Submitted by Terence Blackett
When it is dark enough, you can see the stars. – Persian proverb
Timothy Geithner (Obama’s economic “spin-merchant”) was in London last week to meet with George Osbourne – the new (“green-around the ears” Chancellor of the Exchequer) and as I looked at these two young whippersnappers, I realized why the current economic climate lacks vision, forethought and real men of true wisdom.
At the same time, I saw this age-old convoluted paradigm, all too reminiscent of the positional asphyxiation for which rich and powerful families and individuals find themselves is due to wanton greed and avarice – manipulating the destiny of men by wrecking markets to induce their agenda upon the world.
Theorists like CRUSOE* et al are firm in their convictions arguing that since the engineered market crash of 1929* caused “The Great Depression” – modern capitalism has seen a combination of crashes and crunches spanning a period of more than 7 decades – with a cumulative history which covers many hundreds of years dating as far as the 1700’s.
An even earlier part of that history reminds us of the Florentine Medici family (cf. Machiavelli) who were the catalysts behind putting 3 Popes – Leo X; Clement VII in the 16th century and later Leo XI who was elected Pope in April 1605 (and died within the month) into the Vatican (a city within a city – a nefarious mausoleum of cryptic artefacts, stolen priceless objects and stolen African “GOLD” reserves held by Jewish conspirators which could put the world economy in the ‘green’).
The power of the Popes over the ages have had a multifarious, yet malevolent influence on politics, art and architecture – this has been in part due their pre-eminence in European banking, in cahoots with the Medici Bank which was the most powerful European institution of its time, resulting in the Medici’s for a time being the wealthiest family in Europe (that is until the emergence of the Jewish Rothschild’s dynasty).
Great wealth brought great power to the Medici clan who were to become Dukes of Florence extending their influence throughout the powerful provinces of Tuscany and all of Italy.
In April 1478, the rivals of the Medici – the Pazzi concocted a conspiracy to remove the Medici as the de facto rulers of Tuscany and put in their place a puppet – the nephew of Francesco della Rovere, who was reigning as Pope Sixtus IV. The politics of intrigue, ruthlessness and destruction was as pervasive in the Italian Renaissance, as it is today in the hallowed halls of bourgeois capitalism, where the only motivation for bringing in a conspiratorial ONE*World – where one man controls everything from a vantage point of great political, economic and religious power.
The Salviti clan, who were the Papal bankers in Florence at the time together with Francisdo de Pazzi, planned to assassinate the ruling Medicis – Lorenzo and Giuliano (so the story goes).
So on Sunday, April 26, 1478, during Catholic High Mass at the Duomo before a crowd of 10,000 faithful followers, Giuliano de’ Medici was stabbed 19 times by a gang that included a (Priest), and bled to death on the cathedral floor. His brother Lorenzo barely escaped with serious, but non life-threatening wounds.
The coup d’état failed, (as is usually the case when men forget that God watches the moves of men), and the enraged Florentines seized and killed the conspirators. Jacopo de’ Pazzi was tossed from a window, finished off by the mob, dragged naked through the streets and thrown into the Arno River.
The Pazzi family were stripped of their possessions in Florence. Every vestige of their name effaced. Salviati was hanged on the walls of the Palazzo della Signoria. Although Lorenzo appealed to the crowd not to exact summary justice, many of the conspirators, as well as many people accused of being conspirators, were killed.
This story reads like a pictorial dramatization of a Hollywood movie scripted by none other than Quentin Tarantino.
Italy, (that city on 7 hills upon which the Beast sits), where the Medici family had transformed the sinful Jewish practice of usury into the banking system we know today and in the process became as powerful as ruling monarchs if not more so.
This has been a history of greed, vice, avarice and murder followed to its logical conclusion to become the backbone of what most worship* today as modern capitalism, where businesses squabble for disingenuous benefits that inherently transfer wealth from poor and impoverished nations and communities to devilish individuals. The real “Wealth of Nations” is systematically being transferred to preferred individuals and organizations through patronage, pillage and prevarication which stems from ill-gotten power, wanton abuse and megalomania.
Social historians argue that by 1546 the Spanish Conquistadores had established vast gold and silver mines in Bolivia (still in operation today) – while enslaving the indigenous people to create so much currency for the Spanish Crown that it eventually became worthless. Today Spain is in the jaws of the worst economic crisis in modern history (payback no wonder).
