If we assume Canada is a nation of suckers and sheep, then our American friends can be called a nation of wannabees. Americans want to be like Canadians.
And if Americans do not wake up, and the rest of world does not wake up, we will all be exactly the same. We will have the same levels of income, we will have the same levels of wealth, we will all have high tax rates, we will continue to have governments that lie, cheat and steal, we will have the same bankrupt public pensions and we will share the same monetary polices and economic policies which drove us to this sameness.
Today is a dark day in economics and one which all people should mark on their calendars. Mark it thusly - “the day we became the same.”
For you see, the Financial Post, an insert in the National Post, one of Canada’s largest and most influential newspapers (did I mention it is owned by Conrad Black, an apparent elite Bilderberger member?), declared that “OPERATION MOP-UP” has begun in the United States of America.
Yes, that bastion of power, the U.S., is intent on pursuing the policies that drove Canadians to the lowest levels of income since 1980 (we make less now than in 1980), decreased our wealth to the lowest levels since the 1960’s, raised our taxes to shameful levels and caused individuals to borrow more per capita than at any time in history.
All this happened because of our high interest rate, wealth stopping monetary polices, endorsed and probably controlled by the Bank for International Settlements (BIS), an elite group of Central Bank heads led by Canada, England and the U.S.
Canada was and still is a willing partner in a global experiment to see if citizens could be controlled through fear - fear of losing their job. This fear stems from irrational Central Bank acts (which are endorsed by our government) aimed at controlling inflation through interest rate hikes, which knocks the wind out of any bloated belly. The belly that is bloated, and which Central Banks are watching very, very, closely, is WEALTH.
Why, then, is Canada talking about “Operation Mop-up” in the U.S.? What is ‘Operation Mop-up?” Well, William Hanley, the writer of “Operation Mo-up,” makes the following observations:
1) The Fed, in the U.S., will raise interest rates another full point to stop wealth accumulation. This will happen over the next year or so. It is a deliberate, purposeful act and cannot be controlled by your government.
2) The Fed. “no longer seriously targets money supply growth.” Money supply growth is a policy set by President Ronald Reagan, under advice from professor Milton Friedman of Stanford University, and is one of the underpinnings for “controlling inflation.”
Alan Greenspan, I noted in other articles, admitted money supply is not on his main economic radar anymore - wealth accumulation is now his target. It has probably always been a target and that is the conspiracy because we have been led to believe, all these years, that we could accumulate wealth for retirement and for other luxuries.
Wealth was never an admitted target, until now. Perhaps Mr. Greenspan made a fatal, unfortunate error in the heat of his talk, who knows? Perhaps it was one of those admissions that after years in the closet seems to come pouring out, unavoidable after years of stern lectures and bafflegab about income, inflation and economic growth.
But he has opened the can of worms and whether he wanted to or not, it raises serious questions about the role of Central Banks in our economy. The truth, which has always been out there but has been hard to pin down, is now known and he can’t put the worms back into the can, though he made an attempt last week when he tried to back-track somewhat on his admission.
Strangely, wealth has not been an issue in the BIS Annual Reports. The BIS always focus on supply side economic indicators. Looks like we have been fooled.
Through our governments, we have been told, since the OPEC oil crisis in the 1970’s (which ostensibly caused massive inflation, the only time inflation has ever been a world worry) that inflation must be controlled. To control it, the Central Banks control the money supply so there is not too much money in circulation - this includes currency, stocks, loans, etc. The economic view is that you control inflation by controlling the money supply, essentially letting the economy expand at a rate where money supply and income grow at about the same pace as the economy.
I argued, several weeks ago, the BIS admitted that inflation is not an issue. There are no inflationary fears and indeed, there probably never have been any inflationary fears.
Hanley’s observation that “in alluding to the wealth effect that Mr. Greenspan watches closely….” suggests the Fed. is more interested in making Americans poorer.
3) “If Mr. Greenspan and his colleagues fail to see significant progress in slowing the economy, they will continue to apply the brakes through higher (interest) rates - EVEN IF INFLATION PRESSURES ARE LARGELY ABSENT.”
I rest my case on Point 2 above, and my theory that inflation is not a worry. Never has been.
Mr. Greenspan will halt the growth no matter what.
4) Lending to U.S. households is at an all time high, increasing “17% year over year in the three months to January.”
Hah. This sounds familiar - we are experiencing the same problem in Canada.
Why, when debt is at its highest, and savings at its lowest, would Central Banks, the Fed. included, start slowing the economy?
To keep you poor, that’s why. This is an economic global conspiracy and is most likely run from the swish offices of the BIS in Switzerland. The BIS want to control all aspects of the economy to keep labour costs for multi-nationals low.
Multi-national corporations sure know how to take care of their own. Take the case of retiring Coca Cola Chairman and president Douglas Ivester. As reported in the National Post, he took a $1.5 million dollar severance; he will receive a $115,000 per month pension for the rest of his life; he has $98 million in Coke shares received over 17 years with the company; he will receive about $4.5 million over 7 years as a Coke consultant; he keeps his company car, computer and cellphone and Coke will pay his club memberships for a couple of more years. Coke stock is down from poor world sales and they have laid off thousands, including a major layoff announced several weeks ago. Good for Mr. Ivester! Booley, booley, chip chip and cheerio! He couldn’t make Coke go, so enjoy your retirement! Thanks a million! Yes, that is how elites treat one another. At the other end of the spectrum are the people. The suckers. The ones who believe government’s can help us.
