trump. From Lew Rockwell:
Excerpt:
The Absurdity of Covid "Cases"
Today’s headlines announced Donald
and Melania Trump “tested positive” for covid-19. Another claims nineteen
thousand Amazon workers “got” covid-19 on the job. Both of these pseudostories are sure to ignite another absurd media
frenzy.
As always, the story keeps
changing: Remember ventilators, flatten the curve, the next two weeks are
crucial, etc.? Remember Nancy Pelosi in Chinatown back in February, urging
everyone to visit? Remember Fauci dismissing masks as useless? Why should we believe anything the
political/media complex tells us now?
So what do these headlines really
mean? What exactly is a covid “case”?
Since the beginning of the
coronavirus outbreak, most US media outlets have been exceedingly credulous and
complicit in their reporting. Journalists
almost uniformly promote what we can call the “prolockdown” narrative, which is
to wildly exaggerate the risks from covid-19 to serve a political agenda…
This explains why media outlets use
the terms “case” and “infection” so loosely, to the point of actively
misinforming the public. All of the endless talk about testing, testing,
testing served to obscure two important facts. First, the tests themselves
are almost laughably unreliable in producing both false positives and negatives.
And what is the point? Are we going
to test people again and again, every time they go out to the grocery or bump
into a neighbor? Second, detecting virus
particles or droplets in a human’s respiratory tract tells us very little.
It certainly does not tell us they are sick, or transmitting sickness to anyone…—A
virus is not a disease. Only a very small percentage of those exposed to the
virus itself—SARS-CoV-2—show any kind of acute respiratory symptoms, or what we
can call “coronavirus disease.”
The only meaningful statistics show
the incidence of serious illness, hospitalizations, and deaths. The single most
important statistic among these is the infection fatality rate (IFR). Data collected through July shows that the
IFR for those under age forty-five is actually lower than that of the common
flu.
The covid-19 IFR rises for those
over fifty, but it is hardly a death sentence. And the data does not segregate
those with preexisting health issues caused by obesity, diabetes, and heart
disease. If we could see data only for reasonably healthy people under fifty,
the numbers would be even more reassuring.
MILD OR ASYMPTOMATIC COVID CASES
ARE EFFECTIVELY MEANINGLESS. The world is full of bacteria and viruses,
and sometimes they make us a bit sick for a few days. There are millions of
them in the world all around us, on our skin, in our nose and respiratory
tract, in our organs.
We are meant to live with them, which is why we all have immune systems
designed to help us coexist and adapt to ever-changing organisms. We
develop antibodies naturally, or we attempt to stimulate them through vaccines,
but ultimately our own immune systems
have to deal with covid-19. The virus will always be out there waiting, on
the other side of any lockdown or mask—so we might as well get on with it.
From day one the focus should
have been on boosting immunity through exercise, fresh air, sunlight,
proper dietary supplementation, and the promotion of general well-being…
Lockdowns were never justified, either in terms of the covid-19
risk or the staggering economic tradeoffs, which will be felt for decades. THEY CERTAINLY ARE NOT JUSTIFIED NOW…
We still don’t know how many of the reported two hundred thousand US
covid-19 deaths were actually caused by the SARS-CoV-2 respiratory disease,
or simply reflect people who died of other causes after exposure to covid-19. We
do know that the harms caused by the lockdowns far outweigh the harms posed by
the covid-19 virus.
We have had nearly eight months of life and liberty stolen from us by
politicians and their hysteria-promoting accomplices in media. How much more
will we accept?
Yes, we’ve had “almost eight months of life and liberty stolen from us by politicians and their hysteria-promoting accomplices in media. How much more will we accept?” How much longer will we allow congress to enslave us in order to promote a One World Order? This is not sustainable, the Federal Reserve Bank is on the mat. The only thing that can save America is a new financial system that leaves worthless petro-greenback behind. From Tyler Durden of Zero Hedge:
Excerpt:
In Unprecedented Monetary Overhaul, The Fed Is Preparing To Deposit "Digital Dollars" Directly To "Each American"
Over the past decade, the one
common theme despite the political upheaval and growing social and geopolitical
instability, was that the market would
keep marching higher and the Fed would continue injecting liquidity into the
system.
