The Cyprus Deal and the Unraveling of Fractional-Reserve Banking
 The “Cyprus deal” as it has been widely referred to in the media may mark the next to last act in the the slow motion collapse of fractional-reserve banking that began with the implosion of the savings-and-loan industry in the U.S. in the late 1980s. This trend continued with the currency crises in Russia, Mexico, East Asia and Argentina in the 1990s in which fractional-reserve banking played a decisive role. The unraveling of fractional-reserve banking became visible even to the average depositor during the financial meltdown of 2008 that ignited bank runs on some of the largest and most venerable financial institutions in the world. The final collapse was only averted by the multi-trillion dollar bailout of U.S. and foreign banks by the Federal Reserve.
Even more than the unprecedented financial crisis of 2008, however, recent events in Cyprus may have struck the mortal blow to fractional-reserve banking. For fractional reserve banking can only exist for as long as the depositors have complete confidence that regardless of the financial woes that befall the bank entrusted with their “deposits,” they will always be able Continue reading → |
The American Recovery: Police Restrain Hundreds of People Begging For Food As Officials Opt To Throw It In the Trash Rather Than Help
When SunTrust Bank bank foreclosed on the Laney Supermarket grocery store, managers were left with thousands of pounds of food and nowhere to put it. So, they decided to move non-perishable items to the parking lot for those who might need it. As news of the give-away spread throughout the neighborhood, a Continue reading → |
Rupert Darwall: The Age Of Global Warming
Speech given by Rupert Darwall at the GWPF Book Event on 27 March 2013: Thank you, Nigel.
It is a particular honour for me to speak to the GWPF and to repay an intellectual debt to you as one of the very first to shine light into the darkness of what is climate change. I vividly recall listening to your CPS talk some 6 years ago. Global warming was a problem identified – I’m tempted to say invented – by scientists. But you argued, global warming policies are a matter for economists and, pre-eminently, for democratically elected politicians. Second, using the IPCC’s own numbers, the case for drastic action rested on people in the developing world being 9.5 times better off than they are today rather than 8.5 times better off if climate change was left to its natural course – a patently absurd proposition to impoverish the present for the benefit of the future. And third, the superiority of adaptation over trying to cut emissions, because with adaptation you can pocket the benefits of warmer temperatures while reducing the costs of coping with them. I would like to suggest a slight modification to the case for adaptation which I’ll come back to at the end of my talk. It was Georges Pompidou, the most neglected of president of the 5th Republic and perhaps the most Continue reading → |
The Money Changers
| By Wayne Blank
During the time of the New Testament, Jerusalem was under Roman occupation (see Ancient Empires – Rome), and Roman money was in common use. The Jewish authorities however required that only Hebrew money was acceptable payment for the Temple tax. So, money changers were allowed to set up tables and benches (the English word bank is derived from the word bench) for themselves in the court of the Gentiles where they exchanged not just local Roman money, but also foreign currency from distant travelers, for shekels. Along with them were peddlers who sold animals, birds and various items for worship and sacrifice. “And they came to Jerusalem. And He entered the Temple and began to drive out those who sold and those who bought in the Temple, and He overturned the tables of the money-changers and the seats of those who sold pigeons; and He would not allow any one to carry anything through the Temple. And He taught, and said to them, “Is it not written, ‘My house shall be called a house of prayer for all the nations’? But you have made it a den of robbers.” (Mark 11:15-17 RSV) Christianity Is Not A Business “Do not lay up for yourselves treasures on earth, where moth and rust consume and where thieves break in and steal, but lay up for yourselves treasures in heaven, where neither moth nor rust consumes and where thieves do not break in and steal.” (Matthew 6:19-20 RSV) “There is great gain in godliness with contentment; for we brought nothing into the world, and we cannot take anything out of the world; but if we have food and clothing, with these we shall be content. But those who desire to be rich fall into temptation, into a snare, into many senseless and hurtful desires that plunge men into ruin and destruction. For the love of money is the root of all evils; it is through this craving that some have wandered away from the faith and pierced their hearts with many pangs.” (1 Timothy 6:7-10 RSV) “But thanks be to God, who in Christ always leads us in triumph, and through us