In 1721 while in Paris, Scottish con-man John Law created a Ponzi scheme tied to the Louisiana territory (an asset bubble) that literally brought France to its knees. Law’s company had bought the whole of France’s 1.6 billion livre government debt with subscription proceeds (under the behest of a duped and economically illiterate monarch) which resulted in chaos that led to economic collapse across Europe.
Almost 300 years later, Europe is experiencing what can only be described as “Karma” – with the said French under a Napoleonesque-type leader who suffers from a form of vertically-challenged syndrome both physical and psychologically. Last week, he too threatened to pull out of the Euro.
By 1818 in London, Jewish bonds trader, Nathan Rothschild and his family nearly went bankrupt by helping to finance the British army’s war effort against Napoleon – then in a stroke of sheer genius gained enormous wealth through the buying and selling of war bonds playing both sides of that iron curtain – an age-old slight of hand, (a win-win) where only the bond-holder appreciates in value – (win or lose). This is the loci of the current stock market today as it bets and gambles both sides of the equation.
Today political economists would like to make us believe that we were out of the woods – but what we have witnessed in recent history with the 2008 banking crisis is the boldfaced duplicity of governments and private wealth capital merge into strange bedfellows.
This merger is creating a new modern-day “asset bubble” where DEBT* has become unmanageable. Europe is especially gripped with a disproportionate level of escalating debt which is no longer serviceable regardless of what our dubious politicians tell us.
In the 1980’s, French president Francois Mitterrand raised the money in the welfare state by 10% giving virtually a hand out to French citizens immobilizing the work ethic – so the debt rose from 20% of GDP to current levels of 80%. By 2020, France will be spending somewhere in the vicinity of 140% of its GDP just to fund public services and a growing population. The economic reality – this is unsustainable!
British PM David Cameron last week lost his LIBDEM* Treasury secretary Mr. Laws (is this ominous or what) to an on-going expenses scandal where he paid his closet homosexual lover monies from the public purse for rental accommodation – as if he needed to do that as he is already a millionaire banker (what shenanigans).
But let’s look at the reality of Britain’s proposed austerity measures. The UK went from a debt/GDP ratio of 43% in 1980 under a Thatcher government to a fiscal time-bomb of 65%. Our fiscal deficit is currently the highest in the EU (that includes Greece as well) somewhere around 13% of GDP. When you add the cost of government borrowing, household debt that staggers to somewhere in the region of 400% in today’s terms as against a 150% back in 1980.
On Britain’s heels is Japan at 200% of GDP. The three largest economies in the world – America, EU & Japan have a combined debt ratio of somewhere in the vicinity of £20 trillion compared to total output of £21.25 trillion. When you factor in £32 trillion of private debt, one can understand why the “inglorious basterds” must engineer and trigger another economic apocalypse very soon – some suspect as soon as 2012 (for it will coalesce and merge nicely with the Mayan prophecies of gloom and decimation).
One harbinger of that scenario will be a gradual spiral in interest rates which foreseeably will happen sooner than expected given rise to higher mortgages, food and services.
There is no denying that the global economy is on life-support. Like much of history, trends rarely change. The reason why I say this is so simple – he who controls the “gold” wins. Let me explain why!
According to Daniel O’Connor in referencing the 1998 best selling book “The House of Rothschild: Money’s Prophets 1798-1848” by Professor Niall Ferguson argues that “the Rothschild family dynasty was very effective at influencing monetary policy throughout Europe’s major financial cities as they were closely linked to the central banks and they also dominated the world’s precious metals market – specifically gold.”
“Given the sheer quantity of gold the family had acquired they were able to manipulate the continent’s money supply. Without the existence of central banks their manipulation tactics would not have been possible.”
“James Rothschild had in fact been sending substantial quantities of gold across the English Channel since the beginning of 1825, if not earlier.”
“In the first week of January alone, he had sent gold worth nearly £500,000, which he expected to ‘impress your Bank’ (meaning the Bank of England). By the middle of the month, he was talking about ‘our old established practice’ of ‘buying some gold whenever we can find any’.”
