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Table of Contents:
Chapter 1:
Tick, Tock…Tick,
Tock
Six special privileges of the elite distort the
system and point toward future collapse.
Chapter 2:
Early Casualties
S&L Fraud – a glimpse of things to come.
Chapter 3:
Seeds of Perversion
Bank money creation – and its implications.
Chapter 4:
Recurring Nightmare
During the 19th
century, money panics kept money and banking issues in the forefront.
Chapter 5:
Building Confidence
The Fed: fundamentally flawed, inept, and ineffective, yet very powerful.
Chapter 6: “Nothing
to Fear, But…”
The worst legacy of the Great Depression: taxpayer protection of
bank liabilities.
Chapter 7:
Dollars
and Sense
Currency fluctuations lead to irregular, unpredictable, and devastating
inflation.
Chapter 8:
Heads I
Win, Tails You Lose
Taxpayers bail out the monetary elite.
Chapter 9:
Who’s
Watching
Phony accounting disguises how bad the reality actually is.
Chapter 10:
Destroying the
Host Organism
A pessimistic assessment with a hopeful glimmer of our future.
Special Privilege
will (further) acquaint
you with the following important facts:
- Banks create money out of thin air and distribute it, unevenly
throughout the economy, at interest.
- The Fed is expected to combat inflation; instead it has allowed the
dollar to lose 75% of its value in the last 30 years alone.
- Using the accounting rules that apply to others, every money center
bank has been hopelessly insolvent for over 20 years.
- Financial bailouts --- by both the IMF and the U.S. government---
involve massive wealth transfers from ordinary taxpayers to the
financial sector (mostly banks).
- FDIC insurance coverage encourages money to flow into
banks---particularly risky banks--- that otherwise would have flowed
elsewhere in a free market.
- While money creation always increases prices, some methods and
patterns of distribution produce dramatic wealth transfers while others
have no such effect.
- The Fed was formed in 1913 to be a lender of last resort; yet,
throughout the 1920s, banks failed at unprecedented rates and in 1933,
1/2 of all banks failed.
As
you learn (more) of the facts, you will likely begin to consider the
following conclusions:
-
Democracy and free enterprise both suffer when government
permits an elite group to create money and forces the rest of us to
honor that money through legal tender laws.
-
Since the money creation privilege is always abused, the
government must grant additional special privileges to cover-up the
effects of those abuses.
-
Special privileges cover-up reality and temporarily restore
confidence but do not actually rectify the resulting distortions.
-
A massive financial collapse is the only viable result.
Special privileges make the ultimate crisis inevitable but also make the
timing unpredictable.
-
The special privileges, below, make financial collapse inevitable:
a- unlimited money creation
b- allowed accounting irregularities
c- protective bank secrecy rules
d- insured bank deposits
e- Fed-protected bank assets
f- taxpayer bailouts of bank losses
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