The Editor of Expresso in Portugal wanted my take on the recent G-20 communique. Here is my “translation” of the official statement:
1. Now that the growth of debt and derivatives bubbles has stalled, we are committed to using governmental-central bank mechanisms to cover the positions of any of the large private financial institutions whose profits are at risk due to their management of these bubbles and who can use this opportunity to squeeze and acquire smaller rivals at low cost.
2. Our commitment to use derivatives and market interventions to shift investment from the real economy and commodities into a paper economy is firm. We will continue to use centralized governmental mechanisms to subsidize and manage this process.
3. All of the organizations and players who reaped a fortune engineering the debt and derivatives bubbles will be allowed to keep their winnings.
4. We will use this period of consolidation to further centralize the global financial system by enforcing greater centralization of the standards, practices and control of enforcement and regulatory bureaucracies. This increased governmental centralization will be presented as the “fix” for our “problems.”
5. We will continue the move toward one world government and one world currency.
6. We are prepared to use coordinated inflation of global money supplies and fiscal stimulus to protect our control and positions.
7. We are committed to the Slow Burn (see my blog post on this subject).
8. This process will continue to be managed to protect large insurance and risk positions.
9. The net result will be to continue to exercise growing control over the real economy by a handful of private families and institutions designed to protect and grow intergenerational wealth.
G-20 are silent on the military and covert action that will be required to make this stick. They are also silent on how they are going to manage this much inflation. For example, the most recent figures from the St. Louis Fed indicate that the aggregate monetary base is growing at an annualized rate of almost 800%.
Watch for a new focus on “green investing” as the trick in all of this will be how to create new productivity when the absence of real prices mean there is no market to provide the necessary signals and financial incentives.
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Video clip: Catherine Austin Fitts discusses Housing Bubble fraud in 2008: Live from San Francisco
Following a successful career on Wall Street, Catherine Austin Fitts was appointed U.S. Assistant Secretary of Housing / Federal Housing Commissioner in the first Bush administration. Catherine’s story is chronicled here: dunwalke.com.
Catherine-
You wrote- “Watch for a new focus on “green investing” as the trick in all of this will be how to create new productivity when the absence of real prices mean there is no market to provide the necessary signals and financial incentives.”
Sounds kind of like investing in the space program in the 60s and not having a clue where it would end up or how you’d get your money back. If I were the tapeworm, I’d see unlimited possibilities. I gather you don’t like predicting the future, but could you expand on your point with what you possibly see happening in that regard?
Catherine,
The central bankers around the globe seem to believe that their is no way they will lose. What do you believe are the chinks in their armor?
Is it possible that as money becomes more scarce, that people may initiate local (underground) monetary systems rendering central banking obsolete?
Having been slaves to television since the 1950’s, I would think that the novelty of recreating physical(not internet) social networks based on mutual dependence may cause materialism to take a back seat and in turn allow local economies the ability to create and use a small, local monetary systems. In addition, this might eliminate the unnecessary interstate transportation of useless products.
It seems to me that the central bankers are only in power because people believe in their idea of money. Their power is contingent upon our belief in their system. I just want to know if their is a way to help others lose this belief. It is astounding that central bankers are going forward with plans for global domination assuming, probably not even considering, if the belief will hold. I look at 700,000,000,000 dollars and just laugh. It is not real. The only thing that is real is how we decide to exchange resources. They are lending trillions and it has changed my way of looking at money. Maybe, Bernanke will wake up one day with no one believing the scam anymore, and he would be carted of in handcuffs or even better, just ignored.
Thank you for your integrity and perseverance.
Strother
Excellent translation! How many followed the G-20 a week before in Brazil? San Paolo, Brazil, November 7-9, all G-20 Finance Ministers and Central Banks were there. That is where the deal was struck.
William Stevenson, “A Man Called Intrepid”, and the Canadian hero, united the European underground prior to the outbreak of WWII, with a secure, simplistic plan. The effectiveness of the plan was instrumental in the defeat of the same Evil in another time of darkness.
