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TWF was established by a code number 6741 in 2016. Turkey handed over the precious public companies that fund by executive decision. What's really interesting is that TWF's chairman of the board and, the person who appointed the auditors is President of the Turkey. Besides, TWF depends on presidency in terms of administrative law and TWF's vice chairman of the board is Minister of Finance who son-in-law of the president. Is there another sovereign wealth fund in which the president is so active? I know that there are similar situations in Arab countries, China and Russia. But I don't know if there is a sovereign wealth fund managed directly by the president.Currently, TWF which does not currently have much activity, in later times, under these circumstances, it would be beneficial to Turkey?

This is English website of TWF: http://turkiyevarlikfonu.com.tr/EN

I am working on Sovereign Wealth Funds .I am in need of data which is only available from database like Thomson Reuters, Securities Data company(SDC) platinum, Zephyr, Factiva. Could anybody please mention me which university has access to above mentioned database.

I forgot the name of the effect that is hoped for when practising QE in this way (I think it is the "Wealth Effect"), but the explanation was similar to that of a financial "Dyson Airblade" effect, in that a flow (be it air or financial liquidities) circulating in a direction causes neighbouring fluids (or liquidities) to follow in the same direction.

The result is I am not convinced (but I still want to be) that something more than crumbs of QE might trickle down to the real economy, and if QE some day has an impact on GDP and consumption, it might be too much, too late, too suddenly.

All I can see for the moment, whether it is QE in UK or US, or LTROs in Europe, is more money poured into economic drip-fed "lame ducks" like the state, or zombie banks, or used to fatten up "fat cats" like shareholders of hedge funds/ pension funds who just hoard the funds to purchase more equity and create asset bubbles. Hardly the most dynamic part of any economy.

My expressions are deliberate exaggerations, but no offense is intended

The core of my question is: Is there no more direct transmission mechanism to stimulate an economy?

Could a central bank not lend funds to enterprises VIA banks, with the express condition that banks on-lend 100% back to back to enterprises needing funds?

As an appendix to the question:

In such a scenario, banks would take the credit risk (with a remuneration sweetener for them if and whenever ineterest would be payable). It could be carried out as follows:

The funding provided by the central banks should be of a "Sustainable" kind, meaning interest and principal repayments would be conditional and linked to the country's GDP being sufficiently healthy (technically: open-maturity loans, puttable in periodic maximum tranches, with a notice of say 6 to 18 months). You could call this "fair weather" funds for short.

What is in it for enterprises: sustainable funding, akin to shares (or Tier2 capital for banks), a funding correlated to their economic environment. This added breathing space can only boost confidence and consumption. Once the economy is thus bailed out, the banks and the state quite naturally are bailed out in turn.

What is in it for banks: no systemic risk associated with such loans: if the economy goes under, no payment is due, and therefore no default appears. Banks would only bear idiosyncratic risk, remunerated by a margin on each interest payment. In short: a less risky loan book.

What is in it for the central bank: if at any time the economy overheats, the central bank could ask for some of the principal back (funds are "puttable") and thus reduce its balance sheet and monetary mass, effectively placing a treadmill under the economy, making it run to stand still.

In short: an instrument that is more easily scaled and geographically targeted and also much more powerful against inflation than the current incremental small adjustments to near-zero interest rates.

And if the economy "under-heats", the central bank can inject more "fairweather" funds, with an obvious impact on its balance sheet that can be reversed once the economy "re-heats".

This would also allow the central bank to increase its main refinancing rate, in order to increase risk-free reward and make pension funds more remunerating and attractive, which is quite relevant to some countries.

I have collected a few definitions of economics from well-known giants in the field. I wondered if you would like to add comment(s) or any omission you might regard as very important.

Also in light of significant changes in the field, can you state you opinion as which ones you thing are now irrelevant  to modern economies.

 

If you wish to further opined, can you state:

Common features

First Principles, Essence-substance-substratum, objective vs. subjective comment.

 Definitions

The Physiocrats: Economics is the natural government of society.

Adam Smith: "Political economy, considered as a branch of the science of a statesman or legislator, proposes two distinct objects: first, to provide a plentiful revenue or subsistence for the people, or more properly to enable them to provide such a revenue or subsistence for themselves; and secondly, to supply the state or commonwealth with a revenue sufficient for the public services. it proposes to enrich both the people and the sovereign."(Smith, Adam Wealth of Nation: Modern Library, p. 397}

Thomas Malthus: "A QUESTION seems naturally to arise here whether the exchangeable value of the annual produce of the land and labour be the proper definition of the wealth of a country, or whether the gross produce of the land, according to the French economists, may not be a more accurate definition...the only point in which I should differ from Dr Adam smith is where he seems to consider every increase of the revenue of stock of a society as an increase of the funds for the maintenance of labor, and consequently as tending always to ameliorate the condition of the poor."

