From: Forrest Bishop (forrestb@ix.netcom.com)
Date: Sun Sep 01 2002 - 02:26:12 MDT
----- Original Message -----
From: <Dehede011@aol.com>
To: <extropians@extropy.org>
Sent: Saturday, August 31, 2002 8:28 PM
Subject: Re: MEDIA: Globalism, end of Socialism causes of jobless recovery
> In a message dated 8/31/2002 9:51:48 PM Central Standard Time,
> forrestb@ix.netcom.com writes: "The actual cause is "Triffin's dilemma",
> which was actually discovered at least 3 centuries ago, and possibly first
> formulated by Sir Gresham, the Exchequer to Elisabeth some 450 years ago.
> "The idea is simple, industry is destroyed at the source of money creation.
>
> Forrest,
> Is this what happened during the 19th century? I have read that
> England was investing all over the globe but especially in America.
> According to the source I read the U. S. had a heavy balance of payments in
> their favor and the English were living off American products.
There were several different seasons, of course. Europeans got their fingers burned in several American speculative manias,
particularly land, but also with canals and railroads. John Law's Mississippi Scheme and the British South Seas Bubble (1719-1721?)
set the standards for fleecing the sheeple with fiat-currency pyramid schemes. Now, "Sir" Alan Greenspan make John Law look like
chump change.
Late 19th-Century England experienced a somewhat similar Triffin Deficit- pyramiding Sterling banknotes on top of real money,
exporting said vaporware in exchange for real things. One of the first actions of the Federal Reserve, which went into operation in
1914, was to back up British war bonds, thereby providing financing to prosecute the war.
My knowledge of 19th Century economic history is pretty sketchy. My focus is on 20th Century US monetary history, legal history,
and associated psychohistory. Just teasing out the facts of the 1933 gold confiscation (an ongoing violation of the US Constitution,
Article 1, Sections 8 and 10, btw) is a monumental task- most of the records have been destroyed and nearly all references to it
removed from mass media and government-approved textbooks.
> But the question is: were the English investing in their own industry?
I'm not familar with this.
> According to the way things gradually deteriorated for the English working
> class and how the English was so broke they could not finance their end of
> the war with Hitler I guess they couldn't. Later I was reading in a history
> of the 2nd world war that when lend lease began to hit their armed services
> they couldn't believe the high state of our quality control. Their mechanics
> couldn't get over drawing a repair part from stores and being able to install
> it without serious alteration with a file or that the repair part would slide
> into place without serious application of a bashing tool.
Jeez, they sure dropped the ol' Industrial Revolution ball. Maybe an illustration of bureaucratic sclerosis?
> I am sure many other causes come into play but all in all England
> sounds very much like a country that did not maintain its own vital
> industries.
Either maintain rotted-out organized-crime syndicates masquerading as bureaucratic State institutions or evolve out of it.
> Oh yes, and the pound did finally collapse.
> How long do you predict it will be before our dollar collapses?
One thing I've learned- never try to time a market unless you are able to move that market. Their dollar was well on its way to
causing full-on global financial holocaust last August, then 9/11 and the WAT came along (surprise!) and pulled it out of the sewer
for awhile. Now that, among several things, the markets have blown back through the Sept, 2001 lows, it's "look out below" time, but
also, watch for that rabbit popping out of a hat.
Forrest
-- Forrest Bishop Chairman, Institute of Atomic-Scale Engineering www.iase.cc
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