“The family was obsessed with gold and imported it from all across the globe including South America, Russia, Turkey and Australia. Their perception and understanding for the value of gold is very much in line with that of modern-day Austrian Economists – it is the best store of value.”
“However, as the family always invested in gold, they did not always support the notion of gold to be upheld as a currency in circulation. Often times, they preferred the gold for themselves while allowing paper to circulate in the economy by encouraging their political associates to print notes.”
“Paper notes and govt bonds were much easier to manipulate, especially with greater political intelligence and political influence than any other banker in the market.”
“They also used faulty scare tactics such as ‘the fear of deflation’ and a contracting economy as a means to keep paper in circulation (similar to some modern-day ‘economists’).”
“Taking it for granted that the new bank would maintain an inadequate reserve, James [Rothschild] predicted that if it got into difficulties the government would have to choose between ‘a general bankruptcy’ or the suspension of gold and silver convertibility. These were exaggerated fears designed to intimidate Louis Napoleon.” (p. 61 – volume 2)
“In 1819, the ‘bullionists’ had effectively won. Dismayed, Nathan sought to dissuade Liverpool from going back on to gold, even pursuing ministers into the country to make his case. Nathan never opposed the resumption of cash payments (linked to gold) as a matter of theoretical principle; he and his fellow bankers made a practical argument that the short-run effects of a deflationary policy would be economically destabilizing, and that this might tend to run counter to the government’s goal of fiscal and monetary stabilization.” (p. 120-121)
“The family controlled so much gold that when they moved huge quantities of bullion from one central bank to another they were able to flood the market causing inflation and prices to then rise. Throughout a boom period ending in 1824, the family was able to generate huge profits.”
“Afterward, Nathan and other bankers began to remove huge quantities of gold from England at the end of the boom in 1825.”
“In 1825, a bust period occurred and asset prices across the market dropped significantly.”
“The Bank of England then became responsible for fixing the economic crises in 1825, and The Rothschilds were granted the role of “lender of last resort to the lender of last resort” because they had excess gold.”
“Had it not been for the most extraordinary exertions – above all on the part of old Rothschild – the Bank must have stopped payment.”
“Of course Nathan would not have made such immense deliveries of gold without asking for a generous commission in return. The operation has to be seen as his campaign to establish himself as the dominant force in the London bullion market…”
“The rescue of the Bank was a remarkable achievement which owed everything to the international nature of Rothschilds’ operations. In effect, the brothers were establishing that system of international monetary co-operation which would later be performed routinely by central banks, and on which the gold standard came to depend. Increasingly, their position in the international bullion market was becoming as dominant as their position in the international bond market.” (p. 137)
5 major catalysts precipitated the Great Depression:
- Stock Market Crash
- Bank failures
- Reduction in purchasing power across most sectors
- The US economic policy towards Europe
- DEBT*, foreclosure, loss of food production & farms in the Mississippi Delta valley.
Will anything different happen this time around? The jury is still out. All that’s left is for us to do is protect our assets. Pay down ALL* debt. Buy gold and invest in food production. Beyond that – all we can do is to trust Providence for a way through the approaching storm.
I don’t think I have ever read a more rambling string of drivel. For God’s sake, buy a dictionary.
More bovine fertilizer than Edwards cow pen (and he had a lot of cows).
Which part Sarge? Bush Tea was quite impressed….
Where do I start? First TMB tries to be a Jack of all Blogs, All of his articles read the same way i.e age old conspiracy theories the What does European History during the Middle ages have to do with today’s economic crisis?
Then there’s the advice dispensed “Buy Gold”.Not exactly original advice, but I’ve been around for a little while and I saw poor people lose their shirts following this advice. Remember the Hunt Brothers from Texas? Nelson Bunker Hunt and his brothers attempted to corner the Silver market in 1979 and the price kept rising and many people joined the fray to get “a piece of the action”. Then the Gov’t changed the rules and the market price dropped and many small investors were out in the cold. Many people see Gold as being in the same bubble as Silver was in 1979-1980.What happens to your investment if you buy gold and the rules change or the Bubble burst ?
