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Subject:[socialcredit] The Truth: Recession, Depression, Financial Crisis & Money Control
Date:Wednesday, January 16, 2008  00:09:21 (-0800)
From:Eric Encina <ericencina @.....com>

THE TRUTH: Recession, Depression, Financial Crisis & Money Control
                                             By Eric V. Encina


Here, it is indispensable to exactly define recession, depression, financial crisis and money control before we can proceed to diagnosis whether any of these, is existing in the country and in the world particularly in the US economy. Or what is exactly happening,  and what is the truth of the economy.
Recession is when there is involuntary unemployment, and the economy is unable to sell all the products it produces for sale.
Other definition of  recession is: According to the NBER, a recession is "a significant decline in activity spread across the economy, lasting more than a few months, visible in industrial production, employment, real income, and wholesale-retail trade." Contrary to popular wisdom, recession is not tied directly to a decline in the gross domestic product. The gross domestic product is measured only quarterly and is continually revised (often years later), and the NBER prefers to use monthly indicators such as employment, personal income, and manufacturing sales.
Depression is the same, only more acute and more prolonged.
Depression is simply a severe recession - or a recession is a mild depression.....Stagflation is a period of recession where prices are rising - the word is a contraction of STAGNATION  and INFLATION.
Over the four years from 1929 to 1933, production at the nation's factories, mines, and utilities fell by more than half. People's real disposable incomes dropped 28 percent. Stock prices collapsed to one-tenth of their pre-crash height. The number of unemployed Americans rose from 1.6 million in 1929 to 12.8 million in 1933. One of every four workers was out of a job at the Depression's nadir, and ugly rumors of revolt simmered for the first time since the Civil War.
Financial Crisis  is when the public loses confidence in financialinstitutions such as banks, and therefore want actual legal money fromthem, rather than their promises to pay, which are normally accepted as  money. This takes us back to the two sorts of money that we use in our  economy.
One is legal tender money, coins and notes issued by or on behalf of the state, which creditors are legally obliged to accept in settlement of what is owed to them. The second is bank created credit (at least 95% of the total money supply), which is no more than a bank's promise to deliver legal tender money on demand, given in exchange for a borrower's promise to repay, usually over a period of time.
Money #1 cannot be destroyed, and therefore circulates from producers to consumers and back again.
Money #2 is continually being created and destroyed, as loans are made and repaid. This leads therefore to "trade cycles", where inflation alternates with recession, as bank money is created and withdrawn.
A particular effect of financing business capital through bank loans (a very common practice) is to create credit money at a time when capital goods (factories, machinery, etc. etc) are being produced, workers are receiving incomes, but nothing more is going on the market for people to buy.  When the factory is completed, and workers are laid off, goods start reaching  the market, businessmen start wanting to repay their bank loans, but the  laid off workers now have no money either to buy the products, and the businessman therefore finds it impossible to repay his bank financing.  (This explains the Douglas A+B theorem, where A is wages, and B is capital  costs). Therefore we have recession.
Money Control is the control of money by the private bankers for private interest and profits through debt and interest money creation chartered and protected by the government.
Let us see and make some conclusion is exactly happening in the world through the use of the definitions above.


We are currently at dilemma. Some in near panic. Some are in fact in real crisis. Some are actually effected and suffering. So many peritus or experts in economics and social sciences who say different things, usually in confusion, or say something in similar meanings but different angles while some in contradiction to each other. And since we are at this seemed to be intractable confusion, or at the crossroad or about to make crucial decisions, let us pose the following questions. (Below are my own diagnosis open for correction)
Is there really a recession in the US and in the world? Are we indeed heading off uncontrollably  to this type of economic slowdown? Can we survive? Is depression possible again in this age of global plenty? Or we are just in financial crisis because of the present money system? Or money is simply but astutely controlled to create artificial crisis like this?
Are we realistic? How could, in this age of global plenty, the world be in recession down to depression  or financial crisis? IS THE PRESENT BANKING SYSTEM ASTUTELY DOING A GIMMICK TO USE OR CAUSE RECESSION OR DEPRESSION OR FINANCIAL CRISIS FOR FURTHER CONTROL OF MONEY?
