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. Just try and make Canada part of your one world government, they dont call road here the sea to die highway for nothin!

  2. Catherine,

    Thanks! Talk about hitting the bullseye.

    Mike,

    I would like to profer a comment. You are a communist. That is fine, just don’t drag the rest of down with you. Of course, you will need everyone to paticipate in your so-called “equity positions” in order to stabalize the base of your communist Ponzi finance schemes.

    Communism, socialism, whateverisms are simply slave systems under the guise of egalatarianism. I prefer to live in a country where my Natural Rights are secure and the voluntary free exchange of goods and services is the economy. All rights stem from property which you so nonchalantly dismiss as “socially-owned” which is akin to saying the state owns you. I am no man’s property.

    Unfortunatlly for me, the Hegelian Dialectic has been perfected and you seem to be correct. This latest problem-reaction-solution crisis will likely result in a world-wide neo-mercantalist feudal system enforced by a technological police state.

    So congratulations and please consider this as you are standing in line to get your gasoline ration card.

  3. Harry,

    So Bob Chapman is scary and a bit of a looney(to you) because he is intelligent to anybody with a brain.You need to do the work yourself,stop asking people.You know where to find the information so study it!!!Like the rest of us,it is knowledge.No one knows exactly what is going to happen and when.Stop labeling people that are truly working hard.Catherine,excellent analysis as usual.

  4. Long live the Old Local Chaos (OLC). Down with the New World Order (NWO).

    I hope all of you are buying land in the country. Anyone want to become an organic farmer? I do!

  5. To all Americans and Citizens of the World:
    Please re-read all nine categories. Especially numbers two and five.
    Number two: “Our commitment to use derivavatives and market interventions to shift investment from the real economy and commodities into a paper economy is firm. We will use centralized governmental mechanisms to subsidize and manage this process.” (A) Please look into J. P. Morgan and see how heavily they are drowning with derivatives and we want to follow in their footsteps?(B Market intervention from a government standpoint is to take your pick: Socialism or Communism. (C) A paper economy is firm. Hello, the more paper you print the less it is worth. Also, please tell Ben Bernake that everytime he keeps lowering the Fed rate, the dollar is worth less in value.(D) Use centralized governmental mechanisms to subsidize and manage this process. (D) We already have that. Welfare, Food Stamps, Aid to Dependent Children, Housing Vouchers, etc.(E) Manage this process. Does anyone not know that ever time the Government gets invloved; it takes twice as long to get it done and usually ten times as much as the original price that the free market system would cost to get it done.
    Number five: Moving toward a one World Government is what the Illumanti wants. (A)This fine group of people want to bring about this one World (God-less) Government. Anyone ever heard of the Anti-Christ? Please by no means believe me, go to the Internet and research yourself the word Illumanti. One World currency. (B) This will be none other than take the mark of the Beast yes, that is Mr.666 to the uniformed. Again, go to the Internet at research yourself. You will be glad you did! Wake up people, I am not a; “chicken little the sky is falling type person!” Everything I have written is the truth. When seeking the truth it will present itself to you. Enjoy your quest!
    Abe Lincoln

  6. I’m an old economic-democracy-socialist who has long seen social ownership plus on-the-job-democracy as a very practical, efficient & sensible way to run an economy. Various others have been increasingly advocating it, too, such as David Korten in “The Post-Corporate World,” and Cavanagh & Mander in “Alternatives to Economic Globalization.” In fact, a major Brazilian industrialist, Ricardo Semler, CEO of Semco, has welcomed & encouraged on-the-job into his large Sao Paulo manufacturing plant [see “Maverick”].
    It’s not such a great leap from a bursting derivatives bubble to a socially socially-owned and democratically-run economy, considering the ‘equity positions’ being suggested, and that it is the taxpayers who are ultimately bailing out Wall Street and possibly Detroit. So, I’m wondering if Catherine or someone else would care to comment here? Thanks, MaysvilleMike

  7. In response to Eileen Nov 17th and Charlotte Nov 19th you are either not paying attention or are very naive in believing that Hussien would ever put some one with Cathrine Fitts abilities and unbelievably accurate insite into his cabinet.Hussien was put in office with the liberal mass media help to make sure we stay on the same track.Cathrine would upset the elites plan of control of the population.Two examples look at his cabinet picks same people who have been in cotnrol for the last 20 years.Nine out of ten people I talk to do not know what is going on,as long as they have dancing with the stars and liberal Oprah Winfrey to watch and a full belly their happy.Two Hussien voted for the bail out with absolutely no oversite at all which includes one person that decides who gets the bail outs.Do you actually believe that hussien raised the massive amount of money he raised in one month which he claimed was given by the average american citizen because they want change.I have a suggestion for you educate your self and always always follow the money.So much for change the only change we will get is change in our pockets.

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