Campbells Soup, Can of Worms 15 minutes of fame , Where this is all Headed?

Anyone wondering where it all is headed? The World Follows the US example ( Bad Example) If we want to know where the Script is Headed, The Narrative is not the Script people, think of the Narrative as the False Panels on a New Auto Line out for Road Testing.
The US is 180 degrees reversed from what it says on the Tin. In Pop Art think of The Warhol Campbells Soup Tin.And a Can of Worms.
Been thinking for the past few weeks and this PCR Article has unlocked some themes may be a Blog by Tomorrow.

The US Economy Is Failing
Paul Craig Roberts
Do the Wall Street Journal’s editorial page editors read their own newspaper?
The frontpage headline story for the Labor Day weekend was “Low Wage Growth Challenges Fed.” Despite an alleged 4.4% unemployment rate, which is full employment, there is no real growth in wages. The front page story pointed out correctly that an economy alleged to be expanding at full employment, but absent any wage growth or inflation, is “a puzzle that complicates Federal Reserve policy decisions.”

Insanely Concentrated Wealth Is Strangling Our Prosperity

Today’s mountains of wealth throttle the very engine of wealth creation itself.

 

 

 

 

 

 

 

Remember Smaug the dragon, in The Hobbit? He hoarded up a vast pile of wealth, and then he just hung out in his cave, sitting on it (with occasional forays to further pillage and immolate the local populace).

 

Roger Lewis's photo.

 

The Monetary System bakes this into the cake with Interest going to the very top of the Pile. On Growth, GDP is a very poor metric both in what it seeks to measure and its monetary measuring metric.
http://letthemconfectsweeterlies.blogspot.se/2017/08/renewableseroi-why-money-doesnt-cut-it.html
The Graphic makes a Stunning point, what is needed is the hard work in explaining why this happens and this comes from a better understanding of USURY, which delivers serfdom by stealth.

 

Wealth inequality in the U.S. is much worse than income inequality. The difference between the Top 0.01% (red line) and everyone else is so enormous that we couldn’t fit it in an image: “The bottom 90% of Americans aren’t even visible on this chart — and it’s a very tall chart!…But If you’re thinking that they “deserve” all that wealth, and all that income just for owning stuff, because they’re “makers,” think again: between 50% and 70% of U.S. household wealth is “earned” the old-fashioned way: it’s inherited.” Read more: http://bit.ly/2xcVczX

 

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Jaguar disguises its new 2009 XJ as a BMW!

Published: 14 May 2009

 

Jaguar disguises its new 2009 XJ as a BMW!

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I posted a comment at Truth Dig which I decided to write as a Blog post as well just to bring together some of my Reading on Elites and Oligarchy. Chris Hedges article is here.

http://www.truthdig.com/report/page2/the_illusion_of_freedom_20151227

”We must seize this splendid opportunity to get to meet with them, talk with them, win their trust, hopefully, win them over.” Hi (Soicilaistworld), Who are they? perhaps a little Friere might help.
“[T]he more radical the person is, the more fully he or she enters into
reality so that, knowing it better, he or she can transform it. This
individual is not afraid to confront, to listen, to see the world
unveiled. This person is not afraid to meet the people or to enter into a
dialogue with them. This person does not consider himself or herself
the proprietor of history or of all people, or the liberator of the
oppressed; but he or she does commit himself or herself, within history,
to fight at their side.”

―Paulo Freire,
Pedagogy of the Oppressed

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#ConquestOfDough #ConquestofDough A Web Site providing the framework of understanding for My New Novel

Profitless usurer, why dost thou useSo great a sum of sums, yet canst not live?For having traffic with thy self alone,Thou of thy self thy sweet self dost deceive:Then how when nature calls thee to be gone,What acceptable audit canst thou leave?

CLICK TO GO TO SITE

The Conquest Of Dough, Epilogue and Chapter 1.

The wise king said, “A word fitly spoken is like apples of gold in vessels of silver” (Prov. xxv. 11). Hear the explanation of what he said:–The word maskiyoth, the Hebrew equivalent for “vessels,” denotes “filigree network”–i.e., things in which there are very small apertures, such as are frequently wrought by silversmiths. They are called in Hebrew maskiyyoth (lit. “transpicuous,” from the verb sakah, “he saw,” a root which occurs also in the Targum of Onkelos, Gen. xxvi. 8), because the eye penetrates through them. Thus Solomon meant to say, “just as apples of gold in silver filigree with small apertures, so is a word fitly spoken.”
Maimonides, A Guide for the Perplexed.

Epilogue.

As the Low Hanging Fruit rots, the true believers and credulous continued to grasp at the unseen upper branches of the tree of myth and ideology: clutching further, and stretching longer, extending their reach by any means, even means unimaginable to anyone but the desperate and deluded. They knew that the Golden Apple, no one had ever seen, or, produced evidence of its existence, was there, just beyond their furthest reach, Just out of sight of their keenest glance. So as the Low-Hung Fruit still rotted, having ripened and yet not nourished those for whom only the Perfection of the Golden Fruit of pure ideological reified hubris would ever be enough. The obvious went ignored its goodness rejected in the pursuit of the impossible promises of soothsayers, priests, mountebanks, politicians and Fifth Avenue suits and City Bankers, so many lies clothed in so many promises taking hope and optimism and producing a pathetic belief in the bounties of the Noble Lie.
And here we see the Autumn of a civil war where men women and children have perished, their death caused by what some in years to come will say was due to the Mythical invasion of the sea peoples. Which Historical Turning of a 21st-century Ideologue would find its analog in Aleppo Syria, to the Firestorms and Privations of the Bronze Age collapse in 1150 BC. And what do these two disparate events and the Low Hanging Fruit and the Apple of Gold wrapped in Filigree of silver have to do with our business here in our thoughts and investigations in these coming pages?
Search on and we will surely find out and discover together as we look at the scenes that play out before us. Together we will in our mind’s eye trace the steps of Ahmed Abdul Hittite, the Bakers son of Aleppo. He who was sent abroad again to seek refuge for the secret of his Guild to be perpetuated in a Bond millennia Old and passed down from Father to Son. His story, along with the Secrets of the precious alchemy from which his family had sustained Egyptian Pharaohs through to the Palace in Damascus of President Assad. A lineage that had served; Sultans, Pashas and great Kings and Queens of yore in the Cradle of civilisation.
We travel through Damascus even before Abraham had Spoken of Gods word, Already ancient when Jesus Christ Was a Boy and Older Still when the prophet Mohammed Received the Holy Quran. For Abdul’s mission and secret recipe was the secret of Dough , the Sacred Dough of Aleppo from which all Leavened Bread had been exported as an Idea and a Method , yet only the Hittite Sour Dough of the Hittite Bakery of Aleppo was the true source and substance of the Greatest most sacred and honored Starter, the eminence and fountainhead of The Bakers Craft, tied to antiquity and bound to the most Trusted and to a Brotherhood of world Wide civilisation.
Where there was Trade, there was Counting to be done and accounts to be settled. Where farmers toiled and there were offers to treat, where merchants would Seal their Bargains with the breaking of Bread and the Dipping of Bread in Salt and where the secrets of the alchemies of Commerce were held deepest and closest the Hittite bread would serve to mark, The Conquest of Dough.Where all could bake and break bread hewn from the earth of Mother nature’s bounty, the true source of the wealth of man in nature.

Chapter 2.

The Last Bakery in Aleppo.

Abdul looks at the space where his father’s head once sat upon his broad shoulders, the words his father had just spoke rung in his ears and he held in his hands a Jar Covered in Silver Filigree through which glistened the golden sheath. Concealed and protected within, be an ancient Glass vessel held, beneath a Lid of fine ornamented bejewelled blue lapis lazuli blue glass that shimmered as the Mediterranean sea off the beaches of the Mediterranean Sea. Within this sacred Vessel was the most sacred of ceremonial Doughs, the most secretly and jealously guarded of all Aleppo’s secrets. More jealously protected down generations of his family more so than the Codex of Aleppo’s Central Synagogue the Site of the Cave of Elijah. This was history and the key to the sustenance of generations a direct line back to before history began, a starter dough born of the first undomesticated grains and the Yeast from the air breathed by the first civilisations of sedentary populations. These were the grains which formed the metrics for measurements from which the noble science of metrology sprang. The grains which defined the weights and measures of rations for the slaves of Pharaohs and the origins of all measurements from which all science and mathematics became codified. The Grains that made this dough produced the sugars and the carbohydrates that nourished the bodies and fueled the thoughts of the mothers of all invention. In his hands, Abdul’s held a link back to the beginning of all that we know, and all that we take for granted. And now it fell for him to take the Holy Sour Dough to a safe place, far away, over many seas and lands to make good and redeem promises made long ago between contracting parties whose promises were sealed in blood and sacrifice and whose code had spread to the four corners of the world. Secrets now bleeding from the severed head of his Father yet locked still in the mind of His son who stood momentarily shocked.
He heard voices, The White Helmets, the mercenary army of the Black orders of usury, the challengers’ of the nobility of the dough.

An interrogation, a blast of machine gun fire, screams, more interrogations,

Abdul knew he must move fast through the route known to his elite class of baker; to flee again the tumult that Aleppo had become. Fleeing a war about Monetary Hegemony and a war about Vested interests in the monopoly supply of necessities. They were looking for what he held in his hands the truth of Mans wealth and debt to agriculture and the universal access to and the production of Bread. The White helmets were closing in he knew he must say his goodbyes and hold on to his grieving for later and hold onto the Vessel in his hands even tighter the freedom of Good and the freedom of all Men of all the holy books depended on his reaching the place of safety. Abdul Knew he must retrace the route of civilisation and trade and ensure that the Dough of Life be spread again to the four corners of Humanity. For as the Middle East burned and as the Powers of Finance Capital and Usury sought to extinguish the knowledge of Dough , the Brotherhood of bakers knew that as long as the idea of self-sufficiency and the Breaking of freshly baked bread lived, the Global domination of the means of sustenance and trade would always evade that Blackhearted breed of Man who would see orphans starve rather than yield control of the destinies of Nations and relinquish their grip over and offence to  the nobility of populations.

