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into circulation, and thus banishing our cash". Alan Greenspan seized by its delusions and corruptions all the members of our referred to money debasement as "an insidious process".'” governments, general, special and individual". So, has it What these accounts all have in common is an attempt to distin- survived? guish legitimate from illegitimate banking practices, and the con- Griffin” summarises the strategy of the Jekyll Island colluders tents of this paper are designed to nail down that dichotomy even —_ who founded the Federal Reserve as "to convince Congress and further via mathematical precision. But they are also referring to _ the public that the establishment of a banking cartel was, some- a sort of "hidden alien force" that transcends the existing concep- how, a measure to protect the public". The plan was one of bait- tual boundaries of government and banking. switching, distraction, diversion, even deception: They warn of it as an almost indescribably dangerous phenome - 1. Do not call it a cartel nor even a central bank. non, almost an entity. Earlier in this paper [section not reprinted 2. Make it look like a government agency. here; Ed.] this was referred to as the "mechanisms, elements and 3. Establish regional branches to create the appearance of agendas capable of, and at times applying, money-energy extrac- decentralisation, not dominated by Wall Street banks. tion without consent of money-holders via concealment within the 4. Begin with a conservative structure including sound banking money system administration" that may reside in either govern- principles, knowing that the provisions can be quietly altered or ment or banking institutions. (To borrow Eisenhower's neologism removed in subsequent years. on the "military—industrial complex", call it the "government- 5. Use the anger caused by recent panics and bank failures to banking complex".) Along these lines, privately owned expansion create popular demand for monetary reform. was also concluded to be a leeching. 6. Offer the Jekyll Island plan as These accounts all converge to though it were in response to that need. describing parasitism. Hence, insight on . 7, Employ university professors to from biology on parasites becomes A parasite Is an organism give the plan the appearance of relevant and applicable. A parasite is that grows feeds and is academic approval. "an organism that grows, feeds and is ; 8. Speak out against the plan to con- sheltered on or in a different organism sheltered on or in a different vince the public that Wall Street while contributing nothing to the sur- organism while contributing bankers do not want it. vival of its host". The idea of parasitism in economics nothing to the survival What Griffin is describing is a stealth or society is millennia old (an alterna- of its host invasion by the money parasite into the tive meaning of "parasite" as "a pro- . government—banking complex host fessional dinner guest" dates to the body, based on subtle sabotage of its Greek era!), but historically was typi- social defence mechanisms via cally applied to people who refused or diversion, distraction and deception. evaded work. Zimmer" gives a colourful overview in his chapter, The integrity of legitimate banking and government institutions is "Nature's Criminals", that weaves from ancient to modern times debased exactly in parallel to the money itself. The quasi- with stops at Darwinism and even Nazism. The idea of wealth- government, quasi-bank netherworld duality serves as a subterfuge owners as parasites is a more recent invention. to evade the established checks and balances within either system. The standard form of worldwide fractional reserve banking is synonymous with privately owned money expansion. It is not Smoke and Mirrors, Sleight of Hand generally regarded as harmful; in fact, it is seen as intrinsic to the Joseph Stiglitz is the former Chief Economist for the World institution of banking. But by the prior mathematical findings, it Bank and International Monetary Fund (IMF). He resigned, or inequitably leeches money-energy from all citizens, taxpayers and __ was fired, from the World Bank in 1999 over his ideological dif- money-holders. Therefore, fundamentally, fractional reserve ferences. In 2001, he shared the Nobel Prize for Economics. banking is equivalent to economic parasitism. After disillusionment over the effects of the IMF's policies, he From the prior analysis, one immediate question is: how could __ went public that same year with scathing criticisms that reverber- a privately owned money expansion system possibly have been ated through the world's media. He outlined a four-step process erected? by which a developing country is ravaged by the influx of capital, As Griffin,'’ Mullins’® and many others have accused, the aided and abetted by the IMF. He described the process as Federal Reserve was erected surreptitiously, clandestinely and "squeezing the last drop of blood out of them". possibly even via subterfuge(s). Griffin refers to the Federal This case depicts an epic break in the status quo of economists.” Reserve as "The Creature from Jekyll Island", where the scheme = The IMF and World Bank can be compared to an international of its founding was hatched in collusion and strict secrecy in 1910 financial rescue agency—much like an economic "doctor". among the world's most powerful bankers of the time. The Stiglitz is asserting that its prescription is always for bloodletting "creature" is a parasite. Jefferson's "tribe of bank-mongers", via leeches. In a word, parasitism. Moreover, he rejected any Adams's "moneychangers", Lincoln's "money power", Garfield's supposed or purported fundamental rationality of the policy and "absolute master of all industry and commerce", Rothschild's concluded the ideological underpinnings were corrupt from of the few who can understand the system...so dependent inception. In other words, there was no legitimate economic on its favours", Greenspan's "welfare state" and Griffin's science behind the practices, or whatever existing economic "creature" are all simply describing the parasite attaching to the —_ justification used was a sham. As reporter Greg Palast writes:* host organism—the government banking complex—while Stiglitz has two concerns about the IMF/World Bank plans. evading its normal defence mechanisms such as open legislative First, he says because the plans are devised in secrecy and hearings, public review and debate, expert scrutiny, etc. driven by an absolutist ideology, never open for discourse or For purposes here, the hypothetical entity will now be called dissent, they "undermine democracy". Second, they don't "the money parasite". Jefferson warned in his time that "it has work... A parasite is "an organism that grows, feeds and is sheltered on or ina different “nothing to the survival of its host. Smoke and Mirrors, Sleight of Hand Joseph Stiglitz is the former Chief Economist for the World Bank and International Monetary Fund (IMF). He resigned, or was fired, from the World Bank in 1999 over his ideological dif- ferences. In 2001, he shared the Nobel Prize for Economics. After disillusionment over the effects of the IMF's policies, he went public that same year with scathing criticisms that reverber- ated through the world's media. He outlined a four-step process by which a developing country is ravaged by the influx of capital, aided and abetted by the IMF. He described the process as "squeezing the last drop of blood out of them".” This case depicts an epic break in the status quo of economists.” The IMF and World Bank can be compared to an international financial rescue agency—much like an economic "doctor". Stiglitz is asserting that its prescription is always for bloodletting via leeches. In a word, parasitism. Moreover, he rejected any supposed or purported fundamental rationality of the policy and concluded the ideological underpinnings were corrupt from inception. In other words, there was no legitimate economic science behind the practices, or whatever existing economic justification used was a sham. As reporter Greg Palast writes:* Stiglitz has two concerns about the IMF/World Bank plans. First, he says because the plans are devised in secrecy and driven by an absolutist ideology, never open for discourse or dissent, they "undermine democracy". Second, they don't work... APRIL — MAY 2004 NEXUS + 15 organism while contributing www.nexusmagazine.com