The second common theme is that
despite sparking unprecedented asset price inflation, prices as measured across
the broader economy – using the flawed CPI metric and certainly stagnant worker
wages – would remain subdued (as a reminder, the Fed is desperate to
ignite broad inflation as that is the only way the countless trillions of
excess debt can be eliminated and has so far failed to do so).
The Fed’s failure to reach its
inflation target – which prompted the US central bank to radically overhaul
its monetary dogma last month and unveil Flexible Average Inflation Targeting
(or FAIT) whereby the Fed will allow inflation to run hot without hiking rates
– has sparked broad criticism from the
economic establishment, even though as we showed in June, deflation
is now a direct function of the Fed’s unconventional monetary policies as
the lower yields slide, the lower the propensity to spend…
In short, ever since the Fed
launched QE and NIRP, it has BEEN MAKING THE SITUATION IT HAS BEEN TRYING TO
“FIX” EVEN WORSE while blowing the biggest asset price bubble in history.
And having recently accepted that
its preferred stimulus pathway has failed to boost the broader economy, the blame has fallen on how monetary policy
is intermediated, specifically the way
the Fed creates excess reserves which end up at commercial banks
instead of “tricking down” all the way to the consumer level…
And yet, the lament is that even as the economy was desperately in need
of a massive liquidity tsunami, the
funds created by the Fed and Treasury (now that the US operates under a
quasi-MMT regime) DID NOT MAKE THEIR
WAY TO THOSE WHO NEED THEM THE MOST: END CONSUMERS.
Which is why we read with great
interest a Bloomberg interview with two former Fed officials:
Simon Potter, who led the Federal Reserve Bank of New York’s markets group
i.e., he was the head of the Fed’s Plunge Protection Team for years, and Julia
Coronado, who spent eight years as an economist for the Fed’s Board of
Governors, who are among the innovators brainstorming solutions to what has
emerged as THE MOST CRUCIAL AND DIFFICULT PROBLEM FACING THE FED: GET MONEY
SWIFTLY TO PEOPLE WHO NEED IT MOST IN A CRISIS.
The response was striking: the two
propose creating a monetary tool that they call recession insurance bonds,
which draw on some of the advances in digital payments, WHICH WILL BE WIRED
INSTANTLY TO AMERICANS.
As Coronado explained the details, Congress would grant the Federal Reserve an
additional tool for providing support—say, a
percent of GDP [in a lump sum that would be divided equally and distributed] to
households in a recession.
Recession insurance bonds would be zero-coupon securities, a
contingent asset of households that would basically lie in wait… The
Fed would then activate the securities and deposit the funds digitally in
households’ apps.
As Potter added, “it
took Congress too long to get money to people, and it’s too clunky.
We need a separate infrastructure. The Fed could buy the bonds quickly WITHOUT GOING TO THE PRIVATE MARKET.
On March 15 they could have said
interest rates are now at zero, we’re activating X amount of the bonds, and
we’ll be tracking the unemployment rate—if it increases above this level, we’ll
buy more. The bonds will be on the asset side of the Fed’s balance sheet; the
digital dollars in people’s accounts will be on the liability side.”
ESSENTIALLY, THE FED IS PROPOSING CREATING A HYBRID DIGITAL LEGAL
TENDER unlike reserves which are stuck within the financial system, and which
it can deposit directly into US consumer accounts. In short, as we
summarized “THE FED IS PLANNING TO SEND MONEY DIRECTLY TO AMERICANS IN THE NEXT
CRISIS“…
So this morning, as if to confirm
our speculation of what comes next, Cleveland
Fed president Loretta Mester delivered a speech to the Chicago Payment
Symposium titled “Payments and the Pandemic“, in which after going through
the big picture boilerplate, Mester goes straight to the matter at hand…
In the section titled “Central Bank
Digital Currencies”, the Cleveland Fed president writes that “the experience with pandemic emergency
payments has brought forward an idea that was already gaining increased
attention at central banks around the world, that is, central bank digital
currency (CBDC).”
And in the shocking punchline, then goes on to reveal that “legislation
has proposed that each American have an account at the Fed in which digital
dollars could be deposited, as liabilities of the Federal Reserve Banks,
which could be used for emergency payments.”
