In the case of Mark Carney’s Bank of England, the former Bank of Canada governor/Goldman Sachs man has recently led the hectic campaign for a green digital crypto-currency to replace the bankrupt US dollar. Since his announcement of this crypto plan on August 22, the Bank of Canada quickly fell into line declaring its support of the agenda on October 15.

Carney’s colleagues in the United Nations Conference on Trade and Development (UNCTD) amplified this message on October 15 saying: “What is needed is a Global Green New Deal that combines environmental recovery, financial stability and economic justice through massive public investment in decarbonizing our energy, transportation and food systems while guaranteeing jobs for displaced workers and supporting low carbon growth paths in developing countries… through the transfer of appropriate technologies”.

Carney was joined by former Bank of England Governor Mervyn King who recently warned that a “financial Armageddon” is looming unless central banks are permitted to unleash unbounded quantitative easing once more.

The Storm now Emerging

The fact that this highly coordinated push is happening now is not unconnected to the elephant in the room: not only is it a myth that the financial system recovered after the near-meltdown of 2008, but the truth is that the crisis has only become magnitudes worse today, with many signs now pointing to an even bigger blowout that no amount of quantitative easing can solve.

Since September 17, a radical new wave of bailouts have been unleashed with the NY Federal Reserve pumping $50-$100 billion of short term loans/day into the big banks in order to fight an immanent “liquidity crunch”. Meanwhile the IMF Global Financial Stability Report of 2019 has sounded the alarm that the corporate debt of eight leading nations has grown to a record $19 trillion upon which sits innumerable trillions of derivatives bets. The IMF Report authors stated that “a sharp, sudden tightening in financial conditions could unmasks the vulnerabilities” of the system.

Derivatives and the Unreality of Modern Banking

When the 2008 crisis hit, many people woke up to the ugly fact that they had been living a lie.

Illusions had blown up so dramatically that many were able to examine their own axioms and began to think more clearly about the real principles of political economy which globalization had denied to exist. This was hard not to do when Congressmen like Brad Sherman publicized that he and others were threatened with Marshall Law in America if he did not support a bailout of “too-big-to-fails”. Sadly, as the post-2008 “bailout system” emerged, speculation only continued to grow and the west was told that “the fundamentals were sound”, Globalization and the neoliberal paradigm had proven themselves and people went back to sleep.

What was the lesson we SHOULD have learned in 2008?

Economics is not digital. It is not even monetary. Hell it is not even resource-based. Of course, resources, money and even digital currencies may play important roles in an economic system, but the system’s viability- what we may call the “cause of value”, is not premised upon any of those things. This fact was understood more widely in the thirty post WWII years among trans-Atlantic nations. But with the 1971 floating of the US dollar off of the gold standard and onto speculative markets, the new paradigm of “money-first, reality second (or never)” was unleashed and nations stripped of their qualified leaders soon also became stripped of their real assets as well as their ability to generate credit for long term infrastructure or impose protective tariffs in defense of their own interests- both practices officially banned by NAFTA, the WTO and the EURO-cage.

Throughout the 1990s derivatives increased from $2 trillion in 1992 to $70 trillion in 1999 at the height of the Y2K bubble. Once that bubble blew, many thought the “end was nigh”, and started waking up again but due to the 1999 repeal of Glass Steagall followed by the 2000 deregulation of over-the-counter derivatives now being supported with supercomputers and “high-frequency trading”, the illusion was given new life and the $70 trillion bubble became $500 trillion by 2007 when the subprime bubble blew. To put things in proportion, global GDP amounts to $85 trillion.

Where was the Resistance?

Why didn’t more people fight throughout the 1970s, 1980s, 1990s, and 2000s against this collapse of manufacturing, decay of vital infrastructure and the loss of those very practices which created the foundations first world living standards which generations unborn required to survive?

Admittedly, a few did.

Deutschebank President Alfred Herrhausen tried to revive the pro-industrial growth model as the Berlin Wall fell, but a November 1989 assassination put an end to that. American presidential candidate Lyndon LaRouche admittedly led a powerful resistance within America, but an FBI crackdown in 1988 put the man and his leading allies in maximum security prison for years. There were a few others, but for the most part the lesson learned by the political class, and citizens who should have known better was “don’t make waves”, keep your head down, and you might get material comfort while the outskirts of the empire go to hell.

