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David Crayford and the ITC Last Updated: May 26, 2019 - 2:03:13 AM


DAVID CRAYFORD …………… RESPONDING TO RON’S RESPONSIVE ARTICLE RE:
By DAVID CRAYFORD
May 29, 2019 - 1:53:14 AM

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DAVID CRAYFORD ............... RESPONDING TO RON'S RESPONSIVE ARTICLE RE: Political Information ----- May 24, 2019 - After Trillions Printed Under QE, Politicians Now Say Deficits Don't Matter.

A GOOD ARTICLE, BUT UNFORTUNATELY, LIMITED IN ITS SCOPE AS THERE ARE MANY MORE FACTORS INVOLVED WITHIN THE PRESENT INTERNATIONAL FINANCIAL WORLD THAN WHAT IS INDICATED WITHIN THE ARTICLE.

Both Avi and Ron tend to be "Skirting" on the fringes of the financial structure which in itself is deliberately very complex and contains many facets, some unknown by the general public, but which are needed to keep the system balanced.


To say "Deficits do not matter" is sheer arrogance, ignorance, and criminal at its best. Of course deficits matter because such deficits are charges against every man, woman, and child in any country that runs a deficit. Ignoring same does not mean that such deficits will go away or suddenly disappear. They won't and never will. Governments that run massive deficits and consider, or even state, that IT DOES NOT MATTER are delinquents who put their people in financial chains, are totally irresponsible and should be kicked out of office.


It is not just the Monetary System that creates the problems, it is the Politicians, most of whom have no idea as to how the Monetary System works, nor do they actually desire to know because that is how they can continue to manipulate the system and benefit from the corruption generated from such a system.


Inflation is a "Predator". The people are the "Prey". The beneficiaries are the Politicians and Bankers. Inflation is a policy of need by the Politicians and Bankers. The people are the ones suffering from such inflation.


Inflation actually brings in more tax revenue for the Politicians, whereby for every 1% inflation brings in roughly 0.3% extra taxes which they need to  1).  Assist to pay off past borrowings of Government, some of which stem from "Popularist Policies" of past Governments, and some from "Emergency / Unexpected Expenditure" created, either internally or externally, for whatever reason, be it involvement in wars, unnecessary expenditure prior to National Elections, or similar.  2).  To financially support Industry and Commerce, such as the Banks during the financial crisis 2007/8, which was created by the elite bankers through their unbelievable negligence and their desires to satisfy shareholders, complete with Government support, to prevent the National Economy from collapsing, thus drastically reducing Tax Revenue for the Government.


Of course, all this extra money in circulation has to be paid back at sometime otherwise it becomes permanent money in circulation which will continually debase the valuation of currency. The question of Interest (Ursury) being paid against such borrowings arise, more so now, because the majority of Central Banks around the world are privately owned and are required to produce a profit, so repayment of Capital and Interest is necessary under the guise of "Profits".

One could argue that "Islamic Banks" do not charge interest (Ursury) against loans. That however, and let's not be fooled by deliberate wording and structure, is a complete farce because "Islamic Banks" do, in most cases, charge their clients fees and bank charges which actually compensate for, and are camouflage, either in part or full, for the seemingly zero interest factor favoured by the "Islamic Banks".


When inflation is "Out of Control" as Avi states, the easiest way to control inflation is to increase interest rates substantially. However, too much of that medicine could seriously affect the overall economy and backfire on any Government, forcing it to borrow more money which ultimately creates the vicious circle, or the "Bubbles" in the economy that we have all experienced. "Cutting Services" or "Raising Taxes" is NOT, whether now or at any time in the future is not the answer and never will be. Both those items will ultimately cause discontentment and concern from the populous who will not be able to put a little away for a rainy day, or, need to cut back on family expenditure whereby children start to go hungry, or, as we have all seen ... Food Banks and Austerity which affects millions of people.


Monetary Control is the answer which should not be operated by persons who are members of the "Happy Clappy Club" of the banking or government elite.


What is really needed is for Governments to be controlled within their expenditure which needs to be within the limits of their revenues, whereby Governments are restricted, highly limited, within their borrowings, and as stated above -- within the limits of their revenues; which should be controlled by a completely independent body and where additional borrowings must be repayable from the existing revenues and not from extra taxation or reduction of services; and all within the remaining term of any one Government, thus preventing the "Roll Over" effect upon the next Government, and the long term suffering of the people.