But wait it gets better, because in launching digital cash, the Fed
would then be able to scrap “anonymous” physical currency entirely, and
track every single banknote from its “creation” all though the various
transactions that take place during its lifetime. And, eventually, the Fed
could remotely “destroy” said digital currency when it so decides.
Oh, and in the process the Fed would effectively disintermediate commercial banks, as it would
both provide loans to US consumers and directly deposit funds into their
accounts, EFFECTIVELY MAKING THE
ENTIRE TRADITIONAL BANKING SYSTEM OBSOLETE…
To summarize, the wheels are already turning on a plan that sees the Fed depositing
“digital dollars” to “each American”, a stunning development that essentially
sees the Fed bypass Congress, endowing the Central Bank with targeted
“fiscal stimulus” capabilities, and which
could lead to a dramatic reflationary spike as IT IS THE LOWER INCOME QUARTILE
SEGMENTS OF US SOCIETY THAT ARE THE MARGINAL PRICE SETTERS FOR ECONOMIC GOODS
AND SERVICES.
In fact, even as inflation rages –
which some alternative inflationary measures to CPI suggest it already is – the Fed will have a semantic loophole in
explaining just why it needs to keep inflation scorching hot even as the
standard of living in America collapses to the benefit of a handful of asset
holders.
Why? The CBO showed the answer
yesterday:
Absent a massive burst of inflation in the coming years which inflates
away the hundreds of trillions in federal debt, the unprecedented debt
tsunami that is coming would mean the end to the American way of life as we
know it.
And to do that, the
Fed is now finalizing the last steps of a process that revolutionizes the
entire fiat monetary system, launching digital dollars which EFFECTIVELY REMOVE
COMMERCIAL BANKS AS FINANCIAL INTERMEDIARIES, as they will allow
the fed itself to make direct deposits into Americans’ “digital wallets”, in the process ALSO MAKING CONGRESS AND THE ENTIRE LEGISLATIVE BRANCH REDUNDANT,
as a handful of technocrats quietly take over the United States.
Hmmm, sounds like Trump is nationalizing the Federal Reserve Bank, “effectively removing commercial banks and financial intermediaries who skim huge profits off the top” of any legislation to stimulate the economy by putting money in people’s pockets. And the beauty of it is that in doing so, making the corrupt, self-dealing congress and the entire legislative branch redundant.” How great is that? So what does Joe Biden and the Democrats have to offer? From Glen Ford at Black Agenda Report:
Excerpt:
Biden is an unreconstructed racist and warmonger who has been in the
forefront of austerity, and Harris is a party hack and mass Black
incarcerator who became a prosecutor with police union endorsement. “Biden’s
acceptance speech put forward not one word that hinted at programmatic change
on racial matters.”
The corporate Democrats are once
again running as the Not-Trump Party, the second consecutive election in which
they have succeeded in suppressing every issue except the fitness for office of
one very wretched man. The only way a party wholly-owned by
oligarchs can deflect attention from its own culpability in dragooning its
constituents into a Race to the Bottom amid never ending war, is to set up
a straw man to be knocked down, leaving the machinery of racial capitalism
and armed-to-the-teeth imperialism intact -- Hillary Clinton’s
gambit in 2016.
She lost, but the oligarchy did
just fine under the Orange Menace, as stocks and profits skyrocketed. In the
interim, however, popular demands for
relief from the duopoly’s bipartisan regime of austerity and war escalated, and
a Black-led movement took to the streets in unprecedented numbers.
China’s economy, which had already
eclipsed the United States in purchasing power parity, continued to roar ahead,
as Beijing countered U.S. military
encirclement with the most ambitious multinational infrastructure project in
world history: the Belt and Road initiative, formerly the New Silk Road.
With the bulk of the U.S. ruling
class and their servants in the national security apparatus now aligned with
Democrats, Trump was made the scapegoat for both Black anger at institutional
racial oppression and for imperial decline. Black Democratic elected officials played their assigned role, waving
American flags as they pretended that only Trump stood in the way of racial
“healing” in a nation born of native genocide and Black enslavement.
Recent history was quickly
rewritten, positing the rise of Trump as the demon who taunted Blacks into
resurrecting a grassroots movement that had been dormant for two generations, when
in fact the Black Lives Matter phenomenon arose to demolish a bipartisan Mass
Black Incarceration regime under his predecessor, the First Black President.