Then there is the prose: “At the same time, I saw this age-old convoluted paradigm, all too reminiscent of the positional asphyxiation for which rich and powerful families and individuals find themselves in due to wanton greed and avarice – manipulating the destiny of men by wrecking markets to induce their agenda upon the world”
“with the said French under a Napoleonesque-type leader who suffers from a form of vertically-challenged syndrome both physical and psychologically”
The prose alone is worthy of submission to the Bulwer- Lytton Fiction contest.
@Sargeant, not saved, call a spade et al
You guys aint easy…lol.
Reference you made to “Buy Gold”.
You are aware there are no guarantees?
It is all speculative and with speculation one must anticipate the rule changes you mentioned.
Life is a bitch aint it?
You from St Mathias area?
No, not from St. Matthias area
To be honest we enjoyed the read. It seems all TB has done is to provide historical context for the place the financial system now finds itself.
Gold bullion has been the goto for investors through the years. The price trendline over the decades has been impressive.
The financial markets are known to operate on a zero-sum basis. There are NEVER losers.
“What does European History during the Middle ages have to do with today’s economic crisis?”
WHAT DOES THIS EXCERPT SUGGEST TO YOU?
A short history of European debt
Lenders have not always put pressure on borrowers. At some point, it was the other way around. According to Carmen Reinhart and Kenneth Rogoff, authors of This Time is Different: Eight Centuries of Financial Folly, a king’s promise to repay could often be removed as easily as the lender’s head. In the middle ages, whole families were slaughtered simply to seize their lands and wealth.
A few centuries later, after the 1400s, Italian city-states such as Venice, Genoa or Florence developed more sophisticated markets, where loans were traded after being issued. But this period also saw the first true international debt crisis.
By then, Italian merchants lent huge amounts to England, a less financially sophisticated country, which was only just starting to generate wealth through natural resources such as wool.
The Italian loans, which funded wars between England and France, were in trouble after Edward III of England defaulted in 1340, following a series of military failures. News of the default hit Florence, causing a bank run on the lenders’ doors, and ultimately leading to the collapse of the Peruzzi Bank.
England wasn’t able to fend off its serial defaulter tag until the 1688 revolution strengthened the powers of parliament. Italy, however, didn’t learn from its mistakes, and became a big lender to Spain’s worldwide exploratory forays and battles. Costly ventures such as the Invincible Armada led to a series of defaults, making Spain, with 13 failures, the country with the worst record in Europe. Germany and France follow with eight. Greece has just five.
IF YOU CAN IN ALL HONESTY* SUGGEST THAT EU BANKING PRACTICES DOWN THROUGH THE CENTURIES HAS HAD NO SUBLIMINAL EFFECTS ON TODAY’S WORLD ECONOMY – YOUR ARGUMENT IS WORTHY OF A PHD FELLOWSHIP…
Please prove your point – don’t just point fingers!!!
By the way, THE HOLY SCRIPTURES* proved that language is still the most powerful tool given to men…
Remember, words can produce either LIFE or DEATH!!!
“It seems all TB has done is to provide historical context for the place the financial system now finds itself…”
A HONEST THEORETICAL QUESTION DAVID?
If you were going to HEDGE* any “bets” (forgive the use of word – as it implies “gambling”) on any investment in the financial markets – what would it be and WHY?
IS GOLD A SAFE PAIR OF HANDS – AND IF SO WHY? IF NOT*, THEN WHY?
Modern psychology debases the virtue of what is called the “ego defense mechanism” – a primeval concept which says that when we as protagonists criticize unduly by attacking an argument put forward by someone else which is representative of that person’s greatest gift – all we are doing is covering up an opposite and polarizing flaw or wrong in our own selves…
If one is going to argue that something is inherently wrong – then LOGIC* dictates that a counter-argument MUST* be presented…
Anything less – as is being purported is merely “drivel” to quote one soothsayer…
Finally, my dear BRUV* – thanks for the wonderful compliment (though undeservingly so) regarding the Bulwer- Lytton Fiction competition….
I may not have a 1st Class Honors degree in ENGLISH* from Oxford University as does my younger brother ALEX* but I am sure that I can hold my own in the grand schema of literary heavyweights when it comes to expressing the way I feel about any given subject…
As I am sure you are aware, that “Bulwer-Lytton was a remarkable man and it’s rather unfair that Scott Rice (Professor of the English Department San Jose State University) decided to name the competition after him for entirely the wrong reasons. He was a great champion of the arts, and made such a huge difference to people in all walks of life…he was politician, writer, playwright and philosopher…” cf. THE GUARDIAN
@TB..lol, Iaint no bog up theorist, just an average guy..lol..too much credit, even if pulling my leg, thanks.
