BRITAIN & AMERICA: DECADENT, DELUDED, DESTITUTEby Christopher Story
BANK OF ENGLAND GOVERNOR CRITICIZES THE CHANCELLOR
Earlier, at the annual Mansion House Banquet in the City, held just weeks after Standard & Poor’s stated that Britain’s credit rating might have to be downgraded if it did not bring its finances under control, the Governor of the Bank of England, the still unknighted plain Mr Mervyn King, delivered a broadside at the beleaguered Chancellor of the Exchequer, declaring that UK ‘fiscal policy… will have to change’. Mr King then argued that banks would either have to be split up into high street and investment banks, or else restrained by other means.
• However the Governor, like all these people, FAILED to make the central point that the REASON for banks needing to be ‘restrained’ was to stop them engaging in Fraudulent Finance.
And the REASON that the Governor of the Bank of England could not ‘go that far’ was that, as we have publicised, the Bank of England has itself been up to its neck in exotic Fraudulent Finance operations, especially out of its back office in Birmingham. Given the Bank’s long-term involvement in Fraudulent Finance, it is manifestly in no position at all to lecture the commercial and investment banks on how they should conduct their affairs. And indeed, on 18th June, voices in the City lost no time in publicly ‘disagreeing’ with the Governor over his strongly-worded proposals.
‘GREEN SHOOTS’ GROWING OUT OF PUTRID MANURE
These developments coincided with louder ‘green shoots’ decibels, as various blinded parties, encouraged by the variable sunny weather, sought to disseminate the false message that the British economy is ‘on the mend’. In reality, those so-called ‘green shoots’ that are said to have been spotted, appear to have been sprouting out of manure.
Far from actually maturing into flowering plants, these rancid shoots have been characterised by sparseness to the point of near invisibility. Specifically, sales of clothing and footwear were 8.4% down in May compared to May 2008, while Britain’s pathetically small manufacturing sector has been experiencing very weak order levels. Rents in high streets and shopping centres, reflecting the constraints on family budgets and rising unemployment, are expected to fall by nearly a fifth over the next 18 months. In April and May, UK banks extended hardly any loans at all to real estate firms, while net bank lending to all non-financial corporations fell by £5.4 billion in April, the largest such decline since 2000.
In June, the UK Households Finance Index (HFI), produced by Markit in conjunction with YouGov, stood at 37.5, indicating severe constraints on families’ finances (any score above 50 indicates an improvement). British households are increasingly worried about job security, adding to fears that if any of the putrid manure-based green shoots do start flowering, such shoots will remain few and far between, with the economy remaining subdued by weak consumer spending.
Moreover British firms have stopped hiring, with nearly 890,000 people under the age of 25 who are unemployed, a total which will shortly exceed 1.0 million when the new class of 2009 graduates from schools, colleges and universities. The Office of National Statistics reported in mid-June that the UK construction sector, accounting for about 6% of national output, has experienced its sharpest contraction for 45 years, which economists say implies that this year’s overall GDP will contract in real terms by at least 2.0%. The Bank of England’s latest Quarterly Bulletin has confirmed that over 1 million households are in negative equity, with the total likely to rise sharply, as house prices are thought likely to decline by at least a further 15%.
The American economist, David Blanchflower, now a Professor at Dartmouth College in the United States and a former member of the Bank of England’s Monetary Policy Committee (MPC), summed up Britain’s economic position on 18th June as follows:
‘We are facing a toxic cocktail: sliding house prices, rising negative equity, inadequate levels of credit, soaring unemployment, a cessation of hiring and zero or even negative wage growth’.
This American observer therefore explicitly concurs that all this talk of ‘green shoots’ is wishful thinking. Come the gloomier autumn and winter months, when the sun is no longer shining, the full awfulness of the ‘Black’ Labour Government’s catastrophic incompetence and deceit will be plain to even the minority of observers who prefer to keep their heads in the sand or to use their brains as a cushion to sit upon.
