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Back in 1997, in the February, March and October editions of the Marin County Coastal Post, I penned a few columns on matters of California's then impending "Smog Check II" program and the ill-fated, California Electrical Services Restructuring issue. The Post maintains archives if anyone is interested to see where I started from on the subject of energy credits and the possibility of a one global monetary system.
Last October, Reuters and the Washington Post reported that President Bush met with European leaders to hammer out a plan for an "international financial governance structure for financial markets" and, "to create new rules for our global economy"--ostensibly out of fear of the impending U.S. debt defaults time bomb. According to a survey from the Bank of International Settlements (BIS) there is a 516 trillion dollar derivative bubble ready to blow which some experts have prophesied as the beginning of the collapse of our modern-day banking system. As we have learned from Warren Buffett, these highly lucrative, "financial weapons of mass destruction" (derivatives) inhabit the twilight world of leveraged lending where private contracts between financial giants are spawned safely beyond reach of government taxes and regulations.
In tandem with the fed pumping hundreds of billions of dollars of "liquidity preference" into the corporate coffers the Treasury, initially, promised to buy ownership stakes in many of the nation's troubled financial institutions with taxpayer's money on the premise that, while nobody could put real value on the sea of derivative papier-m‰chŽ, government experts thought that "it will be re-capitalized in time." However, there were a few who complained that the Treasury's and the Federal Reserves' johnny-come-lately actions would do little if anything to ameliorate the nation's credit hemorrhage. They have since been proven to be correct as many bankers, while tightening credit for little people, have used the bailout money to purchase other banks, payoff dividends, and to give themselves bonuses, and other extravaganzas. Meanwhile, as money markets around the world continue to sink because of their out-of-control risk taking, ex-Fed chief Mr. Greenspan declares that he is "shocked, just shocked to find that gambling is going on in his establishment." This coming from the man who's sovereign little organization, for reasons unknown, discontinued the publication of the highly informative "M3 Measure of Money"reports back in March of 2006. At this juncture please allow me to digress for a moment on the subject of contract.
In the real/legal world, contracts and money are, for all intent and purpose, synonymous. For those who are unconvinced, consider what the legal textbook "Contracts" by Calamari and Perillo of the Hornbook series (1970-7) by West Publishing says about the subject. 'Contract'-- "the relations among parties to the process of projecting exchange into the future." Personally, I would have added 'half-exchanges' to that assertion. At any rate, add that statement to David. T. Bazelon's, in his wonderful book, 'The Paper Economy', Random House (1963) "Money is a contract-the freest, most gorgeous contract of them all. Money is somebody else's promise to pay, to give me what I want, when I want it-the fully alienable contract for anything, anytime, anywhere." The point here that I'm trying to make is this; huge, transnational financial mega-monsters no longer deal in the kind of day-to-day "money" that you and I normally deal with. They contract out with one another in a shadowy financial world of unwritten constitutions. And it is in the dark and ulterior details of their unholy compacts that will serve to bite all humanity on its collective butt-again. But let me get back to the main issue.
Reacting to an overwhelming amount of criticism, Treasury Secretary Paulson reversed his earlier plan to purchase troubled assets-but it appears that the damage has already been done. According to Eve Tahmincioglu of MSNBC, the initial, rapid consolidation of the banking industry has left the nation with three 'superbanks'-Bank of America, JPMorgan Chase and Wells Fargo. Curiously, the anti-trust people in Washington appear little concerned about this. Considering the hugely beneficial monetary consequences of deregulation (little competition and virtually no government oversight) what will stop those three financial giants to further combine their newly acquired piles of dubious contracts into a single system of things? Just as important, what about the debt that underlies most of that collection of M3 promises-it will still have to be serviced. And that means that any recapitalization (future paper carrying said obligations) will need to represent something of tangible marketable value (i.e.-goods and services) it cannot (at least in the beginning) simply reflect the old trouble making intangible order of things. Moreover, some one will have to make the call as to what that something is worth in order for everyone else to stick a price on it. Here, I regard "value" as a singular concept of wealth while "wealth" as a collective concept of value.
Thus, it is my belief that in order to avoid a global systematic crash, the nations of the world, in a desperate rush to bolster their financial woes, will embrace Baron David de Rothschild's vision and advice of a New World Order in global banking governance and allow their respective currencies (and sovereignties) to be absorbed by an ultimate underwriter. Now, there's nothing new about an international money system--the BIS has been calling for one for years and the concept is being kicked around on a number of web sites. Still, no one has satisfactorily addressed the idea of what might be the worthy singularity capable of uniting the planet under one economic roof.
It is my fear that a global monetary system will employ the old technocratic dream of energy units. Far more important than gold, silver, wampum or ten thousand pound rocks under the water at high tide, electrical power is the one factor the entire modern world is dependant upon--already the global warming scare has given us those money/contract schemes which are dependent upon the promise of the future creation of energy. But if these carbon/emission/ pollution credits ever morph into an effective international means of exchange-the production, distribution, and usage of energy by the lower classes must be severely reduced if such a system of money is to work. Why?
The reason is simple. "Money isn't real." Bazelon says; "What [makes] it seem real for so long was its scarcity. Since money is supposed to be spent on things, its scarcity can truly reflect reality only when that reality is made of a general scarcity of things. This no longer is, except mostly by intention." [Accordingly] "The paper system is conceived in terms of scarcity. It is founded upon that concept. Since scarcity [by reason of modern technology] no longer occurs naturally in this country... there is probably no more profound personal issue that any of us will ever have to face than this one..."can we give up the scarcity idea? (The answer is a big fat NO) "Our business leaders confront abundance with horror because it would reduce the power of the paper world"
Not to mention the size of their overstuffed bank accounts.
You can bet that M3 will never be curtailed-and this will prove disastrous for the world's economies-- because M3 demands inflated capitalization and debt-not meant to be spent or invested in anything real or productive. It exists only to make more money-the "real" money, the moneyman's money. But for the rest of us who can in no way compete with the big players, our participation in any such future debt and credit system; based upon energy potential and represented by the above mentioned credits (or something of the equivalent) will mean a reduction of our quality of living. "Green" technology notwithstanding, laws will be passed to make sure that there will never be enough energy to go around no matter how much we "shrink our carbon footprint." By virtue of the use of this form of currency (it's still a contract after all) we little people will be the ones who are destined to be forced to turn off our lights and shiver in the dark if an energy based money is to retain it's value. President elect Obama, I heard, stands ready and willing to make CO2 a dangerous pollutant. Immediately, this will only serve to strengthen the illegitimacy and irresponsibility of the corporate sector-government's more noble, more deserving constituent base. The fact of the matter is, it didn't matter who took the reins of leadership in the election--Americans have long ago been classified as "power vampire" users and the "energy police" are ready to rock and roll.
Before the ultimate monetary power, the "lender of last resort", graciously assumes the world's debt, repackages it as a global currency and forces it's draconian considerations upon the world, call your representative (if there really is such a thing) and demand a comprehensive look into the hardcore facts of a world-wide monetary union. I would also like to see an intensive (ala; Pecora Commission) inquiry be held to investigate the ones responsible for the entire sordid Wall Street affair--but I expect my wish will always remain a pipe dream. At the very least we should demand that Congress pass an "Energy Consumer's Bill of Rights" that, among other things, would disallow any taxing agency to nick the newly emerging global ratepayer for the conversion of energy regardless of generation and usage.