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Political Information Last Updated: Feb 17, 2020 - 5:24:06 PM


Mexico’s Fight for National Banking Revives a Forgotten History
By Matthew Ehret with comments by Ron
Feb 17, 2020 - 4:56:58 PM

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https://theduran.com/mexicos-fight-for-national-banking-revives-a-forgotten-history/

 

 

 

 

 

 

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From Strategic Culture

February 14th 2020

In Ellen Brown's brilliant new article "Mexico's AMLO Shows How It's Done", the researcher and national banking advocate made the powerful point that the only way to properly fight the neo-liberal order is for nations of the west to follow the lead of Mexico's current President Lopez Obrador who recently announced the creation of a new network of national banks- of which over 3238 branches will be in operation by 2021. Obrador's stated aim is to have 13 000 branches built across Mexico which would far outnumber the total number of all private banks and will also provide a vital tool for the economic liberation of Mexico.

This act is nothing short of heresy in the corridors of the neoliberal priesthood of our modern age. The "economic foundation" upon which today's globalized world are premised assert that nation states may not participate in the marketplace. No price controls, no protective tariffs, no bank regulation and certainly no national banks. Following this gospel, nations are permitted to do war and promote various forms of population control... but nothing that pollutes the purity of the supposedly "free market".

Of course, simply utilizing national banking practices by themselves is not a full solution. A fascist regime can of course, use national banks for destructive ends just as a democratic republic can use them for positive ends, and as we have seen over the years, the financial oligarchy has no problem supporting fascist regimes such as Hitler's Germany or Mussolini's Italy nor do they have any problem supporting "national Keynesian initiatives" so long as they are done under an anti-human Green New Deal frame work.

So what makes President Obrador's current efforts different?

As Brown states in her paper:

"The new president has held to his campaign promises. In 2019, his first year in office, he did what Donald Trump pledged to do - "drain the swamp" - purging the government of technocrats and institutions he considered corrupt, profligate or impeding the transformation of Mexico after 36 years of failed market-focused neoliberal policies. Other accomplishments have included substantially increasing the minimum wage while cutting top government salaries and oversize pensions; making small loans and grants directly to farmers; guaranteeing crop prices for key agricultural crops; launching programs to benefit youth, the disabled and the elderly; and initiating a $44 billion infrastructure plan. López Obrador's goal, he says, is to construct a "new paradigm" in economic policy that improves human welfare, not just increases gross domestic product."

If you haven't figured it out, the answer is MORALITY.

What gave the establishment of modern nation states their power and legitimacy in the wake of the Golden Renaissance, was the fact that they are premised upon the common good of the people against the interests of private oligarchs and elite families. Those feudal orders dominated by hereditary institutions during most of human history placed the "natural order" upside down, with the welfare of the talking cows (aka: peasants) granted to them by the fancy of the master class of land lords.

Under a true sovereign nation state, elected leaders derive their legitimacy and support of the people through their mandate to defend the inalienable [unalienable?] rights of people though internal improvements which increase the socio-physical-spiritual well being of the people. This used to be recognised in past ages as an elementary idea of Natural Law (which saw the laws of morality as intertwined into the fabric of objective reality as the laws of gravity, and electricity).

[Ron: In effect s part of the energetic blueprint of the universe.].

Ben Franklin's Electric Insight into Economics

It is here no coincidence that the leading proponent of national banking and productive credit in America was also the leading scientist who trumped all elite scientific minds of Europe when he discovered the principle of electricity in 1752. Benjamin Franklin and his vast network of leading collaborators across Europe and America never saw a distinction between "subjective moral sciences" and "objective a-moral physics". The foundational documents and also the first national banking system of America (upon which other republics in South and Central America modelled themselves in the coming years) were based upon this idea of Natural Law. This insight was the basis for Franklin's 1727 opus on the Necessity for a Paper Currency where Franklin argued that value was not located in gold, or silver, or land or even demand per se, but rather in the creative powers of a people!

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The consolidation of America's revolutionary war debt incurred by each of the 13 colonies into a unified federal credit transformed the unpayable debt "into a national blessing" as Ben Franklin's protégé Alexander Hamilton (first Treasury Secretary) laid out in his famous Reports on a National Bank and On Manufactures in 1791. In opposition to the early free traders and monetarists who wished America would end its protective tariff, stay agrarian and allow Britain to maintain its global monopoly on industry, Hamilton and Franklin understood this would undo the entire revolutionary cause resulting in America's eventual re-absorption back into the empire.