[Malthus, "An Essay on the Principle of Population" (ed) Anthony Flew (Pelican Classics, 1970, p. 192)]

Jean Baptiste Says: (Commenting on Smith's definition) "I prefer to say that the aim of political economy is to show the way in which wealth is produced, distributed and consumed." {in the German translation of Smith's WN, Paris, Guillamumin, 1881, vol. II, pp.1-2, note 2.}

J. S. Mill: " Political Economy...shows mankind accumulating wealth, and employing that wealth in the production of other wealth; sanctioning by mutual agreement the institution of property; establishing laws to prevent individuals from encoaching upon the property of others by force or fraud; adopting various contrivances for increasing the productiveness of their labour; settling the division of the produce by agreement, under the influence of competition,  (competition itself being governed by certain laws, which laws are therefore the ultimate regulators of the division of the produce;) and employing certain expedients (as money, credit, &c.) to facilitate the distribution." {J. S.  Mill, A System of Logic, Logman, New Impression 1970, p. 588}

W. Stanley Jevons:  "The science of political economy rests upon a few notions of an apparently simple character. Utility, wealth, value, commodity, labour, land, capital, are the elements of the subject; and whoever has a thorough comprehension of their nature must possess or be soon able to acquire a knowledge of the whole science. " {W. S. Jevons, The Theory of Political Economy (ed) R. D. Collison Black, Penguin Books,  1970, p. 77}

Karl Marx:  "Political economy has analyzed, however incompletely, value and its magnitude, and has discovered what lies beneath these forms. But it has never once asked the question why labor is represented by the value of its product and labor-time by the magnitude of that value." {Capital I}

Alfred Marshall: "Economics is a study of men as they live and move and think in the ordinary business of life. But it concerns itself chiefly with those motives which affect, most powerfully and most steadily, man's conduct in the business part of his life." [ Marshall, "Principals of Economics"

( 8th ed.; London: Macmillan and Co. Ltd., 1920) , p. 14.]

Misses defined economics in term of human action: “Action is will put into operation and transformed into an agency, is aiming at ends and goals, is ego’s meaningful response to stimuli and to the conditions of its environment; it is a person’s conscious adjustment to the state of the universe that determines his life.” (Misses 1963 p. 11)

Lionel Robbins: "Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses." [Robbins, "An Essay on the Nature and significance of Economics Science." (London: Macmillan, 1937)]

Joan Robinson: " Economic concepts such as wealth, output, income and cost are no easier to define precisely than wind. Nevertheless these concepts are useful, and economic problems can be discussed. " (Accumulation of Capital, p. ix)

Paul Samuelson: "Economics is the study of how people and society end up choosing, with or without the use of money, to employ scarce productive resources that could have alternative uses, to produce various commodities and distribute them for consumption, now or in the future, among various persons and groups in society. It analyzes the costs and benefits of improving patterns of resource allocation."  {Economics, McGrawHill Book Company, 1980,  p. 2.}

Kenneth Galbraith: He doesn't seem to have any problem with Marshall's definition if he could add: " . . . a reference to organization for economic tasks by corporations by trade unions and by government. Also of how and when and to what extent organization serves their own purpose as opposed to those of the people at large. And of how the public purpose can be made to prevail." {Galbraith & Nicole, Almost Everyone's Guide To Economics" ( N.Y.: A Bantam Book, 1980) p. 1.) }

CNN has learned that Russia intends to approve the world’s first coronavirus vaccine in less than two weeks, despite concerns about its safety, effectiveness and that the country has cut essential corners in development.

Russian officials tell CNN they are working towards a date of August 10 or earlier for approval of the vaccine, which has been created by the Moscow-based Gamaleya Institute.

“It’s a Sputnik moment,” said Kirill Dmitriev, head of Russia’s sovereign wealth fund, which is financing Russian vaccine research, referring to the successful 1957 launch of the world’s first satellite by the Soviet Union.

“Americans were surprised when they heard Sputnik’s beeping. It’s the same with this vaccine. Russia will have got there first,” he added.

