Posted:
Ezra Pound was one of the first who understood the chicanery of the banking cartel. In 1933 bankers' controlled Time magazine called him "a cat that walks by himself, tenaciously unhousebroken and very unsafe for children."
Ezra Weston Loomis Pound wrote long ago. " The provision of finance is a utility, just like the distribution of water and energy. Yet this public good is in the hands of private sector managers who have done a disastrous job"
Financiers have organized themselves so that actual or potential losses are picked up by somebody else"if not their clients then the state - while profits are kept to themselves. There is a chance to make finance once again the servant of the public, as it should be. The Bank of England can directly create sterling assets (that is, print money) if it needs to"i.e. it does not have to "borrow" from the banks it has just had to bail out"
"It is not money that is the root of the evil. The root is greed."
"It is an infamy that the STATE in, and by reason of, the very act of creating material wealth should run into debt to individuals."
"The government pays interest to private organizations for the use of its own credit . . . So that actually the government is getting itself into debt to the banks for the privilege of helping them to regain their stranglehold on the economic life of the country."
Pound's prophetic critique of anti-democratic capitalism became a major theme after the 1929 Crash and the Great Depression of the 1930s"and it led to his being falsely accused of being himself anti-democratic.
Ezra Weston Loomis Pound wrote long ago. " The provision of finance is a utility, just like the distribution of water and energy. Yet this public good is in the hands of private sector managers who have done a disastrous job"
Financiers have organized themselves so that actual or potential losses are picked up by somebody else"if not their clients then the state - while profits are kept to themselves. There is a chance to make finance once again the servant of the public, as it should be. The Bank of England can directly create sterling assets (that is, print money) if it needs to"i.e. it does not have to "borrow" from the banks it has just had to bail out"
(this is what happened after 2008 recession)
"It is not money that is the root of the evil. The root is greed."
"It is an infamy that the STATE in, and by reason of, the very act of creating material wealth should run into debt to individuals."
"The government pays interest to private organizations for the use of its own credit . . . So that actually the government is getting itself into debt to the banks for the privilege of helping them to regain their stranglehold on the economic life of the country."
Pound's prophetic critique of anti-democratic capitalism became a major theme after the 1929 Crash and the Great Depression of the 1930s"and it led to his being falsely accused of being himself anti-democratic.
(Also refer to American Federal Reserve-a private entity?)
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