Why Is Bank Credit So Destructive?

“Because your question searches for deep meaning, I shall explain in simple words.”

– Dante, Inferno

Periodic economic destruction by bank credit is not new. It has been a problem for millennia. The basis of it, the ownership of bank deposits which should be safely held as assets in custody and not taken into ownership by the banks, goes back even to ancient Greece.

The Romans ruled that the practice was fraudulent in the third century, and empirical evidence ever since has shown that banks taking into their ownership depositors’ assets usually end up in crisis both for themselves and their borrowing customers.

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Transport Chaos Across England and Wales After Major Power Cuts

Energy watchdog Ofgem warns it could take ‘enforcement action’ over the outage

Power cuts spark transport chaos in London – video

Large parts of England and Wales were left without electricity following a major power cut that had a serious impact on rail and road services, including city traffic lights.

Passengers were shut out of some of the country’s busiest train stations during the Friday evening rush hour, while hundreds of thousands of homes were left without electricity after what the National Grid described as a problem with two generators.

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Black Tuesday October 29th 1929 Revisited?

By Richard Lancaster – Re-Blogged From http://www.Gold-Eagle.com

Note: This article was originally posted October 29, 2002, when US stocks were in the midst of a severe market crash.  Appropriately, and in view US stocks have already fallen 10% during the first 3 months of 2018, we believe everyone should carefully review the present update as another CRASH may be brewing on the horizon in 2018.

“These are days when many are discouraged. In the 93 years of my life, depressions have come and gone. Prosperity has always returned and will again.”
– John D. Rockefeller on the Depression in 1933

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Study Shows Why Europe’s Climate Varied Over the Past 3000 Years

By Anthony Watts – Re-Blogged From http://www.WattsUpWithThat.com

From CARDIFF UNIVERSITY and the “motion from the ocean makes or breaks English vineyards” department.

Ocean floor mud reveals secrets of past European climate
Samples of sediment taken from the ocean floor of the North Atlantic Ocean have given researchers an unprecedented insight into the reasons why Europe’s climate has changed over the past 3000 years.

In this 1677 painting by Abraham Hondius, ‘The Frozen Thames, looking Eastwards towards Old London Bridge’, people are shown enjoying themselves on the ice during a “frost fair”.

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100 Years of Socialism Summed Up in 100 Seconds

By Mateus Kadesh – Re-Blogged From iPatriot

Daniel Hannan is a brilliant MP (Member of Parliament) in the European Union from the United Kingdom. He is a conservative thinker who has used his quick wit and superior intelligence to thrash many leftists who attempt to defend the indefensible (mainly liberalism).

In a short video for Russia Today’s online network Hannan takes less than 2 minutes to explain why socialism is the most detrimental idea to have taken root in the last century.

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An Empire Self-Destructs

By Jeff Thomas – Re-Blogged From International Man

Empires are built through the creation or acquisition of wealth. The Roman Empire came about through the productivity of its people and its subsequent acquisition of wealth from those that it invaded. The Spanish Empire began with productivity and expanded through the use of its large armada of ships, looting the New World of its gold. The British Empire began through localized productivity and grew through its creation of colonies worldwide—colonies that it exploited, bringing the wealth back to England to make it the wealthiest country in the world.

In the Victorian Age, we Brits were proud to say, “There will always be an England,” and “The sun never sets on the British Empire.” So, where did we go wrong? Why are we no longer the world’s foremost empire? Why have we lost not only the majority of our colonies, but also the majority of our wealth?

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Climate and Popular Revolution

By Dr. Tim Ball – Re-Blogged From http://www.WattsUpWithThat.com

My major research interest in climatology is historical climate, but particularly the impact of climate and climate change on human history and the human condition. Climatology was always part of geography because it studies the climate of a region and the change over time. This was subsumed by the growth of climate science in which specialists studied individual pieces of the complex puzzle that are climate, usually without knowing where the piece fit. Geography and Climatology are integrative disciplines that are defined as chorology,

Journées Révolutionnaires à Paris : Louis XVI se réfugie à l'Assemblée - June 1792

Journées Révolutionnaires à Paris : Louis XVI se réfugie à l’Assemblée – June 1792

“the study of the causal relations between geographical phenomena occurring within a region.”