He turned and ran.
As the White Helmut Leader rounded the Corner to the courtyard of the last Bakery in Aleppo, so Abdul had vanished, as elusive as the fresh odour of newly baked bread invisibly seduces the senses, so Abdul had evaporated

the white Helmut cried out.
“Damn, there’s the old guy, where’s the son? Damn it!”

He lifted the radio transmitter to his Mouth.

“White leader to Carrier Group One, Target on the run, Mission failed, advise telling Langley to alert Drone strike force to seek and destroy. Repeat Target at large, Advise arm Drones and seek and destroy, civilians expendable The Target is at large.”

In a fit of Rage the White helmet turned and pointed his M17 at the corpse of Abdul’s father, emptied the magazine into the Still warm and not yet stiff corpse,

“damn you, Fucking Rag headed animal.”

A picture of democracy early one morning in the last bakery in Aleppo,
this is where our story and Abdul’s Journey Begins.

This Web Site is integral to the Creative Process.

Globalisation Un-Entangled. (A FOUND POEM, CIPHER OF GLOBALISM )

A TRILOGY IN FOUR PARTS.

USURY HELL´S FUEL MANS OPPRESSOR

BOURGOISE RESOLUTION AND 

GLOBALISATION UN ENTANGLED.

In Consensus the three Voices resolve and entreat your contribution dear reader for a fourth part, shall we harmonise.




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 “Ages ago,” Urthred continued, “we certainly used to speak
languages.



Globalisation Un-Entangled.


”The reader of Pope, as of every author, is advised to begin by letting him say what he has to say, in his own manner to an open mind that seeks only to receive the impressions which the writer wishes to convey. First let the mind and spirit of the writer come into free, full contact with the mind and spirit of the reader, whose attitude at the first reading should be simply receptive. Such reading is the condition precedent to all true judgment of a writer’s work. All criticism that is not so grounded spreads as fog over a poet’s page. Read, reader, for yourself, without once pausing to remember what you have been told to think´´.
Henry Morley.
the idea before it was clothed in words
heard in minds, as uttered thought
the communication of arranged ideas
Thoughts lifting mist from the poet´s page.
To set the stage, not in the round
but, to see the scene in the sphere
Which actors will the playwright lay
on the page´s narrative to steer.

Money does not initiate Economic activity, in all cases, it is an intermediary token or rain check

“Money is created in advance of us creating real stuff to buy”
I think this is the potential source of some confusion, money does not initiate Economic activity in all cases it is an intermediary token or rain check which has profound effects on social relations and commerce between individuals and nations but is a mere Idea and can be anything we imagine it to be.
Energy, on the other hand, is something which can be harnessed and accessed in the complete absence of Money or debt.We are limited by Physical Resources and Natural Boundaries, Money and Debt are only limiting by choice or as Aristotle put it.
“Money was intended to be used in exchange, but not to increase at interest. And this term interest, which means the birth of money from money, is applied to the breeding of money because the offspring resembles the parent. Wherefore of all modes of getting wealth this is the most unnatural”
Book I, 1258b.4
Nomisma (Greek: νόμισμα) was the ancient Greek word for “money” and is derived from nomos (νόμος) “anything assigned, a usage, custom, law, ordinance”.[1]
“….but money has become by convention a sort of representative of demand; this is why it has the name ‘money’ (nomisma)-because it exists not by nature but by law (nomos) and it is in our power to change it and make it useless.” Aristotle, Nicomachean Ethics [1133b 1].[2]
In modern Greek, the word nomisma means “currency”,[3] It is also a term used by numismatists when referring to the pieces of money or coin in the plural nomismata an example of which is the Aes rude of Numa Pompilius (the 2nd King of Rome).[4]
I think that what the EROI Cliff shows us is that we can make sensible energy investment choices and achieve a steady state Political Economy of Abundance, the main restraints are actually psychological and status based for which I recommend close study of the Pigou Dalton Principle.
https://en.wikipedia.org/wiki/Pigou%E2%80%93Dalton_principle
https://www.ophi.org.uk/wp-content/uploads/Dalton-1920.pdf
If you dig into Pigou and Dalton their insight is that Status and Hierarchy and maintaining peoples illusions as to their place in the social pecking order are rather more important to getting a consensus to distribution of the wealth of the society than are levels of income or disposable income and therefore absolute levels of taxation Quite apart from the fact that Taxation has nothing to do with Spending of necessity it is though a convenient political myth.
To Wit
Beardsley Ruml.
http://letthemconfectsweeterlies.blogspot.se/2017/05/taxation-for-revenue-is-obsolete.html
Hi Rob,
When I first read this, I had not realised this was a re-blog and then after reading the full piece I posted a more detailed comment on Tim Morgans Blog.
If we take your Last Sentence that “We” are in a severe state of overshoot. I would argue that “We” are not all in this together. The current Debt Based money system is very much a Them and Us dynamic and the Myths of Scarcity are very important to support the idea of Debt and the owners and controllers of the Debt through Interest (Usury).
Whilst Fractional Reserve banking has had some purpose in the overall banking mythology, under FIAT money systems including those notionally based upon Gold stories explaining Fractional Reserve Banking have been lacking in real exemplars, charitably they are always honoured more in the breach than the observance.
To move to an Energy-Based system of priorities rather than a debt based money system of priorities in Political Economy. An analysis of Both systems needs to be clearly based on an agreed understanding of how each would operate in the model we adopt to represent our understanding of each system.
Tim does look at stripping out Borrowed money for consumption from the Total US Debt increase, but the problem with Debt Based money is that All money even that earned and then spent on consumption is Borrowed into existence, the problem with Debt Based money is the Usury and the uncreated money when the money is borrowed into existence and not so much the privilege of seigniorage accruing to the creator of the deposit.
Another question regarding who can achieve prosperity is part of this prioritisation question, Tim posits a re-distribution scenario where the Rich are somehow sacrificing their Hard won riches to the Less well off, I think that Helmuth Kreutz shows quite well that unearned interest accruing to the wealthy is the process by which most differential wealth leading to huge inequality stems from, this is a derivation of the Exorbitant privilege on Monetary hegemony and the biggest obstacle to Energy-Based metrics of political economy are the social control aspects of the current debt based system.
”The monetary and financial system of an economy are part of the socio-politico-economic control mechanism used by every state to connect the economy with the polity and society. This neural network provides the administrative means to collect taxes, direct investment, provide public goods, trade. The money measures provide a crude but serviceable basis for the accounting system which in turn, along with the codification of commercial law and financial regulation are the basis for economic evaluation and the measurement of trust and fiduciary responsibility among the economic agents. A central feature of a control mechanism is that it is designed to influence process. Dynamics is its natural domain. Equilibrium is not the prime concern, the ability to control the direction of motion is what counts.
Money and financial institutions provide the command and control system of a modern society. The study of the mechanism, how they are formed, how they are controlled and manipulated and how their influence is measured in terms of social, political, and economic purpose pose questions, not in pure economics, not even in a narrow political economy, but in the broad compass of a political economy set in the context of society. ”
Martin Shubik
Here is a blog of my more detailed comment on Tims Blog, I intend to give it some more serious thought for a few days and jot down a note of the further questions which occur to me.
http://letthemconfectsweeterlies.blogspot.se/2017/09/energy-economics-miixing-debt-apples.html
Like
  1. The benefit of a fractional reserve system is that it makes credit abundant by borrowing from the future so we can enjoy something today rather than waiting until we have saved enough surplus.
    The problem with a fractional reserve system is that it requires infinite growth which is not possible on a finite planet.
    Another potential problem, which you appear to be focussed on, is that with inadequate taxation and social policies a fractional reserve system can result in a wealth inequality gap that causes social unrest. This problem is magnified with low interest rates as we have seen over the last decade.
    Economic growth is an interesting topic because almost everyone wants it, but very few people understand why it is important, nor why it cannot continue.
    Like
    1. Hi Rob,
      The Debt based money system needs growth not to collapse, the reason for this is that only the principal debt is created and not the interest, if More debt is not taken on as debts fall due there is not enough money in the system to pay the interest. Bernard Leitaer explains the way it works in his parable of the 11th round.
      http://www.lietaer.com/2010/09/the-story-of-the-11th-round/
      I will read your essay properly later, I am familiar with Bartlett’s famous lecture and the Exponential Function.
      Carol Quigley understood the distinction evidenced in this quote from Tragedy and Hope.
      ”Thus, clearly, money and goods are not the same thing but are, on the contrary,
      exactly opposite things. Most confusion in economic thinking arises from a failure to
      recognize this fact. Goods are wealth which you have, while money is a claim on wealth which you do not have. Thus goods are an asset; money is a debt. If goods are wealth; money is not wealth, or negative wealth, or even anti-wealth. They always behave in opposite ways, just as they usually move in opposite directions. If the value of one goes up, the value of the other goes down, and in the same proportion.”
      Quigley Tragedy and hope.
      On the question of Growth, What is Growth? GDP growth, Growth in National Well being etc. Energy Returned on Energy Invested is a hugely important measure in pursuing it I think any Borrowings from the old Debt based money system should be resisted.
      an energy Based Monetary Unit, free of Usury.
      Introduction to Technocracy – 1933

      discussions — of ‘value,’ of fluctuating prices, of the gold standard, of changing interest rates, of items of pecuniary wealth which are at the same time items of debt — are
      merely discussions looking toward a readjustment of the factors which prevent them
      The problem of analysing political choices against the metric of a Monetary measure is the Money as a Thing is most certainly a Variable and as any good technologist, scientist or metrologist will tell you a unit of measurement has to be clearly defined and fixed.
      The dollar. He notes that it is a variable. Why anyone should attempt, on this earth, to use a
      variable as a measuring rod is so utterly absurd that he dismisses any serious
      consideration of its use in his study of what should be done.
      He also considers ‘price’ and ‘value’ and the fine- spun theories of philosophers and
      economists who have attempted to surround these terms with the semblance of meaning.
      These terms, like the monetary unit, may have had meaning to men in the past but they
      mean nothing whatsoever to the modern technologist. The standard of measurement is
      not relevant to the things measured; and the measuring rod and the things, measured as if
      they were stable, are all variables.
      http://letthemconfectsweeterlies.blogspot.se/2017/08/conquestofdough-squaring-energy-food.html
      Like
      1. I understand the issues you raise but I do not understand the point you are trying to make. If you want to continue the conversation please restate your point in one sentence.
        Money does not initiate Economic activity, in all cases, it is an intermediary token or rain check which has profound effects on social relations and commerce between individuals and nations, but money is a mere Idea and can be anything we imagine it to be.
        I made a longer Comment awaiting moderation on your Essay post you linked to earlier.

