The Case for Building Wealth with Richard Werner
Catherine Austin Fitts interviews Richard Werner
In today's economic landscape, the pivotal role of banks in shaping local and global economies cannot be overlooked. As we navigate through the intricacies of monetary policy and financial data, it becomes increasingly evident that understanding the inner workings of the banking system is crucial for policymakers and citizens alike. The concept of state(US) UK ( Regional Authority and Local Level) sovereign banking emerges as a potential solution to address the challenges posed by centralized monetary policies. By empowering state-level institutions to expand the money supply and support local economic initiatives, a state sovereign bank can serve as a catalyst for economic growth and resilience. The establishment of state banks is essential in safeguarding against potential crises and insulating local communities from the perils of centralized control. By fostering dialogue and collaboration, we can work towards creating a robust financial ecosystem that prioritizes local autonomy and economic prosperity. Embracing localized money provision and allocation is imperative in ensuring a more resilient and prosperous future for generations to come.
By Catherine Austin Fitts This week, I am pleased to welcome back Professor Richard Werner, the world’s leading scholar on central banking. Richard is a London School of Economics and Oxford-educated economist, a professor of banking and economics, an authorized investment adviser, an economic adviser to governments, and author of the best-selling 2001/2003 book Princes of the Yen (turned into a documentary in 2014). As I talk with subscribers and allies about stopping the control grid, I find them needing to understand that abundance is possible. No one explains this better than Richard… Note: We are making this interview public and encourage you to share it with your bankers and state and local officials.
https://home.solari.com/the-case-for-building-wealth-with-richard-werner/
“What our generation has forgotten is that the system of private property is the most important guarantee of freedom, not only for those who own property, but scarcely less for those who do not. It is only because the control of the means of production is divided among many people acting independently that nobody has complete power over us, that we as individuals can decide what to do with ourselves.”
~ Friedrich August von Hayek, The Road to Serfdom
By Catherine Austin Fitts
In today's economic landscape, the role of banks is paramount in shaping both local and global economies. As we navigate through the complexities of monetary policy, financial data, and economic growth, it becomes increasingly evident that understanding the inner workings of the banking system is crucial for policymakers and citizens alike.
The decentralized nature of banking, particularly at the state level, presents both challenges and opportunities for economic prosperity. As we delve into the intricacies of money creation, asset inflation, and the impact of central banking policies, it becomes clear that there is a need for a reevaluation of the role of banks in driving economic growth.
One fundamental aspect that requires attention is the ability of banks to create money through lending. This process has far-reaching implications for economic development, as it directly influences consumer price inflation, asset inflation, and the overall stability of the financial system. Understanding how banks can channel their lending towards productive business investment is key to unlocking sustainable income flows and fostering economic prosperity.
In light of these considerations, the concept of a state sovereign bank emerges as a potential solution to address the challenges posed by centralized monetary policies. By empowering state-level institutions to expand the money supply and support local economic initiatives, a state sovereign bank can serve as a catalyst for economic growth and resilience.
The historical examples of local currencies and state-level banking institutions, such as the Bank of North Dakota, offer valuable insights into the potential benefits of decentralized financial systems. These examples demonstrate that with the right framework and support, state-level banks can play a pivotal role in safeguarding financial liquidity and promoting economic stability.
As we look towards the future, it is imperative for policymakers to recognize the importance of fostering a robust and resilient banking infrastructure at the state level. By embracing the concept of state sovereign banking, we can pave the way for a more inclusive and dynamic economic ecosystem that empowers local communities and drives sustainable growth.
In conclusion, the role of banks in shaping local and global economies cannot be overstated. As we navigate through economic challenges and opportunities, the concept of state sovereign banking offers a compelling vision for a more resilient and prosperous financial landscape. By harnessing the potential of decentralized banking systems, we can chart a path towards economic empowerment and sustainable development at the state level.
In today's economic landscape, the role of banking and the creation of money are pivotal to the functioning of our society. As I travel across America, I have encountered remarkable individuals who are intelligent, educated, and aware, yet are unaware of the impending control grid that threatens our economic freedom. It is essential to shed light on the significance of establishing a state bank and the potential consequences of not doing so.
The creation of money by banks has been a cornerstone of our financial system. However, the concentration of power in the hands of central banks poses a significant threat to local and state-level economies. The establishment of a state bank would ensure that money provision remains within the purview of the state, safeguarding against potential crises.
