Best of the Week
Most Popular
1. Market Decline Will Lead To Pension Collapse, USD Devaluation, And NWO - Raymond_Matison
2.Uber’s Nightmare Has Just Started - Stephen_McBride
3.Stock Market Crash Black Swan Event Set Up Sept 12th? - Brad_Gudgeon
4.GDow Stock Market Trend Forecast Update - Nadeem_Walayat
5.Gold Significant Correction Has Started - Clive_Maund
6.British Pound GBP vs Brexit Chaos Timeline - Nadeem_Walayat
7.Cameco Crash, Uranium Sector Won’t Catch a break - Richard_Mills
8.Recession 2020 Forecast : The New Risks & New Profits Of A Grand Experiment - Dan_Amerman
9.Gold When Global Insanity Prevails - Michael Ballanger
10.UK General Election Forecast 2019 - Betting Market Odds - Nadeem_Walayat
Last 7 days
Canadian Cannabis Stocks CRASH as Canopy Growth Hits a Dead End - 14th Dec 19
Retail Sector Isn’t Dead, and These 6% Dividend Paying Stocks Prove It - 14th Dec 19
Top 5 Ways to Add Value to Your Home - 14th Dec 19
Beware Gold Stocks Downside - 13th Dec 19
Fed Says No Interest Rate Hikes In 2020. What About Gold? - 13th Dec 19
The ABC’s of Fiat Money - 13th Dec 19
Why Jo Swinson and the Lib Dems LOST Seats General Election 2019 - Sheffiled Hallam Result - 13th Dec 19
UK General Election 2019 BBC Exit Poll Forecast Accuracy Analysis - 12th Dec 19
Technical Analysis Update: Tadawul All Share Index (TASI) - Saudi Arabia ETF (KSA) - 12th Dec 19
Silver Miners Pinpoint the Precious Metals’ Outlook - 12th Dec 19
How Google Has Become the Worlds Biggest Travel Company - 12th Dec 19
UK Election Seats Forecasts - Tories 326, Labour 241, SNP 40, Lib Dems 17 - 12th Dec 19
UK General Election 2019 Final Seats Per Party Forecast - 12th Dec 19
What UK CPI, RPI INFLATION Forecasts for General Election Result 2019 - 11th Dec 19
Gold ETF Holdings Surge… But Do They Actually Hold Gold? - 11th Dec 19
Gold, Silver Reversals, Lower Prices and Our Precious Profits - 11th Dec 19
Opinion Pollsters, YouGov MRP General Election 2019 Result Seats Forecast - 11th Dec 19
UK General Election Tory and Labour Marginal Seats Analysis, Implied Forecast 2019 - 11th Dec 19
UK General Election 2019 - Tory Seats Forecast Based on GDP Growth - 11th Dec 19
YouGov's MRP Poll Final Tory Seats Forecast Revised Down From 359 to 338, Possibly Lower? - 10th Dec 19
What UK Economy (Average Earnings) Predicts for General Election Results 2019 - 10th Dec 19
Labour vs Tory Manifesto's UK General Election Parliamentary Seats Forecast 2019 - 10th Dec 19
Lumber is about to rally and how to play it with this ETF - 10th Dec 19
Social Mood and Leaders Impact on General Election Forecast 2019 - 9th Dec 19
Long-term Potential for Gold Remains Strong! - 9th Dec 19
Stock and Financial Markets Review - 9th Dec 19
Labour / Tory Manifesto's Impact on UK General Election Seats Forecast 2019 - 9th Dec 19
Tory Seats Forecast 2019 General Election Based on UK House Prices Momentum Analysis - 9th Dec 19
Top Tory Marginal Seats at Risk of Loss to Labour and Lib Dems - Election 2019 - 9th Dec 19
UK House Prices Momentum Tory Seats Forecast General Election 2019 - 8th Dec 19
Why Labour is Set to Lose Sheffield Seats at General Election 2019 - 8th Dec 19
Gold and Silver Opportunity Here Is As Good As It Gets - 8th Dec 19
High Yield Bond and Transports Signal Gold Buy Signal - 8th Dec 19
Gold & Silver Stocks Belie CoT Caution - 8th Dec 19
Will Labour Government Spending Bankrupt Britain? UK Debt and Deficits - 7th Dec 19
Lib Dem Fake Tory Election Leaflets - Sheffield Hallam General Election 2019 - 7th Dec 19
You Should Be Buying Gold Stocks Now - 6th Dec 19
The End of Apple Has Begun - 6th Dec 19
How Much Crude Oil Do You Unknowingly Eat? - 6th Dec 19
Labour vs Tory Manifesto Voter Bribes Impact on UK General Election Forecast - 6th Dec 19
Gold Price Forecast – Has the Recovery Finished? - 6th Dec 19
Precious Metals Ratio Charts - 6th Dec 19
Climate Emergency vs Labour Tree Felling Councils Reality - Sheffield General Election 2019 - 6th Dec 19
What Fake UK Unemployment Statistics Predict for General Election Result 2019 - 6th Dec 19