Admittedly, this could cause, especially in some of the western countries, whose "Debt Factors" are currently enormous (Into the Trillions); a substantial decline within the economy if the Government is heavily indebted (Which most are in the West) and thus affect millions of people throughout the indebted country, and other countries. This is where a balanced economy, realistic Government Policies, focus by the Government of the day upon its people, the country, and the welfare of same, not international matters that do not concern countries who like to publicly show their specific allegiances. Additionally, Governments, Politicians, even Bureaucrats, should be made, in law, legally liable and financially responsible for their negligence and outlandish expenditures. After all they are servants of the people whose taxes pay them their monthly cheques, plus their substantial pensions, and fringe benefits. If normal people were to act financially like Government there would be thousands of bankruptcies every day for a very long time.


I have to disagree with Ron when he talks about interest free monetary arrangement. This would be suicide for any country whether in the East, Central, or the West. There are costs involved, whether from the Government, the Central Banks, the Commercial Banks, or even creditors. Such costs cannot just be forgotten or ignored. Even the average Mr and Mrs have costs they have to cover from their earnings. However, they could be far more reasonable than what they are today. As I have recently stated to one person, quote "What was in the past, is far better than What is today". Unfortunately, the whole world has come away from that policy and are following the American system of "Money First", "Credit", or simply "Living beyond one's means". which in my opinion is just "Crony Capitalism" which has actually destroyed countries, relationships between people, communities, economic balance, and sane thinking.

It is no good thinking of adopting the "Islamic System" because interest is just camouflaged, in most cases, by Bank Charges and Fees.


Bankers who are paid substantial salaries (millions) also reap bonus benefits in the millions, all designed by the management, for the benefit of management irrespective of any negative profitability of the companies they manage. Deutsche Bank in Germany, J.P. Morgan and Chase Bank in the USA, RBS, HSBC, and Lloyds Bank in the U.K. all of whom required "Bail Outs" by the Taxpayer via the Governments of the day. Totally immoral leaving the tax payers as the sacrificial lambs.


Once again, I openly disagree with Ron who is advocating, quote "In an honest sovereign community controlled, usury free, money creation system, the ONLY constraint upon EVERYONE having/owning their own home is the availability of labour and materials. Money would cease to be part of the equation."

Honesty is a very, very rare commodity in this day and age and has become a lot rarer over the past decades. If one desires to go backwards a few hundred centuries when "Bartering" was the basic system and money in the form of Gold and Silver was the secondary system used mainly by the elite of society, then please advocate it, but beware that such a system would bring total chaos in every country of the world, in the same way that excessive borrowing by Governments of the day destroyed Babylon and the Roman Empire.


Ron, I have the greatest respect for you but you talk about "EVERYONE having/owning their own home is the availability of labour and materials. Money would cease to be part of the equation." Money, as a means of exchange; of one description or another is always part of the equation. How on earth are you going to purchase all the Labour and Materials required to build your home? Are you going back to building "Mud Huts" or "Straw Huts" for you and your family because that is basically all you will get, and even then you will probably have to utilise your own labour, collecting tree branches for the basic structure and Mud and Water, or Cow Dung, or, Straw for the outer coverings. Strict Servitude is on the horizon with that idea, and remember Governments could even Nationalise Land to prevent you from doing anything on it, even building your Mud Hut. They may even enact a law that forces you to do upon your previously owned land, exactly what they want you to do whether you like it or not. Additionally, how are you going to acquire the old car that you need, or, the Horse and Cart, when you have nothing in hand to barter with unless it is a few barrow loads of cabbages or carrots.


In this day and age, and certainly well into future generations, money is necessary as a "Means of Exchange" only, NOT as a commodity as it is today, to be bought and sold for profitable business, and which  can be devalued by any Government, or external factors at any time by the swish of a pen.


There needs to be some "Benchmarks" of one descripton or another. "Fiat" currency has no "Benchmarks" as such, only the highly questionable goodwill of the Government, and the Bankers love it to death because they can, effectively, do as they please and the respective Government will support them. Gold, Silver, Platinum Backed, or Asset Backed currencies, have Assets, Gold, Silver, or other assets as their "Benchmark" which the Banks do not like because then they, and Governments, are controlled quite strongly, so they will always sway on the side of their friendly and manipulative "Fiat Currency".