Although slandered by generations of anti-American propaganda as a "Rothschild tool", Hamilton was in fact a great patriot who argued that once the new federal debt was consolidated, the BEHAVIOUR of the debt would be turned from a passive burden which held the nation under water into an ACTIVE fuel of investments into infrastructure and manufacturing. By doing this, the nation was able to TRANSFORM from an agricultural slave society of cash cropping into a full spectrum society capable of producing for itself and trading surplus finished goods to other nations. In its first 40 years, this program allowed America's population to quadruple overcoming all Malthusian "limits to growth".

[Ron: I disagree with the statement that Hamilton was a great patriot because he advocated consolidation of the national debt in a "National" bank controlled by Jews. Arguably the successful expansion of the US prior to the establishment of the Federal Reserve System (the Fed) in 1913 was due to the fact that the economy relied on gold and silver money and not on fiat debt tokens as is the case under the Fed. Also, the current gross abuse of fractional reserve banking policies was held in check by a plethora of independent banking companies prior to 1913.].

Unfortunately, starting with the 1804 killing of Alexander Hamilton at the hands of Aaron Burr (the father of today's Wall Street banking syndicates), much of America's history has been contaminated by either slave-loving traitors who attacked national banking (such as Presidents van Buren, Andrew Jackson, and Polk), OR great statesmen who too often died in office before their efforts to revive the constitution could be consolidated. In this list we find Presidents Harrison (1840), Taylor (1851), Lincoln (1865), Garfield (1880), McKinley (1901), Harding (1923), FDR (1945), JFK (1963).

[Ron: I disagree with the inference that Andrew Jackson was 'slave loving traitor' and that his opposition to the Second National Bank was inappropriate. By eliminating the banksters' second US national bank and placing federal government funds in other banks he initiated an era of great national prosperity which was finally undermined by the creation of the Fed in 1913.

I also disagree with the suggestion that FDR died before his effort to revive the US Constitution could be consolidated. Arguably FDR initiated the cultural Marxist destruction of the Constitution that is very evident today. How? By allowing the banksters to prolong the Great Depression so that he could implement socialist government policies and connive with Churchill to create WWII and the war with Japan. His use of the Great Depression to initiate Big Government socialist policies segued into LBJ's Great Society policies which began the slide into almost total socialism via the long march of the cultural Marxists through the institutions.  That has led the US to the political and cultural dystopia evident today in almost ever aspect of US life culminating in the Deep State's repeated traitorous attempts to oust Presodent Trump from office.].

 

 

Hamilton's 1804 murder by the founder and British Agent Aaron Burr (founder of Wall Street and the modern deep state) was the first of a long tradition of deaths of America System statesmen

 

Mexico and America

By 1865, Lincoln's use of national banking practices (the Greenback) was instrumental in saving the union from British-orchestrated Civil War- although his assassination hampered this momentum to full industrial reconstruction of the south.

[Ron: I disagree. Lincoln's assassination destroyed his attempt to free the US from bankster tyranny by having the US government issue Greenbacks. Moreover, Russian Tsar Alexander II's  dispatch of Russian fleets to New York and San Francisco was probably a major factor in saving the Union from foreign intervention during the American Civil War.].

During this time, Britain, French and Spanish Hapsburg empires had initiated parallel wars to destroy the newly emerging Mexican republic then led by Lincoln-admiring president Benito Juarez, first with the 1858-1860 War of Reform and then 1862-1867 French Invasion. In spite of this existential challenge, Juarez succeeded in driving out the imperialists with political and military support from Lincoln patriots in America, while also imposing tariffs which encouraged the build-up of industry- liberating Mexico from its status as cash cropping exporter. Social and educational reforms elevating the health and welfare of the people grew enormously under Juarez's leadership.

 

 

 

 

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Benito Juarez and Abraham Lincoln

 

 

 

 

 

Although Lincoln republicans supported Mexico's sovereign in opposition to foreign empires using a healthy interpretation of the Monroe Doctrine, the death of McKinley in 1902 saw a grievous abuse of the Monroe Doctrine which too often became an imperial hammer to subdue banana republics as seen under the brutal leadership of Teddy Roosevelt.

