“When it ceased to be the means for fair transactions and became the determinant of transactions, it caught hold of the whole world, and enthralled it to arbitrary power. It was a brilliant confidence trick, the more so because people still believed in it no matter how many times it failed them personally or nations generally.” – Justin Barrett, ‘The Nationalist Reset’

Introduction

The Irish nation has produced a disproportionate number of unorthodox economic theorists. We’ve certainly punched above our weight, whether one examines our people’s contribution to protectionist theory – Matthew Carey was a forerunner to the ‘American System’ and his son, Henry Charles Carey, was its leading theorist – or our conspicuous involvement in monetary reform circles in the 20th century. 

Justin Barrett’s new economic booklet, ‘The Nationalist Reset’, is the latest addition to that proud, albeit unacknowledged, tradition. Those who are unacquainted with the finer points of economics may be hesitant to read this work. However, they should not be dissuaded. Barrett writes about the subject in a clear and intelligible manner, without mitigating the substance of his points.

The obfuscation of otherwise simple ideas by economists is a frequent theme throughout the text: “Certainly there are niche areas of economics, as in all areas of life, where precise technical skill is required, but the basics… are not beyond the understanding of the ordinary mind” – given the criminal nature of the financial system, is the professional economist’s desire to confuse you surprising? 

“usura, sin against nature”

Although Barrett conceives of the nation in non-materialist terms, he nevertheless is cognisant that “the national economy cannot be ignored when thinking in practical terms about a Gaelic Ireland or its freedom”. Key to the text is the distinction between productive capital and finance capital, and the latter’s parasitic relationship with the former. 

To illustrate his point: almost every loan conferred to individuals by banks requires not only that the individual in question pays back the loan, but also that they pay back interest as well. And furthermore, that interest is compounded: “If it’s 6% per annum then that’s 6% on the original sum in year one but it’s 6% of 106% of the original sum in year two”.

Rather than assisting production, such lending hinders it by forcing individuals to pay back interest on top of the loan – if there was no interest, that money could be used to buttress production. It is also ethically problematic that banks accrue profit from lending money – money which is contrived, as Barrett explains in his section on Fractional Reserve Banking – rather than from productive endeavour. 

Barrett’s opposition to usury is by no means novel. The critique of usury on moral grounds stretches back to Aristotle, who stated in his ‘Politics’: “usury is most reasonably hated, because its gain comes from money itself and not from that for the sake of which money was invented. For money was brought into existence for the purpose of exchange, but interest increases the amount of the money itself; consequently this form of the business of getting wealth is of all forms the most contrary to nature”.

It would be exhaustive to reproduce and fully detail each argument made throughout the booklet, but suffice to say that Barrett argues for his contentions cogently. After making the delineation between productive and finance capital, he goes on to contend that short and long term debt cycles—the latter resulting from the incremental growth of the debt burden after each short term debt cycle—derive, ultimately, from the parasitic finance capital system. 

Conspiracy or Systemic?

The next section ‘Past and Prediction’ is more topical, dealing directly with the rationale underpinning the last two years of lockdown. In contradistinction to others who opposed the lockdown, Barrett is sceptical “of those who propose to give definitive explanations”

One is forced, if they are to approach this matter reasonably, to speculate based upon the disparate facts within their purview—this is Barrett’s approach, and it is refreshing when juxtaposed with the less than lucid approaches of others in the anti-lockdown movement. 

When one considers the radically oscillating narratives about covid, as well as the sheer pervasiveness of slogans such as “Build Back Better” and “The Great Reset”, it is transparent that something strange underlay the last two years of lockdowns and mass hysteria. Barrett aptly states: “There is no point anymore in anyone arguing that any of these things are the invention of conspiracy theorists or mad people”. 

Barrett refuses to ascribe every happening to conspiratorial intrigue. Equally, he refrains from conspiracy denial—the position that posits that clandestine, powerful groups exercise little influence on the affairs of mankind. Eliding both extremes, Barrett contends that systemic forces—namely the long term debt cycle; itself the outcome of the system of finance capitalism—has impelled such groups to adopt a broadly similar agenda. 

Nationalism vs Globalism 

Barrett conceives of two mutually exclusive solutions to the long term debt cycle: a globalist reset or a nationalist reset. The globalist reset is internationalist in nature and, if instantiated, would mark the death knell of private property, according to Barrett. Concomitantly, a new transnational elite would emerge. 

The Nationalist reset, as envisioned by Barrett, is a thorough repudiation of the finance capitalist system. Against a laissez-faire approach to usury, Barrett believes that money should be a “representation of production, not the controller of it. Money should never be interest bearing”. Furthermore, he believes in the “State ownership of all private banking, for only a State Bank could see itself as servant of the economy in service to the Nation and not of itself a profit-making device”.

