Gordon Brown recently claimed that no-one could have foreseen the current economic crisis - but the BNP did! An editorial in the September 2007 issue of Identity magazine by John Bean spelled it all out:
The Global Slump - Another BNP Prediction
The decision by America’s Federal Reserve to slash the discount rate had an initial response in halting the virtual collapse of the global financial system. But the story is not over yet and by the time these words appear in print it is likely that several overseas banks will have gone to the wall. As far as Britain is concerned this will affect all future investment and in consequence reduce any more British jobs that might be created, or saved.
In its opposition to the global capitalist society, our rejection of free trade and call for tariffs on selected imports that can damage our remaining manufacturing base, all necessary steps to give some insulation from the worst aspects of unstable world markets, the BNP has again been proven right.
Our Party’s prescience in forecasting the current global turmoil matches the same record it holds over the dismal failure of Lib-Lab-Con in seeing that immigration was heading to an almost unstoppable tidal flow; that a European trading agreement was being turned into an anti-European culture Marxist state; that we were reaching ‘peak oil and needed to look at alternative energy sources; that Nick Griffin was right when he said that there were some aspects of Islam that made it “wicked”; that some Muslims were grooming under-age white girls for sex; and that a culmination of laws controlling choice was destroying our freedom. Unlike one or two of the more honest people in the old parties who have suddenly decided to speak out, some of us have been making these points for the last twenty years or more, including when it was not ‘voter friendly’ to do so.
To return to the global rout in the credit markets, it stemmed from the greed of the hedge fund industry who made mortgages available to people on low income in America - known as ‘sub-prime lending’. The globalists’ drive to seeking ever cheaper labour costs led to many workers finding their jobs being exported and being unable to keep up their mortgage payments. As US unemployment continues to rise this problem will only get worse. The debts of the mortgage companies were flogged off in parcels around the world to other ‘hedgie’ investment bankers. These new masters of the universe began to make big losses, which was then reflected in the global stock markets. For example, Goldman Sachs’ Global Equity Opportunities fund lost nearly 40%. Morgan Stanley’s $1.7bn Highbridge Statistical Opportunities fund lost nearly 20% of its value at one point. This was outdone by Australia’s Basis Capital which said losses of its hedge funds may exceed 80%.
With all this panic setting in, the US Federal Reserve act of dropping the discount rate to US banks was really nothing more than US state aid for the hedge fund industry. It was a US government bail-out of Wall Street bankers.
The American finance system supplied the motor for the rise to dominance of global capitalism. A prerequisite of this was for manufacturing to become part of that global system, which led to the decrease in American and European manufacturing as it was increasingly switched to the cheaper labour markets of the East, and China in particular. Subsequently China now has the world’s biggest trade surplus and the largest haul of foreign exchange reserves: £1.3 trillion. America, with shrinking dollar reserves, has the largest trade deficit on the planet, and Britain has the third largest. Interestingly, Russia, which a decade ago was about to collapse economically, has pursued a nationalist policy under Putin and now has the world’s third biggest currency reserves.
The EU Has No Answer
For Britain to enter more fully into the EU and become part of the European Monetary System (i.e. join the Euro) would not give any protection from the global financial free-for-all. Its dedication to free trade has forced open our borders to a torrent of cheap, often substandard imports. Witness the dangerous Chinese toys coated in lead paints from global company Mattel (Fischer Price). Also, look at this comment from Bernard Connolly, a former head of economic research for the European Commission, writing in The Daily Telegraph Business section 20.08.07: “… the EU quite deliberately created the most dangerous credit bubble of all: the EMU. And whereas the mission of the Fed is to avoid a financial crisis, the mission for the European Central Bank is to provoke one. The purpose of the crisis will be, as Prodi, then Commission president, said in 2002, to allow the EU to take more power for itself. The sacrificial victims will be, in the first instance, families and firms (and banks and investors) in countries such as Ireland and Club Med. German savers (or British taxpayers) will bear the burden of bailouts that a newly empowered ‘EU economic government’ will ordain.”
In essence, the BNP view is that we must retain, and regain, British ownership and control of British industry and resources, including financial resources. We must give protection for industry and jobs by selective tariffs on foreign manufactured goods. We should stop artificially inflating the value of the pound, which makes British workers more expensive and foreign workers cheaper. Although an over-valued pound means cheap foreign holidays and imports in the short run, the resulting trade deficit destroys jobs, depletes our productive industry, increases foreign ownership of our economy, raises our indebtedness to foreigners, and is unsustainable in the long term.”