But Russia has released no scientific data on its vaccine testing and CNN is unable to verify its claimed safety or effectiveness. Critics say the country’s push for a vaccine comes amid political pressure from the Kremlin, which is keen to portray Russia as a global scientific force. There are also wide concerns human testing of the vaccine is incomplete.

Russian officials say the drug is being fast-tracked through registration because of the global pandemic and Russia’s own severe coronavirus problem. Russia now has more than 800,000 confirmed cases.

“Our scientists focused not on being the first but on protecting people,” said Dmitriev, whose government fund is helping finance Russia’s vaccine program.

“Russia marshaled its leadership position in vaccine development and its proven Ebola and MERS vaccine platform to bring the first safe and efficient solution to the world’s biggest problem,” he told CNN previously.

29 July 2020, CNN

Addressing the Millennium Development Goals and

the Transportation Fuel Crisis

by

Clouston Energy Research, LLC

June 30, 2008

Introduction:

Our world has several issues that are causes of great concern in this enlightened and educated age. Many of these issues are bundled in the Millennium Development Goals (MDG) suggested by the United Nations. Additionally, due to the population growth and purchasing power of expanding wealth a reallocation of resources is apparent. The application of scientific research and the technology advancements are needed to address the issues.

The Problems:

The MDGs are not on track to be met. A failure of infusion of funds is part of the problem and between 1970 and 2006 the shortfall in aid has been 58% (Source OECD)

"We will have time to reach the Millennium Development Goals –

Worldwide and in most, or even all, individual countries – but

only if we break with business as usual.

We cannot win overnight. Success will require sustained action

across the entire decade between now and the deadline. It

takes time to train the teachers, nurses and engineers; to build

the roads, schools and hospitals; to grow the small and large

businesses able to create the jobs and income needed. So we

must start now. A we must more than double global

development assistance over the next few years. Nothing less

will help to achieve the Goals."

United Nations Secretary-General

The United Nation's efforts in development include economic and financial programs with funding from the likes of the Global Environmental Fund (GEF) and the United Nations Development Program (UNDP). They directly and indirectly support nations efforts to address the Millennium Development Goals (MDG) http://www.un.org/millenniumgoals/ . These goals include Global Climate Change and Poverty reduction as well as others of importance.

The reliance on donations for the relief of poverty does not necessarily address the root cause. This is a lack of income because of a lack of productive employment of the human resources available. Many people leave a rural area to seek one or several benefits in urban areas. These benefits include education opportunities, jobs and infrastructure such as the Internet and other media. The growth of urban slums exasperates the problems of sanitation and water delivery, etc. Former French President Jacques Chirac once said in regards to the immigration problem from African nations was that it was a problem in development. This was stated to illustrate the lack of development being the cause of people seeking opportunities and resulting illegal migration into Europe.

The Solution:

The shortfall of funding can be reduced by such programs as The Global Partnership on Output Based Aid www.GPOBA.org or Social Enterprises of nonprofit NGO or the University entities. The For Profit Business sector that has a Social Mission could also provide needed development funds, technologies and finance methods.

In a collaboration developed as a Type Two Partnership government, nonprofit and for- profit businesses can complete a funding circle. Any funding by the government may be in essence an investment, creating the employment and tax revenues to replenish their coffers. The services of the nonprofit may enhance the administration of the program or enterprise. A participation of for profit business brings the motivation for self improvement and innovation that is the normal situation. The business may benefit with a special tax arrangement but would normally pay a portion of earnings in tax in addition to the employment derived tax revenue. The cycle of the flow of funds is completed in this partnership.

A plan to expand the feedstock needed for renewable fuel provided by the processing of Switchgrass and/or other Biomass is the Ligno-cellulosic Ethanol is developed and initial agreements are in place. There has been Switchgrass seed sent to Nigeria Africa in cooperation between the US Department of Agriculture’s Natural Resources Conservation Service (NRCS)

That was sent to the Energy Commission of Nigeria (ECN). The Research Center at Usmanu Danfodio University in Sokoto is the cooperator along with several United States Researchers associated with several US Universities. One such is the Florida International University and its Applied Research Center. Dr. Zuru Sokoto Energy Research Centre at Usmanu Danfodiyo University, in Sokoto, Nigeria .and Dr. Munroe of the Florida International University’s Applied Research Center and other Researchers from other universities.

