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Ultimately, what drove him to put his job on the line was the failure of the banks and US Treasury to change course when confronted with the crises, failures, and suffering per - petrated by their four-step monetarist mambo. Ultimately, what drove him to put his job on the line was Substitute "nation A, B" for "bank A, B", "national currencies" the failure of the banks and US Treasury to change course for "bank deposits", and this gives the theoretical background of a when confronted with the crises, failures, and suffering per - worldwide economic warfare technique. Moreover, if the losses petrated by their four-step monetarist mambo. are made up by taxpayers, it essentially becomes state financed. Bailouts may fail dangerously to address the core disease and Other examples of "dissension within the ranks" of economists maybe even unintentionally mask or promote it. are easily spotted. Friedman is one of the most vocal and influen- The analogy applies on international levels. Different nations tial economists who has focused on and been critical of monetary have currencies that are backed by their reserves. Nations become expansion policies.* He's also attempted to convey to the public analogous to individual banks in a larger world economy. the intrinsic relationship between monetary expansion and infla- Currency exchange rates are a measure of the leverage of one tion. His approach can be seen as a strong rejection of the currency against another. If a nation expands the circulation of its Keynesianism that dominated monetary policy in the first half of | own fractionally backed money outside its borders, this is totally the the 20th century. analogous to banks that increase circulation of their debased Strangely, even at the end of the "postmodern age" and dawn of —= money. This means that one nation can seize the assets of the 21st century, bulletproof principles for governing mass world —_ another, based on money manipulation. economies via an "economic science" still seem open to constant Now, note the basic parallel between a collapse of a bank due to debate, revision and reversal. a run, and mass failure or default of loans made by the bank. Suppose corrupt private bank C lends mass funds to an accom- ECONOMIC WARFARE plice D; then D defaults, but with kickbacks to C. The govern- Earlier it was observed that governments have historically ment bails out the "failed" loans of bank C. regarded counterfeiting as a treasonous These are extremely crucial, initially crime. Counterfeiting can destroy th " ; San inetit ti counterintuitive situations to observe. cis Comers or 0. | baie that banking insitutions are Suni sion och entire nation. It can be used as a more dangerous to our liberties than can be disguised weaponry for wag - mechanism of state sabotage, and it is standing armies. Already they have ing economic warfare against either even regarded as an act of war if raised up a monied aristocracy that domestic or foreign citizens and gov- advanced by one country on another. has set the government at defiance. ernments by a supranational piratical Widespread counterfeiting, lawless- The issui f houl cartel system independent of and ness and anarchy are sometimes the e Issuing power [o money] should inimical to all of them. historical progression of collapsing be taken away from the banks and Moreover, government-funded empires. Indeed, M. A. Rothschild restored to the people to whom it bank bailouts may have the asserted, "Let me issue and control a properly belongs." unintended effect of feeding the nation's money and I care not who money parasite. makes its laws". — Thomas Jefferson These are the money system By all the previous verbiage, the dif- analogues of infiltration of the ference between counterfeiting an government—banking complex's money issuance can be a very subtle matter—"razor sharp". For immune system. purposes here, we loosely define "economic warfare" state- Hence large-scale currency machinations, especially during sponsored counterfeiting used as a means of seizure of assets and "crisis situations" such as "currency swaps" tied with foreign establishing control over another country." money devaluations by the Federal Reserve, can be seen as The metaphor of "invisible slavery" was applied earlier to eco- weapons for waging mass worldwide economic warfare—the nomic parasitism. Economic warfare likewise can have the very invisible annexation of foreign assets. treacherous property of invisibility. If a nation's currency is being In 1970, the IMF created a new monetary unit called the SDR, counterfeited without detection, or assets seized and control lost or "Special Drawing Right". Griffin quotes author Dennis via an equivalent process, it seems equivalent to a means of wag- Turner:” ing invisible warfare. SDRs are turned into loans to Third World nations by the Now, suppose that two private banks, A and B, are competing creation of checking accounts in the commercial or central to extract money-energy from a given economy. Suppose that the banks of the member nations in the name of the debtor gov - owners of bank A manage to incite clandestinely a run on the ernments. These bank accounts are created out of thin air. reserves of bank B by its depositors, such as by spreading The IMF creates dollars, francs, pounds or other hard cur - rumours of collapse. Bank B fails, and its assets then may come rency and gives them to a Third World dictator, with inflation under the control of bank A. If undetected, bank A appears to resulting in the country where the currency originated... have successfully waged "economic warfare" against bank B by Inflation is caused in the industrialized nations while wealth attacking and seizing "economic territory". is transferred from the general public to the debtor country. Such attack is not necessarily limited to collapses. Bank B may And the debtor doesn't repay. not totally fail due to the run, but be significantly weakened from a decline in its reserves from withdrawals. The economic lever- Turner is simply describing the process of fractional reserve age of bank A is still commensurately increased. In a sense, bank _ banking as a tool for money parasitism used by the IMF on an B's money has been undermined from an economic oscillation. international scale. By definition, international money parasitism On a smaller scale, exactly the same principle is involved in wages economic warfare. But equivalently, such a situation can be numerous real, identified and illegal "pump-and-dump" stocktrad- regarded as a domestic invasion and subjugation by an invisible ing scams regularly investigated by the Securities Exchange —_ foreign army—from the host's perspective, the very definition of Commission. attack by a parasite. Other examples of "dissension within the ranks" of economists are easily spotted. Friedman is one of the most vocal and influen- tial economists who has focused on and been critical of monetary expansion policies.* He's also attempted to convey to the public the intrinsic relationship between monetary expansion and infla- tion. His approach can be seen as a strong rejection of the Keynesianism that dominated monetary policy in the first half of the the 20th century. Strangely, even at the end of the "postmodern age" and dawn of the 21st century, bulletproof principles for governing mass world economies via an "economic science" still seem open to constant debate, revision and reversal. "| believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a monied aristocracy that has set the government at defiance. The issuing power [of money] should be taken away from the banks and restored to the people to whom it properly belongs." Turner is simply describing the process of fractional reserve banking as a tool for money parasitism used by the IMF on an international scale. By definition, international money parasitism wages economic warfare. But equivalently, such a situation can be regarded as a domestic invasion and subjugation by an invisible foreign army—from the host's perspective, the very definition of attack by a parasite. 16 = NEXUS APRIL — MAY 2004 — Thomas Jefferson www.nexusmagazine.com