The need for a state bank becomes even more apparent when we consider the implications of not having such infrastructure in place. Without a state bank, we risk falling prey to the control grid orchestrated by central planners. The rise of Central Bank Digital Currencies (CBDCs) further exacerbates this threat, as it consolidates power in the hands of central banks, diminishing the autonomy of local financial institutions.
The historical context provides valuable insights into the impact of centralization on local economies. The Great Depression serves as a poignant example, where a mayor's initiative to address unemployment through local money creation was met with resistance from central bankers. This resistance underscored the central planners' vested interest in maintaining control over monetary policy and resource allocation.
In light of these challenges, it is imperative to emphasize the importance of local and state-level banking capacity and infrastructure. By empowering local banks to engage in money creation and allocation, we can mitigate the risks associated with centralized control and safeguard the economic well-being of our communities.
Furthermore, the integration of analog and digital systems is crucial in ensuring resilience against potential disruptions. While digital innovations offer efficiency and convenience, analog alternatives serve as a vital safeguard against central control and technological vulnerabilities.
In advocating for the establishment of state sovereign banks, it is essential to engage with policymakers and legislators to articulate the benefits of such initiatives. By fostering dialogue and collaboration, we can work towards creating a robust financial ecosystem that prioritizes local autonomy and economic prosperity.
It is also crucial to engage with banking professionals and stakeholders to convey the significance of embracing a decentralized approach to money creation. By aligning with the interests of local financial institutions, we can garner support for initiatives aimed at bolstering state-level banking infrastructure.
In conclusion, the establishment of state sovereign banks is not merely a theoretical concept; it is a practical necessity in safeguarding our economic freedom. By embracing localized money provision and allocation, we can insulate our communities from the perils of centralized control and ensure a more resilient and prosperous future for generations to come.
The Central Bank Coup det Tat. Hugh Hendry and Prof. Richard Werner , Are we headed for A 90’s style “Japanese” lost decade? #WAGTHECOV
ROGERGLEWIS DECEMBER 9, 2021 8 COMMENTS
Filmed on May 15, 2020.
Professor Richard Werner joins Hugh Hendry, founder and former CIO of Eclectica Asset Management, for a deep-dive into the world of central banking. They explore the process of credit creation and examine the fundamental role it plays in inflating asset bubbles, the popping of which can wreck whole economies but can be very good for central bankers. They analyze the Bank of Japan’s (BOJ) remarkable record of credit expansion, including its use of lending quotas, through the lens of Werner’’ renowned book, “Princes of the Yen,” which was a number one bestseller in Japan. They also look at the ongoing efforts of the Fed and the European Central Bank (ECB) to provide liquidity during this unprecedented global crisis at all costs, particularly debt monetization and quantitative easing (a term Werner himself coined), which Werner suggests could lead to a widespread bank nationalization – or a “Sovietization” of the banking sector, as he says. Werner argues that the ECB is undemocratic and that it bears a closer similarity to the Reichsbank (1876 – 1945) than it does to the Bundesbank (1957-present). Hendry and Werner conclude their lengthy discussion by looking forward: they scrutinize the current and future monarchs of the global monetary order, who are no longer princes but who may be on their way to becoming kings. Hugh Hendry can be found on Twitter at @hendry_hugh and on Instagram at hugh hendry official.
The original Blog had slides of the chapter headings.
0:01: 📘 Exploring the impact of 'Princes of the Yen' on financial markets and Japan's 3ro strategy.
8:56: 💡 Exploration of central banks' role in creating money and historical implications on financial systems.
16:45: ⚖️ Central banks' independence leads to regulatory moral hazard and increased power.
23:37: 💰 Economic transformation in Japan in the 80s through monetary policy and asset bubble creation.
31:39: 💰 Central bankers' ideology remained constant, seeking independence from government control by aligning with American demands.
38:53: ⚖️ Regulating non-bank financial institutions to prevent credit creation and speculation with existing funds.
46:57: 💰 The importance of savings for investment, foreign lending, and unsustainable asset price growth.
55:24: 💰 The impact of quantitative easing on wealth distribution and societal perception.
1:03:26: 💡 Discussion on the economic strategy of Japan post-war and the influence of centralization model.
1:10:33: 💰 Central banks implementing negative interest rates to incentivize commercial banks to invest.
1:18:29: 💰 Importance of central bank control over asset prices and GDP to prevent economic collapse.
1:26:28: 💰 Misconception about central bank reserves and their impact on the economy.
1:33:32: 💰 Central banks can control and manipulate banks' reserves, impacting the private sector's risk aversion.
