We now stand at the edge of the global financial abyss of a ‘Great Global Debt Depression,’ where nations, mired in extreme debt, are beginning to implement ‘fiscal austerity’ measures to reduce their deficits, which will ultimately result in systematic global social genocide, as the middle classes vanish and the social foundations upon which our nations rest are swept away.
How did we get here? Who brought us here? Where is this road leading?
These are questions I will briefly attempt to answer.
How do central banks make a profit? The answer is simple: how do all banks make a profit? Interest on debt.
Loans are made, interest rates are set, and profits are
made. It is a system of debt, imperial economics at its finest.
The regional Fed banks were private banks, owned in shares by the
major banks in each region, which elected the board members to represent
them, and who would then share power with the Federal Reserve Board in
Essentially, it is the central bank for the world’s central banks, whose operations are kept ‘strictly confidential.’
As historian Carroll Quigley wrote:
In 1954, the Bilderberg Group was formed as a secretive global think tank, comprising intellectual, financial, corporate, political, military and media elites from Western Europe and North America, with prominent bankers such as David Rockefeller, as well as European royalty, such as the Dutch royal family, who are the largest shareholders in Royal Dutch Shell, whose CEO attends every meeting.
This group of roughly 130 elites meets every year in secret to discuss and debate global affairs, and to set general goals and undertake broad agendas at various meetings. The group was initially formed to promote European integration. The 1956 meeting discussed European integration and a common currency.
In fact, the current Chairman of the Bilderberg Group told European media last year that the
Euro was debated at
the Bilderberg Group.
That same year, the oil price shocks created a
wealth of oil money, which was discussed at that years Bilderberg meeting 5
months prior to the oil shocks, and the money was funneled through western
banks, which loaned it to ‘third world’ nations desperately in need of loans
to finance industrialization.
In 1979, Carter appointed David Rockefeller’s former aide and friend, Paul Volcker, who had held various positions at the Federal Reserve Bank of New York and the U.S. Treasury Department, and who also happened to be a member of the Trilateral Commission, as Chairman of the Federal Reserve.
When another oil shock took place in 1979, Volcker decided to raise interest rates from 2% in the late 70s, to 18% in the early 80s.
The effect this had
was that the countries of the developing world suddenly had to pay enormous
interest on their loans, and in 1982, Mexico announced it could no longer
afford to pay its interest, and it defaulted on its debt, which set off the
1980s debt crisis - collapsing nations in debt across Latin America, Africa
and parts of Asia.
Ultimately resulting in the re-colonization of the ‘Third World’ as Western corporations and banks bought all their assets and resources, and ultimately created the conditions of social genocide, with the spread of mass poverty, and the emergence of corrupt national elites who were subservient to the interests of Western elites.
people in these nations would protest, riot and rebel, and the states would
clamp down with the police and military.
In other words, the nations bought the debt from the banks, and now the people have to pay for it.
people, however, are immersed in their own personal debt to such degrees
that today, the average Canadian is $39,000 in debt, and students are
graduating into a jobless market with tens to hundreds of thousands of
dollars of student debt that they will never repay. Hence, we are now faced
with a global debt crisis.
At the onset of the financial crisis, China and Russia’s central banks began calling for the establishment of a global currency to replace the U.S. dollar as the world reserve currency. This proposal was backed by the UN and the IMF.
It should be noted, however, that the Chinese and Russian central banks cooperate with the Western central banks through the Bank for International Settlements - which the President of the European Central Bank, Jean-Claude Trichet, recently said was the principle forum for,
In 2009, the IMF stated that the BIS,
The President of the European Union, appointed to the position after attending a Bilderberg meeting, declared 2009 as the “first year of global governance.”
The 2009 Bilderberg meeting reported on the desire to create a global treasury, or global central bank, to manage the world economy. In 2009, prior to the Bilderberg meeting in fact, the G20 set in motion plans to make the IMF a global central bank of sorts, issuing and even printing its own currency - called Special Drawing Rights (SDRs) - which is valued against a basket of currencies.
In May of 2010, the IMF Managing Director stated that,
Thus, we see the emergence of a process towards the formation of a global
central bank and a global currency, totally unaccountable to any nation or
people, and totally controlled by global banking interests.
Meanwhile, the major banks of America and Europe speculate against the Greek debt, further plunging the country into economic and social crisis. The loan is granted, to pay the interest, yet simply has the effect of adding to the overall debt, as a new loan is new debt.
Thus, Greece is caught in the same
debt trap that re-colonized the Third World.
Further, state infrastructure - such as roads, bridges, airports, ports, railways, prisons, hospitals, electric transmission lines and water - will be privatized, so that global corporations and banks will own the entirely of national assets. Simultaneously, of course, taxes will be raised dramatically to levels never before seen.
The BIS said that interest rates should rise at the same time, meaning that interest payments on debt will dramatically increase at both the national and individual level, forcing governments to turn to the IMF for loans - likely in the form of its new global reserve currency - to simply pay the interest, and will thus be absorbing more debt.
Simultaneously, of course, the middle class will in
effect have its debts called in, and since the middle class exists only as
an illusion, the illusion will vanish.
Just yesterday, Europe experienced a wave of mass protests and social unrest in opposition to ‘austerity measures’, with a general strike in Spain involving millions of people, and a march on the EU headquarters in Brussels of nearly 100,000 people. As social unrest spreads, governments will likely react - as we saw in the case of the G20 in Toronto - with oppressive police state measures.
Here, we see the true relevance of the emergence of ‘Homeland Security
States’, designed not to protect people from terrorists, but to protect the
powerful from the people.
The global political awakening is representative of the fact that for the first time in all of human history, mankind is politically awakened and stirring, activated and aware, and that generally - as Zbigniew Brzezinski explains - generally is aware of global inequalities, exploitation, and disrespect. This awakening is largely the result of the information revolution - thus revealing the contradictory nature of the globalization project,
This awakening is the greatest threat to entrenched elite interests everywhere.
The awakening, while having taken root in the global
south - already long subjected to exploitation and devastation - is now
stirring in the west, and will grow
as the economy crumbles. As the middle
classes realize their consumption was an illusion of wealth, they will seek
answers and demand true change, not the Wall Street packaged ‘brand-name’
change of Obama Inc., but true, inspired, and empowering change.
So now it seems to me that the time has come for that to change.