Market Oracle FREE Newsletter

UK General Election Forecast 2019

Personal Reflections on the Crisis in America- Darkness in America- Part3

Politics / US Politics Jun 08, 2008 - 01:24 AM GMT

By: Richard_C_Cook

Politics

The first decade of the new millennium—the 2000s—produced a catastrophe for the U.S. when the Supreme Court designated my former Yale classmate George W. Bush as president in December 2000.

Democrat Albert Gore had won the popular vote in the November election but was behind in electoral votes. The controversy centered on Florida , where the official tally showed Bush the winner by a narrow margin, but where the Court decided a complete recount might leave the nation with an undecided election for too long. It later turned out that many eligible Florida voters had been improperly excluded from voting by partisan state election officials.


Gore's presidency had been stolen in a fashion even more egregious than what had been done to Jimmy Carter in 1980.

Bush's first major official action in mid-2001 was to turn Clinton 's $300 billion budget surplus into a $200 billion deficit by cutting taxes for the rich. Then came 9/11. On the morning of September 11, 2001, two separate aircraft crashed into the Twin Towers of the World Trade Center in New York City and a third into the Pentagon. A fourth aircraft was reported to have crashed in rural Pennsylvania . Altogether, 2,973 died.

I was in a two-day-a-week work-at-home program for Treasury and was at my home in rural Virginia where my wife Phyllis did her writing as a journalist for the local newspaper. We had the TV on, heard the reports of the first plane striking the World Trade Center , then saw the second live.

When I went to work the next day at our Treasury office near the Tidal Basin and Jefferson Memorial, colleagues told me they had heard the impact from across the Potomac River at the Pentagon and seen the black smoke rising. In New York , both the Twin Towers had collapsed pancake-style. Later that day, a smaller building in the World Trade Center complex—WTC 7—also collapsed.

That Friday I watched the memorial service at the Washington National Cathedral on TV where President George W. Bush spoke. His tone was so aggressive I felt World War III was about to start. Within a month, the U.S. attacked Afghanistan , the start of an invasion that supposedly was intended to root out the alleged mastermind behind the September 11 attacks, Osama bin Laden. He was, we were told, the head of Al Qaeda, the organization responsible for the atrocities.

On TV the news programs were constantly showing the same footage of hooded figures swinging on overhead bars at a supposed Al Qaeda training camp. By the end of October 2001, Congress had passed the first of two versions of the U.S.A. Patriot Act, a voluminous piece of legislation which, it turned out, no one who voted for it even read. It was an acronym for " U niting and S trengthening A merica by P roviding A ppropriate T ools R equired to I ntercept and O bstruct T errorism Act of 2001."

9/11 changed my life. I realized that for the last decade, after I had put my Challenger papers away, carried out my rather boring work for Treasury, and engaged in family and personal pursuits, I had been slumbering while the world around us was undergoing disturbing changes. So I began to study. I read everything I could find that could explain 9/11, realizing as I went along, as did many others, that the official explanation of the events simply could not have happened that way.

Meanwhile, in December 2001, the Enron Corporation went bankrupt after its shares dropped in value from $90 to less than 50 cents. Enron was a “new type” of company that didn't produce anything but sought to enrich itself by brokering energy supplies from privatized electrical utilities. CEO Kenneth Lay was a political crony of President George W. Bush. When Enron collapsed, thousands of employees and stockholders lost their life savings and pensions.

In 2003 the U.S. invaded Iraq , using off-the-shelf plans. It was obvious that George W. Bush had embarked on the military conquest and occupation of the Middle East and that the only nation supporting us, other than our perpetual ally Great Britain , was Israel . Again, 9/11 was the trigger, though the trumped-up story of Iraqi possession of weapons of mass destruction was the cover.

Just before the Iraq invasion the Bush administration had created a Department of Homeland Security whose name evoked images of Nazi Germany. Those of us at Treasury marveled at how the Department had been dismembered by the removal of the Bureau of Customs, the Bureau of Alcohol, Tobacco and Firearms, and the U.S. Secret Service for no evident reason.

It was clear that our nation was being taken over by a dark and alien force, for reasons that were not spoken, under the direction of people not known or named. The public actors were the triumvirate of President George W. Bush, his sneering Vice President Richard Cheney, and his fawning national security adviser Condoleezza Rice.