Here is a question - if the people elect people who campaign on progressive change, and we all know that platforms purport to be more responsible and better than the last, why are citizens falling backwards? You would think, with so many people elected who will make things better, we would actually get better. Its just the law of averages - each time we elect a political elite who make us better off than the last elite so we should have a great government with no taxes and wealth personified. Why isn’t this occurring?
Because governments are pawns to the Central Banks, who have run everything since the 1930’s. Central Banks, through the BIS, control everything and the locus of world power resides in Switzerland with this elite group and other IMF groups.
The BIS appears only interested in making elites rich and providing cheap labour to the multi-national elites. This is done by controlling wealth - since the 1980’s, it has been under the guise of inflationary growth but, in admissions that go beyond what any sensible person could conceive, we are now told the Fed. watches wealth. Amazing.
To make the connection to wealth, visit the Wilshire website (www.wilshire.com). You hear of the DOW, the NASDAQ and the S&P but have you ever heard of the Wilshire 5000? Probably not.
You should be aware of it for this simple reason - it is the broadest measure of wealth in the U.S., much neater than the DOW et. al., and it is probably the single most important Index for the Fed. When the Wilshire speaks, heads turn. The heads, of course, are those who understand its importance.
Wilshire, last year, noted that the DOW only accounts for about 20% of the value of the markets, a meager index to be sure.
What has heads turning now, however, is how the Wilshire has counted and chronicled the massive expansion in wealth. Hanley’s observes: “ the fact that the Wilshire 500 index, which is the broadest measure of the U.S. stock market, shows Americans are $1.5 trillion (US) richer than they were six months ago will certainly catch the Fed’s eye.”
Yes indeed, it already has caught the Fed’s eye because, as I noted in another article, Mr. Greenspan has already targeted wealth. He targeted it in a speech several weeks ago and it signaled the end of true supply side economics. Milton Friedman has been pushed aside to make room for the new economic model, a new economic which was probably the economic model being used all along. We just didn’t get it. This is the new edict - “don’t become too wealthy.”
So, again, the circle closes. Canada already embarked on this crazy wealth diminishing scheme and predictions are that we will have a standard of living 50% less than that of the U.S. This will not be true, however, if your standard of living diminishes. Expect your standard to diminish because you have become too wealthy and the Fed. has this in its sights (I hate to use clichés but targets is apt, given gun control attempts and the need of the world order to have citizens who cannot fight).
The final curtain call will be tax cuts. Can you expect tax cuts, or alternatively, no new tax increases, in the U.S.? Of course you can - “read my lips…”
Last week, the Canadian government gave its citizens a $58 billion tax cut over five years. At the same time, payroll taxes for our Pension Plan will increase $48.0 billion. In today’s National Post, a column by Diane Francis notes that additionally, the real cash effect of the government’s budget is an increase of $55.0 billion to the taxpayer. That means there is no $58.0 billion tax reduction and instead, the actual cost of the tax cut is $113.0 billion extra to Canadians. Some tax cut, eh.
But of course, the U.S. is different. After-all, your candidates for President are arguing how they will cut taxes in the wake of the budget surplus.
I said before that Mr. Greenspan has already warned Congress not to cut taxes. To hammer this home, he raised interest rates. This causes interest on your debt to rise, thereby creating no surplus and no tax cut.
If Canada is any indication, you can expect tax cuts to put more money in your government’s coffers, an irony that is immensely funny because most people think the government helped us. Even funnier was the inability to find true reporting on the Canadian cuts - only now we get snippets that the cut is a massive tax grab but of course, all the media say our government is a big hero for giving us our money back! This is pitiful and obscene.
Well, soon we will know if the fine, unsuspecting citizens of the U.S. are becoming Canadian. It looks that way.
So, as a goodwill gesture, I would like to welcome you to our government and economy, a government and economy you seem to want to emulate, which:
1) Raises taxes to new levels
2) Makes you continually borrow more, staying on the debt treadmill, even in the best bull market in the history of the world.
3) Gives you the lowest savings in your history, even in the biggest bull market in the history of the world.
4) Gives you tax cuts which, weirdly, increases government tax revenues.
5) Raises interest rates to stem inflation, when inflation has never been a threat.
6) Lets you live in a novel way - we call it paycheck-to-paycheck. What do the Americans call it?
7) Penalizes you when your wealth increases by stopping growth and making unemployment rise - now you are worried about your job and are too distracted to worry about government lies.
8) Creates a persistent, lying and horrifically arrogant government who spend tax dollars on friends and supporters and when caught doing it, admit to nothing and snidely reply that it has always been like that. “We have done nothing wrong, “ they reply.
Oh, and today, Canadians were being warned to expect higher interest rates. I think I heard that before.
I won’t be teaching you to sing “Oh Canada,” our national anthem, but I would like to welcome you to our economic club.
FROM FRANK ELLIOTT,
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