The decision by America’s Federal Reserve to slash the discount rate had an initial response in halting the virtual collapse of the global financial system. But the story is not over yet and by the time these words appear in print it is likely that several overseas banks will have gone to the wall. As far as Britain is concerned this will affect all future investment and in consequence reduce any more British jobs that might be created, or saved.
In its opposition to the global capitalist society, our rejection of free trade and call for tariffs on selected imports that can damage our remaining manufacturing base, all necessary steps to give some insulation from the worst aspects of unstable world markets, the BNP has again been proven right.
Our Party’s prescience in forecasting the current global turmoil matches the same record it holds over the dismal failure of Lib-Lab-Con in seeing that immigration was heading to an almost unstoppable tidal flow; that a European trading agreement was being turned into an anti-European culture Marxist state; that we were reaching ‘peak oil and needed to look at alternative energy sources; that Nick Griffin was right when he said that there were some aspects of Islam that made it “wicked”; that some Muslims were grooming under-age white girls for sex; and that a culmination of laws controlling choice was destroying our freedom. Unlike one or two of the more honest people in the old parties who have suddenly decided to speak out, some of us have been making these points for the last twenty years or more, including when it was not ‘voter friendly’ to do so.
To return to the global rout in the credit markets, it stemmed from the greed of the hedge fund industry who made mortgages available to people on low income in America - known as ‘sub-prime lending’. The globalists’ drive to seeking ever cheaper labour costs led to many workers finding their jobs being exported and being unable to keep up their mortgage payments. As US unemployment continues to rise this problem will only get worse. The debts of the mortgage companies were flogged off in parcels around the world to other ‘hedgie’ investment bankers. These new masters of the universe began to make big losses, which was then reflected in the global stock markets. For example, Goldman Sachs’ Global Equity Opportunities fund lost nearly 40%. Morgan Stanley’s $1.7bn Highbridge Statistical Opportunities fund lost nearly 20% of its value at one point. This was outdone by Australia’s Basis Capital which said losses of its hedge funds may exceed 80%.
With all this panic setting in, the US Federal Reserve act of dropping the discount rate to US banks was really nothing more than US state aid for the hedge fund industry. It was a US government bail-out of Wall Street bankers.
The American finance system supplied the motor for the rise to dominance of global capitalism. A prerequisite of this was for manufacturing to become part of that global system, which led to the decrease in American and European manufacturing as it was increasingly switched to the cheaper labour markets of the East, and China in particular. Subsequently China now has the world’s biggest trade surplus and the largest haul of foreign exchange reserves: £1.3 trillion. America, with shrinking dollar reserves, has the largest trade deficit on the planet, and Britain has the third largest. Interestingly, Russia, which a decade ago was about to collapse economically, has pursued a nationalist policy under Putin and now has the world’s third biggest currency reserves.
The EU Has No Answer
For Britain to enter more fully into the EU and become part of the European Monetary System (i.e. join the Euro) would not give any protection from the global financial free-for-all. Its dedication to free trade has forced open our borders to a torrent of cheap, often substandard imports. Witness the dangerous Chinese toys coated in lead paints from global company Mattel (Fischer Price). Also, look at this comment from Bernard Connolly, a former head of economic research for the European Commission, writing in The Daily Telegraph Business section 20.08.07: “… the EU quite deliberately created the most dangerous credit bubble of all: the EMU. And whereas the mission of the Fed is to avoid a financial crisis, the mission for the European Central Bank is to provoke one. The purpose of the crisis will be, as Prodi, then Commission president, said in 2002, to allow the EU to take more power for itself. The sacrificial victims will be, in the first instance, families and firms (and banks and investors) in countries such as Ireland and Club Med. German savers (or British taxpayers) will bear the burden of bailouts that a newly empowered ‘EU economic government’ will ordain.”
In essence, the BNP view is that we must retain, and regain, British ownership and control of British industry and resources, including financial resources. We must give protection for industry and jobs by selective tariffs on foreign manufactured goods. We should stop artificially inflating the value of the pound, which makes British workers more expensive and foreign workers cheaper. Although an over-valued pound means cheap foreign holidays and imports in the short run, the resulting trade deficit destroys jobs, depletes our productive industry, increases foreign ownership of our economy, raises our indebtedness to foreigners, and is unsustainable in the long term.”
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