Not for love of money, but of Humanity. "Greater is he who works for the good of all, then he who works for the good of himself only" ~ Matthew 25:40: "The King will reply, 'I tell you the truth, whatever you did for one of the least of these brothers of mine, you did for me.'"- (NIV). I live in Singapore where the Emperor must not be disturbed.

Thursday, March 29, 2012

Dear Mr Bernanke: Justice rather than diluting currency is the solution unemployment in any economy.

Dear Mr Bernanke: Justice rather than diluting currency is the solution unemployment in any economy.
[pict source: Criminal Cartel Moves Forward With Printing $500 Billion In Funny Money]
Excerpts from: 'Bernanke Lends a Helping Hand to Gold and Silver' Published [26Mar2012: Fox-Business/ Wall St. Cheat Sheet]

"According to the latest financial statement released last week, the Federal Reserve’s (FED) balance sheet surged 20 percent to $2.9 trillion in 2011. U.S. Treasury holdings grew 64 percent to $1.75 trillion, accounting for the majority of the balance sheet."

This is what I understand: to raise $$$, the US government can trough the 'treasury' (aka US Ministry of Finance) can ask the Federal Reserve Bank (aka FED, aka 'Central Bank' but which also operates the $$$printing presses and for which Mr Ben Bernanke is Chairman [pict: Bernanke printing $$$ (source)]) to issue 'treasuries' (aka National Debt/ IOUs) to raise $$$ form the 'investment community'. As and when the amounts owing become too large, the FED then prints $$$ to buy back these 'treasuries' from 'investors'- the wisdom of which is that it is supposed to cause inflation (someone quoted "Benflation") which is the increase in prices of everyday goods: purported to increase 'employment' but in a devious and illogical way:
Inflation makes everyone feel uneasy because it tells one that one's monetary savings will not be worth much at the end of the day. This sense of monetary depreciation is aggravated by low interest rates caused by the treasury also lending out currency at very low rates, since by virtue its being a universal currency, the US government is able to borrow quite a lot of money issuing out 'treasuries' at pretty low interest rates.
Suffering this unease, some will people will feel suicidal at the thought of working even in old age: these people oft then squander their savings in profligate ways and even borrow to spend more and more since they do not foresee themselves living too long anyway. Others who think more 'long-term' however, without proper economic education, they are easily hoodwinked by bank/ investment relationship managers and invest in 'minibonds' [wiki] and other investment scams only to see their savings vanish before their very eyes. In the midst of all this confusion, everyone has a job: bankers deceive themselves as well as their clients by providing cheap loans to all and sundry, and price bubbles pop up everywhere: in the stock market, property market etc insidiously and so obvious to many.

Bankers, bearing the scythe of 'inflation' become capable of easily deceiving many to part with their hard earned money for ponzi schemes (ref Bernie Madoff [wiki link]) and for a while seem the a beacon of prosperity whom many emulate, but this is all a mirage: a flimsy pack of cards that stumbles once the truth is out: the US govt never had the capability to regulate the cancerous ballooning of the US financial industry. Gain today was nothing but debt or bankruptcy tomorrow.

Now with savings depleted and the nation in debt, can the solution be the further dependence on banks to jump-start the economy?
What happened to education and the renascence in spirituality which allows so many in society to weather the hard times.

Or are times just not hard enough yet.

Perhaps China should take a leaf form the dire financial straits of the Unites States that it is Justice rather than money that will provide for jobs in the coming decade and many more years to come.

If the subsistence farmer, though not overfed, had in the first place not lost his land through confiscation, damage by pollutive industry or the depletion of the natural water table due to corrupt government officials/ irresponsible government policy, why would he have even considered migrating to the city in search of work or a living? This particular farmer in fact would have readily paid taxes in kind had the government not interfered in such a corrupt and greedy manner in the first place.

Does modern farming methods/ industry give right to governments to grab land from the ownership by subsistence farmers?

The reason why there is a current issue of joblessness in society is due to the incompetence and injustices incurred by successive governments against the livelihoods of the rural poor which the government should have helped through information sharing so that their livelihoods might be enhanced where ever they that lived for thousands of years.

As rural folk continue to crowd cities as a result of rural government mismanagement, oil consumption can only be expected to increase with the increasing prevalence of urban lifestyles. Perhaps we must prepare for a new world order, perhaps there really isn't much to live for.

Until and unless social justice can become something the all politicians adhere to: efforts against tyranny/ dictatorship, education, freedom of information, financial investment regulation, fairer property taxation.

And Singapore has not been a too good good example in this respect- given the high standards that many hold it to.

Picts/ ref:

[pict source: Dear Ben, Please Print Us More Money]

[Source: Hyperinflation In Zimbabwe]


Ps: this post may be later edited for accuracy, 1st draft.


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