The economic situation in the US , Japan , China and in EU is too vague, crazy and seemed to be under heavy conspiracy by the powerful few—the global manipulators. The news  that came out,  that US States authorities in NY and Connecticut are investigating whether Wall Street banks hid crucial or delicate information  about high-risk home mortgage loans that have bundled into securities that were eventually sold to investors, is important to take a  hard look for the possibility of banking conspiracies. But up to what extent the investigation would be? – is the question. However the said crucial information evolving the high-risk home mortgage loans in the US that presently causes housing bubble and credit crunch is primarily caused by the banking system, simply, the way money is created as a debt. The banks are also expert in using very broad, vague, boilerplate terms and disclaimer language that consequently failed to disclose fully, accurately and fairly all the information on home mortgage loans. It is also undeniable that there are conflicts of interest or management in the home mortgage loans industry. THE QUESTION: IS THIS A BANKER’S TRICK? How could it have been made possible that $billions of dollars of home loans in the US that have been contracted to banks in that magnitude and that include the US largest savings and loan Washington Mutual Bank?
BUT IT MUST BE NOTED HERE THAT OVER THE YEARS, THE BANKING INDUSTRY HAS  GOT PRETTY BIG PROFITS TO HOME MORTGATE LOANS INDUSTRY. The only problem now is so simple, the US borrowers cannot pay their home mortgage loans, as they say there is a recession.
NOW THE QUESTION IS: WHO BENEFITS? WHO IS THE BRAIN? WHO IS THE AUTHOR? What is the cause of recession? Certainly, the borrowers could never be the author of recession. Who is responsible to recession?
The US Federal Bank officials said they stand ready to take out great ‘insurance’ or back or a guarantee to banks against the increasing risk to recession. FED officials are trying to lull the US citizens and the consumers that they are most concerned t consumer spending. And they pledged to take substantive additional action to spur traders to predict faster and deeper pace of  interest-rate cuts as announced.
But the bottom line is: FRB is just actually ready to primarily save the banking industry before it could try to save the consumers. FRB to help the borrowers r the home mortgage borrowers remains to be seen. After all, it remains that debt for the people and billions for the bankers.
They just want to lower the borrowing costs but they remain to keep the POPULATION IN THE BONDAGE OF DEBT. The magnitude of the crisis remains the same.
The problem with Federal Reserve Bank like any other central banks  in the world is that it mixes up the borrowing costs with inflationary pressures. If they say they are worried about consumer spending, why it is that money is loaned at interest? The decline of the house prices that are likely and certainly damp consumer and business confidence in spending, is not only caused by the inability of the US home mortgage borrowers but by the banking system itself.
If FRB is serious enough to remain exceptionally alert and flexible at they say and as they stand ready to take substantive additional action as needed to support growth and to provide adequate insurance against downside risks, THEY SHOULD CONSIDER REFORMING THE MONETARY SYSTEM IN THE USA.
US economic stimulus package is not transparent, useless and astutely favorable to criminal banking system with implications and repercussions to third world nations.
The way to address or being addressed the US ailing economy by the US Government is through the provision of economic stimulus package. But, the problem is: this package is only actually favorable to criminal banking system. The infusion of credit to banking system to add spuriously the banking reserve as a plausible screen to hide the money creation out of nothing, and then continue lending to US borrowers even at the interim low interest rate remains to be useless. US borrowers would continue  borrowing, and would be  lulled to further borrowings and be manipulated, and at the end, the borrowers on the same vicious cycle, practically on the debt trap that eventually leads to poverty and unemployment.
If the US Government is looking indeed at things that could be done quickly as time is of the essence to address the lingering financial crisis, this must be MONETARY REFORM IDEA OR SOLUTION. There could be no permanent  solution within the structures of the debt finance. All other solutions are only short-lived and very temporary ---that after band-aid solutions, there is another bunch of problems worse than earlier.
