|By Alan A. Macdonell|
of Orange came to power in 1688 on terms set by a clique of aristocrats,
some of whom had spent years in exile for their opposition to the doctrine
of absolute monarchy.
It was the beginning of "rule by cabal" in which the power of the monarch was effectively usurped by a circle of secret advisors. One of the more infamous institutions that resulted was the formation of the Bank of England in 1694. The word "cabal" is derived from the initials of the original group.
This feudal residue is still with us and has now spread almost worldwide. There is little merit to this anti-democratic institution. Its survival and expansion can only be explained by the juxtaposition of ruthless greed and power.
My recent introduction to the Internet provided a description of the Bank of Canada monetary policy through that bank's website. It was interesting to realise this so-called policy is made to order for stock market manipulation through subsidiary brokerage firms that are owned by the commercial banks. Fractional reserve rules (or lack of them), combined with minor variations in interest rates, at the travesty known as the discount level, allows commercial banks to expand or shrink the money supply to suit the needs of monopoly capitalism.
Thus the market is being played like an accordian and the tune is the death march of Canadian nationalism.
It was one of the original Rockefeller vipers who classified competition as a sin. I don't think the workforce was included in this oligarchic view.
Having seen enough of the Bank of Canada, I went to the website of the Bank of England and found more of the same unmitigated garbage, masquerading as policy. The policies are practically identical, so there is the probability of a master/slave condition in the relationship. It is also well known that Canada tends to get pneumonia every time the privately owned U.S. Fed sneezes. Therefore I found it disconcerting to learn that about 34 per cent of the shares in the U.S. Fed are foreign-owned. (Source: www.gold-eagle.com/editorials_99/goldfinger)
The Bank of England policy can best be described as a ritualistic sun dance, involving settlement accounts owned by commercial banks and government accounts. This enables the central bank to determine the overnight rate of interest at what they have the effontery to designate as "the wholesale clearing level".
This is how our medium of exchange entitlement is subverted into a commodity and loaned to us at interest.
The provision of a medium of exchange is a separate function from the ever-changing spectrum of normal trade and commerce. The provision of a medium of exchange is as vital to modern human survival as any elemental necessity, such as air and water.
More simply, modern humankind is entitled to free air, free water and a free medium of exchange.
And now that the point of this rhetoric has been reached, it's best to allow it to be digested before embarking on the demand for an alternative strategy.
|Alan Macdonell translates his deep concern for his country and the world into the articles and letters he writes from his home in Williamstown, Ontario.|