That said, interesting read. The thing is, the markets today are not a function of the underlying value of a company, are they? Much in the quoted ‘values’ (I am talking internationally) is artifical, pumped up. No?
That said, there are obviously political considerations in protecting the ‘markets’ as they stand, also political considerations in manipulating markets where necessary. Much of this to protect the ostensible ‘economy’ of a nation.
It is quite clear that the markets are shaky and that despite this a few still make a killing (Goldman-Sachs).
Maybe they are as clever as they say, but with the amount of funds they manage, obviously they are the biggest boy on the playground. And the biggest boy generally gets his way.
I think the important issue is the question ‘what is real’?
Or does it not matter?
“Much in the quoted ‘values’ (I am talking internationally) is artificial, pumped up. No?”
Good to see you this beautiful morning ‘ole chap…
The simple answer to your question is YES*….
There is no real will to address the underlying fundamental structures which has precipitated the current “BUBBLE-LIKE” conditions we find ourselves in and what consequentially will happen (fodder for a future article) if the current capitalism model is not revamped in favor of something more egalitarian…
As always, I tried to incite some serious debate on not only the classical history but also the contemporary trends which we are now witnessing…
AGAIN, THE REAL QUESTION IS – “WHO WILL TELL US THE TRUTH?”
What TMB is very good at is, “cutting & pasting” and passing it off here and other places as “original content” and needs to stop it or state his sources, then again there may be too many. There is a word for that! Which starts with “P”, what is it again?
Recently read this article, “The Ministry of Truth” http://www.slate.com/id/2254054/ reproduced here.
You beat me to it, I was going to suggest that he visit Barbados next Easter and offer his services as a kite maker…. All that cutting and pasting…..
@ David, “The price trendline over the decades has been impressive.”
Not if you came to this country when I did. Have a good look at that chart AGAIN! In 1980 when I got here, do you see what the price was? GOLD has taken over 27 years of accumulated losses, to get back to even. Almost three decades!
Do a similar comparison for the stock market over the same period of time. I’ll take that with Dollar/Cost Averaging, thanks!
You guys really give me too much credit…LOL!!!!
The next thing I probably will hear would be that I am guilty of the collusion effort in creating the PhD thesis which Colin Powell, Tony Blair and Co. used as justification for the United Nations Resolution 1441 to attack Iraq citing research from a university document (I can say a whole lot on that issue) as FALSE pretenses for inciting WAR in the Gulf…
To cite SLATE’s article entitled MINISTRY OF TRUTH* as a template to explain the shenanigans of those who wield power in real time in a world ruled by “dark forces” – is really elasticizing my efforts in what was a rather simple article which seeks to do nothing more than to exegete common, well-known historical FACTS*….
I can assure you my son that there is no Orwellian conspiracy here to undermine the tenets of so-called “TRUTH” (as some would have it spun) but rather, the simple efforts of your humble servant is to merely cite the historical facts as time had them unraveled…
Dr. Loftus et al maybe able to show the effects of “digital doctoring” as well as others who are able to massage and manipulate data (AGAIN, SO-CALLED TRUTH) in order to produce the desired effect they want but I am weary of people who are so ignorant that they never question what they see or hear by doing their own independent study and research….
“Then there’s the advice dispensed “Buy Gold”.Not exactly original advice, but I’ve been around for a little while and I saw poor people lose their shirts following this advice…”
There has been periods in which GOLD* has had the mercurial volatility of a thermometer – however, you are being blatantly one-sided in your argument refusing to see the trees from the forest…
During the Great Depression, those who had GOLD* weathered the storm – those who didn’t, more than lose their shirts, literally had their arses* at the door…
So again, I think you GUYS* are being intellectually dishonest in not presenting both sides of the argument…
Arguing needlessly for the sake of it…
Has any of you held gold (GETF)? If so, for how long and what has your long-term returns been?
See what GARY NORTH has to say – at least he is fair and balanced… LOL
“…What does European History during the Middle ages have to do with today’s economic crisis?”
