Armenian Libertarian-Socialist Movement

Global, Caucasian and Armenian politics in anarchist perspective

“America: From Freedom to Fascism” and the question of Banking in Armenia

Posted by kronstadt on February 9, 2007

(you can watch a larger screen version on ) 


I stumbled across this documentary during one of my regular visits to “Martuni or Bust!” blog.  This documentary by award winning director/producer Aaron Russo (who nearly won Libertarian Party‘s presidential candidacy in 2004) titled “America: Freedom to Fascism” is 1h49min long, but well worth the watch.  It’s a wake up call not only to Americans but also to everyone around the world.  It talks about the many plans which in effect will result in further and total enslavement of the people and the rise of the Total State.  Consider some of these: 

  • By May of 2008 the law will require you to carry a bio-metric national identification card, which will contain the info about your DNA, Retina scan, finger-prints and other info and the card will be connected to a governement database !
  • There are plans being developed to have all Americans embedded with a Radio Frequency Identification (RFID) computer chip under their skin so they can be tracked wherever they go?
  • The Supreme Court has ruled that the government has no authority to impose a direct unapportioned tax on the labor of the American people, and the 16th Amendment does not give the government that power?
  • That computer voting machines can be rigged and there is no way to ensure that vote is counted? 

These are no long conspiracy theories, these are actualities. 

This is the “Director’s Final Cut” authorized version of Aaron Russo’s documentary, America: Freedom To Fascism (AFTF). It is being uploaded to Google Video for the first time during the evening of October 19-20th, 2006. Aaron has listened to everyone’s feedback – volunteers, students, lovers of freedom & liberty, young and old alike – and, true to his word, he is putting this up “for free” on Google Video knowing that the hour has come for Americans to either be awakened to restore the Republic or be swept aside by the dark global forces of fascism that seeks to enslave mankind.  

and here is the interview with Aaron Russo: (you can watch a larger screen version on 

Though I agree with much of what is being said in the movie, I should say that the Director’s knowledge of economics is good, but not good enough.  As a person who studied economics for 7 years, I can say that shutting down the Federal Reserve and bringing back the gold-based currency, will not result in a type of change that Russo aspires to.  The economy is based on it and by now addicted to it.  If anything, this move from production-based (current production and future production) to gold-based currency will collapse the US economy as well as many other economies deeply engaged in regular trade with it.    However, as you watch these videos, keep Armenia and its politics and economics in mind.  Remember facts like, for instance, the recent acquisition of Converse Bank (arguably Armenia’s best and largest bank) by Mr. Eduardo Eurnekian, an Armenian businessman from Argentina, who holds monopoly over running ofZvartnots Airport for the next 30 years.  


In Armenia, I believe, further to the production-based currency system we need to establish a CO-OPERATIVE BANK – similar to that in the UK, which has been the financial power of the Cooperative Movement for over a century.  Basically, it is a Bank or a Credit Union started by the people and for the people.  It invests in people and projects that would be environmentally friendly and ethical.  It carries many traits of Proudhon’s proposals for “People’s Bank”. 

On one hand there is a shortage of money: peasants and workers of Armenia need some start-up capital to jump-start their collectively controlled enterprises (farms, workshops, factories).  On the other hand, there is money sitting around idle (not in circulation)… not much and not for long (even if for few hours), but nevertheless ordinary people do get some money in their hands every now and then — they often keep it in form of hard-currency in their homes.  Even if they keep that little money for a little while, this money could be put to use for the development of the economy and Empowerment of Armenian peasantry and proletariat without the actual person loosing or risking that money — this financial trick can be done only through a Banking system.  This claim is based on my friend’s PhD research which examined how a development of an efficient banking system could be the 3rd way to the development of Pakistan. 

This claim is not wild.  Consider this:  most of British economy is based on the City of London (1 square mile in the heart of London).  The Global Capital revolves around the world 24/7.  Over $3 trillion travel around the world every day (just pause to contemplate this figure).  When the stock exchange in Tokyo closes, the New York stock exchange is not open yet. But London stock exchange is open for a time-window of 4 hours, and since City of London (unlike Frankfurt) does not tax on these transactions, all that money travels from Tokyo to London, where is spins around for 4 hours before it enters New York.  These 4 hours of spinning this money (investing and reinvesting) is enough to uphold most of the British economy. 

Now consider this model on a lot smaller scale implemented in Armenia in a way that serves the interests of ordinary Peasants and Workers rather then the interests of powers that be.  Every little helps.  Every penny must be kept in circulation of investing and reinvesting

Ideas in themselves, no matter how brilliant, are not enough to liberate and Empower people.  There must also be a strong Material basis, so that it finances that kind of Action and Practice that puts the ideas into practice.  In other words, there must be a Credit Union first, which would later grow into a Cooperative Bank (initiated and controlled by the Movement), which would finance economically-viable collective enterprises and cooperatives in Armenian villages, which agree to the ideological frameworks of the Bank (The communally owned means of production, collective benefit/loss from the enterprises and Directly Democratic decision making on the direction of the Hamainq)               


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