The Top Down services are to meet with the Bottom UP activities which are to be Contract Growing contracts for the poor rural people. Employment opportunities can be promoted in urban slums so voluntary relocation to jobs and a better future may be the result. The one time planting of the Switchgrass results in fifteen years or more of root life that sequesters the carbon from the atmosphere. The grass growing and harvested may be considered a net zero carbon footprint due to emissions from the grass that results in the new growth sequestration of the greenhouse gas.

The economics of lower demand with Flex Fuel vehicles from General Motors or such as Ford’s E-85 motors with their plug- in hybrid technology will go far for a reduction in greenhouse gas levels to be reduced. The savings from that disruption will be ample reason for investment in Sustainable Development and uplifting the people in poverty.

The improved communities that have an income for the citizens will be a way to help meet the other Millennium Development Goals and engender Self-esteem of the people.

With feedstock and regional processing infrastructure the demand on finite fossil fuel will be lowered and an anticipated reduction in demand therefore a lower cost for all concerned. Many oil producing countries are looking for diversification of industry. The problems exist now and we must begin now to implement the solutions.

Addressing the Millennium Development Goals and

the Transportation Fuel Crisis

by

Clouston Energy Research, LLC

(cloustonenergy@aol.com)

June 30, 2008

Introduction:

Our world has several issues that are causes of great concern in this enlightened and educated age. Many of these issues are bundled in the Millennium Development Goals suggested by the United Nations. Additionally, due to the population growth and purchasing power of expanding wealth a reallocation of resources is apparent. The application of scientific research and the technology advancements are needed to address the issues.

The Problems:

The MDGs are not on track to be met. A failure of infusion of funds is part of the problem and between 1970 and 2006 the shortfall in aid has been 58% (Source OEC)

"We will have time to reach the Millennium Development Goals –

Worldwide and in most, or even all, individual countries – but

only if we break with business as usual."

"We cannot win overnight. Success will require sustained action

across the entire decade between now and the deadline. It takes

time to train the teachers, nurses and engineers; to build the roads,

schools and hospitals; to grow the small and large businesses able

to create the jobs and income needed. So we must start now. And

we must more than double global development assistance over the

next few years. Nothing less will help to achieve the Goals."

- United Nations Secretary-General

The United Nation's efforts in development include economic and financial programs with funding from the likes of the Global Environmental Fund (GEF) and the United Nations Development Program (UNDP). They directly and indirectly support nations efforts to address the Millennium Development Goals (MDG) http://www.un.org/millenniumgoals/ . These goals include Global Climate Change and Poverty reduction as well as others of importance.

The reliance on donations for the relief of poverty does not necessarily address the root cause. This is a lack of income because of a lack of productive employment of the human resources available. Many people leave a rural area to seek one or several benefits in urban areas. These benefits include education opportunities, jobs and infrastructure such as the Internet and other media. The growth of urban slums exasperates the problems of sanitation and water delivery, etc. Former French President Jacques Chirac once said in regards to the immigration problem from African nations was that it was a problem in development. This was stated to illustrate the lack of development being the cause of people seeking opportunities and resulting illegal migration into Europe.

The Solution:

The shortfall of funding can be reduced by such programs as The Global Partnership on Output Based Aid www.GPOBA.org or Social Enterprises of nonprofit NGO or the University entities. The For Profit Business sector that has a Social Mission could also provide needed development funds, technologies and finance methods.

In a collaboration developed as a Type Two Partnership government, nonprofit and for- profit businesses can complete a funding circle. Any funding by the government may be in essence an investment, creating the employment and tax revenues to replenish their coffers. The services of the nonprofit may enhance the administration of the program or enterprise. A participation of for profit business brings the motivation for self improvement and innovation that is the normal situation. The business may benefit with a special tax arrangement but would normally pay a portion of earnings in tax in addition to the employment derived tax revenue. The cycle of the flow of funds is completed in this partnership.

A plan to expand the feedstock needed for renewable fuel provided by the processing of Switchgrass and/or other Biomass is the Ligno-cellulosic Ethanol is developed and initial agreements are in place. There has been Switchgrass seed sent to Nigeria Africa in cooperation between the US Department of Agriculture’s Natural Resources Conservation Service (NRCS)

That was sent to the Energy Commission of Nigeria (ECN). The Research Center at Usmanu Danfodio University in Sokoto is the cooperator. Dr. Zuru is the Director there. Several United States Researchers associated with several US Universities have helped. From the Florida International University and its Applied Research Center, Dr. Munroe and from Michigan State University, Dr.Bruce Dale and Dr. Steve Pueppke for examples.

