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After the banking crash of 2008 when Lehman Brothers collapsed and global finance went into turmoil and recession, a lot of soul searching took place. Many people turned to the left, hoping socialism and Marxism would erase the free market neoliberalism that had led to the problems. Other, much wiser individuals recognized the need for proper regulation of the global financial system, especially in regards to investment banking, or as it’s known by its derogatory term, casino banking.

10 years on, and apart from the conviction of Bernie Madoff and a few others, little has actually changed. Banks are still giving mortgages to people who cannot afford the repayments. New regulation introduced to prevent yet another banking crisis is so weak that is has had little effect on changing anything. In fact, in many ways, things have become harder. Some banks are now starting to charge people for having bank accounts, and interest rates are so low that people are making almost no money on their savings. If you add the increasing competition from China and other emerging economies as well, then the picture looks difficult.

It is not all bad news. The UK and the USA are enjoying economic growth, thanks largely to their policy of welcoming investment, and also because of President Trump’s introduction of trade tariffs. Trump understands the simple principle that if a country is putting charges on goods that you are exporting to their country, then you must, in turn, do the same, otherwise, everything is one-sided. For years, China had high tariffs on American imports, whilst America had low tariffs on Chinese imports. To put this in a wider, global context; before Trump’s tariffs, on average the world was charging 6.39% on American imports, whilst America was only charging on average 1.67% on the world’s imports. So yes, America was being ripped off, and the Washington establishment is the group to blame.

The next major problem is national debt, something which is the direct result of irresponsible public spending and international bond markets that have long been out of control. Some of the countries with the highest national debt are as follows: the USA $19 Trillion, UK $1.8 Trillion, France $2.6 Trillion, Germany $3.9 Trillion and China $11 Trillion. Such debt is clearly unsustainable, yet despite the fear and pain of repayments, little is being done to reduce it. Even though former British Prime Minister David Cameron was elected on a platform of sensible public spending and austerity, his government actually increased the national debt. His economic pledge was as shallow as his commitment to limit immigration to the "tens of thousands".

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The other issue is the role of central banks. Central banks manage a state’s currency, lend to private banks in times of crisis, print their country’s money supply, as well as manage their country’s foreign exchange and gold reserves. To put it simply, they are the country’s bank account and banker at the same time. The fact that the banking crash of 2008 did not result in another great depression is largely due to central banks taking action using a practice known as Quantitative Easing. The central bank takes a troubled bank’s toxic assets, and at the same time prints money and gives the bank capital to stay afloat, thereby saving the bank; and in doing so safeguarding the life savings, current accounts, pension plans, insurance policies and mortgages of millions of people.

The problem with central banks is that they have developed a very close, corrupt relationship with their clients, the private banks. This was most obviously demonstrated in the Libor scandal. There is significant evidence to suggest that central banks have repeatedly encouraged wrongdoing in private banks to cover up weaknesses in their balance sheets, something which can lead to politicians and the public at large being given a false view of how well their economy is actually doing. The alternative to central banks is either to abolish them and allow private banks to fail (which would cause untold economic misery), or to create a viable alternative, where the nation’s treasury is in direct control of the nation’s currency. The role of central banks becomes obsolete in this scenario.

Many in the Alt-Right have, at least from an economic perspective, tried to break down the barriers between left and right and pursue a line of thinking known as the third position. They understand, unlike most American conservatives and libertarians, that state-funded healthcare is actually workable, as long as the population is homogenous and productive. The problem with present-day America is that the introduction of a state-funded healthcare system would see middle-class Whites mostly paying for the healthcare of Hispanics and Blacks. With that productive middle-class White population shrinking at an alarming rate, the introduction of such a system would probably break the US economy. The public money needed to introduce such a system would increase the national debt to a point where no country has ever been before and from which circumstance, made a recovery.

The ideal system would be an economy within a White homogenous nation, which had a strong private sector that could support a generous public sector. So basically, we need a European version of Japan, where a high trust/low crime society leads to prosperity for all. Economic growth is important for many reasons. One of the most important being that it provides an environment where people can afford to have children and raise them to a high standard throughout the years of their youth. Birth rates in southern European countries fell during the financial crisis of 2007-2009 and then got significantly worse during the debt crisis of 2009-2012.

Any improvements that need to be made to financial policy revolve around the issue of making an economy that serves the national interest, rather than a nation that serves the economy. The political class -and their bankster masters- throughout The West have put chasing the dragon of GDP ahead of the interests of their people. Fundamentally, this is why they support mass immigration because they want cheap workers and more consumers.

The West's economic might was at its most proud when we had a large manufacturing base, something which has been greatly reduced. We need to start making things again. We need to clamp down on selfish currency speculators and casino banking practices, which leave White countries in recession and ruin.

With emerging economies in the developing world growing from strength to strength with an ever-expanding population, the need for competent economic policies is now more pressing than ever.

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Edward Saunders

by Edward Saunders

Edward Saunders writes for Republic Standard and is a life long right wing activist.

Britain