Plasma Cosmology , Challenging Big Bang and Scientism in modern Physics and Climatology.

Moving towards an energy-based metric for Value Distribution systems away from a scarcity/debt based economic model of Capitalism and Usury is assisted with a little insight into dissenting views on Big Bang and Singularity conceptions of Quantum Mechanics.
Ideology does go to the root of Scientism attitudes towards Freewill or determinism. Deterministic World Views Favour Big Bang, Free WILL ARE MORE OPEN TO INFINITY CONCEPTIONS AND ABUNDANCE.
SO FAR IN AUGUST, I HAVE BEEN TYING TOGETHER THE THEMES WHICH TIE TOGETHER A FRAMEWORK FOR A WORLD VIEW WHICH REJECTS THE CURRENT ECONOMIC AND POLITICAL PARADIGMS.

The point regarding Quantum Mechanics and the Copenhagen Interpretation is that it is a consensus-based theory, not an empirical one.
By far the best introductory book on this question is by Swedens enfant terrible of Applied Mathematics Claes Olsson.
Download it here.

https://books.google.se/books?id=5kcdpa3Qhj8C&lpg=PP1&pg=PP1&redir_esc=y#v=onepage&q&f=false
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https://books.google.se/books?id=5kcdpa3Qhj8C&lpg=PP1&pg=PP1&output=embed
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Hannes Alfvén. Free Energy the Electronic Universe.

 

I have done a little bit of reading into Plasma Cosmology. I have been inspired by the writing of Maurice Cotteral and various writings about Nikola Tesla and have come across yesterday Hannes Alfvén a Swedish Plasma Physicist.

 

 

 

 

 

 

Cast Orson Welles as J. P. Morgan Petar Božović as Nikola Tesla Strother Martin as George Westinghouse Dennis Patrick as Thomas Edison Oja Kodar as Katharine Johnson Boris Buzančić as Robert Underwood Johnson Demeter Bitenc Vanja Drach Uploaded by OrsonWellesFan1985 September 5, 2010

Technocracy, Energy Based Economics, Howard Scotts St Pierre Hotel Speech and some Comments.

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http://letthemconfectsweeterlies.blogspot.se/2017/08/conquestofdough-squaring-energy-food.html

 

Economic theory has failed to incorporate the role of energy in production for two centuries since the Physiocrats. In this video I derive a production function that includes energy in an essential manner. It implies that economic growth has been driven by the increase in the energy throughput capabilities of machinery.

 

 

This lecture shows that the Physiocrats were the only school of thought to be consistent with the Laws of Thermodynamics in their model of production, and derives a production function in which energy plays an essential role.

This is the fifth of six lectures I recorded that I gave to the Exploring Economics Summer School (https://www.exploring-economics.org/e…) held just outside the city of Erfurt in southern Germany (I recorded all but the second lecture).

 

 
 
In 1945, Ruml made a famous speech to the ABA, asserting that since the end of the gold standard, “Taxes for Revenue are Obsolete”. The real purposes of taxes were: to “stabilize the purchasing power of the dollar”, to “express public policy in the distribution of wealth and of income”, “in subsidizing or in penalizing various industries and economic groups” and to “isolate and assess directly the costs of certain national benefits, such as highways and social security”. This is seen as a forerunner of functional finance or chartalism.

http://letthemconfectsweeterlies.blogspot.se/2017/05/taxation-for-revenue-is-obsolete.html

 
 
Howard Scott (April 1, 1890 – January 1, 1970) was an American engineer and founder of the Technocracy movement. He formed the Technical Alliance and Technocracy Incorporated.[1]

https://en.wikipedia.org/wiki/Howard_Scottc

As an Economic Analysis, I think the technocracy analysis of Debt based money being unable to deal with the Modern Abundance produced by  Dense energy production methods is a very good one.

James Corbett of the Corbett report made this video which highlights his concerns about the possible dark motivations behind technocracy, makeup your own mind. At the seat of the question is Can Capitalism function without Debt/Usury?
.

Exposing the Dark Agenda Behind the “Resource-Based Economy”

 
24/7 surveillance. Smart grid controls. Carbon rationing. Today we talk to “Technocracy Rising” author Patrick Wood about the hidden history of technocracy, the dark plan for a resource-based economy that is being pushed by the Trilateral Commission, the UN, and other globalist institutions in order to bring about a completely managed, controlled and regulated society.
 
Steve Keen has been writing on Economics and Entropy/ Thermodynamics lately and It was His latest Videos which made me want to re visit Technocracy, the 1933 Book produced by Howard  Scott and the Technocracy organization I have read several times over the past few years.
 
TechnocracyNow
Slide Show of Howard Scott Photos taken from Technocracy You Tube Channel which has the Same Speech processed by Text recognition software.( SIRI, or similar).
Published on 30 Apr 2011
 
 
 
“So today the operation of our control mechanism, the control measures that must and will be adopted are those that most nearly conform to the technological operating requirements of that mechanism.
 
These requirements can only be known by those who are intimately familiar with the technical details of that mechanism, our technically trained personnel ; – though prior to there being a general recognition of this fact we expect to witness performances on the part of our educators, economists, and sociologists, lawyers, politicians, and businessmen that will parallel the performances of all the witch doctors of preceding ages.” – Technocracy Study Course
 
Category
Science & Technology
Licence
Standard YouTube Licence
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#ConquestofDough Squaring the Energy, Food, Production, Usury circle.

Towards an energy Based Monetary Unit, free of Usury.

Introduction to Technocracy – 1933

https://archive.org/details/introductiontotec00tech

discussions — of ‘value,’ of fluctuating prices, of the gold standard, of changing interest rates, of items of pecuniary wealth which are at the same time items of debt — are
merely discussions looking toward a readjustment of the factors which prevent them
The problem of analysing political choices against the metric of a Monetary measure is the Money as a Thing is most certainly a Variable and as any good technologist, scientist or metrologist will tell you a unit of measurement has to be clearly defined and fixed.
The dollar. He notes that it is a variable. Why anyone should attempt, on this earth, to use a
variable as a measuring rod is so utterly absurd that he dismisses any serious
consideration of its use in his study of what should be done.
He also considers ‘price’ and ‘value’ and the fine- spun theories of philosophers and
economists who have attempted to surround these terms with the semblance of meaning.
These terms, like the monetary unit, may have had meaning to men in the past but they
mean nothing whatsoever to the modern technologist. The standard of measurement is
not relevant to the things measured; and the measuring rod and the things, measured as if

they were stable, are all variables.