Conclusion 

The German philosopher of history, Oswald Spengler, argued that the final conflict in Europe would be between blood and money (international plutocracy), and that the former would indubitably triumph. 

If this is true, then works such as the ‘The Nationalist Reset’ represent an important development against the rootless forces of international finance capital. For only the politics of blood, history, and identity can overcome the power of money. I strongly encourage all Irish Nationalists who take an interest in the economic aspect of our revival, as well as those that simply desire a primer on nationalist economics, to read this booklet. 

Posted by Mark Boland

5 Comments

  1. bells of shandon 22/03/2022 at 12:46 pm

    I have one quibble with Justin Barrett’s use of the term Fractional Reserve Banking.
    There is no such thing in modern Banking as FRB.
    It is a myth used to obfuscate the method of creating money.
    Money is created by a Private Bank when it issues a Loan to a Borrower.
    The Borrower offers collateral as security sometimes, but not always.
    The Bankers assess the risk and the Borrower signs a Loan Agreement. The Bank does not sign.
    This Loan Agreement becomes a Financial Security and can be traded.
    The Borrowers finds the Loan deposited in his Account.
    The Bank does not admit it put it there, but that it will be found there.
    Building Societies and Credit Unions operate on a different system. They do not create money.
    They take in deposits from the Public and pay interest rate on the deposit. They Loan out the accumulaled deposits at a higher interest rate , to cover costs and payroll. They are meant to be owned by their depositors as in a CO-OPERATIVE sense but not always in practice.
    To fully undesrstand the Money System I reccomend the many instructive videos of Professor Richard Werner on U-Tube.
    He is the expert who conceived the Quantitative Easing policy used to help Japan recover from its Crisis in the ’90’s.
    Unfortunately QE w as misdirected to the Financial parasitic sector by Western Central Banks, and not to the Industrial rejuvenation sector as advised.
    China’s Phoenix like Economic rise is a classic example of investment in Industry to create wealth and jobs from resource exploitation, the chief of which is the labour ,ingenuity and energy of its people.
    Present inflation trends can be directly laid at the printing of money which is supplied to the Financial
    Casino of speculation, without benefit to the majority of the Population.
    The collapse of the Gold Standard in 1971 paved the way for the massive creation of money and the resultant Property price infaltion that resulted.
    The introduction of the Petro dollar in1973 cemented the Hegemonic monetary Power of the US dollar.
    This has led to the present crisis in Ukraine, which is but a symptom of the efforts to maintain the US dollar power against the new Financial architecture along the Silk Road being created by Russia,China and its partners.
    History is being made as the East rises and the West declines,
    Buy Rubles and Yuan, sell the dollar.

    Reply

  2. Ireland’s housing market is in as big a mess as in 2008 , expect a castle of cards of cards to tumble by yr end .

    Reply

  3. Great to see that Ireland’s fascists have solved economics, when the greatest minds of the past centuries still struggle with it. We can all look forward to the final solution to our economic issues in the coming years.

    Reply

    1. Seán Ó Bresláin 30/03/2022 at 11:04 am

      All the greatest minds solved economics for THEM. They are all loaded while the middle class are stuck renting. Time the economy worked a bit more for the Nation and not the few multinational companies.

      Inflation is just another massive tax on working people who have a static income. The mega rich are sitting pretty on their capital watching it appreciate.

      Reply

  4. Ivaus@thetricolour 31/03/2022 at 5:25 am

    The odds have always been in their/elite favor. One does not have to be a
    qualified fool to debate the behemoth diversity in wealth/ assets that has
    exceeded Victorian Vulture Times.
    In fact, if we look at the last decade alone, CEO salary has jumped from 300+ to
    900+ times greater than an average/basic income.
    Do you want to include THE TAX MAN. A continuous growing library of
    utter shite for their benefit…Tax Evaders ….not for the benefit of 99% mugs.
    Considering how TAX evolved,thanks to the royals,what it was then and what
    it is now…and now per capita…they pay next to fu.k all, along with the rest, like…
    hang on,I’ll have to google that bit…but everybody knows WHO THEY ARE !
    I Know who the richest person is ,on this planet now, it includes land globally.
    I Know that 99% of all wealth and assets are controlled by less than 1%, which
    means THE 99% control 1% of the same.
    I know that with those odds in my favor, 99/1 it is a good bet,a sure winner.
    I also know that there is no point in flogging a dead horse, I get it, I know now.
    So, I will thank Justin Barrett, and ANY MAN that has the balls to stand up and
    offer an ALTER-NATIVE, the ridicule is pointless because WE have all been
    ridiculed…for far toooooo Fuuuuuu.king loooooong. WIDE AWAKE MAN.

    Reply

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