Economy Rigging 1

BSK daily log June 30, 2010

Filed under: Uncategorized — bashstreetkidjailbreak @ 4:59 pm



I am not a financial expert BUT………… there is a description for gold called good delivery gold which means gold coins or bullion which havent been debased. If you buy coins and bring them home they loose this status which means you may have to go along an re prove their value at considerable cost. It is also worth noting that coins kept at home can be confiscated by the government in a national emergency as happened in the US in the 30’s whereby safe deposit boxes in banks were only allowed to be opened in the presence of government officials with an eventual outright ban on private gold ownership. The smarter Americans saw this coming and had their gold coins shipped to Europe before the ban was introduced. I would only buy gold stored in a vault in an offshore location. You can buy gold in the mint in Perth through a broker in Dublin as far as I know. If you buy gold in a vault (Switzerland, Hong Kong etc,) through the internet you should buy allocated gold as opposed to unallocated gold as allocated gold is your property. Unallocated gold is managed in trust for you by the institution and if the institution goes bust you just get in line with all the other creditors.



IA currency is based on the credibility of it’s financial authorities, the resources at it’s disposal, the hard work of it’s citizens, the transparency of it’s state, and the honesty inherent in it’s culture of autority.



Economic growth for who? And what do we mean by ‘growth’? What measurements do we use? We all know the issues around GDP V GNP, a rise of incarceration or increase in divorce leads to a rise in GDP….

Is it growth so that those who fiddle their expenses, literally elected criminals and those got who get firms/think tanks to release positive economic forecasts so they can justify their obscene salaries and positions?

We don’t live in a democracy, we live in a kleptocracy which is the Greek for ‘rule by thieves’:

“Kleptocracy, alternatively cleptocracy or kleptarchy, from Greek: κλέπτης (thieve) and κράτος (rule), is a term applied to a government that takes advantage of governmental corruption to extend the personal wealth and political power of government officials and the ruling class (collectively, kleptocrats), via the embezzlement of state funds at the expense of the wider population, sometimes without even the pretense of honest service. The term means “rule by thieves”. Not an “official” form of government (such as democracy, republic, monarchy, theocracy) the term is a pejorative for governments perceived to have a particularly severe and systemic problem with the selfish misappropriation of public funds by those in power.”

NAMA would seem to fit under this description if the posts by McWilliams and other are anything to go by…..but then there was this in the Irish Independent:


Banking became corrupted here for the same reason massive bonus and salaries for lending money sourced in the wholesale money markets where total money lent is substantially more than 100% deposits taken and to unsustainable property development projects/syndicates etc. I dare say that if you were a mid ranking executive in an Irish bank up to the crash and did your job prudently you wouldn’t have had a hope in hell of ever being promoted! The corruption filtered down into the construction industry whereby money was lent to investors to buy and rent properties at unsustainable yields or as Mr McWilliams pointed out for the purposes of pure speculation whereby a syndicate would form for the purpose acquiring a property and flipping it for a massive profit based only on an increase in value due to the availability of even more financing available to the next syndicate in line. However the kleptocracy you are referring to I would suggest is being foisted upon us by the people doing the lending as alluded to in Mr McWilliams article and not Nama. Despite all the corruption in the construction industry at least the developers tried to produce something even if vastly overpriced. If Ireland gets turned into a debt servicing agency the kleptocracy will be complete as the people now doing the lending to Ireland if you take McWilliams at his word KNOW Ireland will default and simply want to keep us in a never ending debt servicing position. These people don’t produce anything either and all our raw materials, creative genius, etc, etc, etc will be completely subordinated to these people for who knows how long?



People only invest when there is a genuine prospect of a return in capital to justify the investment in the first place. When the majority of people and businesses are deleveraging there will be very little or no prospect of a return on investment until the deleveraging process is complete. We are fucked because of all perverse and pervase corruption in our banking, regulatory and administrative systems, not because of the velocity of money.



economic system and cheating and can one get away with cheating and play the game.

Much like the world cup.

The world cup 2010 is the pits. Cheating has destroyed the game as a sport.

Cheating and the economic system is rancid and has destroyed society.

The economic system will only stand a chance when cheating is routed out as the (to quote dunphy) “cancer that it is’.

To do this, money creation must be handed back to the citizenry.



e government does NOT create growth. It does not produce wealth. EVER!

The money it spends come from somewhere else – either from taxes or from debt to be paid by future taxes or from currency debasement = printing. Show me one government in 10,000 years of human history which was a successful wealth-creator. You can not. It has NEVER HAPPENED.

The role of the government and the only role of the government is to provide Security and Law. Government are by definition PEOPLE WITH GUNS. They are necessary, but guns do not create wealth.
Guns may create conditions in which wealth MIGHT be created (and not stolen from its creators). It requires a personal freedom, personal safety the rule of law – including commercial law and a stable currency. Nothing else is required. Not even a government Pension Plan. Not even a government Health Care.

A government run Health Care creates conditions in which you can not buy Aspirin because it is too cheap. It creates condition where population is force-fed Lipitor because it is profitable.

When the government borrows the money it means these money can not be used by someone else and it is a GUARANTIE of higher future taxes and/or unstable devaluing currency. Do not forget the fact that these people have already proved to be inept and corrupt.

There will be a recovery and there will be growth. It will happen in the countries which will limit the SIZE of their governments.

Here is the primary LAW of ECONOMY



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