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Reply to the Daily Bell: Gold porn, lies, and misrepresentations

by on September 16, 2012
stopthelies
by Memehunter

with Anthony Migchels

The Daily Bell appears to be quite obsessed with both Memehunter and Real Currencies, having exhibited a painful compulsion to refer indirectly but unmistakably to their past discussions with both of us in a series of articles, even though we have mostly left them alone for the last six months (in fact, Memehunter took a well-deserved break after the Daily Bell shut down its comment section).

However, these recent articles contain such blatant distortions that we deemed it necessary to attempt to rectify the situation. Furthermore, it is apparent that the elves over at the Bell cannot wait to debate again with us. It is our sincere hope that, by creating the Daily Knell, a blog dedicated to exposing libertarian lies, we have finally fulfilled their wish.

Social Credit, Mises-Rockefeller connections, and other falsehoods

Let us begin with the claim that Social Credit was promoted by the Fabian Society, which, to be fair, originates from Deadeye’s blog.

Although it is true that Alfred Orage, the editor of the New Age, promoted C. H. Douglas’ Social Credit, we learn from Wikipedia that “in an effort to discredit the Social Credit movement, one leading Fabian, Sidney Webb, is said to have declared that he didn’t care whether Douglas was technically correct or not – they simply did not like his policy” and that the British Labour Party resisted pressures to implement social credit, due to incompatibilities with “hierarchical views of Fabian Socialism”.

That does not sound like a ringing endorsement. It is also fairly obvious to anyone vaguely familiar with Social Credit that, partially flawed as this economic philosophy may be, it is most certainly not favorable to Money Power.

The Daily Bell, obviously still smirking from Memehunter’s “attacks against free-market thinking”, also brought back the issue of Ludwig von Mises’ funding by Rockefeller,implying that Mises had to beg Rockefeller for some money that was “given unwillingly and soon withdrawn”.

However, as we learned in Old Rothschild- and Rockefeller hands controlled the Libertarian-Communist dialectic:

“Already in 1926, Ludwig von Mises’s first tour in the United States was paid by the Rockefeller Foundation. The National Bureau of Economic Research, which supported Mises in the 1940s, was also heavily sponsored by the Rockefeller Foundation. Mises’s salary in New York was paid by Lawrence Fertig, Kohlberg’s colleague at the AJLAC [American Jewish League against Communism], and by the Volker Fund.”

In fact, as this chart suggests, Mises was very much at the center of an entire network connecting Libertarian think-tanks and foundations all the way to the top of Money Power.

Among other falsehoods propagated by the Daily Bell are the following:

–          The annoying tendency to equate any non-commodity based currency with “governmental coercion”. Many alternative currencies, such as the Gelre or the Chiemgauer, are not based on governmental coercion and are not sponsored by the UN or UNESCO. Clearly, the Bell has a vested agenda in trying to equate any paper or digital currency with some kind of coercion, and in promoting the idea that the means of exchange should be commodity-based, an idea which is actually detrimental to free trade. Maybe this has to do with its partnership with a gold mining company?

–          The tendency to lump together Stephen ZarlengaEllen Brown, and “a number of blogs attacking Austrian-based free-market economics”. In contrast with Real Currencies and the Daily Knell, Ellen Brown does not consider interest to be a problem. Although it is a step in the right direction to have government earn the interest rather than a private banking cartel, interest-free currencies would be a much better option. Moreover, Brown’s scheme is associated with severe power centralization, which we do not favor.

–          Contrary to the Bell’s repeated assertions, we are not saying that interest should be banned. By offering interest-free mutual credit, people will naturally prefer to borrow in an interest-free currency rather than in an interest-bearing one. There is no need, in fact, for “coercion” of any kind. Memehunter frequently made this point on the Daily Bell (in the feedbacks), so we have to suspect that this is pure “sophistry” on the part of the elves.

