More Stupid Lies From the 'Saddam's WMDs' Newspaper

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machinehead's picture
machinehead
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More Stupid Lies From the 'Saddam's WMDs' Newspaper

Last week, the New York Times told us that Peak Oil is a 'waste of enegy.' This week, the Times goes one better by bloviating on behalf of faith-based currency, which derives its value from a sovereign guarantee. Watch and giggle as this highly-educated fool of a professor chases his own hairless tail:

The core of money is trust and promise, “I promise to pay the bearer on demand the sum of…” on the British pound; the “In God We Trust” of the U.S. dollar; the BCE-ECB-EZB-EKT-EKP of the European Central Bank that runs like a Franco-Anglo-Germano-Greco-Finnish cipher across the top of every Euro note.

In other words, the legitimacy of money is based on a sovereign act, or a sovereign guarantee that the money is good, that it is not counterfeit. Money has a promissory structure, with a strangely circular logic: money promises that the money is good. The acceptance of the promise is the approval of a specific monetary ethos. We all agree that the money is worth — in the best of circumstances — more than the paper on which it is printed. To buy and sell in the U.S. dollar, or any other currency, is to trust that each bill is making a promise that it can keep.

This ethos, this circular money-promising-that-the-money-is-good, is underwritten by sovereign power. It is worth recalling that gold coins called “sovereigns” were first minted in England under Henry VII in 1489 and production continues to this day. It is essential that we believe in this power, that the sovereign power of the bank inspires belief, that the “Fed has cred,” as it were.

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OMG, what a dupe. He's completely swallowed the circular logic of the fiateers ... and he's proud of it. He wants us to share his joy. You poor, poor man. 'Those who can't, teach.'

Here's the comment I submitted on this risible piece of propaganda. I didn't mention the Crash Course, but perhaps others will in posting their own comments:

The legitimacy of money is based on value, not sovereignty. This can be seen in the fact that gold and silver coins minted by long-defunct sovereigns maintain their value today.  Claiming that governments can impart value to pieces of scrip is a silly and increasingly untenable modern-day affectation. So defenders of the ancien regime such as Critchley must huff and puff even harder to justify brightly-colored faith-based currency, whose guarantors are plainly insolvent.

machinehead's picture
machinehead
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Re: More Stupid Lies From the 'Saddam's WMDs' Newspaper

UFB -- most of the commentors on Critchley's glorification of fiat money seem to think it's insightful and profound. I interpret it as follows:

Help! To counter Ron Paul's End the Fed book bomb, the CIA put a gun to our head and told us to 'defend the currency.' Your editors were so upset at their heavyhandedness that we chose an obvious loony to spout gibberish on behalf of the faith-based dollar.

In other words, this is a ransom note. Please send lawyers, guns and money to 8th Avenue and 40th Street, New York, NY. Liberate us from the skyscraper where we are being held hostage by black-clad spooks with pockets full of crudely-printed hundred-dollar bills..

Thank you, loyal readers.

Sincerely,

The Editorial Staff of the New York Times

 

 

 

strabes's picture
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Re: More Stupid Lies From the 'Saddam's WMDs' Newspaper

with 14 current or former senior NYT folks in CFR the writers are already quietly held hostage to a powerful clique...the CIA doesn't need to point a gun.  Wink   (not to mention the entire foreign policy and monetary establishment is in CFR as well so writers who want to become part of the establishment will be sucking up to them) 

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strabes
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Re: More Stupid Lies From the 'Saddam's WMDs' Newspaper

machine, I liked the comment you put on the site.  I decided to ramp up the indignity a notch...

Quote:

Funny how a student/professor/philosopher of deconstructionism is serving as a shill for the ultimate fraudulent construction of modern times--the US dollar. He clearly wants to be invited into the NY establishment and the CFR like his more dutifully submissive professor buddies have been. He doesn't realize how wrong he is because philosophers have the luxury of never being taught what a Federal Reserve Note or an electronic digit in a bank is (has nothing to do with govt sovereignty) or being taught about the basics of debt, interest, exponential growth, and the power of bankers who own most of the countries around the world via the dollar system. As a result, he's free to say something as ridiculous as, basically, "the sky is red" and have everyone think it's a wonderful statement. A statement like that gets type of golf-clap support from the NY establishment that just might get him an invitation to join the club.