The Top Down services are to meet with the Bottom UP activities which are to be Contract Growing contracts for the poor rural people. Employment opportunities can be promoted in urban slums so voluntary relocation to jobs and a better future may be the result. The one time planting of the Switchgrass results in fifteen years or more of root life that sequesters the carbon from the atmosphere. The grass growing and harvested may be considered a net zero carbon footprint due to emissions from the grass that results in the new growth sequestration of the greenhouse gas.

The economics of lower demand with Flex Fuel vehicles from General Motors or such as Ford’s E-85 motors with their plug- in hybrid technology will go far for a reduction in greenhouse gas levels to be reduced. The savings from that disruption will be ample reason for investment in Sustainable Development and uplifting the people in poverty.

The improved communities that have an income for the citizens will be a way to help meet the other Millennium Development Goals and engender Self-esteem of the people.

With feedstock and regional processing infrastructure the demand on finite fossil fuel will be lowered and an anticipated reduction in demand therefore a lower cost for all concerned. Many oil producing countries are looking for diversification of industry. The problems exist now and we must begin now to implement the solutions.

THE UNDERGROUND ECONOMY IS THE ENTIRE ECONOMY

WHAT CREATURE IS THIS

What is the Federal Reserve System? The answer may surprise you

It is not federal and there are no reserves. Furthermore the Federal Reserve Banks are not even banks. The key to this riddle is to be found, not at the beginning of the story, but in the middle. Since this is not a textbook, we are not confined to a chronological structure. The subject matter is not a curriculum to be mastered, but a Mystery to be solved. So let us start where the action is.

THE JOURNEY TO JEKYLL ISLAND page 3

The secret meeting on Jekyll Island in Georgia at which the Federal Reserve was conceived; the birth of a banking cartel to protect its members from competition; the strategy of how to convince Congress and the public that this cartel was an agency of the United States government Chapter content:

Concentration of Wealth

Destination Jekyll Island

The Story Is Confirmed

The Structure was Pure Cartel

The Specter of Bank failure

Currency Drains

A Bankers’ Utopia

The Cartel Adopts a Name

The Message Was Plain for Those Who Understood

Myth Accepted as History

First Reason to Abolish the System

Summary

2. THE NAME OF THE GAME IS BAILOUT page 25

The analogy of a spectator sporting event as a means of explaining the rules by which taxpayers are required to pick up the cost of bailing out the banks when their loans go sour Chapter content

Rules of The Game

The Perpetual-Debt Play

The Debt Roll-over Play

The Up-The-Ante Play

The Rescheduling Play

The Protect-The-Public Play

The Guaranteed-Payment-Play

Prosperity through Insolvency

The FDIC Play

Real Insurance Would Be A Blessing

The FDIC Will Never Be Adequately Funded

Summary

3. PROTECTORS OF THE PUBLIC Page 41

The Bailout game as applied to real life in Penn Central, Lockheed, New York City, Chrysler, Commonwealth Bank of Detroit, First Pennsylvania Bank, Continental Illinois, ; and beginning in 2004 literally all major banks, AIG, automobile companies, and even banks in other nations. Chapter content examples of previous bailouts

Penn Central

The Public Be Damned

Lockheed

New York City

Chrysler

Commonwealth Bank of New York

First Pennsylvania Bank

Continental Illinois

World’s First Electronic Bank Run

The Final Bailout Package

Small Banks Be Damned

The Sub Prime Meltdown

Collapse of the House Of Cards

$799 Billion Bank bailout (Or Was It $5 trillion ?)

Billions for the Auto Makers

Taxpayers Pay To Send Their Jobs Overseas

Merrill Lynch: A Gift to Bank of America

An Icon for Conflict of Interest

Bonuses become a Distraction

The Repayment Scam

Nationalization becomes A Reality

The System Already Is Global

The Saga Continues

Second Reason to Abolish the Federal reserve system

Summary

4. HOME SWEET HOME page 67

The history of increasing government intervention in the housing industry; the stifling of free-market forces in residential real estate; the resulting crisis in the S&L industry; the bailout of that industry with money taken from the taxpayer.