THE US PRESIDENT PROPOSAL TO EASE THE CRISIS THROUGH TAX CUTS AND OTHER FISCAL MEASURES TO PURPORTEDLY SPUR GROWTH TO BE HIGHLIGHTED ON HIS STATE OF THE NATION ADDRESS (SONA) ON JANUARY 28, 2008 IS CERTAINLY TEMPORARY IN NATURE. How could it be possible when the US $ currency is falling its value than competitive Euro? How could it be when the US is now on the whooping and ballooning total   of US$46Trillion debts after long years of non-stop borrowing and military spending, paying interest to private Federal Reserve Banks and wasting money overseas for the so-called US Aid schemes in support of US foreign policies that only went to expanding bellies of corrupt third world government allies and officials? And the waste of money for the so-called chemically-based POPULATION CONTROL PROGRAMMES? WOULD IT MEAN THAT THE US WILL USE ONCE AGAIN THE POWER OF THE IMF TO EXTRACT MORE MONEY FROM THE THIRD WORLD LENDING SYSTEM AT INTEREST TO SUBSIDISE THE US AILING ECONOMY?
Experts say US recession is unavoidable but a kind of recession like this might be artificial and has been created for the interest of the few and the powerful in the banking industry and multinational corporations. How could it be possible USA that has the large percentage of export and import products and resources could be in recession?
US consumers face a variety of challenges including declining house prices, rising energy costs and a weaker job market due to US$ currency fall. But it must be noted here that under the DEBT MONEY SYSTEM, any currency would continue or would remain volatile, inevitably to fall or fluctuate. It is the system. That’s why a reform of the system is needed to permanently fix the economy.
Contrary to orthodox economic formula and understanding, the economy by itself is not exactly slowing down, this is the target of blame, but it should be the present financial system or the banking system and the way it is operating that should be the target of blame.
Under the system, any solution that is crafted to address the crisis is only  temporary. THE BANKERS MAKE MONEY BY CRAFTING TEMPORARY SOLUTION like interest rate cuts  but also in due course  CREATE PERMANENT OR LONG-TERM PROBLEMS TO THE BORROWERS.
US Congress and Senate leaders who support Pres. Bush to buttress consumer confidence and avoid recession are on the same height of infinitely silly money system trap that continues to create debt in America . The long-term solution is debt free money for America . Any temporary solutions like tax rebates aimed at low-and-middle income Americans and tax breaks for business investments as part of a potential stimulus package are just a kind of trap of US FRB interest-rate cuts. THIS IS A NEW ASTUTE FORM OF THE WEB OF DEBT. Interest rate cut could not be a ‘substantive additional action’ to aid the US economy under the debt money system regime.
There is a wrong target. Before we address the effect, we must address at first the root-cause. The root-cause of recession is the financial crisis. The root-cause of financial crisis is debt money system. It’s simple. The problem is the bankers and the economists make it too complicated and going to far.
The US Government and the FRB are doing what they could to avert the lingering crisis but at first they are impelled to save the banking and financial industry that claim to be writing off billions of dollars on investments in mortgages and loans that went or go bad. But it seems there is no strong indication or commitment that US Government and the FRB would be willing to save the American borrowers from huge indebtedness. The system is a crazy vicious cycle.
To only specifically address recession alone, without definitely having to address the root-cause of financial crisis is just like chasing the wind.
Financial crisis which is being rigged by the banking system continue to cause crazy economic economics, debt, inflation, devaluation of currency, deficit spending, stocks floundering and with devastating effects to human life.
The global bankers, central bankers, commercial and private bankers are at play to continue rigging and lulling the peoples. Blaming the Euro currency (which could be a sham) that might stifle economic growth or global economic growth is useless while the banking system continues to leech and suck the lifeblood of the economy and while the system is not addressed to overhaul how money is created – which is the root-cause of most problems. It has been reported that Euro’s gains are harming the economy of the 15 nations sharing the currency and might exacerbate a forecast slowdown in economic growth.
The appreciation of Euro currency over US$, Chinese Yuan and Japan Yen is believed to be hostile to economic growth of 15 nations. This might be authentic but if we would look at deeper level, the main cause of the problem for growth is not only the imbalances between the difference currencies but of the central bank policies on interest rates dictated by BIS – Bank For International Settlement – based in Switzerland – the central bank of all central banks. The progressive gaining of Euro currency over US$ is admittedly not good for the bankers and investors but not exactly to consumers, not good for the US economy in particular and to Chinese Yuan and Japan Yen, however, this has aided to reduce the currency competition in the world. Currency competition is also a gimmick of the banking system to make profits.