Incor­po­rat­ing energy into pro­duc­tion func­tions

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In my last post on my Debt­watch blog, I fin­ished by say­ing that the Phys­iocrats were the only School of eco­nom­ics to prop­erly con­sider the role of energy in pro­duc­tion. They ascribed it solely to agri­cul­ture exploit­ing the free energy of the Sun, and specif­i­cally to land, which absorbed this free energy and stored it in agri­cul­tural prod­ucts. As Richard Can­til­lon put it in 1730:
The Land is the Source or Mat­ter from whence all Wealth is pro­duced. The Labour of man is the Form which pro­duces it: and Wealth in itself is noth­ing but the Main­te­nance, Con­ve­nien­cies, and Super­fluities of Life. (Can­til­lon, Essai sur la Nature du Com­merce in Général (Essay on the Nature of Trade in Gen­eral)
Quesnay’s famous but neglected “Tableau Economique” there­fore described the agri­cul­tural sec­tor as “the pro­duc­tive sec­tor” and man­u­fac­tur­ing as “sterile”—see Fig­ure 1.
Fig­ure 1: Quesnay’s “Tableau Economique”, first drafted in 1759, two decades before Watt’s steam engine
This was a jus­ti­fied asser­tion at the time, given that the Phys­iocrats wrote before the Indus­trial Revolution—and in par­tic­u­lar the wide­spread exploita­tion in man­u­fac­tur­ing of stored solar energy in fos­sil fuels– and orig­i­nated in France, which was then over­whelm­ingly a rural nation.
Smith, who was influ­enced by the Phys­iocrats and wrote in Britain when indus­try was start­ing to exploit fos­sil fuels(specif­i­cally coal) on a grand scale, could have cor­rected this over­sight. But rather than fol­low­ing the Phys­iocrats’ lead on energy, Smith instead saw labour—not energy—as the font of wealth (which he described in the same terms as Can­til­lon: the “con­ve­nien­cies of life”), and ascribed the increase in pro­duc­tiv­ity over time to “the divi­sion of labour”:
The annual labour of every nation is the fund which orig­i­nally sup­plies it with all the nec­es­saries and con­ve­nien­cies of life which it annu­ally con­sumes, and which con­sist always either in the imme­di­ate pro­duce of that labour, or in what is pur­chased with that pro­duce from other nations…
The great­est improve­ment in the pro­duc­tive pow­ers of labour, and the greater part of the skill, dex­ter­ity, and judg­ment with which it is any­where directed, or applied, seem to have been the effects of the divi­sion of labour. (Smith 1776, An Inquiry into the Nature and Causes of the Wealth of Nations)
Eco­nom­ics thus lost the Phys­iocrats’ focus on energy, and instead descended first into the “Labour the­ory of value” and then into the Neo­clas­si­cal (and Post Key­ne­sian) notions of “pro­duc­tion func­tions” in which energy played no role at all.
rogerglewis
August 17, 2017 at 12:01 pm
Your comment is awaiting moderation.
Solar Breeders are an interesting question regarding renewables. Thorium Nuclear is also an interesting question.
Pricing in Energy and not Cost of money ( Internal Rates of return vis cost of capital is not a new Thing.
Soddy was alive to it and it figures in the 1932 book Technocracy.
EROEI under rapid growth[edit]
A related recent concern is energy cannibalism where energy technologies can have a limited growth rate if climate neutrality is demanded. Many energy technologies are capable of replacing significant volumes of fossil fuels and concomitant green house gas emissions. Unfortunately, neither the enormous scale of the current fossil fuel energy system nor the necessary growth rate of these technologies is well understood within the limits imposed by the net energy produced for a growing industry. This technical limitation is known as energy cannibalism and refers to an effect where rapid growth of an entire energy producing or energy efficiency industry creates a need for energy that uses (or cannibalizes) the energy of existing power plants or production plants.[37]
The solar breeder overcomes some of these problems. A solar breeder is a photovoltaic panel manufacturing plant which can be made energy-independent by using energy derived from its own roof using its own panels. Such a plant becomes not only energy self-sufficient but a major supplier of new energy, hence the name solar breeder. Research on the concept was conducted by Centre for Photovoltaic Engineering, University of New South Wales, Australia.[38][39] The reported investigation establishes certain mathematical relationships for the solar breeder which clearly indicate that a vast amount of net energy is available from such a plant for the indefinite future.[40] The solar module processing plant at Frederick, Maryland[41] was originally planned as such a solar breeder. In 2009 the Sahara Solar Breeder Project was proposed by the Science Council of Japan as a cooperation between Japan and Algeria with the highly ambitious goal of creating hundreds of GW of capacity within 30 years.[42] Theoretically, breeders of any kind can be developed. In practice, nuclear breeder reactors are the only large scale breeders that have been constructed as of 2014, with the 600 MWe BN-600 and 800 MWe BN-800 reactor, the two largest in operation.
On Criticism of DSGE Models, post before this excellent post and another real humdinger, I made these responses to an old Reddit discussion provoked by that Discourse. I agree A need for Pluralism is very much needed, would this extend to those of us who reject Usury in the fully Aristotlean sense?
http://letthemconfectsweeterlies.blogspot.se/2017/08/economic-models-and-political-economy.html

 

Roger Lewis 

https://en.wikipedia.org/wiki/Thermoeconomics This is all very admirable, the field has existed in Environmental Economics for some time. Manfreed Neef is worth a look. https://www.youtube.com/watch?v=3uHSkgCg_yY
P.s, I am not a big fan of the sophistry approach to Patreon. It is not a good way to encourage an Economics Commons, another contradiction of Capitalist apologists.
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A Johnson 

pretty sure the model does not include the energy use per head in the countries that actually produced what we used, and fractionated it for the energy use that went to domestic market, and the export market, and the cost to deliver goods across an ocean, truck them to stores, and into the hands of final consumers. And since the earth is a closed loop, we should count the energy cost of post-consumer recycling, and taking refuse to the landfill.

Reply  

Michael Powell 

extremely interesting and beautifully elegant implementation. my profs always waved away A which was the interesting part of the story of production! i will be sure to send this on
Reply  

 

 


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The Paper Aristocracy, From William 111 to the Present Day. William Cobbett against Gold!

https://members.wetube.io/embed/88755a8e5a955f19628ba500db858f25f4551f15

Billions of citizens around the world are suffering because of an “elaborate fiction” we all bought into… An interesting and practical solution is presented too:

 

 

“How Our Money System Creates Inequality (And What We Can Do About It)” uses humor to expose…
YOUTUBE.COM

 

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Marc Gauvin

Marc Gauvin Ruby Mutual Credit (passive money systems) is certainly the way we should be doing money and we should promote it, but as long as the current misrepresentation of money (non passive money) continues to be assumed legal, Mutual Credit systems will do nothing to change the predominate system or counter its effects.

Besides, Bernard Lietaer’s remark is revealing ” there is an infinity of things to be done ….DON’T EXPECT TO BE PAID FOR IT IN NATIONAL MONEY!” 

What he is saying, is that if you need national money you won’t get it. So he proposes creating a new alternative “passive” money system to compete with national currencies? But if everyone is in debt to the conventional non passive money system with those growing and compounding debts being assumed legal and therefore enforced by the full physical force of the law, when, how many and in which conditions will people stop putting their energies into the conventional system to migrate to mutual credit? Never in time to stop the current transfer of the DEEDS to almost ALL the world’s wealth to a small number of people at which point it will be too late to stop the complete collapse of society. 

What other solution do we have? 

https://www.moneytransparency.com/msta-summary

 

 

MSTA Summary A project to empower through understanding the facts of money’s misrepresentation.…
MONEYTRANSPARENCY.COM

 

 

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Roger Lewis

Roger Lewis I started reading the comments on You Tube Ruby.
62000 views and the comments are sadly run through with cynicism and pessimism.
The present system does not work, can the present system be redeemed?

The point the video makes which Is, one I think that escapes many peoples first intuition is that Debt and Money are but an idea. It is also an idea which has lots of Variable expressions and functions. Measuring by Monetary measures is a slippery concept placed upon the imaginary concept at the root of the question.
How do we resolve the question? all systems of political economy are idealistic constructs which are either, sold to the populace or imposed upon them. At the root again of this question is what are the choices and who is making them. This question is postulated by James Harrington in his Book the Commonwealth of Oceana from 1656 https://en.wikipedia.org/wiki/The_Commonwealth_of_Oceana.
In Our own country, the Debate goes back to William the third and the establishment of the monopoly of the Bank of England.
I have been very deeply engrossed in the Pamphlets surrounding the issues raised by the Dissidents in the English Civil War and the later Luddite rebellion and what is called the last revolution in England the Pentrich Uprising.
https://en.wikipedia.org/wiki/Pentrich_rising
I was offended by this statement in Wikipedia.
“” They were lightly armed with pikes, scythes and a few guns, which had been hidden in a quarry in Wingfield Park, and had a set of rather unfocused revolutionary demands, including the wiping out of the National Debt.[1]”
It is true they were lightly armed but it is not true that their grievances were “Unfocused, revolutionary demands”

The Bumper sticker of their demands was the End of the “National Debt and a Larger Loaf of Bread”.

The defendants own Solicitor ( Mr Cross) mentions two pamphlets in his address to the jury both by William Cobbett. pp. 198-199 
https://archive.org/stream/trialsjeremiahb00ludlgoog… 
Cobbets writing on Paper Money are extensive and This paper on Gold. Is a comprehensive discourse by him on his own thesis.
https://archive.org/details/cobbettspaperaga00cobbrich

Cobbett was a friend of Thomas Paine and fellow exile from persecution by the state.
http://oll.libertyfund.org/quotes/538

For the earlier Struggles of the Civil war and the un met demands of the ordinary people A World Turned upside down by Christoper Mills is well worth reading, This essay of his sets out the Framework of the larger book.
https://www.marxists.org/…/english-revolution/index.htm

Two more recent statements on Money and Banking from Quiggley and Shubik.

”The monetary and financial system of an economy are part of the socio-politico-economic control mechanism used by every state to connect the economy with the polity and society. This neural network provides the administrative means to collect taxes, direct investment, provide public goods, trade. The money measures provide a crude but serviceable basis for the accounting system which in turn, along with the codification of commercial law and financial regulation are the basis for economic evaluation and the measurement of trust and fiduciary responsibility among the economic agents. A central feature of a control mechanism is that it is designed to influence process. Dynamics is its natural domain. Equilibrium is not the prime concern, the ability to control the direction of motion is what counts.

Money and financial institutions provide the command and control system of a modern society. The study of the mechanism, how they are formed, how they are controlled and manipulated and how their influence is measured in terms of social, political, and economic purpose pose questions, not in pure economics, not even in a narrow political economy, but in the broad compass of a political economy set in the context of society. ”
Martin Shubik

Money and Goods Are Different

”Thus, clearly, money and goods are not the same thing but are, on the contrary,
exactly opposite things. Most confusion in economic thinking arises from a failure to
recognize this fact. Goods are wealth which you have, while money is a claim on wealth which you do not have. Thus goods are an asset; money is a debt. If goods are wealth; money is not wealth, or negative wealth, or even anti-wealth. They always behave in opposite ways, just as they usually move in opposite directions. If the value of one goes up, the value of the other goes down, and in the same proportion.”
Quigley Tragedy and hope.
http://letthemconfectsweeterlies.blogspot.se/…/usury…

My main criticism of Peter Josephs Analysis of History is that it is from an American Perspective and hence is infused with American Cultural common places. The Americans have their own particular view of the English revolution and the Enlightenment philosophy that arose from it and a different view of Puritanism, particularly Calvinism. 
The roots of these questions go back to pre-history, the zeitgeist movies do a good job of examining those questions. Meanwhile, we still have a mountain to climb looking at causes and not scapegoats, this is the same problem which Cobbett grapples with , for the powerful the victims are always to blame.

