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Quotation of the Year

Oct 02, 2010

As Simon Johnson has written: "The finance industry has effectively captured our government – and recovery will fail unless we break the financial oligarchy that is blocking essential reform." Strong words from a former chief economist of the International Monetary Fund – but no less true for that.

http://www.telegraph.co.uk/finance/comment/liamhalligan/8025121/Policy-makers-must-do-more-than-print-money-and-hope-for-the-best.html

My Comment:

A "financial oligarchy" is a government run by bankers and the super-rich industrialists. It is a government where the politicians sit in proxy for money men and vote according to the wishes of those who finance their political campaigns or who bribe them via foreign bank accounts.

This former chief economist of the IMF is telling us that the big bankers are "blocking essential reform," so that political leaders are helpless to make the necessary reforms that would really resolve the problems.

The biggest reform, obviously, would be to nationalize the Federal Reserve Bank itself and declare a Jubilee on all debt. Then replace all Federal Reserve Notes with debt-free US Bank Notes.

That, of course, is the ultimate reform that the financial oligarchy fears most, because it would remove them from positions of world power.


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Dr. Stephen Jones


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