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How Stupid Do You Have To Be

By John Rubino – Re-Blogged From http://www.Silver-Phoenix500.com

“Of course, there are true copper-bottomed mistakes, like spelling the word “rabbit” with three m’s, or wearing a black bra under a white blouse, or, to make a more masculine example, starting a land war in Asia.” — John Cleese

We all make mistakes, but some are bigger than others. An example of a serious one that’s both potentially catastrophic and easily avoided is to lend money for long periods during a time of rising debt and financial instability. Who, for instance, would commit capital for 30 years to Italy by buying that country’s long-dated government bonds? “No one” is the sane answer, yet those bonds do find buyers.

Even higher on the crazy scale is the following:

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Currency Crisis, British Edition

By John Rubino – Re-Blogged From Dollar Collapse

It appears that Great Britain might actually do the until-recently-unthinkable, and leave the European Union. The reasons for this dramatic break-up are many, and can be Googled easily enough. For our purposes, suffice to say that traders are scrambling to figure out what this means for the British pound, and they’re not liking the answers. Here’s a quick look at the recent foreign exchange action:

The pound just hit a 7-year low — and there’s no revival in sight

(MarketWatch) – The pound has been clobbered this week, driven close to seven-year lows against the U.S. dollar — and analysts don’t see any catalyst in sight to turn that fall around.

The pound on Tuesday dropped below $1.39 against the greenback for the first time since March 2009, hitting an intraday low of $1.3879, according to FactSet. Sterling versus the dollar — known as “cable” — has lost roughly 3.5% since Friday, when the floodgate of debate surrounding the potential exit of the U.K. from the European Union burst open.

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Britain Authorizes Fracking Under National Parks

By Eric Worall – Re-Blogged From http://www.WattsUpWithThat.com

Britain has just controversially allowed fracking under National Parks. The fracking rigs can’t be erected inside the parks, but horizontal drilling from properties adjoining the parks, into land which lays underneath the parks, is now permitted.

MPs have voted to allow fracking for shale gas 1,200m below national parks and other protected sites.

The new regulations – which permit drilling from outside the protected areas – were approved by 298 to 261.

Opposition parties and campaigners criticised the lack of a Commons debate – and accused ministers of a U-turn as they previously pledged an outright ban on fracking in national parks.

The government said its plans would protect “our most precious landscapes”.

Energy Minister Andrea Leadsom also said there had already been “enormous debate” on the subject.

Read more: http://www.bbc.com/news/uk-politics-35107203

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Winters Not Summers Increase Mortality and Stress the Economy

By Joseph D’Aleo and Allan MacRae – Re-Blogged From http://www.WattsUpWithThat.com

Global warming alarmists continue to over-emphasize the danger of heat and ignore cold in their papers and in stories for the media. The danger associated with this misdirection is that cold weather kills many more people that hot weather.

This conclusion is clearly supported by many studies of populations in a wide range of climates. Examples are provided below from a study of thirteen countries, as well as national studies from the United Kingdom, the USA, Canada and Australia.

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Financial Warfare and the Declining Dollar

By Ryan McMaken – Re-Blogged From http://www.mises.org

With the creation of the BRICS bank and now the Asian Infrastructure Investment Bank (AIIB), the major economies of the world are hoping to lay the foundation for a multi-polar financial world beyond the unilateral control of the United States. Due to the enormous size of the US economy, coupled with the reserve status of the US dollar, the United States government has long been able to achieve strategic and military goals through flexing its financial power. This power has long allowed the US government to buy allies and friends among foreign regimes, to finance proxy wars, and to threaten the growth potential of foreign economies whenever the US government deemed it necessary.

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