Washington , D.C. , now became an armed camp. The police presence became markedly more visible, security was stepped up at all government buildings, and new regulations for government IDs and security clearances were announced. At our building on 14 th Street, S.W. , there were evacuation drills where “essential personnel” were guided to waiting vans for their hypothetical escape to emergency centers, but the remaining 95 percent of employees were directed to stand in a large athletic field across the street.

At our jobs we joked about building security, enumerating all the ways terrorists could sneak weapons past the bumbling rent-a-cops at the doorways. We were also given black “survival” bags containing water, a high-carb “nutrition bar,” a gas mask, etc., in case of a chemical attack, when we were to crouch in windowless rooms in the interior of the building. I had to tell several contractors working for me on a project that they were not eligible to receive survival bags, as they were not government employees.

Another characteristic event where much of the meaning seemed to lie beneath the surface was the federal response to the destruction wrought on the city of New Orleans by Hurricane Katrina on August 29, 2005. The city had been left vulnerable through failure by the federal government to carry out adequate wetland management and restoration in the region and through insufficient investment in levee maintenance and repair. New Orleans was devastated when the hurricane, which was headed toward Texas , took a sudden right turn and made landfall east of the city.

It was the lower-income black citizens of New Orleans who absorbed the brunt of the catastrophe. The government's response through the Federal Emergency Management Agency was pathetic. Today, as the city is being “rebuilt,” much of the displaced population is unable to return due to the high costs of renting or rebuilding and the lack of jobs and government support. While New Orleans may become a pricey resort and corporate playground, its centuries-old indigenous culture is dead.

I could write a book describing all I read about on the internet during the early to mid-1990s regarding the increasingly alarming conditions in the U.S. The one source of outside information that could not be eliminated at the office was the worldwide web which had to be kept open because so many government administrative systems were now running on internet browsers. One thing was certain—the United States I knew and loved—“the land of the free and the home of the brave”—was under deadly assault.

Monetary Reform and My Retirement

By now my long-dormant interest in monetary reform had also been reawakened. In 2003 I read The Lost Science of Money by Stephen Zarlenga, the director of the American Monetary Institute. I invited Zarlenga to speak at a meeting of Treasury employees that I arranged and began to talk with him about his plans to develop model monetary reform legislation under the heading of the American Monetary Act.

I was becoming part of the small but important monetary reform movement that had begun to emerge in the U.S. as people learned about the ravages of the debt-based monetary system. I began researching U.S. monetary history in greater depth and became especially interested in the use of Greenbacks during and after the Civil War. This was currency spent directly into circulation for payment of government obligations—in a manner similar to C.H. Douglas's future concept of a National Dividend, without recourse to borrowing or taxation.

The Greenbacks were viewed by the population as having saved the Union during the Civil War and were a key component of the U.S. monetary system until the early 1900s. Unfortunately, the U.S. educational system today is so “dumbed-down” and so much under the control of bureaucratic, corporate, and financial interests, that most people know nothing at all about such key components of our history as the Greenbacks.

Another element of monetary reform I studied was the need for a modern federal infrastructure bank like the Reconstruction Finance Corporation used by the Roosevelt administration during the New Deal to rebuild the nation's physical economy. Today, as during his lifetime, Roosevelt is blasted as being a socialist or even a communist, because he dared to use the powers of the presidency to pull the nation out of the Great Depression. But the ordinary people of the nation adored Roosevelt for providing them a livelihood when they had been abandoned by the bankers whose selfishness and greed had collapsed the currency and destroyed the purchasing power of the economy.

Under Roosevelt, schools, hospitals, farms, and factories were built through low-cost lending by the RFC. It is true that the nation did not achieve full employment until the wartime spending of World War II, but Roosevelt 's main flaw may have been that he did not go far enough in curbing the power of the financial elite. This allowed them to hang on until they could regain their control of the nation after the post-World War II prosperity ended in the 1960s and 1970s. Still, what Roosevelt accomplished was remarkable.

My interest in infrastructure banking led to a relationship with Dennis Kucinich, congressman from Cleveland , Ohio , and candidate for the Democratic Party nomination for president in 2004 and 2008. I first met Dennis in 2003 after I learned he had introduced legislation for a federal infrastructure bank. I visited him in his office and over the next four years gave him numerous briefings on economic and monetary history. This included an all day session in an apartment on Capitol Hill which he called “the best policy briefing I've ever heard.”

Also attending that briefing was his young wife Elizabeth, who had been my friend Steve Zarlenga's assistant at the AMI in Chicago . She met Dennis on a visit with Steve to Washington when he stopped by the congressman's office to leave a copy of The Lost Science of Money . I was invited to attend Dennis and Elizabeth 's wedding in Cleveland in August 2005 which took place on a grassy mall downtown with the reception next door in the rotunda of the Cleveland City Hall .

