The High Noon Of Capitalism: The Overthrow Of The Advantages Of Lenders Over Borrowers In The 'Rule Of Law'

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Capitalist dogmas, like the Ptolemaic Church doctrines of medieval Europe, are doomed. Money cannot be the center of life; and the 'rule of law' cannot continue to conceal the stealthy Darwinistic net advantages of lenders over borrowers.

The dogmas of Capitalism are archaic. They are enframed in the Solomonic creed: "The rich ruleth over the poor, and the borrower is servant to the lender" [Proverbs 22:7]. We must free Capitalism from this creed or risk World War III. The accumulation of vast global financial, commercial, industrial, technological, and media powers in fewer and fewer hands, with no social responsibility or accountability, is dangerous -- and ultimately catastrophic. Oswald Spengler, author of The Decline of the West, wrote: "Thinking in money generates money." But he also warned against the coming "conflict between money and blood."1 Let me repeat his words: "The sword is victorious over money, the master-will subdues again the plunderer-will."2 Financiers and bankers -- at the Federal Reserve Bank, at the International Monetary Fund, at the World Bank, etc. -- better understand that the "dictatorship of money" ultimately breeds economic totalitarianism, and totalitarianism breeds war.3

The high priests of finance and banking are doomed to lose their authority. The financial calculus depicted in economics and finance textbooks is manifestly wrong. It does not reflect reality. There is no hint in the formulas of finance of the greed of the marketplace, of its foul and unfair competition, and of its predatory practices. Under the glitter, sizzle, and magic of the market you find price-fixing, stock-price manipulation, cheating, juicing, profiteering, counterfeiting, dumping, pirating, fraud, deceit, collusion, conspiracy, coercion, economic plundering, malice, etc. often masquerading as meritorious virtue.

Current financial theories conceal the malice of a world order based on "lordship and bondage."4 The debts of families, the debts of governments, and the debts of businesses are nothing but economic bondage. The fetters and shackles of Babylon and of the Greek and Roman empires have been replaced by usurious contracts that indenture or enslave at a distance. The theories of finance must be overthrown and replaced with The Quantum Theory of Economics where the Good and Evil dimensions of our acts and the Free and Slave dimensions of our being become explicit.5

Debt and usury plague hundreds of millions of people around the globe. A World System that is based on debt and usury secured through net litigation advantages for usurers -- is doomed to collapse. I suspect the collapse will be spontaneous and global. No army and no military weapons can stop a global run on the Justice System. A global run on the Justice System means that all unfair and unjust contracts around the world are spontaneously declared void ab initio.6 It also means that money loses de facto its coercive power -- and the Darwinistic in the 'rule of law' its unmerited legitimacy.

The high noon of Capitalism will be soon upon us. The 'rule of law' is due for a bloodless revolution. The Darwinistic net advantages of lenders that are deeply encoded in legislation must be eliminated. Thomas Jefferson's work -- the repeal of the laws of entail and primogeniture, the establishment of religious freedom, etc. -- must be completed with the overthrow of all the stealthy net advantages of debt creation and usury in the constitution and in the legislation.7

Dr. Edward E. Ayoub  


1 Oswald Spengler, The Decline of the West. Abridged Edition by Helmut Werner. English Abridged Edition prepared by Arthur Helps, from the translation by Charles Francis Atkinson. Oxford, UK: Oxford University Press, 1991, pp. 408 and 414.

2 Ibid., p. 414.

3 'Dictatorship of money' is Oswald Spengler's expression, ibid., p. 393.

4 The philosophy of "lordship and bondage" is Hegel's. See G. W. F. Hegel, Phenomenology of Spirit. Translated by A.V. Miller with Analysis of the Text and Foreword by J.N. Findlay. Oxford, UK: Oxford University Press, 1977, pp. 111-119.

5 Edward E. Ayoub, The Essence of Capitalism. Toronto, ON: Macroknow Inc., 2000.

6 For a thoughtful discussion of Civil Disobedience, see John Rawls, A Theory of Justice. Cambridge, MA: Harvard University Press, 1971. See also The Arguments for the Principle of Fairness, pp. 342-350.

7 For a historical perspective on Jefferson's attempt at "a legal counterattack that would completely overthrow the English legal system," see Willard Sterne Randall, Thomas Jefferson: A Life. Willard Sterne Randall, 1993. New York, NY: HarperCollins Publishers, Inc., 1994, pp. 283-309.

Posted September 27, 2000. For Release October 1, 2000.