Simon, good luck with your belief that sovereignty = govt enforcement for a private financial cartel which builds a perpetually growing claim on the backs of a few billion people around the world. That's the same govt that wants you to believe you can trust it to deliver the full value of your social security.  Again, good luck with that.

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Cloudfire
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Re: More Stupid Lies From the 'Saddam's WMDs' Newspaper
machinehead wrote:

UFB -- most of the commentors on Critchley's glorification of fiat money seem to think it's insightful and profound. I interpret it as follows:

Help! To counter Ron Paul's End the Fed book bomb, the CIA put a gun to our head and told us to 'defend the currency.' Your editors were so upset at their heavyhandedness that we chose an obvious loony to spout gibberish on behalf of the faith-based dollar.

In other words, this is a ransom note. Please send lawyers, guns and money to 8th Avenue and 40th Street, New York, NY. Liberate us from the skyscraper where we are being held hostage by black-clad spooks with pockets full of crudely-printed hundred-dollar bills..

Thank you, loyal readers.

Sincerely,

The Editorial Staff of the New York Times

 

Laughing  Free the Times Editors!

negator's picture
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Re: More Stupid Lies From the 'Saddam's WMDs' Newspaper

i'm not sure if you read the article, but he was musing about the philosophical and emotional basis of money, and the fact that the coins and paper only have the value that we believe them to have.  he wasn't calling it right or wrong, just making an observation.  i'm pretty sure that 99% of the population has never even looked at a dollar bill closely and asked "says who?"

 

that question is the trigger of hyperinflation.  we're already on the near verticle of de facto hyperinflation, but until joe and jane public ask the question, as long as their god still shines brightly, we ain't zimbabwe.

 

me?  i've been converting to physical metals like they don't make 'em anymore.

machinehead's picture
machinehead
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Re: More Stupid Lies From the 'Saddam's WMDs' Newspaper

Errr, yeah, I did read the article. I felt that Critchley was being deliberately disingenuous in this passage:

It is worth recalling that gold coins called “sovereigns” were first minted in England under Henry VII in 1489 and production continues to this day. It is essential that we believe in this power, that the sovereign power of the bank inspires belief ...

Here, Critchley is seizing on the name 'sovereign,' and asking us to believe that the gold coin's value derives from the name and the associated government guarantee. That's obviously nonsense. The gold in the coins would be worth the same if they were called 'slugs,' or if the UK government no longer existed.

Critchley proceeds to lay it on even thicker by resurrecting an old chestnut:

(... ask yourself, how real is the value of gold? Is it not simply yellowish metal?) Money is only sustained through an act of faith, belief, promise and trust in sovereign power.

Theoretically, everybody could decide that 'gold is simply a yellowish metal.' But history furnishes no example of any society, anywhere, anytime, which collectively decided to just throw their useless gold into the garbage heap.

Yet plenty of currencies guaranteed by the 'sovereign power' Critchley worships have been thrown onto the garbage heap. I dined in a restaurant in the San Telmo district of Buenos Aires, whose walls are papered with bills called 'australs.' Those bills were legal tender just 20 years ago. Now they are so worthless, they can serve as wallpaper.

strabes is on the right track here. Critchley's essay seems like a pre-emptive move by the PTB to neutralize all the 'bad publicity' (from their point of view) that Ron Paul's book is going to generate for the Fed and its fiat currency. The mainstream press, which gets government funding from propaganda campaigns such as 'Partnership for a Drug-Free America,' finds it advantageous to play ball in their news and opinion columns as well. Circle the wagons and rally round the dollar. Don't stop believin' ...

 

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mjkst27
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Re: More Stupid Lies From the 'Saddam's WMDs' Newspaper

So, does Critchley believe that the free market would not elect a fungible monetary device in the event of governmental collapse?? We really are through the looking glass.

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