By this time my personal life had changed substantially when my wife and I separated. Now living on my own, I decided to pull out my old notes on the Challenger disaster and write the book I had always intended to produce about the tragedy. I wrote steadily from July 2005 to the end of the year. My agent from New York sold it to a publisher within a few weeks.

A publication date of January 2007 was set, which meant I would have to retire because I did not want to still be working for Treasury when a book so critical of the government came out. But by then I would have completed 32 years of service so was eligible for civil service retirement.

I retired on January 4, 2007. For the last time, carrying a cardboard box with my few personal possessions, I walked through the back entrance of the Treasury building near the 14 th Street bridge. I emerged into the winter daylight feeling like a man who had just been released from prison. I had worked for Treasury agency for 21 years and 10 months.

My book appeared three weeks later. It was 503 pages in length, not counting the index, and was titled, Challenger Revealed: An Insider's Account of How the Reagan Administration Caused the Greatest Tragedy of the Space Age . It was the publicity department at Avalon Books which added “How the Reagan Administration Caused” to the title in order to sound more sensational. But it also made the title sound more “in your face” by directing such pointed criticism at an American icon.

The mainstream media ignored the book, even though it did tell more about the actual causes of the disaster than any other book ever written. And the Challenger disaster was one of the most newsworthy events of the 20 th century. Thus while a few reviewers gave it high marks—one called it “the most important spaceflight book of the last 20 years”—the weak public reception was a disappointment.

I gave a few book signings, then moved on to other matters—specifically a series of articles I began to write for the internet on economic policy and monetary reform during the months leading up to the financial crisis of 2007-8. While working for Treasury I had already written a series of articles on monetary reform which I published on the internet under the pen name “Gracchus.” I published one of these, entitled “A Declaration of Monetary Independence ,” on July 4, 2003, on the website Rense.com . The article began:

“Few people realize that true fiat money spent directly into circulation by the government is the best, most democratic form of currency. The last such money used in the United States was the Greenbacks. The money today which is introduced into circulation by the Federal Reserve is not fiat money. Rather it is a kind of pseudo-money based on a debt pyramid which originates with the national debt.

“All men are created equal, and all men have an equal right to the utilization of money as a social medium of exchange. The greatest crime of our age is the domination and control of money by the private banking industry through the Federal Reserve. The disastrous condition of the U.S. economy today starts and ends with our monetary and fiscal system, as described in the following analysis. As nothing in this sphere can be understood without knowledge of history, the focal point of any meaningful study must be an impartial look at how things have gotten so bad over time. But there are positive elements too which can guide us to a solution.”

I then followed with a monetary history of the U.S. , focusing on those periods when methods other than bank lending were used for entering currency into circulation. Of course since the Federal Reserve Act of 1913 had been passed by Congress, turning our monetary system over to the private bankers, there had been no other kind of money except for coinage which, due to inflation, scarcely retained any value.

I also published an article under the Gracchus by-line that was entitled “A New America.” The article outlined the struggle throughout American history between private banking interests and the forces of democracy. I pointed out that today in the 2000s the bankers possessed an ironclad rule over the U.S. economy.

An example of how this rule was maintained was through the current housing bubble, where home prices had inflated out of sight. When the bubble burst, I realized, millions would lose their homes to foreclosure. The root of the problem was the debt-based monetary system.

Another Gracchus article was a lengthy review of Zarlenga's The Lost Science of Money, which I called, “The New Civic Revolution.” The title was derived from Thomas Jefferson's campaign slogan from the election of 1800. It was that year when Jefferson overthrew the power of the monetary elite of Great Britain /New York/Europe who were taking control of the nation through their ownership of stock in the First Bank of the United States created by Alexander Hamilton.

Personal Reflections on the Crisis in America- Carter White House and Monetary Reform - Part1

Personal Reflections on the Crisis in America- Reagon and Clinton- Part2

By Richard C. Cook
http:// www.richardccook.com

Copyright 2008 by Richard C. Cook

Richard C. Cook is a former U.S. federal government analyst, whose career included service with the U.S. Civil Service Commission, the Food and Drug Administration, the Carter White House, NASA, and the U.S. Treasury Department. His articles on economics, politics, and space policy have appeared on numerous websites. His book on monetary reform entitled We Hold These Truths: The Hope of Monetary Reform will be published soon by Tendril Press. He is also the author of Challenger Revealed: An Insider's Account of How the Reagan Administration Caused the Greatest Tragedy of the Space Age , called by one reviewer, “the most important spaceflight book of the last twenty years . ” His Challenger website is at www.richardccook.com . A new economics website at www.RealSustainableLiving.com is upcoming with partner/author Susan Boskey. To get on his mailing list, for questions and comments, or to pre-purchase copies of his new book, please write EconomicSanity@gmail.com .

Richard C. Cook Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules