Gary North’s Bluff: the Lie he’s been sitting on for 50 years
Gary North wants to make us believe salvation will come when we can pay our tribute to the Money Power in Gold instead of Fed Notes. Populists have forever maintained the Government should print its own money, so we can actually stop paying tribute. This is why the Volker Fund payed North and his buddies $500 dollars per month in the Sixties.
Having asked Gary North three times why we have to pay $150,000 interest over a $100,000 mortgage in 30 years, he comes up with a screed he wrote fifty years ago.
‘Gertrude Coogan’s Bluff’ is his attempt to discredit Gertrude Coogan, a forgotten hero of the Populist Movement. A typically boastfully arrogant Gary North hit piece. Even as a young lad North was an annoying bigmouth without much content.
According to Gary North, the problem is not that the money supply is monopolized by the Money Power, the problem is that the money is not fully backed by Gold. Here it is, on page 20:
“Counterfeiting is theft for one reason, and only one reason. Paper bills are issued that look exactly like bills that are backed by 100% of their face value in money metals, but these bills do not have such a backing. In other words, if all the individuals went to claim their money metals at the same time, some people could not collect.”
This is the classic Austrian case against Fractional Reserve Banking.
Let’s bury it forever.
Consider this: what do you think the Money Power cares whether it gets $150,000 interest over a $100k mortgage in Gold or in Paper?
My hunch is they would like to see us sweat for Gold even more than for Paper. They have been worshiping the Golden Calf ever since the days of Moses, after all. Yes, this is a very old story. So it is perhaps not so surprising that our favorite Libertarian has such an outright Old Testamental world view.
Gary North is trying to make us believe that the choice at hand is to pay our Masters in Gold or in Paper.
But the real question is:
Would you prefer to pay $150,000 interest on your mortgage in Gold, or pay no interest at all?
For an Interest Slave, brainwashed to believe capital will always need to see a return on its investment, this can actually be a hard question to answer correctly. It can be hard to even accept this is the choice.
But it is.
The 80% poorest people pay more interest than they receive to the richest 10%. And within the richest 10% bracket, the ‘poorest’ 8% pay more interest than they receive to the richest 1%. And even within the richest 1% bracket, the ‘poorest’ 0,8% pay more interest than they receive to the richest 0,1%.
So all the interest eventually ends up with the Plutocracy at the very top of the food chain.
This wealth transfer is going on both on a national and international level.
At this point the poorest 80% pay an estimated 5 to 10 Trillion dollars per year to the richest 10%. And all this money eventually ends up with the ultra rich.
This is Usurious Usurpation.
One of the key reasons so much money was invested in making Austrian Economics important was to obscure this truth from us.
That’s why the Daily Bell’s Anthony Wile, who’s made a career in Banking, Gold Mining and Hedge Funds, goes around telling people Ellen Brown and the Greenbackers are a US Intel operation, without offering even a shadow of proof.
That’s why John Bircher Ed Griffin was commissioned to write his ‘Creature of Jekyll Island: to obscure that the REAL opposition, Mullins and Pound, were calling for interest free paper money in Mullins’s masterpiece ‘Secrets of the Federal Reserve’.
That’s why Gary North has to resort to the ‘nutty Greenbacker’ stuff. That’s why we have all the huffing and puffing.
To hide that he has built a well funded career on a transparent lie.
To hide that he is a shameless lackey of power.