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Stiglitz, Tax Cuts and Trickle Down.

“Ceterum censeo Carthaginem esse delendam”, nihil sub sole novum. The UK the EUssr’s Carthage. #MayMustFall #WTOSOBeIt.

Profitless usurer, why dost thou useSo great a sum of sums, yet canst not live?For having traffic with thy self alone,Thou of thy self thy sweet self dost deceive:Then how when nature calls thee to be gone,What acceptable audit canst thou leave?

THE USURY ERROR

It would have been a major conceptual error to allow usury to be
charged on agricultural loans denominated in metals, especially if the
interest and principal was to be paid in metal. For one thing, metals are
“barren” – they have no powers of generation. Any interest paid in them
must originate from some other source or process, outside of the bor-
rower’s understanding or control. Money and power would concentrate
in the hands of lenders.

This structural flaw was alleviated by the central authority. Although
the Royal household was the largest lender and charger of interest, it
took decisive action to minimize the harmful effects of usury, by peri-
odically declaring agricultural debt forgiveness. It also set official prices
for valuing various farm commodities, in effect monetizing them.

“In the earliest city cultures every form of exchangeable goods could
be used as money,” Heichelheim reports, estimating that 12 to 20 such
commodities were monetized. He thought that price lists such as
Hammurabi’s price tables (and those of Sumer, and of Mesopotamia)
have been misinterpreted as price controls when they are really official
exchange rates of various commodities when used as money. 13

This meant that borrowers, depending on their harvest to repay
loans, wouldn’t be harmed by seasonal market supply and demand
forces, as the increased supply from their harvest tended to push market
prices lower. Thus the effect of monetizing these commodities was to set
minimum floor prices for them, when used to repay loans.

But the usury error struck in Europe, and by the time the practice of
usury reached Greece and Rome, over a millennia later, repayment and
interest of metallic loans for agriculture were being demanded in metal
or coinage. This practice was not sustainable, and as we shall see, it led
to horrendous societal problems wherever it occurred.

 

https://www.rt.com/shows/renegade-inc/379579-uk-finance-curse-suffer/

The Finance Curse

For many years, we’ve been told that finance is good and more finance is better. But it doesn’t seem everyone in the UK is sharing the benefits. On this program, we ask a very simple question – can a country suffer from a finance curse?
Host Ross Ashcroft is joined by City veteran David Buik and the man who coined the term Quantitative Easing, International Banking and Finance Professor Richard Werner.

THE GODS IN COUNCIL

Zeus. Hermes. Momus
Zeus. Now, gentlemen, enough of that muttering and whispering in corners. You complain that our banquets are thrown open to a number of undesirable persons. Very well: the Assembly has been convened for the purpose of dealing with this very point, and every one is at liberty to declare his sentiments openly, and bring what allegations he will.–Hermes, make formal proclamation to that effect
Her. All duly qualified divinities are hereby invited to address the Assembly on the subject of foreigners and immigrants. Mo. Have I your permission to speak, sir?
2Zeus. It is not needed; you have heard the proclamation.
Mo. I desire, then, to protest against the insufferable vanity of some among us who, not content with their own promotion to godhead, would introduce their dependants and underlings here as our equals. Sir, I shall express myself on this subject with that blunt sincerity which is inseparable from my character. I am known to the world as one whose unfettered tongue cannot refrain from speech in the presence of wrong-doing; as one who probes matters to the bottom, and says what he thinks, without concealment, without fear, and without scruple. My frankness is burdensome to the generality of Gods, who mistake it for censoriousness; I have been termed by such the Accuser General. But I shall none the less avail myself of the 3freedom accorded to me by the proclamation–and by your permission, sir–to speak my mind without reserve.–There are, I repeat it, many persons who, despite their mixed origin, have been admitted to our feasts and councils upon terms of
equality; and who, not satisfied with this, have brought hither their servants and satellites, and enrolled them among the Gods; and these menials now share in our rations and sacrifices without ever so much as paying the customary tax.
Zeus. These are riddles. Say what you mean in so many words, and let us have the names. Generalities of this kind can only give ground for random conjecture; they might apply to any one. You are a friend to sincerity: speak on, then, without hesitation
Mo. This is really most gratifying. Such encouragement is 4precisely what I should have expected of a king of your exalted spirit; I will mention the name. I refer, in fact, to Dionysus. Although the mother of this truly estimable demi-god was not only a mortal, but a barbarian, and his maternal grandfather a tradesman in Phoenicia, one Cadmus, it was thought necessary to confer immortality upon him. With his own conduct since that time, I am not concerned; I shall have nothing to say on the subject of his snood, his inebriety, or his manner of walking. You may all see him for yourselves: an effeminate, half-witted creature, reeking of strong liquor from the early hours of the day. But we are indebted to him for the presence of a whole tribe of his followers, whom he has introduced into our midst under the title of Gods. Such are Pan, Silenus, and the Satyrs; coarse persons, of frisky tendencies and eccentric appearance, drawn chiefly from the goat-herd class. The first-mentioned of these, besides being horned, has the hind-quarters of a goat, and his enormous beard is not unlike that of the same animal. Silenus is an old man with a bald head and a snub nose, who is generally to be seen riding on a donkey; he is of Lydian extraction. The Satyrs are Phrygians; they too are bald, and have pointed ears, and sprouting horns, like those of young kids. When I add that every one of these persons is provided with a tail, you will realize the extent of our obligation
5to Dionysus. And with these theological curiosities before their eyes, we wonder why it is that men think lightly of the Gods! I might have added that Dionysus has also brought us a couple of ladies: Ariadne is one, his mistress, whose crown is now set among the host of stars; the other is farmer Icarius’s daughter. And the cream of the jest is still to come: the dog, Erigone’s dog, must be translated too; the poor child would never be happy in Heaven without the sweet little pet! What can we call this but a drunken freak?
So much for Dionysus. I now proceed–
6Zeus. Now, Momus, I see what you are coming to: but you will kindly leave Asclepius and Heracles alone. Asclepius is a physician, and restores the sick; he is

More worth than many men.

[paragraph continues]And Heracles is my own son, and purchased his immortality with many toils. So not one word against either of them.
Mo. Very well, sir; as you wish, though I had something to say on that subject, too. You will excuse my remarking, at any rate, that they have something of a scorched appearance still. With reference to yourself, sir, a good deal might be said, if I could feel at liberty——
Zeus. Oh, as regards myself, you are,–perfectly at liberty. What, then, I am an interloper too, am I?
Mo. Worse than that, according to what they say in Crete: your tomb is there on view. Not that I believe them, any more than I believe that Aegium story, about your being a 7changeling. But there is one thing that I think ought to be made clear. You yourself, sir, have set us the example in loose conduct of this kind; it is you we have to thank–you and your terrestrial gallantries and your transformations–for the present mixed state of society. We are quite uneasy about it. You will be caught, some day, and sacrificed as a bull; or some goldsmith
will try his hand upon our gold-transmuted sire, and we shall have nothing to show for it but a bracelet, a necklace or a pair of earrings. The long and short of it is, that Heaven is simply swarming with these demi-gods of yours; there is no other word for it. It tickles a man considerably when he suddenly finds Heracles promoted to deity, and Eurystheus, his taskmaster, dead and buried, his tomb within easy distance of his slave’s temple; or again when he observes in Thebes that Dionysus is a God, but that God’s cousins, Pentheus, Actaeon, and Learchus, only mortals, and poor devils at that. You see, sir, ever since you gave the entrée to people of this 8sort, and turned your attention to the daughters of Earth, all the rest have followed suit; and the scandalous part of it is, that the Goddesses are just as bad as the Gods. Of the cases of Anchises, Tithonus, Endymion, Iasion, and others, I need say nothing; they are familiar to every one, and it would be tedious to expatiate further.
Zeus. Now I will have no reflections on Ganymede’s antecedents; I shall be very angry with you, if you hurt the boy’s feelings.
Mo. Ah; and out of consideration for him I suppose I must also abstain from any reference to the eagle, which is now a God like the rest of us, perches upon the royal sceptre, and may be expected at any moment to build his nest upon the head of Majesty?–Well, you must allow me Attis, Corybas, and 9Sabazius: by what contrivance, now, did they get here? and that Mede there, Mithras, with the candys and tiara? why, the fellow cannot speak Greek; if you pledge him, he does not know what you mean. The consequence is, that Scythians and Goths, observing their success, snap their fingers at us, and distribute divinity and immortality right and left; that was how the slave Zamolxis’s name slipped into our register. However, 10let that pass. But I should just like to ask that Egyptian
there–the dog-faced gentleman in the linen suit 1–who he is, and whether he proposes to establish his divinity by barking? And will the piebald bull yonder 2, from Memphis, explain what use he has for a temple, an oracle, or a priest? As for the ibises and monkeys and goats and worse absurdities that are bundled in upon us, goodness knows how, from Egypt, I am ashamed to speak of them; nor do I understand how you, gentlemen, can endure to see such creatures enjoying a prestige equal to or greater than your own.–And you yourself, sir, must surely find ram’s horns a great inconvenience?
11Zeus. Certainly, it is disgraceful the way these Egyptians go on. At the same time, Momus, there is an occult significance in most of these things; and it ill becomes you, who are not of the initiated, to ridicule them.
Mo. Oh, come now: a God is one thing, and a person with a dog’s head is another; I need no initiation to tell me that.
Zeus. Well, that will do for the Egyptians; time must be taken for the consideration of their case. Proceed to others.
12Mo. Trophonius and Amphilochus come next. The thought of the latter, in particular, causes my blood to boil: the father 3 is a matricide and an outcast, and the son, if you please, sets up for a prophet in Cilicia, and retails information–usually incorrect–to a believing public at the rate of twopence an oracle. That is how Apollo here has fallen into disrepute: it needs but a quack (and quacks are plentiful), a sprinkling of oil, and a garland or two, and an oracle may be had in these days wherever there is an altar or a stone pillar. Fever patients may now
be cured either at Olympia by the statue of Polydamas the athlete, or in Thasos by that of Theagenes. Hector receives sacrifice at Troy: Protesilaus just across the water on Chersonese. Ever since the number of Gods has thus multiplied, perjury and temple-robbery have been on the increase. In short, men do not care two straws about us; nor can I blame them.
That is all I have to say on the subject of bastards and new13 importations. But I have also observed with considerable amusement the introduction of various strange names, denoting persons who neither have nor could conceivably have any existence among us. Show me this Virtue of whom we hear so much; show me Nature, and Destiny, and Fortune, if they are anything more than unsubstantial names, the vain imaginings of some philosopher’s empty head. Yet these flimsy personifications have so far gained upon the weak intelligences of mankind, that not a man will now sacrifice to us, knowing that though he should present us with a myriad of hecatombs, Fortune will none the less work out that destiny which has been appointed for each man from the beginning. I should take it kindly of you, sir, if you would tell me whether you have ever seen Virtue or Fortune or Destiny anywhere? I know that you must have heard of them often enough, from the philosophers, unless your ears are deaf enough to be proof against their bawlings.
Much more might be said: but I forbear. I perceive that the public indignation has already risen to hissing point; especially in those quarters in which my plain truths have told home.
In conclusion, sir, I have drawn up a bill dealing with this 14subject; which, with your permission, I shall now read.
Zeus. Very well; some of your points are reasonable enough. We must put a check on these abuses, or they will get worse.
Mo.