–          The claim that “Money Power does not care whether its control is exercised publicly or privately”. Although it is obvious that governments all over the world have been corrupted, and that politicians “can be controlled and bought”, the fact remains, that, in principle, a public institution is accountable and should represent the interests of a nation, whereas there is no such obligation on a private institution. This is exactly why Money Power has worked hard to undermine the institution of government, and to progressively replace nations by larger economic blocs led by unelected technocrats instead of elected politicians, as is the case with the European Union.

Annunaki and Austrian “gold porn”

Moreover, the Daily Bell, together with other Austrian outlets, propagates various spurious economic ideas and myths which deserve to be exposed. For instance, this paragraph:

“People are free to find mines and dig up their own gold and silver. Drives the elites crazy. That’s why the elites are constantly trying to ban and confiscate honest money. The elites hate the free circulation of money metals.“

Of course, people can dig up their own gold and silver. But what good is that for? Will the world be a better place because everyone is busy mining gold and silver? Last we heard, Zecharia Sitchin and his theories had been debunked, but maybe some hardcore Libertarian goldbugs cling to the idea that humans were genetically engineered by the Annunaki to mine gold in South Africa…

In fact, this famous scene may be the ultimate fantasy of Austrian sympathizers favoring a return to an interest-bearing gold-backed currency:

“You see in this world there’s two kinds of people, my friend. Those who loan gold, and those who dig. You dig.




More seriously, we must remember that the means of exchange is basically credit, a record of an unpaid debt. There is no valid reason why the amount of credit available to a community should be limited by the amount of a scarce commodity. The Daily Bell unfailingly criticizes any monetary scheme involving some sort of human supervision with the oft-repeated argument that “no one can know how much money is enough”, but cannot justify why having the money supply tethered to the quantity of gold or silver available is in any way a guarantee that the money supply will be “monitored” more adequately and will correspond to the needs of a community.

Furthermore, whereas physical gold may be in some sense more “honest” than paper currency because it cannot be inflated so easily, it is debatable whether private gold-backed currencies are in any way more honest than paper or digital currency. Blogger FOFOA has explained this at length in “The Return to Honest Money”.

But the larger issue is that, although it may be an excellent store of value, physical gold is not well-suited as a means of exchange because of its scarcity. However, the Bell seems unable to distinguish between both monetary functions and refuses to understand why it is advisable to use different media for both, as brilliantly demonstrated once again by FOFOA.

Interest-free currencies as an “elite promotion”: look who’s talking!

Finally, over this series of articles, the Daily Bell repeatedly tried to drive home the point that because Margrit Kennedy worked at some point for UNESCO, and that some interest-free currencies are affiliated with ecological movements, interest-free currencies are necessarily part of some kind of “elite promotion”.

The fact that the UN does seem to have started to promote LETS lately is obviously an attempt to co-opt it and thus is a source of concern. Why would the UN do so? LETS has suffered from two major drawbacks, keeping it from really threatening Money Power domination. The first is that it uses a working man’s hour as a unit of account. As a result, nobody knows what 1 LETS is really worth. Therefore businesses have been hesitant to accept LETS units.

Secondly, LET Systems have been managed by amateur community organizers, who have proven themselves incapable of organizing local trade in a way that transcends the level of the most primitive service exchanges between individuals. By promoting LETS as a viable ‘complementary currency’, it’s likely that the UN has willingly promoted a non-threatening ‘alternative’. In no way has the UN been shown to promote, help develop or even investigate what is necessary to threaten the Money Power monopoly on currencies worldwide.