Reasonable control of Government and its expenditure, and reasonably regulation of Banks will be the forerunner of National Stability, steady growth, satisfaction of the populous, and so on because the people will be holding real tangible value in everything they earn and own. BUT, BUT, BUT, such reasonable control does need to be in the hands of persons who are completely independent of Government and Bureaucrats with limited term periods. Even that, at this juncture, may be beyond the possibility because we have, over decades, all been nurtured into the "Us and Them" syndrome. You are either with us, or you are our enemy" policies, so whether you are Socialist, Conservative, Liberal, or otherwise, your decisions will largely rest upon your own beliefs for your particular social-grouping and not the country at large. Many people call it patriotism, but it is in fact "Selective Patriotism" depending on ones beliefs.


However, debts, whether with or without interest (Ursury), must be paid by all who borrow money, whether Government or the public at large, BUT, BUT, BUT, the Government should not hold the right to create substantial, questionable, and unnecessary debt for which the public are, or would be responsible or liable. They must work within the limits of their revenues, without raising taxes or cutting services. It is possible if Governments would stop believing they stand above the public and realise they work for the public, not the other way around.


One final point. Governments can borrow money at zero interest if they just open their eyes and stop following the norms. They have been educated to follow the norms unfortunately and the present generations are being educated in the same way.


Such interest free funds is there for this purpose and could even be used within controlled "Trading Platforms". All this would lesson the burden of debt, or increased taxes, or reduction in services upon the public at large. At this moment in time this is not possible because most Governments, and the Banks, are made up of incompetence and irresponsible persons who believe they stand above all others, have very little constructive thinking / ideas, are there for their own purposes and empire building, and are parasites with very little between the ears except one thing which is to implement laws that place them in control of everything possible, so they alone do not need to worry. These are persons who really should not be politicians or bankers at all because their knowledge is limited, as are their abilities.


Even Bankers need to be controlled and come under the same conditions as any other employee. Chairmen, CEO's, and Directors of banks have extremely rarely been held accountable for their negligence when their banks go south and Tax Payers money has to be used to bail them out. They should be dismissed immediately and criminally charged with negligence. When a Bank trades in the trillions everyday but only has 30 billion USD in capital, it is over-trading for the benefit of increasing and maximising profits. One, or just a few bad deals can wipe out the capital of the bank in minutes and everyone loses money, even the depositors where the financial Insurance Deposit Schemes will only pay out a limited amount against deposits, so loses all around, and all thanks to the negligence of the Senior Staff of the Banks.


A simpler, more equitable Financial system, with less complexity, and with less connectivity to other not so important factors, without private enterprise surrounding it, is in my opinion the way to go and then no one would need Quantative Easing, or similar schemes at all. The financial derivatives like Quantative Easing were not evident in the 50's and 60's when people were far happier than they are today, there were active communities, and far, far more honesty then than there is today. Banks frowned upon "Over-trading". Customers were not just numbers on a screen, they were personally known by the banks they banked with.


One bank that I remember had a Concierge who knew every bank customer, and he looked after each one directing them to where they needed to go, or whom they needed to meet with. All customers of the bank were attended to efficiently and with pleasantry. Unfortunately, when that Concierge died the bank did not employ a replacement, and that bank was one which was bailed out, in the billions; by the Government of the day.


Ron and Avi, please never limit your thinking on this matter, and not apply personal beliefs as it is a very complex subject matter with severe consequences if things go wrong. Express your opinions, and think constructively around the whole subject not just part of it. You will, and your country will be all the better for it.


The whole financial system has been purposely designed to frustrate most people. It's corrupt, its manipulated, and its criminally distortive. Employees within the present financial system, which also applies to the Governmental system; all work "within the box". They are educated not to think or to question, just to do as they are told. None of which will ever make for a good Financial / Governmental System that serves its customers and its country, and which prevents excessive borrowing, over-trading, manipulation, nor will those responsible for the serious problems within the banking system, or the Governmental system, ever be brought to justice for their professional negligence, or criminal activities.


Think about it carefully.

Regards


David P. Crayford.

 




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