International experts foresee collapse of U.S. economy

Trying to précis two points, I quote below from the Intelligencer.ca posted by Hielema Bert

"We are not experiencing a "remake" of the 1929 crisis nor a repetition of the 1970s oil crises or 1987 stock market crisis. What we will have, instead, is truly a global momentous threat - a true turning point affecting the entire planet and questioning the very foundations of the international system upon which the world was organized in the last decades."

The "very foundations of the international system" essentially, if not simply, are fractional reserve banking where money is brazenly deemed into existence, though once upon a time it was backed by Statutory Reserve Deposits which today are de facto zero. Fractional finance implies tyranny overwhelming national governments globally; once upon a time but no longer, since the emergence of the BRIC superpowers, Latin American hope, and the freeing of ASEAN nations from the IMF/World Bank's hegemony.

If money evaporates now, many economies can feasibly seek governmental protection from the globalist tyranny now in terminal crisis. In 1933, Hitler proceeded with fatal innocence to soak up Germany’s six million unemployed by funding huge public works with government credits, that is, with money deemed into existence by printing bank notes, hoping the paper would be accepted as payment for work. He gambled that deemed or fiat money would be gradually replaced by real savings earned by work of real value. The scheme worked so successfully that by 1936, unemployment was gone and the deutschmark, restricted to the volume of real wealth, was coveted on black-markets. But by generating the nation’s own wealth and avoiding national debt, he had committed the unmentionable mortal sin of threatening power which, in light of a world drowning in hyper-violence, can properly be understood as bestial power. It is now coming down like Sauron's tower.

I am suggesting that the perfectly rational prophecies of economic doom pertain not globally but only to the peoples of the Anglo-American and NATO nations:- Wherever governments are free to allow people to create wealth I would expect economies to survive. But we in the "West," perhaps we should hoard cigarettes, because our governments obey their financiers.

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Last updated 13/03/2008

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