G20 Summit

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.

85 Comments

  1. Nice post. Here’s the music I wrote about this fiasco called “National Strike”, Enjoy: showcaseyourmusic.com > loren dean > National Strike!

  2. Dear Salvadore on 11-20-08 at 11:03 AM:
    First, you are correct. Second, for whatever reason we have indepentely stumbled upon many truths. Third, have been told from people inside to start covering my tracks better about educating others in the dark about subject material discussed. Know future attempts will be made to quash more and more of our free speech. Fourth, use an alais.
    Abe Lincoln

  3. Catherine,

    Thanks for all of the work you do… I always feel better coming to your sight (couldn’t help myself) I would love to know if you have read the American Monetary Act? and if you had what you think of it.

    If anyone has not they can find it at http://www.monetary.org. It seems very sound to me…. slightly hopeful but also wise and pure in its objectives

    For myself I feel like I have come to know the game a little late and vascillate between fight and flight… but where to fly to?

    As I float between making no decision … it is great to see so many equally concerned citizens of the planet.

    On top of that, having stumbled into knowing darkness…my appreciation for the beauty of people grows and I find myself watching for small caring moments, remembering how amazing it is to spread a little love when you can

    Peace Sebastian

  4. To all Concerned:
    Just finished reading NRA-ILA web site. Obama has just announced he wants Eric Holder as Attorney General. This will try to close up the second amendment. The G-20 is just the begining.
    Abe Lincoln

  6. Many good questions here. I am going to write more on green investing (which indeed has much good involved — yes we should always look for alignments.) and the use of derivatives to channel capital away from the real economy.

    Percolating,

    Catherine

  7. “The good news is we are the leaders. The bad news is we are the leaders.”

    This is very true. The people, just like on this blog, by way of numbers, have the power. What we don’t have is organization. Our power is fractured and thus dissapated. If ever comes the day when we get united under a modern day Jimmy Hoffa (who I persoanlly respected) or an bygone day council of patriots, and dicatate some better terms and conditions, then you will see some big changes and hopefully for the better.

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