Given the Daily Bell’s own connections to large financial companies and gold mining concerns, as well as collaborators who worked for top “Anglosphere power elite” banks, one may also wonder whether the Bell’s strident goldbug propaganda, its unabashed justification of interest, and irrepressible “Hate the State” rhetoric may themselves be elite promotions of some kind. In fact, Austrian economics were, from the outset, an elite promotion, as we have shown in this series of articles:

The “Catholic” Arm of Libertarianism

The Satanic Core of Libertarianism

How the Money Power spawns Libertarians

Old Rothschild- and Rockefeller hands controlled the Libertarian-Communist dialectic

Conclusion

The Daily Bell in its discussions with both Memehunter and Real Currencies, but also with people like Ellen Brown, has resorted to misrepresentation and downplaying of valid points. Already in the early stages of the discussion, we pointed out that it was quite obvious that if government creates a monopoly, it is much worse to have it hand that monopoly over to a private banking cartel than to have Government use it to print its own interest-free currency. Notwithstanding the fact that such a monopoly is uncalled for, this simple transfer would save the taxpayer 450 billion per year. All this interest now ends up with wealthy “Anglosphere power-elite” bankers and foreign creditors and thus in no way serves the real economy.

Additionally, the Daily Bell did everything it could to downplay the interest issue. The elves ignored the fact that it’s a massive wealth transfer from poor to rich, to the tune of 5 to 10 trillion per year globally. They also tried to explain it away as irrelevant to the issue of manipulation of volume, which is not only untrue (interest does affect the volume issue, as ever more money is required to pay ever more interest, thus leading to an eternally growing money supply, a situation which is obviously terminally unstable), but also clearly is just a trick to get the issue off the table.

And lastly, how can it be that the swashbuckling elves of the Bell ridiculously need a politician like Ron Paul to implement their vaunted free market? How can it be that this man has been promoting the same crap for 40 years? Is that consistency or an acute disability to learn? Or is it perhaps a party line that had to be toed? Why do the elves need “violent statist coercion” to get what they want, while people all over the world are creating regional currencies based on agreement and not coercion?

We know the answer: Gold will not work as an everyday means of exchange in a truly free market. Ron Paul and the Daily Bell, through their Agora connection, are part of a large network parading as a grassroots movement. They both represent Gold interests and need state coercion to get their specie accepted for tax payments and thus get an unfair and almost decisive advantage in the ‘free market’ for currencies.

Nothing new under the sun…  Just some more Money Power special interest groups trying to manipulate the debate and buy votes in Washington.

Related:
Discussing Gold and Interest with the Daily Bell

9 Comments
  1. REN permalink

    I don’t normally quote others, but this article is an excellent addendum to this topic:

    http://www.yamaguchy.com/library/kitson/kitson_index.html

    The question of the supply of money may, therefore, be thus summed up. There should be an abundance, in order to meet all the requirements of business, and the supply should be governed by these demands instead of allowing business to adjust itself to a fixed supply. Money, when issued on a scientific basis, obeys but one law. In order to do this, it must be, per se, neutral. The substance chosen should be most plentiful, so that it could not possibly be monopolized. Value arises only where scarcity exists—where the supply is limited ; hence gold is the worst possible material of all for monetary purposes.

  2. More weird stuff at The Daily Bell.

    Ron Holland is promoting Uribe and Colombia with ex–CIA Mark Skousen (son of an FBI agent and nephew of J Edgar Hoover FBI assistant Cleon Skousen) of Agora Inc.’s Investment U.

    http://www.mskousen.com/about/mark-skousen-biography/
    http://www.investmentu.com/

    Agora associate International Living (Katherine Peddicord) owns real estate and has investments in Colombia.

    http://money.msn.com/retirement-plan/10-exotic-retirement-spots-for-2011-usnews.aspx?cp-documentid=26731158

    Ron Holland partners with Lew Rockwell (see his bio and articles) in BIOLOGIX a hair therapy business:

    http://www.biologixhair.com/about-us/biologix-news/ron-holland-lew-rockwell-tibor-machan-and-richard-ebeling-release-biologix-hair-inc-code-of-business-conduct/

    Ron Holland is also listed at Agora and coordinates Freedom Festival with Skousen.

    http://freedomfest.com/2011/freedomfest-cruise-2011/

    Here is what one commenter noted about this:

    posted by Fascist_Decapitator on 09/25/12 09:57 PM

    Mr Holland is obviously uninformed observer.