..you don’t know the half of it…
Dr. Winston B Moore is an economist and lecturer in the Economics Department at the University of the West Indies, Cave Hill Campus, as well as a former senior economist at the Central Bank of Barbados.
This evening, we take a brief critical look at his contribution in the May 31 2010 edition of the Barbados Business Authority.
The PDC will use more than the number of words that he used in his submission that has been centered on the likelihood of recovery in the Barbados economy in the short term.
We start our response by actually quoting something that he was reported to have written in his submission: “Given the recovery projected for the US and world economy some recovery in economic activity is therefore likely for Barbados by the fourth quarter of 2010 and/or early 2011”.
That expressed we wish to swiftly state that this will NOT happen.
It is clear that Dr. Moore has based some amount of recovery (weak? modest? strong?) in the Barbados economy on exogenous factors like recovery in the US economy and in the world economy in 2010, respectively.
He however erroneously implies that those same exogenous factors were responsible primarily for the present depression in the so-called Barbados economy.
In the Monday, April 26, 2010 edition of the Barbados Business Authority, Moore reportedly wrote that “due to the dependence of Caribbean economies on activity in more advanced states as markets for their exports, most regional economies also contracted in 2009: Barbados (5.3 per cent), the Bahamas (5 per cent), Jamaica (2.8 per cent), St. Lucia (5.2 per cent) and Trinidad and Tobago (3.5 per cent).”
This again amounts to the goodly doctor wrongly stating these markets primarily caused this local depression.
While we know that there is dependence on the external markets for a proportion of GDP activity, the fact of the matter is that the bulk of GDP is locally generated.
In table 2 of the Central Bank of Barbados 2010 Press Release (data) on the first quarter performance of the Barbados economy, shows that the average total GDP contribution of tradables (Tourism, Export Manufacturing, Sugar, etc.) at constant prices has been 24.7 per cent, whereas the average total GDP contribution of non-tradables (Construction, Wholesale, Retail and Distribution, Government, Transport, Electricity, etc.) at constant prices has been 75.3 per cent.
Too while there has been integration – to varying degrees – among these traded and non-traded sectors in Barbados, there is clear evidence that out of all major sectors – the government and financial sectors have principally caused this political economic depression in Barbados.
This is partially explained by,
1) the stupid brute Exchange Rate Parity System in Barbados, wherefore imports leaving their export points are substantially less in US, British Pounds, but once scheduled to land any where in Barbados esp. at the Ports, or to take place in Barbados become obscenely tremendously more in Barbados Dollars via this said Exchange Rate Parity System to importers and thus eventually contributing despicably to the high cost of living and doing business in the country,
2) This evil wicked Taxation System, wherefore the Government (Sector) steals robs or dishonestly expropriates almost 45 % out of the national incomes of this country but only contributes on average of 14% to GDP (same Table 2) – this evil wicked Taxation System therefore diabolically contributes to the high cost of living and the high cost of doing business in Barbados as well – e.g. the higher levels of TAXATION imposed by this DLP Government in July 2008 – and that still remain up today – has helped to cause this localized depression,
3) This disgusting nefarious Interest Rates System of this same financial sector and by extension the international financial sector, wherefore interest costs on loans (domestic credit) – in most cases between 9 – 12 % per annum – to private individuals and to private organizations and to the government (non-financial private sector lending) and on government bonds, debentures, treasury bills, are also overall obscenely high throughout the duration of the loans, thus leading to again a very high cost of living and doing business in this land.
Where the PDC is concerned, it is these high costing local political economic financial structures that have therefore principally caused this localized depression in Barbados and NOT declining performances in “our” external markets as Dr. Moore suggests.
For, declines (negatives/absences) in many segments of the local or external markets CANNOT directly indirectly cause or properly explain declines (negatives/absences) in any other segments of the local or external markets
Such declines CAN ONLY take place where costs in those particular segments of those local and external markets are going higher and higher up or too high (positives/presences,) thereby leading to or helping to explain declines (negatives/absences) esp. in relationship to transaction purchases/sales, commercial agreements, in those other segments of those markets.
