The Media Takes The Red Pill

Banking reality in the media
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You might be asking yourself, as I did, "Where are there mentions of all this in the media - why aren't I reading about this in the papers?" Well, mentions are there, but they're very few and far between. Listed below are some I've come across that should be verifiable.

 

1) Phrase;

"and a few rogue voices from the other side of the spectrum calling for the wholesale dismantling of fractional reserve banking."

Where to find it;

The Daily Telegraph in an article by Edmund Conway.

2) Phrase;

"forcing the fractional reserve money multiplier to run in reverse"

Where to find it;

The Huffington Post, the 'Internet Newspaper' in an article by Bill Baker.

3) Phrase;

"the Bank of England is still able to rig the market in government debt by 'electronically' creating money, as required."

Where to find it;

The Irish Independent in an article by Nicolas Leonard.

4) Phrase;

"the Fed's efforts to aid the broken-down financial system by directing cash into dysfunctional private markets, using its own ability to create money"

Where to find it;

The Washington Post in an article by Neil Irwin.

5) Phrase;

"it can create dollars out of thin air"

Where to find it;

TIME Magazine (not, as you might consider, MAD Magazine) in a video article from Justin Fox explaining the the American's Federal Reserve Bank works (clue; it isn't anything to do with the government and there are no reserves).

6) Phrase;

"the power of the fed to create money out of thin air"

Where to find it;

The New York Times Blog in an article entitled "Critics Wail as Bernanke Basks in Praise"

7) Phrase;

"Paul nods to this in a brief discussion of the evils of fractional-reserve banking"

Where to find it;

TIME Online in a review of Ron Paul's 'End the Fed' by Justin Fox.

8) Phrase;

"Professor Kotlikoff, who advised President Ronald Reagan, has been pushing something far more radical: an end to fractional reserve banking, something that would change the face of finance as we know it."

Where to find it;

The Independent Online In a piece in Business News by Nick Clark, citing Mervyn King.

9) Phrase;

"fractional reserve banking"

Where to find it;

Published letter in the FT reproduced online from reader Ralph Musgrave. There are many, many instances in comments online but rarely do you see mention in a published letter.

10) Phrase;

"creating money out of little more than thin air"

Where to find it;

Article by Darius Guppy in the UK's Telegraph. Darius pretty much blows the whole scam out of the water and speaking of fractional reserve banking he notes "Just as incredibly, this fact - the key to understanding how the international financial system actually operates and why the world is in such a mess - is discussed virtually nowhere in mainstream circles: not in The Financial Times, not in The Economist, not in the broadsheets, not in Parliament, not in the City and not in the economics departments of most Universities". To which we might add, "Indeed".

11) Phrase;

"fractional reserve banking"

Where to find it;

FT.com (Financial Times) in a book review by Martin Sandbu. The book is "Jimmy Stewart is Dead" by Laurence Kotlikoff.

12) Phrase;

"fractional reserve banking"

Where to find it;

Telegraph in an article by Edmund Conway (again). Here's the direct context; "Capitalist societies chose some decades ago to have a "fractional reserve banking" system - where banks lend out more cash than they have in their vaults - because this helps provide money for companies and households to invest."
There you have it, out in the open, banks lend more than they have. This is a game-changer because it's there in print in black and white in a mainstream British newspaper. The old order changeth, the cracks are starting to show. More please!

13) Phrase;

"create money"

Where to find it;

The Huffington Post in one of a series of very readable articles by Ellen Brown. This one should be of immense interest to UK readers; Ellen observes, quite rightly in my opinion, "Bankers are in the debt business, and if governments are allowed to create enough money to keep themselves and their constituents out of debt, lenders will be out of business." Dearie me, readers, we wouldn't want that, would we? Well, we would, actually, so why isn't the government, which we know can create money for itself (quantitative easing) doing this, instead of borrowing money from the banks at considerable interest? Does the government, which is comprised of our elected representatives, work in our interests, or the banks'? My advice to interested parties is to read everything on the subject Ellen Brown has written. For UK readers this particular article, dealing with our specific situation as it does, is an excellent place to start.

14) Phrase;

"fractional reserve banking"

Where to find it; well in this instance you probably won't unless you've got a time machine... MP Douglas Carswell was interviewed all too briefly on Sky News explaining that the banks made up credit and that the legal privilege of fractional reserve banking should be banned. He recently tabled a motion calling for an end to FrRB and while it apparently got no mentions at all in the print media amazingly it made it on to pan-European Sky News. This was the 22nd September 2010. Read about the original motion and see a video of the proposal to the House of Commons here

15) Phrase;

"create money"

Where to find it;

Irish Independent in an article by Martina Devlin. This is well worth the read in its own right as it touches a lot of bases.

16) Phrase;

"fractional reserve banking"

Where to find it;

Paul Mason's Newsnight Economics Blog The BBC, in short, discussing Mervyn King's Buttonwood New York speech where he spoke out publicly against FrRB.

17) Phrase;

"fractional reserve banking"

Where to find it;

The Independent in an article by Margareta Pargeno Mervyn King's speech again. Just think, this time last year, persons calling for an end to fractional reserve banking were labeled 'rogue voices' (see my very first entry above). Now it's the Bank of England Governor Mervyn King calling for it. We live in interesting times...

18) Phrase;

"fractional reserve lending"

Where to find it;

Article by John Waters in the Irish Times 7th January 2011

19) Phrase;

"fractional reserve banking"

Where to find it;

Peston's Picks from the BBC's Robert Peston commenting on the speech by John Vickers, Chairman of the Independent Banking Commission, 22nd January 2011.

20) Phrase;

"fractional reserve banking"

Where to find it;

Article by Jill Treanor in The Guardian, my goodness, on 26th of January 2011

21) Phrase;

"fractional reserve banking"

Where to find it;

Article by Robin Harding on the FT (Financial Times) blog 8th February 2011


       Some will suggest this is a consequence of conspiracy - they're all in it together, the government, the bankers and the media. Big Everything against the little people. Perhaps indeed there's an element of that.
Possibly it's because the media are for the most part simply concerned with entertaining the great unwashed, buttressing prejudice and praising ignorance where they find them. Create a comfort zone where the ignorant and the uneducated may find succour. Once they're there, milk them.
This means you don't want to go alarming your intended marks with anything like education. You don't want to alienate them by serving up anything difficult to grasp.
Leaving the opposition (me and those like-minded) left with the difficulty of educating the public into the grim reality of what's going in. We get the hard stuff to do, the media takes the easy road and makes fortunes. Plus ca change, eh?

You might learn a great deal from monitoring these instances yourselves. Arguably at this time what's most significant is that there's barely a mention of fractional reserve banking in the mainstream media at all, instead you can read educated, informed and entirely rational discourse on the subject in the 'readers comments' section of our mainstream online newspapers. I invite you to check this for yourselves by setting up a Google Alert for the phrase "fractional reserve". You'll need a Google Account, if you don't already have one you can sign up for a Google Account here. Once you've done that you'll have access to a number of Google services one of which is called Google Alerts. Essentially you ask Google to send you a daily email detailing when it's found any new instances of mention of any specific phrase (you decide the phrase) in its index. It's pretty much self-explanatory and if you do have any problems there are help pages to assist you in setting it up. It's worth trying this because you learn first-hand what's being discussed and by whom. As I have come to do over the past few years, you'll probably find yourself disbelieving the mainstream media and believing what's in the underground conversations. I imagine when that happens, you'll start to be as worried as I am...

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