Franklin Roosevelt was the first president to push back against the pro-empire Wall Street crowd since McKinley's murder which he brought in with the Good Neighbor Policy stating:

"In the field of world policy, I would dedicate this Nation to the policy of the good neighbor-the neighbor who resolutely respects himself and, because he does so, respects the rights of others-the neighbor who respects his obligations and respects the sanctity of his agreements in and with a world of neighbors."

[Ron: Spoken like the real Rockefeller puppet, hypocrite and traitor to the US people that FDR was.].

FDR broke from his puppet predecessors by supporting Mexico's rights to control its own oil and resources (after President Cárdenas, expropriated foreign oil holdings) and also vastly expanded credit from the US Export-Import Bank to fund massive Mexican infrastructure projects with a focus on water, energy and transport. This served as one of the earliest international extensions of the New Deal which FDR intended would liberate all nations of the earth from colonialism.

[Ron: I disagree. The New Deal was Rockefeller organised socialist propaganda as was the supposed liberation of South America and the rest of the planet. See eg: The IMF & World Bank: Partners In Backwardness - http://abundanthope.net/pages/Political_Information_43/The-IMF-World-Bank-Partners-In-Backwardness.shtml And: Dr Peter Beter's Audio letters at http://www.peterdavidbeter.com/docs/all/dbal].

Franklin Roosevelt Inspires Mexico's AMLO

Upon his election in 2018, President Obrador announced the first phase of his New Deal with an "Every Young Person to Work" program inspired by FDR which he described saying:

"I have had this idea since I read how President Franklin Delano Roosevelt pulled the United States out of the 1930s' crisis. What did he do, in a tremendous economic crisis? He decided to put the whole U.S. people to work. And he decided to put young people to work, and he paid them a dollar a day, for every young person. But his idea was full employment. That is, a job for everyone. That idea stuck in my head, because Roosevelt lifted the United States out of the crisis, and for me, he was therefore, if not the best President, one of the best that the United States has had-Franklin Delano Roosevelt, by that action, by that decision. Now we are going to do something similar: All young people to work."

[Ron: I think President Obrador misdirects himself on this issue. Under FDR, during the Great Depression the US suffered seven million unnecessary deaths due to famine. See eg: Famine killed 7 million people in USA - http://abundanthope.net/pages/True_US_History_108/Famine-killed-7-million-people-in-USA.shtml In fact US unemployment problems continued until the US entered into WWIi.].

Under NAFTA, Mexico was kept down by acting as cheap labor market to do the work once done by high paid Americans and Canadians. This policy ultimately hurt Mexico since free trade's obsession with low costs resulted in keeping quality of life and production dismally low. (The formula "Low prices= low paid workers= better slaves= weakened nations" is as true today as it was 250 years ago when the British Empire commissioned Adam Smith to write his 1776 Wealth of Nations).

Obrador's efforts are moving in the right direction, however the 13 000 national bank branches which he intends to have built will have to go beyond merely sending money to the poor as the plan is currently constituted and he knows it. Responding to the monetarist priests howling at the sacrilege of national banking, Obrador stated:

"We're going to speak with those from the Bank of México respecting the autonomy of the Bank of México. We have to educate them because for them this is an anachronism, even sacrilege, because they have other ideas. But we've arrived here [in government] after telling the people that the neoliberal economic policy was going to change."

Thus, taking over responsibility from the usurious private banking network and Mexican Central Bank which have converted Mexico into an indebted colony of crime and despair since the overthrow of President Portillo in 1982 is a vital next step in the fight. Luckily China has made great strides in this direction which will likely be of a great assist to Mexico. To this point, Brown ended her report with the following astute analysis:

"Today, the best model for that approach is China, which funds infrastructure by borrowing from its own state-owned banks. Like all banks, they create loans as bank credit on their books, which is then repaid with the proceeds of the projects created with the loans. There is no need to tap up the central bank or rich investors or the tax base. Government banks can create money on their books just as central banks and private banks do.

For Mexico, however, using its public banks as China does would be something for the future, if at all. Meanwhile, AMLO has been a trailblazer in showing how a national public banking system can be initiated quickly and efficiently. The key, it seems, is just to have the political will - along with massive support from the public, the legislature, local business leaders and the military."

Matthew Ehret: The irony here is that the American system of National banking.