Therefore, a drop (a negative) in employment or a drop (a negative/absence) in national spending in, say, the USA or the UK, or a depression (negative/absence) in the USA or UK material financial sectors CANNOT CAUSE a drop in, say, local employment or a drop in local spending in, say, local tourism or a depression in local tourism or a depression in this so-called economy (all negatives/absences), SIMPLY BECAUSE NEGATIVES/ABSENCES CANNOT DIRECTLY OR INDIRECTLY PRODUCE POSITIVES/PRESENCES (POSITVES/PRESENCES CAN PRODUCE NEGATIVES/ABSENCES, HOWEVER).
Only things like high airfares (positives/presences), too high global oil “prices”(positives/presences), too high international food commodity “prices”(positives/presences), and other high costing incidentals in major export markets or internationally, will CAUSE/PRODUCE some harmful effects ( unsustainable/non-structural) necessary to harm the so-called Barbados economy – like an extent of some drop (negative/absence) in local tourism spending – BUT NOT WITH ANY SUFFICIENCY TO CAUSE A DEPRESSION in any of our local markets or the so-called local economy.
And, only high costing structures patterns in local tourism and high costing structures patterns in the so-called general economy ( all positives/presences) like those pointed out earlier – will CAUSE a depression in local tourism and a depression in the so-called local economy (all negatives/presences).
Also, an increase (positive/presence) in employment (structures/patterns) or an increase (positive/presence) in national spending (structures/patterns) in, say, the USA or the UK, or a recovery in the USA or UK material financial sectors CANNOT CAUSE an increase in, say, local employment (structures/patterns), or an increase in local spending (structures/patterns) in, say, local tourism or a recovery in local tourism or a recovery in this so-called economy (all positives/presences).
Only things like higher and more substantial arrivals and consonant higher spending by tourists IN Barbados (benefiting Barbados), greater and more substantial cash purchases of local goods and services by overseas buyers and users and other real GDP activities like greater and far more substantial consumer and investment spending in the country ( once sustainable enough and sufficiently structured patterned) – even though such is certain not to occur within the next six months to a year in Barbados – will still be seen by the PDC as a necessary part of any recovery in the so-called Barbados economy.
And furthermore only when it is seen by the PDC that the alarmingly high cost of living and doing business in Barbados, and when too it is seen by the PDC that the great costs associated with government and the financial sector are greatly brought down in the country – which though is certain NOT to happen in the next six months to a year – will these kinds of events influence persons and businesses and many others here and overseas to greater spend and produce and to thereby to an extent where there is staged a material financial recovery (and a strong one too) in the country.
Thus, in concluding, it is erroneous for Dr. Moore to suggest that because real GDP in the US in the first quarter was 2.5 that real GDP in Barbados will be at least in early 2011 1.2 % based on a faulty premise – gathered from his research – that for every one per cent rise in US economic out put, real GDP rises by around 0.5 per cent rise, all of which contradicts his very salient point of view that with US and EU economies attempt to restore fiscal balance via expenditure cuts and increases in taxes, there could be negative spill over effects in terms of demand for the island’s export services.
So, there you go.
“…What does European History during the Middle ages have to do with today’s economic crisis?”
Surely you jest. Much of what goes on in present times is very much connected to old alliances and happenings in the distant past . Thats why the same families continue to pull the puppet strings of the world.
When we don’t learn from history we are doomed to repeat it, or something like that the quote goes.
Also the very rich and powerful families plan for things decades and even more down the road to maintain their lot , not a year or decade as we normal not quite so greedy people might do. So if you think what is going on now is just a few persons or institutions greedy mistake , I think you will find yourself somewhat mistaken.
I found this article to be quite enlightening .
We can learn that there are always persons with power , money and influence who are constantly rigging the system to make more money and get more power and influence.
Some persons must ” slave” to make an uncertain living while others just sit back and collect billions.
In our above post we referred to the person whom we know as the economist, the lecturer in the Department of Economics of the University of the West Indies Cave Hill Campus, and as a former senior economist at the Central Bank of Barbados, as Dr. Winston B Moore.
We are satisfied now that we made an error in the name of that person who is the main subject of the above post.
The person is in fact Dr. Winston R Moore.
Hence, our sincerest apologies to Dr. Winston R Moore for any embarassment caused.
