Part 1 of 2 

At age 89, Doug Dowd is a wonder. He's still active, vibrant and thankfully so. He calls himself a "radical economist" in the best sense of the term, and for more than 50 years through the late 1990s, he was a distinguished interdisciplinary professor of economic history and more at Cornell, UC Berkelely and elsewhere. It went along with his activism, progressive thinking, honest concern for the least advantaged, and love of teaching young people. He's no different today, except that he's semi-retired, living full-time in Bolonga, Italy, nearing his 60th year teaching at nearby Modena University, and approaching his 10th decade. 

So says Jeremy Grantham, co-founder of Boston-based investment firm Grantham, Mayo and Van Otterloo, now known as GMO. Some call him the philosopher king of Wall Street because of his highly insightful views on markets and the economy, usually with a longer-term perspective. In a profession of touts, fast-buck and scam artists, Grantham's commentaries are notably refreshing. They're detailed, scholarly, sober, clear and especially important at a time of unparalleled excesses, great economic uncertainty, voices ranging from gloom and doom to blue skies and all clear ahead, so who knows what to believe. Few people sort things out better than he, and whether right or wrong, he makes consummate sense and should be taken seriously. 

Much has been written about whether a worldwide plan exists to control events and steer them in the direction profitable to an elite of the rich and powerful. Is this a “conspiracy theory”? While it is difficult to be specific about who exactly may be behind such a conspiracy, if it exists, it is at least clear that the privately-managed  system of global financial capitalism gives ample opportunity for the world’s richest people to combine for their mutual benefit. Further, global financial capitalism itself is based on the monopolization of money-creation by a world banking system that is largely privately owned, even while working through the central banks of the largest and most prosperous nations. This article postulates the existence of a coordinated and longstanding matrix set up by the controllers of money to dominate the movements of history. The article focuses particularly on what seems to have been an attack that has been going on for over a century against the independence of the nations of Russia and the U.S. The article also suggests a series of monetary reforms whereby the U.S. , or any other nation, can  regain its economic identity and preserve its political freedom. The article was written a short distance from the reconstructed colonial capitol building in Williamsburg , VA. On this site on May 15, 1776, the Fifth Virginia Convention voted unanimously to instruct its delegation at the Second Continental Congress in Philadelphia to enter a motion for independence. It may be time to do that again.

I wrote an essay several years back which as usual went out to all of you who as usual didn't bother to read it discussing the two-loop economy. My thesis was that there are actually two money systems -- a token system for the inmates of the domestic economy which consists checkbook money created by bank loans and circulating Fed Reserve currency. The measure for this token money of the inmates is M1.

The second measure is M2 which was M1 plus small savings deposits and money market accounts. And then there was the "high-powered money" used by the elite in their international transactions and high-coprorate domestic transactions that once could be measured by M3 minus M2.

Ron Paul's libertarian attack on the Federal Reserve is part of the conspiracy to impose the Amero. We must nationalize the Fed. The Fed is an institution that the US still has the ability to bring under control and use for our good. Under national control and with nationalist policies the Feds powers could serve us well, where in the past it has served those using it to plunder us. But we must not allow it to be destroyed and monetary power given to an international central bank over which the American people and their goverment have absolutely no control. Let the people take over the FED and use it for the good of the people as it has never been used because of those who owned and controlled it in the past. Talk of eliminating the FED and going on an international gold standard is a proposal of the the shearest ignorance of what is really wrong and of what is really needed to set things right.

So what’s Treasury Secretary Henry Paulson’s call for changes in regulation of the financial markets all about? A clue may have been revealed today by Randal Quarles, former Under Secretary of the Treasury who led the Treasury Department’s effort in the coordination of the President’s Working Group on Financial Markets and is a current Managing Director at Carlyle Group.