An open letter from
To: Developed country governments
Cc: Developed country central bankers
Dear Vote Seekers,
I was born half way through the cold war. That was the insane period of time when the superpower governments of the USA and the Soviet Union, and their allies, entered into a massive nuclear arms race.
By 1961 there were already enough nuclear bombs to wipe out the entire world. Yet nuclear proliferation continued for more than two more decades. At the time, no one questioned the logic of the ability to destroy the enemy several times over. Once was not enough.
Today a new kind of policy insanity grips the world: the vast proliferation of your fiat currency units. Hardly anyone questions it. Those that do are treated like outcasts.
That’s fine by us: we have thick skins here at OfWealth. We’re used to being outcasts. But that doesn’t make your policy any more sane.
Film makers like Stanley Kubrick satirised the insanity and hopelessness of the cold war doctrines. OfWealth’s contribution is to poke our small fingers in the big eyes of your current stupidity.
The attempts to centrally plan bankrupt economies are meant to prevent economic meltdown. But they are likely to lead to much bigger problems in the future.
The centrally planned economy of the USSR couldn’t survive the cold war. There is no reason to believe that the current central planning of developed countries will have a happy ending either.
…the result of a nuclear conflict would be “M.A.D.” – mutually assured destruction. No one could win the war.
In the cold war stand off, the nuclear powers realised that the result of a nuclear conflict would be “M.A.D.” – mutually assured destruction. No one could win the war. It truly was madness.
Yet they continued to build more missile silos, and bombers, and nuclear submarines. After all, there were vested interests at stake. Arms production is big business.
Kids on both sides of the “iron curtain” were indoctrinated about the evils of the unseen enemy. Communists would eat you for breakfast. Capitalists were degenerate.
Even small children knew about the three minute warning: when the sirens went off, we were assured that total vaporisation would arrive in half the time it takes to boil an egg.
…you have instructed your central bankers to create trillions of dollars equivalent of new currency units. The launching of monetary cruise missiles…
In recent years, in order to delay the inevitable breakdown of your bankrupt economies, you have instructed your central bankers to create trillions of dollars equivalent of new currency units. The launching of monetary cruise missiles continues today.
This is a new arms race, with the crippling expense aimed directly at ordinary people.
You claim that this will stimulate the economy. The reality is that it funds government deficit spending and props up asset markets, providing a bailout to the financial industry.
Through this manipulation, bond yields have been forced to artificially low levels, creating a price bubble in bond markets. Stock markets and home prices have also been inflated (or crashed less) due to ultra low interest rates.
In the meantime there is persistent consumer price inflation, although you lie about how much of it there is in your official statistics. Interest rates are at the lowest levels in hundreds of years. Wages are stagnant too, and falling for a great many people in inflation-adjusted terms.
You rob retired people of the chance to enjoy their later years. You steal the financial future from their children and grandchildren. You and your power grabbing policies disgust me.
The result is that ordinary working people, savers and pensioners have been penalised. Wealth is transferred from the poor and powerless to the rich and powerful. You rob retired people of the chance to enjoy their later years. You steal the financial future from their children and grandchildren. You and your power grabbing policies disgust me.
This insane policy of currency debasement hides behind a fancy sounding name. Most people are bored to death before they get past the terminology. I have no doubt you designed it that way, to avoid scrutiny. You have built your own iron curtain of technocratic jargon.
You talk of “quantitative easing”, or “QE”. Why not call it what it is? It’s money printing to fund government deficit spending, and to bail out your rich, but still greedy, banker friends.
I know that you are not alone in following this corrupt and short term scam. The governments and central banks of most developed countries are playing the same lose-lose game.
…countries are all infected with this radioactive policy cancer. You have developed a new type of “ICBMs” – Intercontinental Ballistic Monies… The fallout will be poisonous, and indiscriminate where it lands.
The USA, United Kingdom, Japan and the eurozone countries are all infected with this radioactive policy cancer. You have developed a new type of “ICBMs” – Intercontinental Ballistic Monies. But, unlike during the cold war, they are being launched every day and everywhere. The fallout will be poisonous, and indiscriminate where it lands.
You do this because it is easier to follow the current experimental monetary fashion that to face up to your faults and insecurities. You are bankrupt: financially, intellectually and morally.
Debt is like any kind of addictive drug, be it alcohol or heroin. At first it’s exciting to try a bit. But dependency grows with time. The eventual result of abuse is chronic addiction. This is where we are with the global abuse of debt that has already lasted many decades. You are addicted to it.
Worse than that you are a debt dealer. You push this poison onto your citizens, turning them into debt and spending junkies as well.
The addict denies the addiction. And as the addiction progresses, each new increment of the drug gives less and less of a buzz to the the person ingesting it. A bigger dose no longer has a big effect.
In the same way, you keep piling on debt to fund your inefficient bureaucracies and vote buying programmes. Yet each new debt buys less and less borrowed time. But you are in denial of the situation.
This is the new M.A.D. doctrine of the present day. You want all of us, including yourselves, to be Mutually Addicted to Debt.
There were a lot of films made about the cold war. Most of them were worthless propaganda. But one stands out. This was “Dr. Strangelove or: How I Learned to Stop Worrying and Love the Bomb.”
Dr. Strangelove was directed by Stanley Kubrick and released in 1964. Kubrick originally set out to make a serious drama about a nuclear standoff. But, as he did his research, he realised how insane the whole situation was. The result was a bitter satire – a black comedy – ridiculing the whole sorry mess.
…cold currency wars are equally insane. They may not result in on-the-spot vaporisation of people. But they will eventually result in vaporisation of wealth and savings…
At OfWealth we think the cold currency wars are equally insane. They may not result in on-the-spot vaporisation of people. But they will eventually result in vaporisation of wealth and savings as currencies are competitively devalued.
Please stop this currency carpet bombing before it’s too late.
So in homage to Kubrick’s original masterpiece, and because we think you are power crazed fools, we have produced a spoof of the original film trailer.
We celebrate the imminent replacement of Ben Bernanke, the chairman of the Federal Reserve and main architect of QE, and also the recent departure of Sir Mervyn King, the former governor of the Bank of England, and another prolific printer. No doubt both will enjoy massive state pensions, unlike the people affected by their actions in office.
But we realise that their replacements, Janet Yellen and Mark Carney, are likely to be just as bad, or worse. So we take no pleasure in releasing our two minute production, other than to ridicule you and your policies.
Dr. Strangelove: tribute to Ben Bernanke
On behalf of OfWealth
You can see the original trailer here: Dr. Strangelove