The Creature - Part II
Topic: My Story - How the free market system was hijacked
Most liberals think that capitalism and the free market system are evil and socialism is the answer. The only problem with that is, we haven’t seen true capitalism or the free market system operate the way it was intended to in almost a century. Let me explain why…
The art of manipulating the free market system:
The following is an excerp directly out of the book, The Creature from Jekyll Island…
“Our present-day problems within the savings and loan industry can be traced all the way back to the Great Depression of the 1930’s. At the time, Americans were becoming impressed by the theories of socialism and soon embraced the concept that it was proper for goverment to provide benefits for its citizens and to protect them against economic hardship.
Under the Hoover and Roosevelt administrations, new government agencies were established which purported to protect deposits in the Savings and Loans and to subsidize home mortgates for the middle class. These measures distorted the laws of supply and demand and, from that point forward, the housing industry was moved out of the free market and into the political arena.
Once the pattern of government intervention had been established, there began a long, unbroken series of federal rules and regulations that were the source of windfall profits for managers, appraisers, brokers, developers, and builders. They also weakened the industry by encouraging unsound business practices and high-risk investments.”
Think about that. The housing industry’s financial manipulation that took us out of the free market system started back in the 1930’s. Since then, we’ve been subject to the constant booms and busts of the financial market thinking that was “normal.” Nope! All intentional manipulation resulting from the Federal Reserve System.
More manipulation of the free market system:
Held in July of, 1944 there was an international meeting of financiers and politicians at the Mount Washington Hotel in Bretton Woods, New Hampshire. Its official title was the United Nations Monetary and Financial Conference, but it’s generally referred to today as the Bretton Woods Conference. Out of that meeting came two international agencies that we know today as the International Monetary Fund or the IMF and its sister organization, the International Bank for Reconstruction and Development commonly called the World Bank.
On the surface, the purpose of these organizations seemed quite noble. The World Bank was to make loans to underdeveloped nations so they could build stronger economies. The International Monetary Fund (IMF) was to promote monetary cooperation between nations by maintaining fixed exchange rates between their currencies. The problem that arose is that in order to accomplish their goals, they had to terminate the use of gold as the basis of international currency exchange and replace it with a politically manipulated paper standard. Doing so allowed governments to escape the discipline of gold so they could create money out of nothing without paying the penalty of having their currencies drop in value across world markets.
There were two main individuals responsible for putting together this plan. One was a well known socialist from England, John Maynard Keynes, and the other was the Assistant Secretary of the U.S. Treasury, Harry Dexter White. White became the first Executive Director for the United States at the IMF and it was learned in later years that he was a member of a Communist espionage ring.
Capital for the IMF and the World Bank comes from the industrialized nations, with the United States putting up the most. Currencies, such as the dollar, yen, mark, and franc, are augmented by many times that amount in the form of “credits”. These are merely promises by the different world governments to get the money from their taxpayers if the Bank gets into trouble with its loans.
Today the IMF has evolved into a central bank for the world with the World Bank as its lending arm. It has become the engine for transfer of wealth to underdeveloped countries. What has transpired is the lowering of the economic level of the donating countries, like the US, but it hasn’t raised the level of the recipient nations. The money has simply disappeared down the drain of political corruption and waste.
Conclusion:
The free market system was essentially hijacked by getting all the world currencies to abandon their backing to precious metals. Once everything is taken off of the gold standard and transferred to pure paper and declared legal tender by its respective government, the value of the currency is entirely manipulated and controlled by politicians and bankers, rather than supply and demand of the free market.
The Creature, Part III will be about the history of money… very interesting stuff.
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