The EU Commission is looking forward to cut is 2008 growth forecast as a result of the fall-out from the financial-market turmoil in the US. But cutting the 2008 economic growth forecast to EU nations would also affect eventually the financial status of the EU citizens. THE PROBLEM IN THE PRESENT FINANCIAL SYSTEM IS: WHEN OTHER MAJOR CURRENCIY IS UP, THE OTHERS ARE DOWN! And this is manipulated by the consensus of banking cartel and policies of the central bankers with the major decision coming from Switzerland-based BIS. If, the Euro currency will fall, which is also probable, in the future, then US$ will regain its value. WE ARE PLAYING YO-YO CURRENCIES! And this is the stupidity of the banking system.
If the US ailing economy is really driving the American citizens in nearly credit crunch and money panic and home mortgage loans, and the falling value of US$, we, the FILIPINOS are in entrapped in the deadly FINANCIAL SITUATION under the present money system, that without overseas remittances from the Filipino contract workers and Filipino immigrants and migrants (WHO ARE IN EXODUS OR IN DIASPORA that signals for terrible brain drain)  sending money back home and or without personal help from the other countries, we would certainly be in the dungeon of hell. Due to increasing expenditures as pressured by the increasing prices of basic needs and services, the indebtedness of  many, caused by the imposition of the additional taxes, more Filipino families in the countryside are not jut in pinch in the succession of hunger and poverty but actually in deadly hunger and poverty. THE EXPENDITURES FOR THE LIVING OR THE RIGHT TERM, FOR SURVIVAL are rising faster more than twice, some say, more than thrice than meager or poor incomes. The claim of appreciation of Philippine Peso currency over dollar which is being touted is very ridiculous.
The boisterous but silly claim that Philippine Peso is a strong currency is ridiculous, sham and deceptive when MONEY IS VERY SCARCE, when daily minimum wage is not met for the majority of employed or is too weak, when the prices of basic needs and services continue rise to sky, when millions are unemployed, when the country is enthralled and bound to endless indebtedness and continue borrowing money to foreign banks and when the country is in childish political troubles. VERY SIMPLE: WHAT IS THE STRONG PESOS (if ever this is true) WHEN THE MONEY IS ACUTE SCARCE? It is true that our Philippine Peso already appreciated? Are we  stupidly gullible?  OR IS THIS A SORT OF MONETARY GIMMICK OF THE CENTRAL BANKS AND THEIR COHORTS? THE INTERNATIONAL BANKS ARE ALSO BEHIND THIS TRICK AS USUAL to get the Philippines continued its addiction to foreign borrowings and pay more interest. They say strong Peso means we could borrow more and pay more. This is another stupidity of the banking system.
All these things are not accidental, they are well-planned and crafted so astutely for the benefits of the powerful few.
IMF’s INSISTENCE of 12% E-VAT to oil/gasoline prices in the Philippines:
Just like an alligator or a dinosaur, IMF insists not to scrap the 12% Expanded Value Added Tax or E-VAT on oil/gasoline prices despite of the pressuring world oil prices increase to over $100-per-barrel mark. Morgan Stanley, Inc. has projected that oil could hit $115 per barrel so soon. Filipino Senator Mar Roxas has used the projection to press the point about SUSPENDING the EXPANDED VALUE ADDED TAX on petroleum products but vehemently opposed with displeasure by IMF officials. IMF IS THE PRINCIPAL AUTHOR AND DICTATOR OF THE 12% EXPANDED VALUE ADDED TAX IMPOSITION which has been legislated and put into effect  under pressures  IN THE PHILIPPINES BECAUSE OF THE CONTRY’S HUGE FOREIGN DEBTS – which has been finally decided as legal and necessary by the collusion of the PHILIPPINE SUPREME COURT in 2005.