Too bad Terrence didn’t let all know that these inglorious bastArds that are pillaging world economies today are mostly ‘jew-ish’ – the same basterds who run Follywood, the same basterd who run the Healthscare Industry, the same basterds who determines what we should and shouldn’t know thru their books and news media.
Are these the same basterds who ventured your capital? Is that blood I see dripping from your fingers Terrence?
Is it just a coincidence that Goldman Sucks sold off over 4mil of its BP shares just weeks before BP’s terra-forming the planet?
Why is queen elizardbeth looking to get another raise in her welfare benefits? What the ph.uck does this overgrown parasite do?
Today MORONIC IDIOTS want to crucify Dudus Coke, but wasn’t the same Britshit empire in the DRUG running business? What was that empire built on?
Watch this same queen come to Barbados tomorrow and see the genuflection…red carpet all….negroes bend so low that they displace their spine and they want to kill Dudus. What is the difference “EDUCATED PEOPLE?”
Christopher Dudus, this is every reason why you should never give up yourself to any criminal government. You haven’t done anything that the Rockerfellers, JP Morgan, Chase, Rothschild have NOT done. The amount of blood that they have shed on this planet could drown every ocean.
Vanity of vanities ALL is vanity!
“Are these the same basterds who ventured your capital? Is that blood I see dripping from your fingers Terrence?”
Touche ‘ole boy…
Some are even arguing needlessly that the world (or to quote the “AGE”) that we are in is no more dangerous than decades gone by…
If someone on BU or on any other virtual forum including my social circle can show me categorical evidence that the world has not been in a state of regression (and I have only been alive just over 40-odd years) – I will eat my hat…
Hopi, when all is said and done – u r right!!!
If we are on the subject of European history here, I suggest looking at the Delian League, an ancient version of the EU, where countries and islands around Delos and the Athenian state, in what is today Greece, joined up with a unified currency, against a foreign enemy, thousands of years ago. It collapsed, as did the Athenian League. Compare and contrast Carricom and in fact today’s EU. Why? because one country will always come to the fore and thereby develop a bunch of enemies who align against the most powerful member of the group and eventually, crush and overcome the whole unit of the disparate members.
“Compare and contrast Caricom and in fact today’s EU…”
Hey Vic, a little more and I would think you have been reading my post or you happen to be a prophet…
I am currently working on:
The Caribbean Single Market:- ‘Agent Of Globalization’ Or A Recipe For Social Unrest And Economic Upheaval?
This is confirmation today based on your comments ( but equally, let me applaud you on your historical citation of the DELIAN LEAGUE*) which is a harbinger of things to come both within the European context and even moreso, longer term ramifications for CSME…
History is more than the unfolding of FACTS of social events which transpired over time – it is how that history was created by “creeping” forces, whose sole aim was to engineer an outcome in the interests of specific “groups” and “individuals”…
The same condition exist TODAY*!!!
The EU is held together as we all know by “spit” and a “prayer” from the dark forces which have longed controlled the world especially in this niche geographical area… Their aim is still CONTROL* and subservience of the masses.
Monetary union is just one small “pawn” in the grand chess game of life…
In the end, “IRON & CLAY” will fracture along the one ideological fault line (it has always done throughout history) which is social upheaval, turbulence and seismology…
I would like to have a T-shirt printed with a logo featuring a direct quotation from Barbados Underground.
The quotation is from Mr. Terence M. Blackett. This is it:
“I saw this age-old convoluted paradigm, all too reminiscent of the positional asphyxiation”
I don’t want to break copyright. Please tell me: does the “BU Household” have the copyright on this gorgeous phrase? Does Mr. Blackett hold the copyright? Or can I simply have the T-shirt printed today?
Many thanks in advance for your prompt reply.
Heena Gena Raa – Sam P,
Smokani Ft Iraj
Red Plastic Bag.
@Alleged Kiki // June 9, 2010 at 9:24 AM
I (allegedley) farted.
For the record the above postage is blatant FALSE ADVERTISING
I suspect the most likely fool to have shat his pants would have been the tricky, laughs at his own jokes, idiot Bowman (profile for Comedian Extraordinaire. not)
All: I really did fart. Sorry about the fartage scenario kind of situation, going forward.
Otis Red “(Plastic Bag”) ding