On the seventh day of the month in the prytany of Zeus and the presidency of Posidon Apollo in the chair the following Bill introduced by Sleep was read by Momus son of Night before a true and lawful meeting of the Assembly whom Fortune direct.

Whereas numerous persons both Greeks and barbarians being in no way entitled to the franchise have by means unknown procured their names to be enrolled on our register filling the Heavens with false Gods troubling our banquets with a tumultuous rout of miscellaneous polyglot humanity and causing a deficiency in the supplies of ambrosia and nectar whereby the price of the latter commodity owing to increased consumption has risen to four pounds the half-pint:
And whereas the said persons have presumptuously forced themselves into the places of genuine and old-established deities and in contravention of law and custom have further claimed precedence of the same deities upon the Earth:
15It has seemed good to the Senate and People that an Assembly be convened upon Olympus at or about the time of the winter solstice for the purpose of electing a Commission of Inquiry the Commissioners to be duly-qualified Gods seven in number of whom three to be appointed from the most ancient Senate of Cronus and the remaining four from the twelve Gods of whom Zeus to be one and the said Commissioners shall before taking their seats swear by Styx according to the established form and Hermes shall summon by proclamation all such as claim admission to the Assembly to appear and bring with them sworn witnesses together with documentary proofs of their origin and all such persons shall successively appear before the Commissioners and the Commissioners after examination of their claims shall either declare them to be Gods or dismiss them to their own tombs and family vaults and if the Commissioners subsequently discover in Heaven any person so disqualified from entering such person shall be thrown into Tartarus
and further each God shall follow his own profession and no 16other and it shall not be lawful either for Athene to heal the sick or for Asclepius to deliver oracles or for Apollo to practise three professions at once but only one either prophecy or music or medicine according as he shall select and instructions shall be issued to 17philosophers forbidding them either to invent meaningless names or to talk nonsense about matters of which they know nothing and if a temple and sacrificial honours have already been accorded to 18any disqualified person his statue shall be thrown down and that of Zeus or Hera or Athene or other God substituted in its place and his city shall provide him with a tomb and set up a pillar in lieu of his altar and against any person refusing to appear before the Commissioners in accordance with the proclamation judgement shall be given by default.
That, gentlemen, is the Bill.
Zeus. And a very equitable one it is, Momus. All in favour 19of this Bill hold up their hands! Or no: our opponents are sure to be in a majority. You may all go away now, and when Hermes makes the proclamation, every one must come, bringing with him complete particulars and proofs, with his father’s and mother’s names, his tribe and clan, and the reason and circumstances of his deification. And any of you who fail to produce your proofs will find it is no use having great temples on the Earth, or passing there for Gods; that will not help you with the Commissioners.

 

Momus

 

Momus is the name men give your face,
The brag of its tone, like a long low steamboat whistle
Finding a way mid mist on a shoreland,
Where gray rocks let the salt water shatter spray Against horizons purple, silent.
Yes, Momus,
Men have flung your face in bronze
To gaze in gargoyle downward on a street-whirl of folk.
They were artists did this, shaped your sad mouth,
Gave you a tall forehead slanted with calm, broad wisdom;
All your lips to the corners and your cheeks to the high bones
Thrown over and through with a smile that forever wishes and wishes, purple, silent, fled from all the iron things of life, evaded like a sought bandit, gone into dreams, by God.
I wonder, Momus,
Whether shadows of the dead sit somewhere and look with deep laughter
On men who play in terrible earnest the old, known, solemn repetitions of history.
A droning monotone soft as sea laughter hovers from your kindliness of bronze,
You give me the human ease of a mountain peak, purple, silent;
Granite shoulders heaving above the earth curves,
Careless eye-witness of the spawning tides of men and women
Swarming always in a drift of millions to the dust of toil, the salt of tears,
And blood drops of undiminishing war.

The Secular Masque

Enter JANUS
JANUS
Chronos, Chronos, mend thy pace,
An hundred times the rolling sun
Around the radiant belt has run
In his revolving race.
Behold, behold, the goal in sight,
Spread thy fans, and wing thy flight.
Enter CHRONOS, with a scythe in his hand, and a great globe on his back, which he sets down at his entrance
CHRONOS
Weary, weary of my weight,
Let me, let me drop my freight,
And leave the world behind.
I could not bear
Another year
The load of human-kind.
Enter MOMUS Laughing
MOMUS
Ha! ha! ha! Ha! ha! ha! well hast thou done,
         To lay down thy pack,
         And lighten thy back.
The world was a fool, e’er since it begun,
And since neither Janus, nor Chronos, nor I,
         Can hinder the crimes,
         Or mend the bad times,
‘Tis better to laugh than to cry.
CHORUS OF ALL THREE
‘Tis better to laugh than to cry
JANUS
Since Momus comes to laugh below,
         Old Time begin the show,
That he may see, in every scene,
What changes in this age have been,
CHRONOS
Then Goddess of the silver bow begin.
Horns, or hunting-music within
DIANA
With horns and with hounds I waken the day,
And hie to my woodland walks away;
I tuck up my robe, and am buskin’d soon,
And tie to my forehead a waxing moon.
I course the fleet stag, unkennel the fox,
And chase the wild goats o’er summits of rocks,
With shouting and hooting we pierce thro’ the sky;
And Echo turns hunter, and doubles the cry.
CHORUS OF ALL
With shouting and hooting, we pierce through the sky,
And Echo turns hunter, and doubles the cry.
JANUS
Then our age was in its prime,
CHRONOS
Free from rage,
DIANA
—And free from crime.
MOMUS
A very merry, dancing, drinking,
Laughing, quaffing, and unthinking time.
CHORUS OF ALL
Then our age was in its prime,
Free from rage, and free from crime,
A very merry, dancing, drinking,
Laughing, quaffing, and unthinking time.
Dance of Diana’s attendants
MARS
Inspire the vocal brass, inspire;
The world is past its infant age:
         Arms and honour,
         Arms and honour,
Set the martial mind on fire,
And kindle manly rage.
Mars has look’d the sky to red;
And peace, the lazy good, is fled.
Plenty, peace, and pleasure fly;
         The sprightly green
In woodland-walks, no more is seen;
The sprightly green, has drunk the Tyrian dye.
CHORUS OF ALL
Plenty, peace, |&|c.
MARS
Sound the trumpet, beat the drum,
   Through all the world around;
Sound a reveille, sound, sound,
The warrior god is come.
CHORUS OF ALL
Sound the trumpet, |&|c.
MOMUS
Thy sword within the scabbard keep,
         And let mankind agree;
Better the world were fast asleep,
         Than kept awake by thee.
The fools are only thinner,
         With all our cost and care;
But neither side a winner,
         For things are as they were.
CHORUS OF ALL
The fools are only, |&|c.
Enter VENUS
VENUS
Calms appear, when storms are past;
Love will have his hour at last:
Nature is my kindly care;
Mars destroys, and I repair;
Take me, take me, while you may,
Venus comes not ev’ry day.
CHORUS OF ALL
Take her, take her, |&|c.
CHRONOS
The world was then so light,
I scarcely felt the weight;
Joy rul’d the day, and love the night.
But since the Queen of Pleasure left the ground,
         I faint, I lag,
         And feebly drag
The pond’rous Orb around.
All, all of a piece throughout;
pointing {}} to Diana {}}
MOMUS,
Thy chase had a beast in view;
to Mars
Thy wars brought nothing about;
to Venus
Thy lovers were all untrue.
JANUS
‘Tis well an old age is out,
And time to begin a new.
CHORUS OF ALL
All, all of a piece throughout;
Thy chase had a beast in view;
Thy wars brought nothing about;
Thy lovers were all untrue.
‘Tis well an old age is out,
And time to begin a new.
If you live in a certain section of reality, the world right now is witnessing a resurgence of liberalism and tolerance thanks to a select troupe of American and European leaders.
Hillary Clinton is leading “the resistance,” while Canadian prime minister Justin Trudeau and German chancellor Angela Merkel are on the front line fighting against encroaching right-wing barbarism. (Never mind, of course, that Merkel is a conservative who opposes gay marriage and has spent years bludgeoning Greece into poverty, and that Trudeau combines the energy policyof Donald Trump with the arms sale policy of Donald Trump.)
The latest recruit to this line-up of supposedly woke real-world Superfriends is French leader Emmanuel Macron, who in May beat Marine Le Pen, leader of the far-right (though, she will insist, no longer antisemitic) National Front, in the presidential election. Since then, Macron has been the object of liberal admiration the world over, with pundits and observers swooning at his courage for standing up to Trump and Vladimir Putin, as well rejecting Le Pen–style xenophobia.
Like Trudeau and Obama, Macron is young, handsome, and charismatic. And, as with Clinton (and particularly Trudeau), he has embraced symbolic shows of social liberalism while explicitly positioning himself as a roadblock against the far right. All of this has helped obscure the more disconcerting elements of his beliefs, particularly his staunch support for economic reforms that would shift France toward a more free-market model.
In this sense, we can think of Macron as an updated, French version of Bill Clinton and Tony Blair, with a dollop of the newer generation of triangulators. He’s consciously cast himself as the outsider who will break from politics as usual in defense of decency and democracy — and he’s done it all in the service of implementing a right-wing economic agenda.