The formula was/is simple… “Wheels within wheels”, or circles of patriots. Imagine circles intersecting or touching other circles by only one person in each circle. Now, imagine our nation covered with these circles. “Wheels within Wheels”. I have a circle and I know other circles; all are linked by only one person in each circle. Those in my circle likewise know one in other circles. I have no idea who is in those circles, but they are spreading. There are no memberships, no lists, no dues or donations, no leaders. Just people taking their own own responsibility to get organized and UNITED against the Enemy as “Resistors”, “Minutemen”, PATRIOTS, REVOLUTIONARIES. Quietly we unite and, in civil-disobedience, we prepare, organize and establish alternative methods of communication to defend our Constitution, protect our loved ones and free our land from the scourge that is upon us.
If we neglect to organize, there can never be unity. Without unity, our goal to restore our highest law cannot be won. Our Constitution protects us only if we ACT BEFORE the knife is at our throat.
We must broadcast this message freely, urgently while there is yet time. Will you?
Form your private circles, fellow patriots, spread the word, and take heart as we expand exponentially throughout our land. The leaders will arise from among us, when the time is right.
Until then, we lay the groundwork. Afterall, we are the Grassroots.
May our Lord be with you and yours in victory over His Enemy and ours.
Catherine,
I would have sent this directly to you but I hope this blog spot will do.
I have followed your writings for years and am so pleased that you have a publicly available voice during this particularly challenging time.
Not to take away from the cogency of your post, but I want to veer slightly off topic here — the phrase that caught my eye was your caution (?) to “watch for green investing” as the option to create productivity and I want to share with other eyes my thoughts about how that can be a very good thing…
As in Aikido, use your opponent’s own momentum to bring about the trajectory you seek.
If TPTB are going to make a break “our” way by investing in ‘green’ — i.e., moving towards the “green” ala companies like mine (the Natural Burial Company) that are out to change an existing business paradigm, then let’s give TPTB a hand at being green, by all means. Embrace all efforts to improve.
Deeply embedded in the potential of the “green” economy are a myriad of routes toward business behaviorial change that lead to sustainability. Sustainability is good – and it’s absolutely GREAT for an economy… While the centralization of power can be a negative thing (but not always; witness the Sun), the I Ching says that the power of the great cannot hold; there is no permanent enclave of power, and if we can leverage the greed for power into the greed to do more of the right thing, then that might not be so bad — or at least it could buy us some time.
Once a little bit changes, a lot more can change — sometimes it just takes the pebble rolling to start the avalanche. We should not be afraid of the changes. We need them. And we would do well to seek out the places that need change most, and then put ourselves in service, right in the middle of their paths. Greening stagnant processes is like moving old chi — it can stimulate the culture’s immune system and bring about new possibilities.
For example, in the industry (funerals, burials, cemeteries) I have chosen to do my current business work in the world in, there are materials and processes used in sector after sector that are ripe for change. Simple steps like changing out materials and offering new procedures work like tiny levers that could move whole supply chains. If supply chains are being disrupted anyway, what better time than now to change them and prod them towards more sustainable directions?
In my field, the current 50+ year paradigm of business-as-usual is bankrupting the funeral industry. Even though they technically manage assets (cemeteries) “forever” they can’t even afford to do 20-year look-aheads, their fiscals (not to mention, the environmentals) are so bleak – and goodness knows what SCI’s endowment care maintenance monies look like now that the Dow has tanked.
And, in addition to the dreadful mismanagement of “pre-need” and “perpetual care” funds, the industry collectively wastes huge amounts of non-renewable resources like land, stone, steel and plastic, containing an enormous amount of embodied and industrial energy (see http://www.beatree.com); they have a disconnected process that alienates and infuriates 90% of the consumers who are all forced to use their product; their cemeteries are under-funded and filling up and, when they’re full, many of them will become wards-of-the-state, paid for in perpetuity by the citizens who have to mow, water, herbicide and pick-up after them for centuries.