But Blanchflower, a Professor at one of the primary false economics brainwashing centres in the United States (Dartmouth College) was in fact being disingenuous, because, as a member of the Bank of England’s Monetary Policy Committee, it was none other than Blanchflower who urged the Bank of England to reduce interest rates to close to zero, and who then boasted of how proud he was to have persuaded his colleagues to agree to this radical departure.
However reducing interest rates to close to zero in a stagflationary macroeconomic environment, is mentally defective. All developed economies are now, as a consequence of this gross schoolboy howler, suffering a lethal combination of stagnation and inflation, with falling output, declining tax receipts and constantly rising prices for both goods and services: and in countries such as Britain which have been able to devalue their currencies and which because of the World Revolution’s perverse focus on exporting industrial production and ‘just-in-time’ inventory management, are over-dependent on imports, inflationary pressures are exacerbated by the devaluation.
As for the Government sector, apart from creating debt, its only known response to this toxic macroeconomic environment is always to raise taxes, which response contributes further to the downwave by eating deeper into household budgets and thereby curbing consumer spending, which is already decimated by the assaults on households’ finances and by rising unemployment brought about by the mismanagement of the economy.
HOW TO BRING THE U.S. INTELLIGENCE POWER UNDER CONTROL
By extension, it must be evident by now that the way for this brutalised Intelligence Power, which endangers the whole world, to be crushed, is precisely to procure the permanent frustration of its remaining capacity to raise ‘Black’ money: for instance, by stealing and leveraging the $4.5 trillion that was sent over by the People’s Bank of China in May 2006; by diverting, exploiting, misusing and duplicating the sovereign $14.2 billion LOAN money that was illegally taken off-balance sheet [see our reports]; by scamming 320,000 investors enticed into its hideous Ponzi scams; by seeking to borrow money interest-free from gullible investor subscribers, as exposed in the case of the CIA’s Newsmax operation; by stealing funds through exploitation of its technological superiority to shift electronic balances from targeted bank accounts; and by means of all the other exotic deception methods that this enormous and ruthless criminal enterprise, which collaborates so closely with mafiosi, has developed since it mounted operations to steal the gold which had been transferred from Europe to escape the clutches of Hitler, only to be stolen and then buried by the Japanese in the Philippines and Indonesia when the war in the Far East turned against them.
For make no mistake: the US Intelligence Power is a ruthless criminal enterprise which, though technically serving the Executive Branch, in fact controls it by placing its own personnel in the White House, and which collaborates extensively with the criminal underworld. This is of course well known: but in International Currency Review, Volume 35, #1, due later this year, we will PROVE with documents dealing with the US removal of some of the Japanese gold from The Philippines, that in the context of the flow of bullion, the CIA collaborated and continues to collaborate with the mafia, dividing ‘responsibilities’: so that the Agency and its clones control the co-opted banks and all depository arrangements with the assistance of Brinks, Lloyds of London, assorted deception agents, the mining firms and the mafia, which provides ‘international delivery protection’ services.
Depository banks used in these operations included/include Bank of America, HSBC, Hong Kong Commercial & Industrial Bank, Citibank, Chase Manhattan Bank, Central Banks in various countries, and the following recipients of unsmelted gold (which always needs to be resmelted in order for marks on the old bullion to be removed, to hide the thefts): First Federal Silver and Gold Smelting Plant, Miami, FL; Iron Mountain Depository, USA; the international gold depository at Kloten Airport (Zurich), Switzerland; and the Bank of England.
‘STATE WITHIN THE STATE’ IS FUNDED BY FRAUDULENT FINANCE
Through these underlying operations, the US Intelligence Power has been able to finance itself and its non-stop ‘Black Ops.’, becoming the most dangerous ‘State within the State’ in human history, usurping the levers and centres of power within the American Federal Government, dictating its endlessly evil will to other powers, and spreading its corruption around the world while ‘justifying’ its serial criminality behind the smokescreen of ‘national security’ provided by the 1947 National Security Act, et seq. The Editor has very often encountered the phrase ‘national security’ from US contacts when enquiring into US CRIMINAL FINANCE behaviour, which is NOT a matter of national security but a legitimate focus of INTERNATIONAL concern.