Thursday 6th May, the New York Stock Exchange plummets 1,000 points; a historical first. By the Monday it recovers and a further 400 points are added. Spikes in graphs don’t get any sharper. In four days $3.7 trillion has disappeared into a black hole. Don’t even try to calculate what that sum means for such figures are beyond comprehension; a fiscal theory of relativity.
In order to stave off the euros collapse the European Union’s financial sector is set to receive $1 trillion in excess of sums already received. Such a calamity doesn’t bear thinking about. More than twice as many people use the euro as use the U.S. dollar.
Caught in a trap of their own making political elites around the world can be likened to turkeys that have flown straight into the poachers’ nets. There is little they can do other than struggle against the restraints of the mesh
‘WOLF PACK’ SPECULATORS
Anders Borg, Sweden’s Minister of Finance describes the main contributing factors to the financial sector shakedown; sorry, meltdown: “The wolf packs of speculators roaming Europe looking to feast upon the economic carnage.”
He is referring to bond and currency speculators, as well as hedge funds, banks, and financial intuitions. It is a feeding frenzy in which piranhas are devoured by others in the attacking groups.
German Chancellor Angela Merkel has declared ‘the financial speculators are our enemy.’ She says the financial markets have become ‘perfidious.’ Merkel’s taxpayers are being called upon to refill Greek coffers previously emptied by the banks.
Faced by a similar but graver financial catastrophe her predecessor, Adolph Hitler said: “The State is not a plantation where the interests of foreign capital are supreme. Capital is not the master of the State, but its servant. Therefore the State must not be brought into dependence on international loan capital.”
THEY SMELL BLOOD
When his opportunity arrived he threw out the money-lenders; as a consequence history was about to be written in blood. Taking on international financiers is not a war easily won.
Top economist of Action Economics David Cohen says: “The bond market vigilantes are still hungry; they smell blood.” He goes on to say that as in the Asian crisis (1997 – 1998) ‘countries will be attacked one by one.’
Taxpayers become debt slaves whichever way the mop flops; the $1 trillion bail out will not change anything. Edmund Conway, Economics Editor of the Daily Telegraph says the $1 trillion “Is likely to make billions for the speculators, who will make a killing on the big increases in (stock) values, and make another killing when there is another dip.”
YOU REALLY WANT TO GET THE CALCULATORS OUT?
The unprecedented power of international finance, compared to all other sectors, is devouring the world. There has to be change. This can only come from national parliaments, preferably acting in unison to avoid being picked on and picked off.
But do turkeys vote for Christmas? The banks are major contributors to party political parties and their electoral campaigns. Members of the U.S Congress concede; ‘The banks own Congress.’
There is only one way to avoid the global financial maelstrom: Separate politics from financial obligation. To look for alternative therapies is simply putting off the day of reckoning.
PASSING THE BUCK
The ordinary people across the world are not responsible for global finance. Their claims to a living wage, pension funds and benefits are not affecting the situation at all; they are miniscule issues; red herrings. The charge that people are living beyond their means is another decoy; life aspirations have a positive effect on economies by fuelling growth.
The banksters say the interests of the banks, their hedge funds and fiscal institutions are more vital to the economy than the people’s wellbeing: Well they would say that wouldn’t they? The man whose fingers you find in your till will explain his interests are more important than are yours. Never mind that your business will fail; there’s others to plunder.
There is no reason why banks cannot be as regulated as are other utilities; owned and operated as such. Apply to them the same rules as are applied to all other sectors. Let them fall when they fail; do not bail them out.
Set up non-profit making banking institutions, similar to credit unions. Ban hedge funds, excessive usury, currency manipulations. Some are already thinking about it. They had better do better than just think about it.
Related news articles:
1 Comment