Socialism Takes Root in America

A House on Every Lot

Abandonment of the Free Market

Insurance for the Common Market

Full faith and Credit

An Invitation to Fraud

The Fallout Begins

The FED Usurps the Role of Congress

The Estimates Are Slightly Wrong

Bookkeeping Slight of hand

Accounting Gimmicks are not Fraud

Junk Bonds Are Not Junk

Capital Growth without Bank Loans or Inflation

Real Problem is Government regulation

Congress Is Paralyzed With Good reason

A Cartel Within A Cartel

Summary

5. NEARER TO HEART’S DESIRE page 85

The 1944 meeting in Bretton Woods, New Hampshire, at which the worlds most prominent socialists established the International Monetary Fund and the World bank as mechanisms for eliminating gold from world finance; the hidden agenda behind the IMF/World Bank revealed as the building of world socialism; the role of the Federal reserve in bringing that about

BRETTON WOODS: An Attack on Gold

The Fabian Society

Communist Moles

IMF Structure And Funding

Paper Gold

Gold Is Finally Abandoned

Trade Deficits

Counterfeit options

IMF Loans: Doomed But Sweet

The Hidden Agenda: World Socialism

Austerity Measures and Scapegoats

Financing Corruption and Despotism

Financing Famine and Genocide

Reason To Abolish The Federal Reserve

Getting Rich Fighting Poverty

Converting Money into failure

Summary

6. BUILDING THE NEW WORLD ORDER, page 107

The Game-Called-Bailout reexamined and shown to be far more than merely a means of getting taxpayers to foot the cost of bad loans; the final play revealed as the merger of all nations into world government; the unfolding of that strategy as applied in Panama, Mexico, Brazil, Argentina, China, Eastern Europe, and Russia

The Final Play

Council on Foreign relations Sets Strategy

A Rare Glance at the Inner Workings

Panama

Mexico

Currency Swap

Debt Swap

IMF becomes Final Guarantor

Brazil

Argentina

The Need for Convergence

The Great Deception

Communists Become Social Democrats

Eastern Europe

Russia

Business ventures in Russia Insured by U. S.

The Conspiracy Theory

Summary

II A CRASH COURSE ON MONEY page 133

The eight chapters contained in this and the following section deal with material that is organized by topic , not chronology. Several of them will jump ahead of events that are not covered until later. Furthermore, the scope is such the reader may wonder what, if any, is the connection with the Federal reserve System. Please be patient. The importance will eventually become clear. It is the author’s intent to cover concepts and principles before looking at events. Without this background, the history of the Federal Reserve is boring, with it, the story emerges as an exciting drama which profoundly affects our lives today. So let us begin this adventure with a few discoveries about the nature of money

7. THE BARBARIC METAL Page 135

The history and evolution of money; the emergence of gold as the universal money supply; the attempts by governments to cheat their subjects by chipping or debasing gold coins, the reality that any quantity of gold will suffice for a monetary system and that “more money” does not require more gold.

What is Money?

A Working Definition

Barter (Pre-Money)

Commodity Money

Metals as Money

The Supremacy of Gold

The Misleading Theory of Quantity

Gold guarantees Price Stability

Cigarettes as Money

Natural law No 1

Expanding the Money Supply by Coin Flipping

Gold is the enemy of the Welfare State

Real Commodity Money is History

Bad Commodity Money in History

Receipt Money

Natural Law No. 2

Summary

8. FOOL’S GOLD – FRACTIONAL RESERVE BANKING Page 155

The history of paper money without precious-metal forces on the public by government decree; the emergence of our present day fractional-reserve banking system based upon the issuance of a greater amount of receipts for gold than the bank has in gold to back them up

Fiat Money

The Colonial Experience

A Classic Pattern

The Printing Press and Inflation

A Blessing in Disguise

Tobacco Becomes Money

War brings a return of Fiat Money

And A Massive Inflation

Inflation is a Hidden tax

Enter Price Controls and Legal tender laws

Enter Economic Chaos and Insurrection

Natural law No. 3

Fractional Money

Deposits are not available for Lending

Fractional Reserve Banking

Creating Money Out of Debt

Natural economic Law No 4

Summary

9. THE SECRET SCIENCE Page 171

The condensed history of fractional reserve banking; the unbroken record of fraud, booms, busts ,and economic chaos; the formation of the Bank of England, the world’s first central bank, which became the model for the federal reserve System

The Bank of Venice

The bank of Amsterdam

The Bank of Hamburg

Early Banking in England

The Bank of England

The Secret Science of Money

From Inflation to bank Runs

The Pattern of Protection was set

Booms and Busts Now Guaranteed

In defense of the Gold Standard

Depression and Reform

The Roller Coaster Continues

The Mechanism Spreads to Other Countries

Summary

10. THE MANDRAKE MECHANISM Page 185

The method by which the Federal reserve creates money out of nothing; the concept of usury as the payment of interest on pretended loans; the true cause of the hidden tax called inflation; the way in which the Fed creates boom-bust cycles.