New Silk Road or New Green Deal

It is no secret that Carney as well as French Finance Minister Bruno LaMaire have recently stated that if a Global Green New Deal is not imposed quickly then China’s New Silk Road will become the basis of a new post-Bretton Woods system. In the minds of an oligarchical governing class obsessed with control, this multipolar future premised on long term growth and international development projects WITH NO DEFINED ENDPOINT POSSIBLE is a horror not to be permitted- even at the cost of launching WWIII.

This is where the economic meltdown and the green digital currency “solution” are revealed in their full ugliness.

The reason why those countries led by Russia and China are jumping on board a New Silk Road is because the paradigm governing it is premised upon REAL VALUE! By lifting people out of poverty (800 million in China alone), and valuing the creative powers of mind which multiply their opportunities of action when given a pro-industrial growth-oriented paradigm, these Eurasian powers have tapped into the source of value which guided the west in the post WWII years. The problem with this paradigm which zero-sum thinking geopoliticians HATE is that once any genuine program of serious development starts, you can’t really stop. It’s an open system and since it is premised on human creative thought and free will, it is also non-linear. This fact of open-non linearity is really humanity’s saving grace.

When nations elevate their citizens to higher standards of living, rates of consumption increase, as do rates of attrition of existing resource baskets, but cognitive powers also increase which must offset that entropy with greater rates of anti-entropy through new discoveries and inventions! These must be applied in the form of industrial and technological progress. Imagine what the world would already look like if JFK’s program for a space based economy powered by nuclear fusion wasn’t de-railed over his dead body!

This entire science of physical economy is both at the heart of the Belt and Road Initiative today and its principles were discussed already many decades ago in the 1984 textbook So You Wish to Learn All About Economics and associated video the Power of Labor. It is well worth taking the time to work through this material seriously if one considers themselves a truth-seeker in today’s world.

The only reason why the Bank of England’s green digital currency is taken seriously at all today is because westerners have become so psycho-spiritually detached from reality during the years since the “consumer society cult” led people to believe that a nation could magically exist as a services economy without producing.

Just like those technocrats in 1919 who imposed impossible Versailles reparations onto a defeated Germany while simultaneously gouging the physical economic basis of the Weimar Republic’s existence, today’s technocrats are hungry for a new fascist solution to the problem of sovereign nation states. We know what almost happened in Germany when the last project funded by the Bank of England failed in 1945… but what about today?

The author can be contacted at canadianpatriot1776@tutamail.com

Watching World Vision infomercials educating the west to the want and misery suffered by millions of children in the third world, I wasn’t alone in asking adults “why”? When I enjoyed all the comforts of food security, electricity and running water, why were these other children living in poverty? I know that I was not the only bewildered child to receive the shallow response that I did from family and teachers when I was told that this “simply is the way it is”. At best, we privileged few in the 1^st world could hope that $1/day would alleviate their pain, but really there was no great solution.

Later in life, as my closest friends found themselves enmeshed in university political science and economic programs, the innocent curiosity that recognized injustice for what it was not only died under the weight of materialist theories of human nature which their parents paid good money to feed them, but upon leaving school, those same friends actually became witting accomplices in that very system which their youthful hearts recognized as wrong so many years earlier. Since humanity was intrinsically selfish and our economic system so immutable, the best we could hope for was success in life and enjoy being on the receiving end of destiny.

Again, I know that I’m not alone in this experience, as tens of millions of citizens took to the streets all around the world on September 27 to march for the earth, repulsed by corrupt consumerism and celebrating the advent of a Green New Deal.

This activation of “people power” driven by such institutions as the Extinction Rebellion, Fridays for the Future and the young Greta Thunberg could never have occurred had not a deep sense of injustice and malaise not already been festering in our collective hearts. That sense of injustice and malaise connects us to our deepest humanity and is a purity which unites each of us in a field of compassion with the whole of which we are but parts, and should be celebrated and protected at all costs.

