Some days ago I read in the news that the IMF has acknowledge the new regime in Libya, the Interim National Council. Personally I was not surprised . I was not surprised because I try go beyond to mainstream media’s News coverage. This is not easy. The moment I read the news about the IMF I remembered a previous development which back in March this year again received very little attention and analysis from the media. Back then the INC had announced “…the designation of the Central Bank of Benghazi as a monetary authority competent in monetary policies in Libya and appointment of a Governor to the Central Bank of Libya, with a temporary headquarters in Benghazi.” Most commentators expressed their surprise on the fact that a interim government would so quickly proceed in setting up a central bank even before they had a government. But the news received little further analysis.
Ellen Brown’s article ‘All about oil or all about banking’ (http://www.businessinsider.com/libya-all-about-oil-or-all-about-banking-2011-4) probably presented the most insightful analysis of the issue. I will present here the points of her analysis in order to help the understanding of the latest developments in the Libyan conflict.
Brown noticed that further to the anomaly of setting a Central Bank the official justification for taking up arms against Libya, the country’s human rights violation, is at the very least suspicious. One is left to wonder how is possible that while the UN so openly condemn Libya about human right violations the body’s Human Rights Council produces a report in which commends Libya for improving educational opportunities, for making human rights a “priority” and for bettering its “constitutional” framework.’
Even if many might consider the above as mere propaganda none can however deny that the government of Col Qaddaffi has managed to build the most expensive irrigation project in history, the Great Man Made River project. The GMMR cost 33 billion dollars and provides 70 percent of the population with water for drinking and irrigation, pumping it from Libya’s vast underground Nubian Sandstone Aquifer System in the south to populated coastal areas 4,000 kilometers to the north.
Brown continues and presents even more shocking data as she digs out once again in her article a 2007 Democracy Now! interview of US Gen. Wesley Clark (Ret.). In the interview the General says that about ten days after September 11, 2001, he was told by a general that the decision had been made to go to war with Iraq. Clark was surprised and asked why. “I don’t know!” was the response. “I guess they don’t know what else to do!” Later, the same general said they planned to take out seven countries in five years: Iraq, Syria, Lebanon, Libya, Somalia, Sudan and Iran.
Now most of the people would just notice that the only thing that these countries have in common is that they are predominantly Muslim countries. However Brown reveals another commonality that this seven countries share. In the context of banking is that none of them is listed among the 56 member banks of the Bank for International Settlements (BIS) and as Brown notes, ‘That evidently puts them outside the long regulatory arm of the central bankers’ central bank in Switzerland.’
Now Libya and Iraq went even a step further against the global financial banking cartel. Saddam Hussein had in 2003 accepted Euros instead of Dollars for oil and so threaten the global dominance of the dollar as a petrol currency. Col Qaddaffi even initiated a movement against the two main western currencies, the Euro and the Dollar and promoted the idea of a Pan-African currency the gold – dinar. Needless to say that Qaddaffi’s initiative was viewed negatively by the USA and the European Union, with French President Nicolas Sarkozy calling Libya a ‘threat to the financial security of mankind.’
Brown then continues and quotes an article published on the Market Oracle, by Eric Encina to explain how Qaddaffi was able to make a project like the GMMR and to promote so radical ideas:
One seldom mentioned fact by western politicians and media pundits: the Central Bank of Libya is 100% State Owned…. Currently, the Libyan government creates its own money, the Libyan Dinar, through the facilities of its own central bank. Few can argue that Libya is a sovereign nation with its own great resources, able to sustain its own economic destiny. One major problem for globalist banking cartels is that in order to do business with Libya, they must go through the Libyan Central Bank and its national currency, a place where they have absolutely zero dominion or power-broking ability. Hence, taking down the Central Bank of Libya (CBL) may not appear in the speeches of Obama, Cameron and Sarkozy but this is certainly at the top of the globalist agenda for absorbing Libya into its hive of compliant nations.’
Brown adds that Libya has not only oil but hidden in its vaults nearly 144 tons of gold!
Still if all this haven’t made you a bit skeptical of the last celebrated so call ‘revolutions’ we have been witnessing this year all over North Africa and the Middle East a closer look of the shadow institution, the BIS, will make you suspicious .
The BIS promotes as its mandate that Central Banks should preserve price stability. To do so they argue that they must be independent from governments to be free from political ‘bondages’. What is in effect promoted by the Central Bank Governance Network of the BIS is that price stability which is achieved by stable money supply must come even if this would mean an ever increasing foreign debt for the governments.
As crazy as it might sound base on the BIS doctrine Central Banks are discouraged from increasing the money supply by printing money and using it for the benefit of the state, either directly or as loans.
Another analyst that Brown quotes in her article Henry Liu argues:
‘BIS regulations serve only the single purpose of strengthening the international private banking system, even at the peril of national economies. The BIS does to national banking systems what the IMF has done to national monetary regimes. National economies under financial globalization no longer serve national interests.’
Liu insightfully claims that Foreign Direct Investments and a ‘private’ Central Banking system forces countries to adopt an export oriented economy just to pay off in the end the loan’s interest payments. He suggests applying the State Theory of Money, that is governments to create money and not private banks, any government can fund with its own currency all its domestic developmental needs to maintain full employment without inflation.
Could this be the simple secret behinds Libya’s success economic story? I bet it is, Or it was at least. This is also why I was not surprised that the IMF this week had acknowledge the Libya’s INC or that the G8 have just announced a aid package of 38 or something like that billion dollars for the Arab states.
Libya was the perfect example on how energy independence and a publicly-owned national banking system could eventually free a nation-state from the debt web of the international bankers. And in the wake of the era of the alternative energy the stakes are higher. I would personally not be surprised to hear in the not so distant future that the country’s new central bank joins the BIS, or that it’s nationalized oil industry gets sold off to investors or even that education and health care are not free anymore.
Now I am sure that anyone who has first seen the video posted here with this post will be at the least puzzled finding the relevant connections. The views of these analysts should open understanding that the Libyan crisis is not only as a contest for the control of its oil but part of a necessary post-2008 Financial Crash restructuring of global finance.
Nevertheless many of these analysis were silenced or drowned in the debris of our global western politically correct media networks whose correspondence continued the mythoplacy of our ideologically correct western project. My point is though even deeper. I think that many of us are just hypocrites. Even when we do get the real information and we know that something might not be true, even when we feel it in our bones that is unfair, unjust or immoral most of us still fail to act morally. We either know the standards but we fail to apply them fairly and equally becoming therefore hypocrites or we deceive ourselves of the standards convincing ourselves of the morality of our own standards while avoid comparing one’s behavior with moral standards.
In the video that is posted here the magician states that compulsive gamblers are the champions of self-deception as they forget all the times they have lost to convince themselves every time that they will win. I am afraid that we all have this bug of compulsive gambling as we repeatedly ignore the signs and warnings of the events that happen around us and instead we choose believe whatever lies and deceiving norms are paraded in front of us.