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MONETARY POLICIES


Settlements in Basel, Switzerland, a private bank owned and controlled by the world’s central banks which were themselves private corporations."


Te key to their success, said Quigley, was that they would control and manipulate the money system of a nation while letting it appear to be controlled by the government. Te economic and political systems of nations would be controlled not by citizens but by bankers, for the benefit of bankers. Te goal was to establish an independent (privately owned or controlled) central bank in every country. Today, that goal has largely been achieved.


He pointed to the European Central Bank, which was modeled on the disastrous earlier German central bank, the Reichsbank. Te Reichsbank created deflation, hyperinflation, and


of


FX


model, involving an unprecedented concentration


power without


accountability. Central banks are not held responsible for their massive policy mistakes and reckless creation of boom-bust cycles, banking


crises


and large-scale unemployment. Y o u t h unemployment now exceeds 50 percent in Spain and Greece. Many central


banks


remain in private hands,


not only the Swiss National


including Bank


Central Banks are aggressively playing the stock market


In a paper presented at the 14th Rhodes Forum in Greece in October 2016, Dr. Richard Werner, Director of International Development at the University of Southampton in the UK, argued that central banks have managed to achieve total independence from government and total lack of accountability to the people, and that they are now in the process of consolidating their powers. Tey control markets by creating bubbles, busts, and economic chaos.


the chaos that helped bring Adolf Hitler to power. Te problem with the Reichsbank, says Werner, was its excessive independence and its lack of accountability to German institutions and Parliament. Te founders of post- war Germany changed the new central bank’s status by significantly curtailing its independence. Werner writes, “Te Bundesbank was made accountable and subordinated to Parliament, as one would expect in a democracy. It became probably the world’s most successful central bank.”


But today’s central banks, he says, are following the disastrous Reichsbank


but the Federal Reserve Bank of New York and the Italian, Greek and South


African


central banks. Banks and


Central Banks Should Be Made Public Utilities


Werner’s proposed solution to this dangerous situation is to bypass both the central banks and the big international banks and decentralize power by creating and supporting local not-for-profit public banks. Ultimately, he envisions a system of local public money issued by local authorities as receipts for services rendered to the local community. Legally, he notes, 97 percent of the money supply is already just private company credit, which can be created by any company, with or without a


FX TRADER MAGAZINE October - December 2018 13


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