The Federal Reserve is candid

Money would vanish without debt

What’s wrong with a Little Debt?

Third Reason to Abolish the System

Who Creates the Money to Pay the interest

Understanding the Illusion

The Mandrake Mechanism: An overview

The Discount Window

The Open market Operation

Reserve Ratios

National debt Not Necessary for Inflation

Taxes Not Even necessary

Fourth reason to Abolish the System

A Tool for Social Planning

Redistribution of wealth

Expansion leads to contraction

Summary

III. THE NEW ALCHEMY Page 215

The ancient alchemists sought in vain to convert lead into gold. Modern alchemists have succeeded in that quest. The lead bullets of war have yielded endless sources of gold for those magicians who control the Mandrake mechanism. The startling fact emerges that , without the ability to create printed fiat money, most modern wars simply would not have occurred. As long as the mechanism is allowed to function, future wars are inevitable. This is the story of how that came to pass.

11. THE ROTHSCHILD FORMULA Page 217

The rise of the House of Rothschild in Europe; the tradition among financiers of profiting from both sides of the armed conflict; the formula by which war is converted into debt and debt converted back into war

The Profits of War

The Rothschild Dynasty

A Fortune in Smuggling

Napoleon VS The Bankers

A Plan to destroy The United States

Gold for the Duke of Wellington

The Battle of Waterloo

Sidonia

The Formula

Perpetual War in Eighteenth Century England

Summary

12 SINK THE LUSITANIA Page 235

The role of J.P. Morgan in providing loans to England and France in World War I; the souring of these loans as it became apparent that Germany would win; the betrayal of a British ship and the sacrifice of American passengers as a stratagem to bring America into the war; the use of American taxes to pay off the loans

An investment in War

German U-Boats Almost Won the War

Colonel House

A Secret Agreement to get the U.S. into War

Selling war to the American people

Morgan control over Shipping

The Lusitania

Churchill Sets a trap

A Floating Munitions Depot

The Final Voyage

A Mighty Explosion, A watery Grave

A Hurried Cover-Up

A Cry for War

Summary

13. MASQUERADE IN MOSCOW Page 263

The secret society founded by Cecil Rhodes for the purpose of world domination; the establishment in America of a branch of that group called the Council on Foreign relations; the role played by financiers within these groups in financing the Russian revolution; the use of the red cross mission in Moscow as a cover for the maneuver.

Trotsky was a multiple Agent

The Secret Society

Ruskin, Rhodes, And Milner

The Pattern of Conspiracy

Round table Agents in Russia

An Object lesson in South Africa

Placing Bet on All Horses

British Agent of the Round table

American Agent of the Round Table

Summary

14. THE BEST ENEMY MONEY CAN BUY Page 295

The coup d’etat in Russia in which the Bolshevik minority seized control from the revolutionary majority; the role played by New York financiers, masquerading as red cross officials, in supporting the Bolsheviks; the unbroken record since then of American assistance in building Russia’s war-making potential; the emergence of a “creditable enemy” in accordance with the Rothschild Formula

Russia’s two Revolutions

Popular Support was not Necessary

Notes from Lincoln Steffen’s Diary

Wolves behind the Mask

Additional Background: The Deaf Mute Blindmen

Aside Trip Through World War II

The Transfusion Mechanism

The new Alchemy

The Fifth reason to Abolish the System

Summary

IV A TALE OF THREE BANKS Page 307

It has been said that those who are ignorant of history are doomed to repeat its mistakes. It may come as a surprise to learn that the Federal Reserve System is America’s fourth central bank, not its first. We have been all through this before and, each time, the result has been the same. Interested in what happened? Then lets set the coordinates of our time machine to the colony of Massachusetts and the year 1690. To activate, turn to chapter fifteen

15. THE LOST TREASURE MAP Page 309

The bitter experience of the American colonies with fiat money; the resolve of the founding fathers to prohibit the new nation from resorting to paper money without backing; the drafting of the Constitution to that end; the creation of a true American dollar; the prosperity that followed

Paper Money in the Colonies

Wartime Inflation

Price Controls and Legal-Tender Laws

The Constitutional Convention

A Suggestion to your Congressman

The origin of the Dollar

Bimetallism

Free Coinage

Sound Money and Economic Prosperity

Summary

16. THE CREATURE COMES TO AMERICA Page 325

The first central bank of North America that was formed before the Constitution was drafted; the story of the First bank of the united states which as formed in 1791, the massive inflation caused by both banks; the causes of their demise

