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Kevin Phillips, the gifted researcher and author, recently gave new life to an old quote from 1904. That quote is a sharp and accurate observation yet today. The former colonial secretary of Great Britain, Joseph Chamberlain, spoke to British Bankers: “Granted that you are the clearing house of the world, ‘but’ are you entirely beyond anxiety as to the permanence of your great prosperity? . . . Banking is not the creator of our prosperity but the creation of wealth; and if the industrial energy and development which has been going on for so many years in this country were There are two very sharp concepts brought out. First, it is “production” that creates the wealth. The banks are just a service organization, like dry cleaners and casinos. The production, the foundation of the economy, is in mining, farming, manufacturing, and the transport of the products. If the core economic activities are sent abroad, the wealth goes abroad. No banks can replace it. Second, as one economist said recently, banks and the other financial institutions are like the “circulatory system” for the economy. But, as Chamberlain points out, “banking is not the creator of our prosperity.” So, we are back to the issue of 2009. How is it that “banks” brought the United States (and many other countries) to the brink of a global depression? Who let this happen? Click here to contact your representatives in Washington, D.C. Our Elected Officials. – Byron |
Tags: Banks, Congress, Joseph Chamberlain, Kevin Phillips
There was a conscious decision to move industrial-based business overseas and replace this with the knowledge-based service sector. This goes back over twenty years. Trying to reverse this seems protectionist and would only worsen the economic recovery.
GB – As we have learned from the present economic situation, moving industry overseas doesn’t work. To rescue our faltered economy, we need to recapture our industrial might. If the only way to do that is by being protectionist, what’s wrong with that?
Just who is gonna’ work for $8.50/hr. makin’ anything. As we all know the Federal Reserve is neither Federal nor a Reserve. This society must start being honest with itself. Mfg. has been moved offshore for the cheap labor and our medical delivery system and higher education have taken its place. Although both of them are “noble” they don’t really do anything – except consume. The former charges the patient on a formula without regard for the reality of that service being delivered and the latter continues to turn out graduates prepared for very little in todays society. This must stop if we’re to move forward in an every increasingly complex global economy based upon fiat.