Just last July 24, while studying Austrian economics, I stumbled one book in the web that caught my interest. I stopped both my study of Carl Menger’s Principles of Economics and my reading of current news. My interest was so intense that it took me less than three days to finish the 282 page book.
I forgot the exact way I came across with this book. The book is an investment guide, but not the common type that tracks companies and economic trends. It actually speaks about a “financial hurricane” resulting from a tension between global power elite and free market thinkers. The writer claims that in this tension, certainly, free market thinkers will win due to the power of information available in the web.
The prior influence of Edward Griffin was the reason why this book caught my attention in the first place. I initially encountered Griffin while reading Robert Kiyosaki’s books. I transcribed his video on “The Reality of Money” and made a lecture out of it. It was him who introduced to me ideas like inflation, fiat money, fractional reserve, and Mandrake mechanism. And that is why I find myself encountering familiar themes while reading the book.
The writer’s aspiration is that through his book, more people will be informed about the power of free market and to take responsible financial decision. Let me share a brief overview of this book:
- Chapter 1 shares about a financial hurricane threatening to sweep all over USA (By the way, the writer wrote this book four years ago). The magnitude of this will largely depend on the response of both Russia and China to US dollar.
- Chapter 2 talks about inflation and hyperinflation, which both the government and central banking are primarily responsible. They are therefore behind the “booms and busts” in the market.
- I see chapters 3 to 8 evolving around the power elite as the central theme. Chapter 3 anticipates the potential barrier to objectively read the book due to its association with baseless “conspiracy theory.” The writer distinguishes between two types of power elites: the invisible and the visible. He admits that the identity of the invisible power elites is difficult to discuss due to lack of sufficient facts. He just limits his discussion among visible power elites and identifies their existence through organizations like Council on Foreign Relations, the Fabian Society, the Trilaterial Commissions, etc. Chapter 4 is an expansion of chapter 3 with particular emphasis on war as the tool of power elites to “achieve their hearts’ desire.” Chapter 5 identifies three primary financial institutions that were immediately established after World War 2 to achieve the power elites’ global agenda: International Monetary Fund (IMF), World Bank (WB), and Bank for International Settlements (BIS). Chapter 6 speaks about the intentional attack on freedom. Chapter 7 identifies the influence of David Rockefeller (pp. 142-143) in the implementation of such global plan. The writer also mentions in this chapter the importance of Keynesian economics for the “efficient” operation of central banking. And finally chapter 8 focuses on Federal Reserve. An interesting debate here is included between Flaherty and Edward Griffin, the author of Creature from Jekyll Island.
- I find chapters 9 and 10 very encouraging. In chapter 9, the writer claims that power elites are alarmed due to the advent of the Internet for it is working against their plan and in favor of Austrian economists. In chapter 10, the author is calling to join the 2% free market thinkers through personal education via Internet.
- Chapter 11 calls for vigilance due to power elites’ response to control the flow of information in the web through legal means. It is to be expected that various pretexts will be used to regain power over the worldwide web.
- Chapter 12 contains the summary of “storm warnings” and “economic action alerts.” The writer believes that knowledge is our best weapon to frustrate the elites’ global agenda. He is calling us to understand the “business cycle” (p.192), monitor the reaction of power elites, and take necessary steps. Among many investment ideas mentioned by the writer, the three key ideas I remember are investing in China, silver, and biodiesel.
Now for my personal thoughts:
- The book is not a typical investment guide. Before introducing “storm warnings” and “economic action alerts,” the writer presents arguments back up with historical facts and present-day events.
- The writer’s call to alter the dominant narrative is not an easy task. Remember, that almost all macro institutions are dominated by the power elites, including governments, media, education, and even humanitarian institutions. Journals, white papers, and textbooks are used to convince the public about the reality of dominant social themes such as Islamo-fascism, global warming, war on terrorism, bird flu, etc.
- The idea that inflation is currency debasement and the “the surest way to destroy society” is according to another Austrian economist and Reformed Theologian is actually the essence of socio-economic offense of Israel against God during the Old Testament times. Gary North based this assertion on his exegesis of Isaiah 1:22.
- Appearances deceive. In order to win public discourse, the power elites resort to distortion of terms and complex ideas to hide the truth from society. Terms like democracy, socialism, capitalism, and communism are used as masks to hide real identities. Many questions in my mind pop up while reading the book: If the establishments of Central America Free Trade Agreement (CAFTA) and North American Free Trade Agreement (NAFTA) are real application of the principles of free trade, why is it that the Austrian economists are still in the shadow? Do socialist countries like China and Russia really practice their economic principles? Is the United States really a capitalist country or is it in essence a socialist country hiding behind the name of capitalism? Isn’t “democracy” used as a slogan to advance the cause of aristocracy? What is the difference between Hitler’s German empire and the European Union? Aren’t they similar in essence though different in appearances and the powers behind them? Which is better, a fascist dictator like Hitler or the global financial elites behind an empire?
- And then I thought of the relevance of the book in Philippine politics. Majority of the Filipino masses are tired of pro and anti-Aquino and pro and anti-Arroyo rhetoric. These are diversions, a crafty mechanism to keep us in the matrix. Most of us fail to re-educate ourselves through alternative media; we still believe what the mainstream media is feeding us. Media is the tool utilized by those in power to shape public opinion. We cannot trust the system, and instead learn to trace the power behind it. And I believe, a study of central banking is a good place to start.
- And one final observation related to religious leaders. While the world is facing a gigantic financial hurricane, and the powers that be continue their onslaught of the third world, and are finding ways to control the web, most religious leaders are either like scholars debating over social issues (without any intention to be part of the solution) or like pietistic monks escaping from their socio-political and economic witness.
The author of the book by the way is Anthony Wile, an educator, financier, and the Chief Editor of the Daily Bell. The title of the book is High Alert: How the Internet and the global power elite are causing a financial hurricane (You can refer to this page to purchase the book at Amazon). It was published in 2008.