[Ron: the term "National banking" in this context is misleading in that during its most productive periods US banking was diversified and NOT under the exclusive control of the national Jewish banking cabal that has controlled US banking since 1913.]

productive credit [Ron: Arguably the term "productive credit" is misleading if not disinformation. ANY "money" (ie fiat debt tokens issue at interest (usury) under the US fractional reserve banking system is NEVER properly "productive" because it invariably and parasitically syphons wealth from producers to banksters who produce nothing as they merely type book entry numbers into computers when (as) they create "money"out of thin air. ]

and protective tariffs which were innovated by Alexander Hamilton and applied by every great leader from Harrison to Lincoln to McKinley to FDR both internally and across to international allies in Mexico. is now most clearly embodied by the country which few people associate with America... the Peoples Republic of China!

[Ron: I agree.].

While China uses its debt as an active asset to invest into great long term infrastructure projects which thus extinguish the original debt while increasing the productive powers of labor, America's private central banking system under the Federal Reserve merely creates debt for speculation and turning poor Americans into slaves. Just look at the $14 trillion the treasury printed to bail out failing speculators in 2008-2010. Or look at the $9 trillion printed by the Fed to do the same. Nothing was invested in the real economy during this time.

[Ron: Even if banks issue "money" to Main Street (instead of Wall Street) for use in the real economy, ie real productive activities, the process is still destructive. Why?  Because the banks demand compound interest on the chimerical fiat debt tokens they "provide"to borrowers AND they NEVER "create" any "money" to pay that interest. Accordingly there is NEVER enough money in circulation to enable borrowers to pay the interst demanded by the banks. The result is a PONZI scheme that MUST collapse, usually within 45-50 years from the inception if the scheme. The current US "Petro-dollar" scheme started in 1971.

Moreover, the Chinese Government owns 80% of China's banks and writes off loans and interest moneys that are not repaid rather than destroying the businesses created or operated with the loans. In effect such loans are "free money" and the real requirement is for them to be used to create infrastructure and industries.].

The debt generated by a truly National Bank would issue productive credit tied to long term infrastructure and industrial growth policies that would pay itself back many times over.

[Ron: Money should be a social lubricant greasing the wheels of industry, commence and societal interaction. Ideally it should not be "paid back" but retired. It's primary job is done when goods or services are produced. Arguably a truly National bank would create money (ie a real form of currency backed by the full faith and credit (namely the productivity and ingenuity of the people of the nation) which would not need to be "paid back". Nor should it be issued issued subject to payment of interest (usury). To ensure its proper use, money needs to be issued subject to properly administered policies requiring it to be used for building infrastructure or as payment for necessary community goods and services. Thereafter it should freely circulate throughout the economy and should not be subject to usury. Ideally it should also reduce in value over time. Why? Because that would ensure its accelerated use (velocity) in the economy and prevent hoarding locally or outside the jurisdiction.].

What a different world we could have created had this money been invested into a new (non-Green) New Deal of the 21st century such as China's Belt and Road Initiative has ushered in?

NAFTA's long awaited death is a start, as are Obrador's vital reforms... however a fight needs to still occur before a North American Belt and Road Initiative can finally break colonized nations (including the USA) out from the clutches of the financial oligarchy and their self-imploding deep state managers.

[Ron: The Trump Administration is in the throes of eliminating the Fed and returning responsibility for creation and distribution of US money to the US Federal Treasury which will issue usury-free money, as appripriate. Pray that President Trump will soon be successful in that endeavour.].

 

 

 

What might Canada, the USA and Mexico look like in a post-NAFTA/pro-BRI world system? [image produced by the Schiller Institute]

 

 

 

[Colour fonts, bolding and comments in square brackets added.].

Matthew Ehret is the Editor-in-Chief of the Canadian Patriot Review, BRI expert correspondent on Tactical Talk and has authored 3 volumes of ‘Untold History of Canada' book series. His works appear regularly on The Duran, Strategic Culture, Sott, Fort Russ, Zero Hedge, L.A. Review of Books, LeSaker.fr, Vigile Quebec, and South Front. In 2019 Matthew co-founded the Montreal-based Rising Tide Foundation. He can be reached at matt.ehret@tutamail.com

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RELATED ARTICLES:

The IMF & World Bank: Partners In Backwardness - http://abundanthope.net/pages/Political_Information_43/The-IMF-World-Bank-Partners-In-Backwardness.shtml

Dr Peter Beter's Audio letters - http://www.peterdavidbeter.com/docs/all/dbal

Famine killed 7 million people in USA - http://abundanthope.net/pages/True_US_History_108/Famine-killed-7-million-people-in-USA.shtml

 




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