As a Filipino Social Crediter/ Monetary Reformer, I support the move of Sen. Mar Roxas,  but unfortunately,  we still differ in understanding. I do not agree with him that only petroleum products could be subject from 12% E-VAT lifting mechanism while the Senator continues to support the E-VAT IMPOSITION TO OTHER BASIC ESSENTIALS LIKE FOODS AND MEDICINES for the living. This is useless! WHAT WE NEED IS THE ABOLITION OF 12% EXPANDED VALUE ADDED TAX as this is added millstone to Filipino people in the darkness of debts  and poverty. TO CONTINUE COLLECTING TAXES plus 12% E-VAT is tantamount to murder the hungry Filipino people.
The IMF Resident Representative in the Philippines is economically crazy, dictating the government once again by insisting the 12% E-VAT as necessary to petroleum products. And 12% E-VAT is necessary for the Philippine government to find sources of revenues and to find ways to shield the poor Filipinos and other vulnerable sectors from the impact of high oil  price. He said: ‘A GOOD WAY TO DO SO IS TO ALLOCATE REVENUE TO SOCIAL SPENDING, PARTICULARLY  ON EDUCATION AND HEALTH PROGRAMMES.” But how could it be when 12% E-VAT collection is directed to address budget deficit, payment of interest to foreign debts? Most of the victims of abnormally high petroleum prices are the ordinary Filipinos: the drivers, the passengers due to increasing transportation and employment travel costs, the small and struggling business peoples, manufacturers, producers, farmers and ordinary workers.
THE DICTATORIAL STATEMENT OF IMF TO PHILIPPINES GOVERNMENT to collect more taxes like 12% E-VAT to help the poor is stupid! WHAT THE GOVERNMENT SHOULD IS TO CREATE THE FIAT MONEY DEBT AND INTEREST FREE to help the poor by the provision of the EXTRA BASIC INCOME to every Filipino citizen particularly the very poor families frequently threatened by hunger, poverty, unemployment and calamities. This is the best fiscal reform than the IMF-IMPOSED crazy fiscal reform of imposing more taxes and pressures to foreign borrowings  than ever and being  followed by privatization and sale of government assets in favor to multinational corporations that are voracious and without conscience.
The Philippines continues to welcome or sell BPO Business Process Outsourcing industry to First World Nations through investment incentives, low tax and other methods of persuasion. The multinational call center companies continue to move to Philippines and to other third world nations PRIMARILLY because of CHEAP LABOR AND OPERATING COSTS. Call Center Company branches in the Philippines are squeezing the Filipino call center agents, having no options to employment, to the bone in the so-called graveyard shifts with extremely stressful working condition at $5 daily/nightly allowance for trainees or $10 to $20 daily/nightly more or less with they say, some commissions and differentials. Some call center  trainees who are on training are not given allowances but only fraction of means or snacks. Call Center agents are used to promote products and services both inbound or outbound schemes to mainly US, Canadian, UK, Australian and EU Residents who are getting annoyed by their calls. Some call center companies are engaged in SCAMS AND RACKETEERING their own countries of origin and using the Filipino call center agents as asset fronts.
CALL CENTER COMPANIES ARE EXTREMELY STRICT ON INTERNATIONAL STANDARD ENGLISH LANGUAGE usually in American accents and diction. That is understandable but the salary grade is not commensurate to call center agents’ travail taking into account the health risks in the work place.
There are also so many bureaucrats at the Call Center Human Resources Departments who continue to disappoint so many desperate FILIPINO JOB-SEEKERS.
Finally, the Philippine Government will use the WORLD ECONOMIC FORUM in 2008 meeting in Davos, Switzerland later this month of January in marketing the Philippine business process outsourcing (BPO industry) call center industry, thinking that the rising oil prices globally will force the MULTINATIONAL COMPANIES to outsource of their operations in the Philippines and in the third world nations to save on cost.


Comments, correction, suggestions and rejoinder are always welcome.
Eric V. Encina
Filipino Social Crediter/Monetary Reformer
Filipino Alternative Solutions For Sustainable Survival Movement
c/o Lito Alhambra Old House, Homesite, Km2, Brgy. Lawa-an,
PO Box 8, 5800 Roxas City, Capiz, Philippines

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