 

123

https://hat4uk.wordpress.com/2017/07/25/brexit-why-a-split-eu-makes-a-british-grand-coalition-the-best-outcome-of-the-next-general-election/

 

Spot on John, I saw an interview on one of the BEEBs politics shows in which the idea of a coalition was floated, I forget which One, I will have a look and post it later if I find it. Anyway, the polarisation in Debate as you say based upon Ideological and not empirical reasons it was concluded meant it too risky politically for anyone to publicly sign up to the idea.
https://en.wikipedia.org/wiki/John_Bagot_Glubb
“XXI Civil dissensions
Another remarkable and unexpected
symptom of national decline is the intensi-
fication of internal political hatreds. One
would have expected that, when the survival
of the nation became precarious, political
factions would drop their rivalry and stand
shoulder-to-shoulder to save their country.
In the fourteenth century, the weakening
empire of Byzantium was threatened, and
indeed dominated, by the Ottoman Turks.
The situation was so serious that one would
have expected every subject of Byzantium to
abandon his personal interests and to stand
with his compatriots in a last desperate
attempt to save the country. The reverse
occurred. The Byzantines spent the last fifty
years of their history in fighting one another
in repeated civil wars, until the Ottomans
The Fate of Empires 13
moved in and administered the coup de
grâce.
Britain has been governed by an elected
parliament for many centuries. In former
years, however, the rival parties observed
many unwritten laws. Neither party wished
to eliminate the other. All the members
referred to one another as honourable
gentlemen. But such courtesies have now
lapsed. Booing, shouting and loud noises
have undermined the dignity of the House,
and angry exchanges are more frequent. We
are fortunate if these rivalries are fought out
in Parliament, but sometimes such hatreds
are carried into the streets, or into industry
in the form of strikes, demonstrations,
boycotts and similar activities. True to the
normal course followed by nations in
decline, internal differences are not
reconciled in an attempt to save the nation.
On the contrary, internal rivalries become
more acute, as the nation becomes weaker. ”
http://www.muslimphilosophy.com/ik/klf.htm#Intro
In the 14th century, a Muslim historian named Ibn Khaldun wrote about the pattern of history. Farmers would build irrigation systems supporting villages and towns. Later some warrior would bring these towns under his rule and form a united political entity, like a kingdom or an empire. Then a tribe of nomads would come along and conquer the kingdom, seize all the holdings and settle in their place and further expand the new empire. As time went by the nomads would assimilate and become soft city dwellers. Exactly the kind of people they had conquered and at this point, another tribe of nomads would come along and conquer them and take their empire. Conquest, consolidation, expansion, degeneration and conquest, this was the pattern of history.
And Also Quiggley has a similar analysis, in Tragedy and Hope of Stages of Empire.
The Big Question is how do we steer the current crop of self-interested and sub standard professional Politicians towards the interests of The Polity rather than narrow factional interests?
Glub is good on these questions. Social conservatism is not I think a Left Right thing, Political Correctness is a thing of the American Left, although the notions of Left and Right in the USA are quite alien to how we see them here in Europe.
A good read of Edmund Burkes Present discontents speech to parliament also addresses the point that without a rudder the quality of Captain is irrelevant.I suspect that the ECB, the Euro and Pecking orders beneath Petro Dollar Hegemony are key aspects of the factionalism between the politicians across all divides in the House of Commons, these are not Party Political but Ideological and around certain Friedmanite economic shibboleths.
Keep calling em as you see em, I for one think a Grand Coalition is a splendid idea. ( Would the grownups in Westminster please assert some authority! ( are there any?)
Sorry for the long Comment but I think Glubb is worth paying some attention to although I suspect he and I would disagree on the more abstract notions of human nature his notions of Public Service are I think sorely missed these days.

Narcissism of small differences

From Wikipedia, the free encyclopedia
The narcissism of small differences (Germander Narzissmus der kleinen Differenzen) is the thesis that it is precisely communities with adjoining territories and close relationships that engage in constant feuds and mutual ridicule because of hypersensitivity to details of differentiation.[1] The term was coined by Sigmund Freud in 1917, based on the earlier work of British anthropologist Ernest Crawley. In language differing only slightly from current psychoanalytic terminology, Crawley declared that each individual is separated from others by a taboo of personal isolation, a narcissism of minor differences.[2]

Usage[edit]

The term appeared in Civilization and Its Discontents (1929–30) in relation to the application of the inborn aggression in man to ethnic (and other) conflicts, a process still considered by Freud, at that point, as a convenient and relatively harmless satisfaction of the inclination to aggression.[3] For Lacanians, the concept clearly related to the sphere of the Imaginary: the narcissism of small differences, which situates envy as the decisive element in issues that involve narcissistic image.[4] American psychiatrist Glen O. Gabbard has suggested that Freud’s narcissism of small differences provides a framework to understand that in a loving relationship, there can be a need to find, and even exaggerate, differences in order to preserve a feeling of separateness and self.[5]
In terms of postmodernityconsumer culture has been seen as predicated on the narcissism of small differences to achieve a superficial sense of one’s own uniqueness, an ersatz sense of otherness which is only a mask for an underlying uniformity and sameness.[6] The phenomenon has been portrayed by the British comedy group Monty Python in their satirical 1979 film Life of Brian and by author Joan Didion in an essay (part of her 1968 book Slouching Towards Bethlehem) about Michael Laski, the founder of the Communist Party USA (Marxist–Leninist).[7]
Syncretism, Hybridity and Narcissism of Small Differences.
Ergo.
Ceterum censeo Carthaginem esse delendam
 
 

The Road to Serfdom, Directions from a Blind Man. ( I would not start from here?) Krugman, De-Long, Keen , Varafoukis.) Lietaer and Kreutz, Who He?

Looking at Serfdom there is a link to the excellent Wikipedia article to Brad De Longs Blog, he is I see from Wikipedia reckoned to be the 754th most influential economist in the World, He is a Professor at Berkely, where no less than two of my Former Business Partners are also Tenured Professors, also in The Economics Priesthood.
According to Wikipedia, he is a self-proclaimed Neo Liberal?
(  https://en.wikipedia.org/wiki/J._Bradford_DeLong    )  , served under Clintons Economics chief Summers and whilst he seems a thoroughly nice and well meaning chap he has no Clue, certainly no wish to draw any attention to having any clue as to Money Creation, more precisely endogenous money creation. He recommends this following article as a must read. I have to say it is dire and I have also commented as such in a Reddit discussion put up on the article here.

https://www.reddit.com/r/CanadaPolitics/comments/6mput0/making_monetary_policy_great_again/

http://democracyjournal.org/magazine/45/making-monetary-policy-great-again/
FEATURES

Making Monetary Policy Great Again

The Great Recession exposed the weaknesses of orthodox central banking. Time for a regime change.
BY RYAN AVENT

  FROM SUMMER 2017, NO. 45 – 29 MIN READ

TAGGED DONALD TRUMPECONOMICSMONETARY POLICY

When Franklin Delano Roosevelt was elected President in 1932, America had been in depression for three full years. Roosevelt was a man with a mandate to fix the economy by any means necessary. Barack Obama was elected in the midst of the worst economic crisis since the Depression, yet his campaigns, against both Hillary Clinton and John McCain, were defined by other issues. Obama’s pitch to voters was not chiefly a promise to save and remake the economy.