In spite of that purity something much darker showed its ugly face on September 27 which used that inherent goodness to its dark advantage. It is that dark something that I would like to discuss.

You Know Something Isn’t Right When…

The first clue as to the ugly problem can be found in the simple fact that leading central bankers had already issued a call for the same new green banking system which Greta and the countless masses also demanded long before Extinction Rebellion, Fridays for the Future or There is No Time were ever created.

While officially announced on September 22^nd at the opening of the UN Climate Summit in NY, a Central Banker’s Climate Compact was unveiled under the leadership of Bank of England Governor Mark Carney that had already been in the works for over 18 months representing over 130 of the world’s largest and corrupt banks calling for a radical decarbonisation of the world economy by 2/3 according to commitments laid out in the 2015 Paris Climate accord.

Bank of England head and Chair of the Bank of International Settlement’s Financial Stability Board (2011-2018) Mark Carney announced at this venue that “climate disclosures must become comprehensive, climate risk management must be transformed and sustainable investing must go mainstream”. Carney then took on a more threatening tone by saying “the firms that anticipate these developments will be rewarded handsomely. Those that don’t will cease to exist”.

Now Mark Carney has been hailed by the environmental lobby as the leading “eco-warrior” of central bankers and those doing the hailing seem to rarely take notice of the blatant fact that the person who sits atop the technocratic power structure that has given rise to the world’s greatest economic and environmental injustices for decades is also the person designing how this dysfunctional world is supposed to be restructured.

So how do Carney and his fellow hive of central bankers propose the world transform?

The New Green System Becomes…

For starters, Carney believes that a new global reserve currency must replace the U.S. Dollar.

What should this post-dollar system be based upon? Well, as of August 23, during a central bankers’ summit in Jackson Hole Missouri, Carney stated that it should be modelled on Facebook’s cryptocurrency the Libra, which is scheduled to start issuance by early next year. Unlike the Libra however, Carney’s cryptocurrency will be entirely controlled by private banking institutions and totally removed from sovereign nation states, which are just too influenced by short term political interests rather than an “enlightened technocratic elite” who know how to truly think long term.

Knowing that China’s Belt and Road Initiative is increasingly becoming the foundation for a viable new economic order, and knowing that the financial oligarchy’s monopoly over world finance will come undone if that were so, Carney also warned that a crypto-digital currency is the only way to stop the Renminbi from becoming the US dollar’s replacement. Carney called his digital solution to be a “synthetic hegemonic currency… through a network of central bank digital currencies” which would base their value upon new standards not existent in the 1971-2019 globalized model.

Redefining value

In a 2015 Lloyds of London Speech preceding the Paris COP21 Climate summit, Carney stated “the desirability of restricting climate change to two degrees above pre-industrial levels leads to the notion of a carbon “budget”- an assessment of the amount of emissions the world can “afford”.

This statement essentially defines the parameters which Greta and her minions of green followers are being induced to call for as a new “post-consumerist” world of monetary valuation while actually merely destroying what little remains of a middle class and empowering an already entrenched oligarchy.

Like all good lies, this one hinges upon a truth.

Carney and the green new dealers recognize that pure “market demand” has totally failed as a standard of assessing “value” of money or any other primary asset in our economy. $4.5 trillion of currency speculation grows like a cancer every day without any positive payback to the real economy while $700 trillion of derivatives hover like a Damocles sword over the world waiting to fall at any moment that “market confidence” disappears as it did in 2007.

But after that truth is acknowledged, what does the “carbon budget” entail which professes to somehow lower the world temperature to within two degrees of pre-industrial temperatures which we must assume to be a solution to an under-defined problem?

According to the Green New Deal proposed by Carney and his allies, in order to bring world carbon dioxide production down to net zero emissions by 2050 as demanded by COP21, several things must happen.