Functioned as a Central Bank

An End Run around the Constitution

The Hamilton Jefferson Conflict

America second Central Bank is Created

The Creature Comes from Europe

Inflation all over again

Wildcat banks

An instrument of Plutocracy

The War of 1812

Juggling Tricks and Banking Dreams

Summary

I have not provided the content details of the remaining chapters 17 through 26 but they will be provided upon request

17. THE DEN OF VIPERS Page 341

The story of the Second Bank of The United States, the nation’s third central bank, the election of Andrew Jackson on an anti bank platform; the battle between President Jackson and the head of the bank, Nicholas Biddle; the deliberate creation of a depression to frighten the public into keeping the bank; Jackson’s ultimate victory

18. LOAVES AND FISHES AND CIVIL WAR Page 361

Attempts to stabilize the banking system by political measures, including regulation of fractional-reserve ratios and establishing bank-failure insurance funds; the failure of such schemes; the resulting economic conditions that led up to Civil War

19 GREENBACKS AND OTHER CRIMES Page 377

The causes of the Civil War shown to be economic and political, not the issue of freedom vs, slavery; the manner in which both sides used fiat money to finance the war; the important role played by foreign powers

V. THE HARVEST Page 405

Monetary and political scientists continue to expound that theoretical merits of the Federal reserve System. It has become a modern act of faith and economic life that economic life simply could not go on without it. But the time for theory is past. The Creature moved into its final lair in 1913 and has snorted and thrashed about the landscape ever since. If we wish to know if it is a creature of service or beast of prey, we merely have to look at what it has done. And, after the test of those years, we can be sure that what it has done, it will continue to do. Or, to use a biblical axiom, a tree shall be known by the fruit it bears. Let us now examine the harvest.

20 THE LONDON CONNECTION Page 407

The rise of the House of Morgan; Morgan's ties with England and the House of Rothschild; the connection between the Federal reserve System and the Bank of England; The Fed's decision to inflate American dollars to assist the ailing British economy.

21 COMPETITION IS A SIN Page 431

The story of how the New York investment bankers formed a cartel to avoid competition; the drafting of proposed legislation to legalize that cartel; the strategy to camouflage the true nature of the legislation; the failure of the deception and the defeat of the bell.

22 THE CREATURE SWALLOWS CONGRESS Page 451

The second attempt to pass legislation to legalize the banking cartel; the bankers' selection of Woodrow Wilson as a Presidential candidate, their strategy to get him elected; the role played by Wilson to promote the cartel's legislation; the final passage of the Federal reserve Act.

23 THE GREAT DUCK DINNER Page 471

How Federal Reserve policies led to the crash of 1929; the expansion of the money supply as a means of helping the economy of England; the resulting wave of speculation in stocks and real estate; evidence that the Federal Reserve

VI TIME TRAVEL INTO THE FUTURE Page 505

In the previous sections of this book, we have traveled through time. We began our journey by stepping into the past. As we crisscrossed the centuries, we observed wars, treachery, profiteering, and political deception. That has brought us to the present. Now we are prepared to ride our time machine into the future. It will be a hair-raising trip, as much of what lies ahead will be unpleasant. But it has not yet come to pass. It is merely the projection of present forces. If we do not like what we see, we still have an opportunity to change these forces. The future will be what we choose to make of it.

24. DOOMSDAY MECHANISMS Page 507

The decline of American prosperity; the increase in the size of the government; the decrease in personal freedom; the growth of taxes; evidence that this is according to a plan by an elite ruling group which hopes to merge the United States into a world government on the basis of "equality" with less developed nations; the environmentalist movement shown to bean outgrowth of that plan.

25. A PESSIMISTIC SCENARIO Page 537

A banking crisis and massive bailouts have already come to pass. The still unfolding scenario includes hyperinflation, collapse of the economy, a new global currency, domestic violence, U.N. "Peacekeeping" forces in the U.S., and the arrival of high tech feudalism.

26. A REALISTIC SCENARIO Page 565

What must be done if we are to avert the pessimistic scenario; list of specific measures that must be taken to stop the monetary binge; an appraisal of how severe the economic hangover will be; a checklist for personal survival- and beyond.

APPENDIX

A. Structure and Function of the Federal Reserve Page 590

B. Natural Laws of Human behavior in Economics Page 592

C. Is M1 Subtractive or Accumulative Page 594