This article is also on Brad De Longs Blog. I have to say it is completely illiterate of Money Creation and as such commits the Error of all the Main Stream Economist, in short, its best quality is in demonstrating how the blind are leading the Blind:

I Made these interactive Quizzes based upon the Positive Money Quiz By   David Faraday https://www.quiz-maker.com/QYMG3AR  and the money creation Survey of MP´s

https://www.quiz-maker.com/Q4FBT85  The degree of ignorance paraded constantly since the General Election and during by Both Tory and Labour MP´s is staggering.
What are we to do with the Wilful ignorance of the political, Media and Economics So called Elites.

http://letthemconfectsweeterlies.blogspot.se/2016/08/neo-liberalism-billy-no-mates-or-just.html

The Question of Money and how it is most definitely not neutral is the subject on my New Novel, The Conquest of Dough.
http://theconquestofdough.weebly.com/the-ingredients-of-political-economy.html

For Bradford De Long this from his Blog in 2003 is a re-deeming Jem if he would Take Leitaers Advice and look at the money question, one which Krugman warned the great Currency expert about See Video.

http://www.j-bradford-delong.net/movable_type/2003_archives/001447.html

May 10, 2003
The Causes of Slavery or Serfdom: A Hypothesis
Paul Krugman’s post, Serfs Up!, reminds me of one of my major sins this spring (for which I must atone): my cutting Evsey Domar (1970), “The Causes of Slavery or Serfdom: A Hypothesis,” Economic History Review 30:1 (March), pp. 18-32, from my spring 2003 Economics 210a reading list.
As Krugman summarizes Domar’s main point:
Domar was motivated by his knowledge of Russian history. Serfdom in Russia, he knew, wasn’t an institution that dated back to the Dark Ages. Instead, it was mainly a 16th-century creation, contemporaneous with the beginning of the great Russian expansion into the steppes. Why? He came up with a simple yet powerful insight: there’s no point in enslaving or enserfing a man unless the wage you would have to pay him if he was free is substantially above the cost of feeding, housing, and clothing him.
Imagine a pre-industrial society where population is pressing on limited land supplies, and the marginal product of labor – and hence the real wage rate under competitive conditions – is barely at subsistence. In that case, why bother establishing property rights in human beings? It costs no more to hire a free worker than to feed an indentured laborer. Indeed, by 1300 – with Europe very much a Malthusian society – serfdom had withered away from lack of interest. But now suppose that for some reason land becomes abundant, and labor scarce. Then competition among landowners will tend to push up wages of free workers, and the ruling class will try, if it can, to pin peasants down and prevent them from bargaining for a higher standard of living. In Russia, it was all about gunpowder: suddenly steppe nomads were no longer so formidable, and the rich lands of the Ukraine were open for settlement. Serfdom was an effort to keep peasants from taking advantage of this situation. (And if I’ve got it right, those who were venturesome enough to run away and set up outside the system became Cossacks.)
Meanwhile, the New World opened in the west. Sure enough, the colonizing powers tried various forms of indentured servitude – making serfs of the Indians in Spanish territories, bringing over indentured servants in Virginia. But eventually they hit on a better solution, from their point of view: importing slaves from Africa…
Domar’s contribution is truly one of the most effective and powerful pieces of synthetic social science I have ever read. It isn’t perfect. He has more predecessors than he realizes (Marx, for example, especially Marx’s observations on the Swan River Colony in Australia, and the whole section on primitive accumulation and the creation of agrarian capitalism in Britain). And Domar misses one big cause of serfdom and slavery. During the formation of the Roman Empire, in Poland at the end of the Middle Ages, and in the Caribbean islands during the early modern period, slavery and serfdom did not emerge because a high land-labor ratio meant that the ruling elite could not afford to bid for labor in a free labor market. Slavery and serfdom emerged, instead, because high demand for staple products (grain, sugar, tobacco…) greatly lowered the gap between the productivity of free and the productivity of bound workers. Staple production is easier for gang-bosses to monitor than more diversified farming. Staple production also has lower skill requirements for workers. When demand for staple products is very high–to feed the proletariat of imperial Rome, to feed the growing cities of late-Medieval Flanders, or to supply the cheap luxuries demanded by early modern England–slavery or serfdom can emerge even without an extraordinarily high land/labor ratio.

Serfdom is the status of many peasants under feudalism, specifically relating to manorialism. It was a condition of bondage, which developed primarily during the High Middle Ages in Europe and lasted in some countries until the mid-19th century.
Serfs who occupied a plot of land were required to work for the lord of the manor who owned that land. In return they were entitled to protection, justice, and the right to cultivate certain fields within the manor to maintain their own subsistence. Serfs were often required not only to work on the lord’s fields, but also in his mines and forests and to labor to maintain roads. The manor formed the basic unit of feudal society, and the lord of the manor and the villeins, and to a certain extent serfs, were bound legally: by taxation in the case of the former, and economically and socially in the latter.
The decline of serfdom in Western Europe has sometimes been attributed to the widespread plague epidemic of the Black Death, which reached Europe in 1347 and caused massive fatalities, disrupting society.[1] The decline had begun before that date. Serfdom became increasingly rare in most of Western Europe after the Renaissance. But, conversely it grew stronger in Central and Eastern Europe, where it had previously been less common (this phenomenon was known as “later serfdom”).
In Eastern Europe the institution persisted until the mid-19th century. In the Austrian Empire serfdom was abolished by the 1781 Serfdom Patentcorvée continued to exist until 1848. Serfdom was abolished in Russia in the 1860s.[2] In Finland, Norway and Sweden, feudalism was never fully established, and serfdom did not exist; however, serfdom-like institutions did exist in both Denmark (the stavnsbånd, from 1733 to 1788) and its vassal Iceland (the more restrictive vistarband, from 1490 until 1894).
According to Joseph R. Strayer, the concept of feudalism can also be applied to the societies of ancient Persia, ancient MesopotamiaEgypt (Sixth to Twelfth dynasty), Muslim India, China (Zhou dynasty and end of Han dynasty) and Japan during the Shogunate. James Lee and Cameron Campbell describe the Chinese Qing dynasty (1644–1912) as also maintaining a form of serfdom.[3]
Melvyn Goldstein described Tibet as having had serfdom until 1959,[4][5] but whether or not the Tibetan form of peasant tenancy that qualified as serfdom was widespread is contested by other scholars.[6][7] Bhutan is described by Tashi Wangchuk, a Bhutanese civil servant, as having officially abolished serfdom by 1959, but he believes that less than or about 10% of poor peasants were in copyhold situations.[8]
The United Nations 1956 Supplementary Convention on the Abolition of Slavery also prohibits serfdom as a form of slavery.

I noticed that my Comment pointing out the same Mallady, ( Blind Leading Blind) was published after moderation here,

The secret history of the banking crisis

It is a decade since the first tremors of what would become the Great Financial Crisis began to convulse global markets. Across the world from China and South Korea, to Ukraine, Greece, Brexit Britain and Trump’s America it has shaken our economy, our society and latterly our politics. Indeed, it has thrown into question who “we” are. It has triggered both a remarkable wave of nationalism and a deep questioning of social and economic inequalities. Politicians promise their voters that they will “take back control.” But the basic framework of globalisation remains intact, so far at least. And to keep the show on the road, networks of financial and monetary co-operation have been pulled tighter than ever before.

Roger G LewisJuly 16, 2017 at 11:15
“Banks borrow money short-term at low interest and lend long at marginally higher rates. It may sound precarious, but it is how they earn their living. In the conventional model, however, the short-term funding comes from deposits, from ordinary savers. Ordinarily, in a well-run bank, their withdrawals and deposits tend to cancel each other out. Fits of uncertainty and mass withdrawals are always possible, and perhaps even inevitable once in a while. So to prevent them turning into bank runs, governments offer guarantees up to a reasonable amount. Most of the Northern Rock depositors had little to fear. Their deposits were, like all other ordinary savers, guaranteed by then Chancellor Alistair Darling. The investors who weren’t covered by government backing were those who had provided Northern Rock with funding through a new and different channel—the wholesale money market. They had tens of billions at stake, and every reason to panic. It was the sudden withdrawal of this funding that actually killed Northern Rock.As well as taking in money from savers, banks can also borrow from other banks and other institutional investors. The money markets offer funds overnight, or for a matter of weeks or months. It is a fiercely competitive market with financial professionals on both sides of every trade. Margins are slim, but if the volumes are large there are profits to be made. For generations, this was the preserve of investment bankers—the ultimate insiders of the financial community. They didn’t bother with savers’ deposits. They borrowed in the money markets. From the 1990s commercial banks and mortgage lenders began to operate on a similar model. It was this new form of “market-based” banking combined with the famous securitisation of mortgages that enabled the huge expansion of European and US banking that began to crash in 2007.“

This aspect of the Article is completely flawed. Banks Create money by originating debt, that is by finding people who will sign debt contracts in return for offering security. The Bail Out funds Post 2008 and QE are based upon re defining the security or quality of the Security offered in support of those debt contracts. The commercial Banks moved their own goal posts with the full cooperation of the Central Banks and the Treasury departments of various Washington Consensus Governments, Chiefly The ECB, The Fed, Bank of England, Bank of Japan. with the Chinese and Russian Central Banks Going out in the cold and forming the BRICS Development Bank seeking to Head of a UNI Polar Dollar based World at the pass.The Accounting takes place after this initial money creation and the complex system of Central Bank Clearing is really a framework of Mexican standoffs where each player realises that they must not cross the others in a code of honour amongst thieves with of course Wall street and the dollar being first amongst equals?Without getting to the bottom of Bank Created Debt Based Money article such as these Let off the hook those they claim to be holding to account.

I also noticed that Varafoukis posted the review of his latest book by Tooze. It seems both Tooze and Varafoukis are similarly in need of a sharp talking to from Prof. Lietaer. Steve Keen is a Freind of Varafoukis and again has a strange aversion to talking about Usury as other priests of the Heterodox monetary school also have. I´m going back to Read some Kreutz, these elite sophists all stick together, Always Jam tomorrow, said, Alice?

https://www.yanisvaroufakis.eu/2017/07/02/adults-in-the-room-reviewed-by-adam-tooze-columbia-university/

Meanwhile,  Chapter 5 of Conquest of Dough still remains a turtles head in my literary trousers, mere skid marks to show for the past weeks reading

http://theconquestofdough.weebly.com/the-ingredients-of-political-economy.html

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