Ralph Jordan The engineer's notebook

When national and international economies are doing well, governments borrow from banks. Either their own Reserve/Central Banks, their national banks or the international banking system including the UN's International Monetary Fund and World Bank, or even the Vatican's five trading banks.

Conversely, when the world economy falters, as it does to varying degrees every 10-12 years, the ‘banks' borrow from governments.

America recently bailed out its privately owned banks to the tune of US$1.2 trillion. Other countries have done much the same to a lesser degree. Even tiny NZ's taxpayers have given financial aid to various institutions including $1.3 billion to Hubbard in the South Island.

Every country in the world, except China, carries an international debt. To whom do the 190 odd countries in the world owe all this debt?

China is the only country that creates its own currency and credit and controls its value and volume.

China can build the Three Gorges Dam, construct 20 odd coal fired power stations each year, successfully organise and finance an Olympic Games and have the fastest passenger train service in the world without incurring one dollar of international debt!

The rest of the world has a financial/monetary system that consistently fails us because it is deliberately designed to fail us.

Why do we put up with it? Why don't we change our system of debt financing?

The original Rothschild banker maintained some 200 years ago, ‘Give me control of a nation's gold and I care not who makes its laws'.

In modern parlance that would read, ‘Give us – the banking brotherhood – control of a nation's wealth, economy, finance, debt, and their politics and politicians are irrelevant'.

A well-known proverb states, ‘He who pays the piper, calls the tune'.

Shakespeare, in his play ‘The Merchant of Venice' – condemning Jewish usury – wrote, ‘Neither a borrower or a lender be, for a loan oftimes loses both itself and friend, whilst borrowing dulls the edge of husbandry'!

If individuals in centuries past foresaw our financial problems, why are we still genuflecting to the international banking cabal?