“It’s difficult to describe markets,” said the CIO, reflecting on his decades of trading. “For what seems like forever, markets behaved in ways that reflected shifting expectations about central bank activity, economic trends, and profit potential, but that’s changing,” he said. “Now markets shift direction on a tweet then reverse on some comment. And nearly all of it is political.” But even politics are different now.
“Yet through it all, global interest rates are collapsing like an economic calamity looms.”
* * *
“It is a bowl of water that might help put out a fire that has just started,” said young Jimmy Sham, describing Carrie Lam’s withdrawal of Beijing’s extradition legislation. “But it is now useless in the face of what has become a forest fire,” continued Jimmy, one of many leaders in Hong Kong’s burning rebellion. Naturally, the government hopes that by meeting the protestor’s principal demand, cries for further action will soften.
But that’s not how crowds work. Hong Kong’s emboldened freedom fighters have another four demands to go. Behind them lay more still. And far in the distance, beyond the event horizon, lay their ultimate objective, barely spoken of today, democratic revolution in China.
“Public discontent extends far beyond the bill,” conceded Carrie Lam, exuding a manufactured calm, withdrawing the bill, “It covers political, economic and social issues, including problems relating to housing and land supply, income distribution, social justice and mobility.” No doubt she’s right.
All revolutions are sparked by such failures of government. But this one goes further. Hong Kong will fully revert to Chinese rule in 28 years, which means its citizens will be subjected to Beijing’s political oppression. Today’s young protestors will suffer its retribution as they enter middle age, images of their rebellious youth forever swirling in servers. The only hope for Hong Kong’s young freedom fighters is a Chinese political revolution between now and 2047. And with that inferno as their only escape, each concession by Carrie Lam’s government will be met with calls for another, then another.
Just as each central bank rate cut is followed by the market’s demand for another, then another. It’s what has begun in the US. And what will soon start in Europe. With central bankers in both economies cutting rates, exuding a manufactured calm, when in fact they’re terrified that what little they have left will be useless in the face of a forest fire….
A fire which the central bankers themselves have set, in furtherance of long published and widely known objectives. They are not hapless spectators, they are arsonists pretending to be fire fighters. Betrayal is their business model, and war is just another means of diverting blame while continuing their rape and pillage of humanity.
“The powers of financial capitalism had [a] far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert by secret agreements arrived at in frequent private meetings and conferences.”
— Quote from Caroll Quigley’s Tragedy and Hope, Chapter 20
Carroll Quigley was a professor of history at Georgetown University from 1941 to 1976. He also taught at Princeton and at Harvard, and lectured at the Brookings Institution. He was a frequent lecturer at the U.S. Naval Weapons Laboratory, the Foreign Service Institute, and the Naval College at Norfolk, Virginia. In 1958, he served as a consultant to the Congressional Select Committee which set up the National Space Agency. Below are key excerpts on the history of money and banking from Prof. Quigley’s masterpiece Tragedy and Hope: A History of the World in Our Time.
Note: The below excerpts are taken from chapters 5, 9, 20, 65, and 77 of Tragedy and Hope, with a focus on Prof. Quigley’s excellent discussion of the role of money and banking in world history. This is a 10-page summary. ….