    Colombia has been in the banksters’ grip for almost a century. In 1948 Jorge Eliecer Gaitan was the leader of Colombia and would have won the presidency had he not been assasinated by the newly created CIA. From then on the banksters have sought and succeeded in misinforming the population and have carried out a scorched earth policyagainst Colombia.

    In the 1960s the Rockefeller Foundation, the same one behind the eugenics program in Germany out of which Mengele was spawned, was caught sterilizing colombians against their will. Rockefeller owns Exxon Mobil which has vast oil interests in Colombia. The Rockefeller where behind the ethnic cleansing in the 1920s in the US where 27 states had forced sterilization laws enacted and which was immortalized by that great jurist Oliver Wendell Holmes with the words’ ”

    Three generations of imheciles is enough (STERILIZE THEM). The same Rockefeller Foundation which funds the human genome project at Cold Spring laboratory in Manhattan. In the 1970s, Rockefeller and Rothschild diabolical spawn Kissinger ordered genocide against almost a dozen countries including Colombia in National Security Study Memorandum 200. They, drug trafficking banksters who have been trafficking drugs since the Opium Wars, which is where most of the great fortunes of the “liberal establishment” in the US originated, founded the drug cartels.

    George HW Bush was Pablo Escobar’s business partner. Alvaro Uribe was fingered as his consiglieri and the 82nd most powerful drug trafficker in Colombia by the Defense Intelligence Agency in the early 90s. His political campaigns have been financed since the 1980s by Unitd Fruit Co, a company funded by the drug trafficking Coolidge family and a CIA/Mossad bankster vehicle for drug trafficking since time immemorial.

    So, seventy percent of Colombains are poor because of the genocidal politics carried out by scum like Santos and Uirbe and their predecessors which followed the orders of the drug trafficking banksters regarding the prohibition against industrializing Colombia. Then they brought in the drug trafficking into all that poverty so they could ter the fabric of society, something thy have succeeded admirably in, and here we have Ronny Holland calling the drug tacficking paramilitary and CIA mole Alvaro Urobe the Reagan of Colombia. He betrays his ignorance by that statement because Reagan was just a puppet of the banksters; GHWBush ran the (drug trafficking) show.

    I hope you stay away from my country. We don’t want your ilk here. No wonder people complain about this website being a farce.

    • This got spammed Bob (but I’d already seen the comment on the Daily Knell)
      Thanks much!
      Anthony

  3. Hair style is the only difference between the Still-Griffin tag team, Ellen Brown–Gary North, Jim Mars, Lynn Marzulli, Kirk McKenzie, Alex Jones, Glen Beck, Henry Makow, Jeff Rense, and every other poster boy and cheer-leader and wanna-bee book-seller.

    August Lindbergh tells us in his impeachment speech how –prior to the Fed Res Act– the money power flooded the market with monetary reformers, poster boys, cheer-leaders ……

    ============
    A meeting of about 1500 persons opposed to the establishment of a National Bank, has been held in this city. Considering the season of the year, the shortness of the notice given, and other circumstances, this was, “a pretty fair turn out,” though it embraced but a small portion of those who are opposed to such an institution. Opposition to a National Bank with us is not confined to the hard money men. We have conversed with several gentlemen connected with the local banks, who say they wish not to see a National Bank established, or, at least, not at present.

    An association has been formed in Philadelphia of persons opposed to paper money banking.

    At the first meeting of the Democratic Delegates of Philadelphia, held August 9th, it was resolved not to consider the claims of any one who shall offer himself as a candidate for a seat in the Legislature, unless he shall first avow himself “opposed to granting any new charter for a monopoly of any description, or to the establishment of a branch of a National Bank within this State, and also to favor the repeal of the charter of any such institution, should it be created, and the discontinuance of all charters as they expire.”

    +++++++++++
    Bank Riot.