• Green bonds must be expanded en masse, in the similar fashion that victory bonds were created in WW2 to pay for the growth of industry needed to battle Hitler. In this 21^st century version of course, it is the Bank of International Settlements which financed Nazism which today wishes to define how the new victory bonds will behave. Rather than finance industrial and scientific growth as occurred in the 1940s, these new bonds promise to shrink it. The associated constraints upon humanity’s ability to support its 7 billion lives is not lost to some cold hearted technocrats and their aristocratic managers at the top.
• In reducing industrial growth through the transition from a carbon-based society towards a “green” energy- fueled society of windmills and solar panels, carbon footprints must be diminished. The degree to which humanity diminishes its carbon footprints is the degree to which Carney and his masters promise to reward economic players with monetary profit. Again this is the very opposite process when compared to the 1938-1971 system of industrial growth which tied dollar values to the growth of the REAL economy (agriculture, industry, science and technology) which tied money to the betterment of human life.
• Carbon Taxes and Cap and Trade mechanisms must become hegemonic which then creates measurable values for the reduction of humanity’s carbon footprint.

Embarrassingly Bad Science

By acting on a purely emotional state of fear and panic as Greta demands we do, Carney-ite technocrats hope that no one bothers to shine light upon the blatant scientific fallacies underlying the entire “green new deal” which the Bank of England is proposing the world adopt.

We must ignore the fact that the “99% of scientists who all agree that global warming is caused by human activity” is really only based upon a survey of 79 anonymous scientists (77 of whom believed in the claim).

We must believe that it has been proven that CO2 is a cause of climate variation, even though all long term measurements of climate and temperature indicate that CO2 follows rather than precedes temperature changes.

We must also believe that this reduction in humanity’s contribution of CO2 to the entire greenhouse effect (which accounts for less than 0.1% of the total) would have any impact whatsoever upon a 2 degree reduction of the global mean temperature from pre-industrial levels (which we have no ability to assess anyway).

We must ultimately assume that perpetual economic growth is a delusion which only fools believe in and that population growth is a problem which must be corrected by a technocratic elite who have the “stomachs to handle the bloodletting”.

Breaking out of our Carrying Capacity

The fact is that there has always been a carrying capacity to humanity and no one should try to deny that reality.

What green technocrats hate to admit is that humanity’s carrying capacity is very different from that found among all other species of life in the biosphere.

While other species find their population potential limited by genetic traits, and environmental constraints, humanity alone can transcend those material limits by leaping into the creative realm of discovery both in the sciences as well as in the arts. The fruits of humanity’s discoveries as outlined in Abraham Lincoln’s brilliant speech On Discoveries and Inventions (1860) is entirely connected to our unbounded capacity for scientific and technological progress.

The reality of the coherence between mankind’s creative powers and the creative power shaping the universe as a whole has been a powerful concept identified millennia ago by Plato, St. Augustine, Nicholas of Cusa and his followers Johannes Kepler, Gottfried Leibniz, Benjamin Franklin and Friedrich Schiller (1). Its expression (though not always fully understood by those acting upon it) has been the object of hate and fear by an entrenched oligarchy which has launched innumerable wars, assassinations and regime changes to prevent its awakening.

The New Silk Road… Not the Green New Deal

Today, Russia and China have recognized this necessity of unbounded human progress and are fully committed to integrating their economies into an “alternative” financial system centered on the Belt and Road Initiative. While 135 other nations have increasingly joined in this new system, the oligarchy which signs Carney’s paycheques is well aware that a USA under the control of a president who says “the future belongs to patriots, not globalists” creates an intolerable risk that may re-orient America towards this new system and that cannot be tolerated.

Most importantly, when one truly inspects the Belt and Road Initiative’s accomplishments both in Asia as well as Africa and the Middle East, it becomes apparent that the only system which truly has the means to not only replace our bankrupt order while also eliminating war, environmental destruction and squalor is tied directly to what China has built and which has already pulled over 800 million souls out of poverty. NASA even recently confirmed that earth’s biomass grew by 10% entirely because of India and China’s commitment to industrial progress- overturning the foolish notion that economic growth and environmental health must always be at odds.

This is the system which existed only as a dream unknown to most in the west as I watched World Vision programs encouraging me to beg my mother to give $1/day to a kid in Guatemala whose life had been destroyed by that same system which today threatens to destroy what little is left of the third world through a Green New Deal.

(1) In the 20^th century it found a unique expression in the figure of the late American economist Lyndon LaRouche.