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.
M Henkels has some belief that Obama has hopes for change? Hate to shatter your bubble but the ‘two party system’ is there only to fool those niaive enough to think a ‘democratic’ republic has a say in it’s future. The creation of the Federal Reserve in 1913 was illegal and constitutes a group of private banks who determine what the USA does and by inference the rest of the world. Rahm Emmanuel is probably more of a neocon than any in the current Bush administration and who is a self proclaimed ‘Israel Firster’ with time already served in the IDF and his father an ex Irgun terrorist who moved to the US. The best hope for the US and the world is if a new revolution occurs before these so called world leaders take us to Armageddon.
Many thanks Catherine for a succinct and insightful precis of what we are hearing.
This time they will fail. Thet are really not as smart as you think. They will try to rescue the financial system by declaring a Jubilee. How – create a new currency for international finance.
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.
BTW – Don’t expect anything great under Obama. He doesn’t know a macro from a micro, but is an astute socialist/marxist/revolutionary.
Why does it have to be the return of ‘Christ’? Christianity has only been around 2,000 years. Buddhism has been around 5,000 years and makes a lot more philosophical sense than Christianity, or Islam, or Judaism for that matter. When are we going to see the return of Buddha? Or the return of the extraterrestrials who may have engineered our DNA? Don’t get me wrong, I am a baptized Christian, but why does every topic always have to revolve around western Christianity? People are very close minded and quite elitist when it comes to religion. What if your given religion is simply not correct? What if the Buddhist or Hindu philosophers were correct, instead? What does it all mean?
Join in the march to End the Federal Reserve Nov 22nd
Well Catherine…
Why don’t you and your rich friends do something about this since you have far more power than any of us? All WE get is the same story…that its getting worse and no one can do anything. Yada yada yada.
I’m tired of reading the same old thing, over and over. WHAT ARE YOU GOING TO DO ABOUT IT LEADER???? Create another blog…?
These cental bankers have financed both sides of every war… for decades… They are comprised of the Europes riches families… Why should they rule our world? They pay no taxes, fight no wars and never starve of slave to get by like of us common folk… Why do you want to be ruled by the rich, the rich who have generations of blood on their hands?
The rabbit hole is about to be uncovered. And whether one likes it or not, we are all going to go down it.