Their model is broken, and they can’t afford to see, much less correct, its mis-steps UNLESS everyone else is engaged in the process of self-correction at the same time (and that’s a key, IMO – asynchronous but concurrent self-correction, across the board, with the assumption that whomever fails to self-correct appropriately for their particular circumstances will, when the tallies are rung, be seriously out of step and perhaps go the way of sleeping investment bankers.) Turning towards sustainability is actually the best thing that could happen to this group.
And when the funeral industry greens, it will be an improvement for everyone – the business owners, the citizens, and the cities who will be spared the future burden of the inevitable bankruptcies when the model fails. That’s the kind of green that makes a big difference beyond its own boundaries and into the more generalized territory of society as a whole. This is an industry that can green-up pretty fast, and my guess is there are a lot of industries like it who could, with slight shifts in just the right spots, grow new branches almost overnight.
Plastics shifts to fibers.
Transportation shifts to in-situ supply.
Temporary construction shifts to renewable semi-permanence.
Annual shifts to perennial.
Waste is captured and repurposed.
Cutting down and clearing shifts to tending and growing.
So my challenge to all who are still in the business-as-transformation game is to pick an industry that NEEDS to green – don’t do “fake” green – pick the REAL green, where the gains will be multiplied throughout society, beyond the simple fiscal bottom line and deep into the Popsicle Gradient (thanks, Catherine) where returns are exponentially grown into a whole new type of value – a value beyond money, and approaching where “value” ought to reside: in the constantly improving quality of life for all beings and all creatures who share this place we call earth.
Money – value – can be grown here.
And as far as this “they” thing goes – there seems to be a lot of fear about “Them”. We are they. Do “they” want a one-world-economy? Then give it to them: environmental and social stability as evidenced by a Peace (read “popsicle”) Index throughout the One World – the only one we’ve got; “they” want a one-world-currency? Then give it to them: don’t stop at carbon — push on through to the accounting of ergs of sunlight, as translated into physical matter flowing through the biosphere (or stored as oil/coal/carbon), measured in the currency of energy, the measure of the sun-fueled work that it takes to get something physically done, that Buckminster Fuller called for in his thoughtful masterpiece, “Critical Path.” “They” want a one-world-government? Then give it to them — to ‘us’ — and ensure that some version of ‘green’ is an inescapable part of it. Them is us.
Sometimes, when you’re running a race, everyone gets all frustratingly jammed together and even though you’ve got the speed to outrun them, you just can’t get through because everyone’s all interlocked, holding one another to the same slower pace. So you wait, and you “jockey” for position, and you look for your hole, and you take it when it comes. You don’t miss your hole because you may not get another one in the same race.
I think “Green” is the hole in this pack. Some people are creating the opening, and we should take it. Sustainable alternatives; necessary products that are relevant to the basics of living and dying; Share your cash (send some my way!); pick an industry where not enough is being done (mine, for example…); invest in useful things that we need more of; MAKE GOOD STUFF… the world will love us for it.
Thanks for the soapbox and platform.
Thanks for your perspective.
Thanks for your tenacity.
Keep looking for those popsicles!
And don’t give up!
Cynthia Beal
Natural Burial Company
changing the way we do the very last thing…
As one part of the solution to the current and longstanding global financial instability, the world is moving to a Single Global Currency, managed by a Global Central Bank within a Global Monetary Union. Ms. Fitts may disagree with that trend, but the world will be better and less risky for it.
The success of the euro shows that monetary union is the best way to ensure monetary stability. The primary problem with the euro and currencies of other monetary unions is the multi-currency system itself where currencies fluctuate in value against each other. If 16 countries
can use the same currency, why not 192?
In addition to eliminating currency risk, the use of a Single Global Currency would eliminate the current foreign exchange trading expense of $400 billion annually, eliminate current account imbalances, eliminate the need for foreign exchange reserves (now totalling more than $3 trillion);
and bring other benefits worth trillions.
The Single Global Currency Assn. promotes the implementation of a Single Global Currency by 2024, the 80th anniversary of the 1944 conference.