    A tremendous riot has occurred at Cincinnati. Considerable feverishness has, it seems, existed there for some time in regard to the issues of certain banks. This was increased greatly by the explosion of the Lebanon Miami Bank, by a resolution of the butchers no longer to receive certain kinds of paper, and perhaps not a little by a decision of one of the Courts, that the notes of the unauthorised banks, as they are called, could not be collected by legal process. As the law could afford them no redress, certain parts of the population unhappily resolved to take the matter into their own hands, and avenge, if they could not redress their own wrongs.

    On the 10th, the Miami Exporting Company closed its doors; and early on the morning of the 11th, a large crowd assembled in front of the Bank of Cincinnati, to demand in exchange for its paper, not specie, but the notes of less suspicious institutions. The Bank of Cincinnati could not long stand the run, and the officers posted on the door a notice that it “had suspended for twenty days.” An effort was made to close the door, but the crowd rushed in, and destroyed books, papers, furniture, every thing.

    They then passed to the Miami Bank, “and did unto that even as they did unto the other.”

    A rush was next made for the Exchange Bank, which had continued to redeem its own paper, but refused to redeem the notes of the West Union Bank, for which it had acted as agent. “It was violently assailed, and soon riddled as completely as the others had been.”

    The shop of a broker of the name of Lougee, was then broken open, and its contents scattered about and destroyed. His offence was his connection with certain issuers of shinplasters.

    The Mechanic’s and Trader’s Bank was run upon through the day, but as it redeemed all its paper that was presented, it escaped destruction. “A number of brokers, for real or supposed connections heretofore with Shinplaster Manufactories, were threatened but not molested.”

    From an early hour in the morning till dark, the mob appears to have been triumphant. The riot act was read, but they regarded it not. Some of the oldest and most respectable citizens of Cincinnati addressed them, but their exhortations, whether made to them en masse, or individually, were entirely unsuccessful. The military fired, and wounded one man severely, and several slightly, but appear to have been either unwilling or unable to take the measures necessary to disperse the crowd.

    This is a dreadful state of things; not, perhaps, such as ought to have been unexpected; but not, therefore, the less to be deplored. Whether the feeling spreads or not, the bare apprehension that it will spread, has a tendency to cause a further depreciation of bank paper, and thus cause the innocent holders of this kind of currency, who have already lost millions by it, to lose millions more.

    Besides this, when mob violence begins, who is to say where it will end. The object of the greater part of a mob, may be merely to redrew wrongs, which the Judiciary or the Legislature will not or cannot redress. But in every large city there are multitudes of men looking out for plunder. Let the practice be tolerated of breaking open even fraudulent banks, and the next step will be the breaking open of dwelling houses, and the rifling of their contents, not indeed, by those who by mob violence attempt to redress pubic or private wrongs, but by others under cover of their example.

  4. There is coming a new world order. There will be no place to hide. The wealth of nations is shifting to a small group of maybe 5000 individuals or less. The megalomaniacs running the DB are cannon fodder in this game and will keep on day dreaming about their gold investments till one day when they find themselves homeless. They are the useful expendibles. At the end of it all they will find themselves in the same boat like the rest humanity.

    • quite right!

  5. Dark Dirk permalink

    “There is no valid reason why the amount of credit available to a community should be limited by the amount of a scarce commodity.”

    Because it will have NO value. Mutual credit will never work on full scale. It is very easy to abuse this scheme. I think that money should be scare to maintain value and should be like hot potatoes. Every body have to eager to get rid of them. Liquidity is the key of success.

  6. Summer permalink

    “The Daily Bell unfailingly criticizes any monetary scheme involving some sort of human supervision with the oft-repeated argument that “no one can know how much money is enough”, but cannot justify why having the money supply tethered to the quantity of gold or silver available is in any way a guarantee that the money supply will be “monitored” more adequately and will correspond to the needs of a community.”

    Important point.

    “They also tried to explain it away as irrelevant to the issue of manipulation of volume, which is not only untrue (interest does affect the volume issue, as ever more money is required to pay ever more interest, thus leading to an eternally growing money supply…”

    Correct. Inflation and theft are the results.

  7. Excellent work!!
    Sent from my Verizon Wireless BlackBerry

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