spreads the fragrance of the knowledge of Him everywhere. For we are the aroma of Christ to God among those who are being saved and among those who are perishing, to one a fragrance from death to death, to the other a fragrance from life to life. Who is sufficient for these things? For we are not, like so many, peddlers of God’s word; but as men of sincerity, as commissioned by God, in the sight of God we speak in Christ.” (2 Corinthians 2:14-17 RSV) “For whoever would save his life will lose it; and whoever loses his life for My sake and the Gospel’s will save it. For what does it profit a man, to gain the whole world and forfeit his life? For what can a man give in return for his life?” (Mark 8:35-37 RSV) Fact Finder: Can Christians serve two “masters”? Copyright © Wayne Blank |
The money changers profited greatly from the exchange rates that they charged worshipers for shekels to pay the priests, and then from the priests to convert it back into Roman money – they were “cashing in” from both ends. They also profited exorbitantly from loans that they made – with interest rates up to 300 per cent. While there is nothing wrong with capitalism, or providing a useful and convenient banking service, these particular “bankers” were greedy profiteers who cared nothing about using God’s Temple, and His worshipers, as a means to get rich.It was the sight of this Temple “market” that triggered the only recorded incident in the human lifetime of Jesus Christ in which He reacted in a violent manner toward anyone –Australia’s scandal of forced adoption is happening in U.K today
The forcible removal of children by social workers in Australia between the 1950s and the 1970s has parallels with what is happening in British courts today
Applications to take children from their parents into care continue to break all records Photo: ALAMY
Listeners to Thursday’s Today programme heard a truly remarkable item. The presenter Sarah Montague reported that the Australian prime minister, Julia Gillard, had issued a solemn apology for the forced-adoption scandal.
Between the 1950s and the 1970s, thousands of young Australian women – many of them unmarried Continue reading →
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“How Many Billions Have To Be Laundered For Drug Lords Before We Consider Shutting Down A Bank?
Elizabeth Warren is still waiting for an answer.
During Senate testimony Liz Warren asks how much drug-laundered money it takes before banking regulators consider shutting down a bank. Hilarity ensues. And no one ever answers the question. Witnesses were: Continue reading → |
VICTOR ROTHSCHILD BETRAYALS
The American NSA has one of its best listening posts here in Britain from which it covers the whole of Europe, the expansion of the P415 project allows calls from inside Russia to also be mopped up, while GCHQ allows the NSA to operate here for 2 reasons, the US paid for the construction and running of Menwith Hill with its 1250 workers ( almost all American ) and Morwenstow in Cornwall and this saves the British GCHQ a vast sum of money annually but also as the NSA monitors every call made in Britian and coming into Britian, Government ministers can then split hairs and say GCHQ does not monitor its own Continue reading → |
Climategate 3.0 has occurred – the password has been released
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With the release of the password to unlock the full 220,000 email treasure trove, the Climategate saga has entered a new phase. Joining us to discuss this latest development is Dr. Tim Ball of Climategate 3.0
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Mar 13, 2013 Climate: CRU
This message from FOIA was forwarded to me.
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After The Banksters Steal Money From Bank Accounts In Cyprus They Will Start Doing It EVERYWHERE
Cyprus is a beta test.
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Baby Girl Dies Hours After Getting 5 Vaccinations
A one month old child recently died after being given 5 vaccinations.
Her parents blame her death on the vaccinations and have filed a complaint with the Thane Nagar police station against the hospital for negligence. Just before her vaccinations, Ayushi’s parents, Amit and Lata Gupta, informed the hospital that their baby was unwell and had a cough. After examining the baby, doctors told her parents that the cough was caused by a change in the weather and continued with the vaccinations. FIVE VACCINES LATER, THEIR DAUGHTER IS GONEAccording to reports, Ayushi began to cry immediately after receiving the vaccinations. However, doctors informed her anxious parents that it was possible that she would cry the entire day, as this was a common Continue reading → |
On February 21, 2013, a one month-old baby girl died after receiving her first vaccinations. Baby Ayushi Gupta died at the Maltibai Hospital, Thane, West Mumbai in India just hours after receiving her vaccinations for Hepatitis B, DPT (diptheria, pertussis and tetanus) and oral pulse polio drops.
Anti Oligarch 