That’s only 16 years away. The world is moving toward a Single Global Currency through the creation of monetary unions in Asia, North and South America, Africa and the Middle East and the
expansion of monetary unions in West Africa, the Caribbean and Europe.
The Assn’s website is http://www.singleglobalcurrency.org. See the book, “The Single Global Currency – Common Cents for the World.”
Morrison Bonpasse
President
Single Global Currency Assn.
Newcastle, Maine, USA
“Hopefully, and very soon the Fords, Rockefellars, Rothchilds and Warburgs finally die off and we find a way to turn the Federal Reserve Bank into a public institution vs a private bank for the rich and then we may have a chance to be free.”
It’ll never happen in your lifetime. And your children will never see it either. The elitist hold their power for a reason, and it is by birth within royalty and reigning bloodlines from the days of the pharaoh. The money is but a tool used to manipulate the sheeple into pens, and nothing more. The elitist have what they want, and will continue their conquest, because they can.
Many people think we are entering a fascist state; some a socialist state. It really doesn’t matter how you view it, it is a totalitarian rule which will occur by those that called themselves jews. Did you know the most important jews are in fact british, and rule in Britain? Yet, what of the official jewish state of Israel? A purposeful disguise and distraction which seconds as a strategic location of military rule. It is their objective to eventually have the land of Jordan, Syria and Lebanon which will empower them further to secure Egypy (their homeland).
Just look at Obama’s picks for cabinet and other positions:
Rahm Emanuel, Chief of Staff (you should check his history carefully…full of goodies)
Emanuel, a former Bill Clinton adviser, is the son of a Jerusalem-born pediatrician who was a member of the Irgun (Etzel or IZL), a militant Zionist group that operated in Palestine between 1931 and 1948.
Penny Pritzker is the top choice of President-elect Barack Obama to become his secretary of Commerce.
Penny Pritzker billionaire heiress of Hyatt hotel chain national finance chair of president-elect Barack Obama’s campaign said to be his top choice for Secretary of Commerce
The 49-year-old billionaire was national finance chair of Obama’s record-breaking presidential campaign that raised in the neighborhood of $640 million.
Pritzker donated $37,300 to various Obama fundraising accounts this cycle and was named a member of his Transition Economic Advisory Board.
She is an heir of the Pritzker family of Chicago that founded the Hyatt chain of hotels. Her brother, Jay Robert “J.B.” Pritzker, was a national finance chair for Obama’s New York rival, Sen. Hillary Clinton, and is listed among the top 150 richest Americans.
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Penny Pritzker is currently chairwoman of Classic Residence by Hyatt and is listed as among the wealthiest 140 Americans, with an estimated fortune of nearly $3 billion.
Today Obama announced that Arizona Governor Janet Napolitano will be the new head of Homeland Security. Napolitano is highly partisan and has been an unmitigated disaster for Arizona.
She christened herself the “education governor” when she came to office and has succeeded in plunging Arizona schools to dead last place in the Nation’s school measurements.
She is an OPEN BORDERS advocate and did everything to stall any voter initiatives to curb illegal immigration. She then made political postures to make herself look good like deploying the Arizona National Guard to the border- trouble was, they had no guns and spent their time as auto mechanics or clerks- they were never allowed to patrol the border or ever challenge an illegal.
Crime in phoeins has SKYROCKETED since she came to office, much of it drug gang or coyote related.
Arizona continues to suffer a string of deaths at the hands of illegals, several police officers have been murdered, and just last weekend a drunken illegal killed a 17 year old girl in a traffic accident – Napolitano does nothing, didn’t even acknowledge the problem.
Gen. Norton Schwartz, a cargo aircraft pilot who has special operations experience, and who is Jewish, as Air Force chief — a pick that signals the Pentagon wants the force to focus on supporting the two wars, U.S. officials said.
Many more jewish civil servants to come. Keep your eyes open, and see through their veil. Otherwise, they will forever be your ruler.
My-interpretation:
We’re-screwed,so-lock-and-load
your-AK-47’s!!!