Having strangled the anti-austerity
(but loyal imperialist) internal challenge from Bernie Sanders, the oligarch-aligned Democrats and their media chose Joe
Biden as front man: a political hack with impeccable corporate credentials and
an architect of the “New Jim Crow” and white northern massive resistance to
Black urban intrusion. His Black female running mate is a pure
product of the corporate Democratic machine, who launched her electoral career
with the endorsement of police unions.
But neither of them is Trump, and
that’s all that matters. “Trump was made
the scapegoat for both Black anger at institutional racial oppression and for
imperial decline.”
With Biden, the “white working class” champion carrying the corporate
torch, there will be no talk of baskets of “deplorables” – because he is a
certified denizen of the basket.
Rather, Biden promised in his acceptance speech to “choose a different path,
and together, take this chance to heal, to be reborn, to unite. A path of hope
and light.”
Trump is darkness, the Democrats are light – ad nauseum for 3,000-plus
meaningless words.
Biden acknowledges that the U.S.
responded to the Covid-19 epidemic with “the worst performance of any nation on
Earth.” But it was all the fault of the unmasked man, Trump. The
methodical privatization and shrinkage of the public health system, a
thoroughly bipartisan policy, had nothing to do with mass death.
The austerity regime, of which
Biden is a founding member, which apportions health care based on race and
class, is blameless. There can be no
true national health care system absent a single payer program, but Biden vowed
to veto Medicare for all if it ever crosses his presidential desk...” Yet,
he is the light.
Biden assures us that his “economic
plan is all about jobs, dignity, respect, and community” -- a claim that flies
in the face of his history as budget-slasher. As journalist Branko Marcetic
writes, “Biden is uniquely susceptible to budget-cutting dogma.
He quickly became a fiscal hawk
after entering the Senate in 1972,
introducing the Federal Spending Control
Act five years later to potentially put all federal spending programs on the
chopping block, and musing that Reagan’s 1980 victory was 'more consistent with
the budgetary thrust that a guy like me ... has been going for.'”
In his speech, Biden called Social
Security a “a sacred obligation, a sacred promise made.” But, again citing
Marcetic,
Biden has proposed to means-test Social Security and, from the 1980s on
“has called for and introduced legislation aimed at slashing federal spending,
including by cutting Medicare and Social Security.”
Vice-President Biden was point man for Barack Obama’s partially
consummated “Grand Bargain” with Republicans, during which the
administration offered four trillion dollars in cuts, mostly to social
programs, including Social Security – a program that Obama put on the cutting
table, along with Medicaid and “all other entitlements” at the very beginning
of his presidency.
BIDEN HAS ALWAYS BEEN A SOLDIER FOR AUSTERITY, A WAR AGAINST THE POOR.
WHY SHOULD ANYONE BELIEVE HE HAS REVERSED COURSE IN HIS OLD AGE?
Biden is an unreconstructed racist, as is proven every time he makes a
remark even remotely related to race. His acceptance speech put forward not
one word that hinted at programmatic change on racial matters. However, he did
mention the name of George Floyd’s daughter, and seemed to think that John
Lewis’ ghost will cause us all to “see the light.”
But Russia shall be consigned to
darkness, along with Trump. Biden
repeated the wholly unsubstantiated and historically bizarre charge that Moscow
put “bounties on the heads of American soldiers” in Afghanistan,
despite Russia’s longtime and invaluable assistance to maintain the U.S.
presence in that country.
War. Austerity and White
Supremacy are all that Biden/Harris offer – but without Trump. If
that’s enough for you, then say “Hallelujah” -- and then tighten your belts and
pass the ammunition.
Ahh, yes the entire global response to Covid-19 is, “a war waged by the ruling group against its
own subjects.” It is another attempted coup by the
“ruling group against its subjects” for electing Donald J. Trump
president. The shutdown of the economy,
the fake death totals, the huge amount of false positives to feed the hysteria,
all of it is a great big Globalist last gasp effort to save itself.
Yeah, Trump isn’t the most effective speaker, he’s not the
most qualified individual, but he is what America and the World needs now. The biggest question now is whether there is
enough time before the end of the year to completely drain the swamp and will
Trump survive? Let’s hope so. Good luck to us all.
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