1   Editorial:

I think you will find much of interest as well as relevance to current events in this issue.

As the ‘sub-prime mortgage’ crisis develops into a general panic for the financial systems of the world, it emphasizes the extent to which our money is used, far more than for exchange, as a means of gambling to extract value from the producers of wealth into the pockets of a tiny elite, fast coming to control us all by dint of unrepayable debts. This is based on the ability of banks to create money as credit, as the counterpart of debt, when they make loans.

Ending this privilege would make the vast ephemeral sums involved in this gambling unavailable; and would end the inherent instability of the financial system. If the case for reform was previously unclear to many, the recent developments, including the hugh, rapidly escalating debts, should now convince these doubters!

A deeper look at the issue should convince that who controls the debt-based money system has effective control of us all; the change to a permanently circulating, debt-free money supply would be an essential first step toward a truly free, just, sustainable society.

A long but thought-provoking article vastly expanding this message – too long for this publication – can be read at

The author looks at the way liberty has over centuries been systematically removed from the generality of humankind, to favour a small elite, changing through history from those using physical force, to development of laws favouring ownership of land and capital, manipulation of finance for profit and control, and outlawing ‘combination’ of workers. While I would challenge some of his argument and conclusions, and we may not accept every detail, I believe its message overall is valid:
Kevin A. Carson,
THE IRON FIST BEHIND THE INVISIBLE HAND – Corporate Capitalism As a State-Guaranteed System of Privilege


Greg Palast’s e-mailing of 16th January, George of Arabia: Better Kiss Your Abe 'Goodbye' analyses the reasons for Bush’s visit to the King of Saudi Arabia. As I write, the full article is on his website, . Quote: "Bush needs the Saudis to charge us big bucks for oil. The Saudis can’t lend the US Treasury and Citibank hundreds of billions of US dollars unless they first get these US dollars from the US. The high price of oil is, in effect, a tax levied by Bush but collected by the oil industry and the Gulf kingdoms to fund our multi-trillion dollar governmental and private debt-load.

"The US Treasury is not alone in its frightening dependency on Arabian loot. America’s private financial institutions are also begging for foreign treasure. Yesterday, King Abdullah’s nephew, Prince Alwaleed bin Talal, already the top individual owner of Citibank, joined the Kuwait government’s Investment Authority and others to mainline a $12.5 billion injection of capital into the New York bank. Also this week, the Abu Dhabi government and the Saudi Olayan Group are taking a $6.6 billion chunk of Merrill-Lynch. It’s no mere coincidence that Bush is in Abdullah’s tent when the money-changers made the deal just outside it."

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