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A course in Miracles
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Unnamed Hopi Elder
The Corruption of our Capitalist Financial System
By JOHNATHAN McKAY August 2010
The original Breton Woods agreement in 1944, spurred by the depression of the 1930s and the Second World War, created the International Monetary Fund and the World Bank and laid down common standards for markets around the world. The intention of the 1944 agreement was to protect future generations from poverty, undeserved suffering and avoid further economic crisis's. Unfortunately since its inception it has lost its direction and failed miserably through a series of interventions from corrupt and greedy bankers, venture capitalists and politicians.
Recent data confirms that most long-term recipients of World Bank money are no better off today than they were when they received their first loan. Many are actually worse off. As a bank of last resort these countries were forced by the World Bank to instigate what was to be later classified as shock-therapy. This practice imposed severe economic measures of increasing taxes and financial privatisation resulting in increased unemployment, poverty, civil unrest, crime and allowed their mineral resources to be squandered by influential members of the IMF and World Bank. What is clear is that the IMF is operated by bankers and bean counters that have no consideration for the social costs to the people of these countries.
Consider the following:
- Of the 66 less developed countries receiving money from the World Bank for more than 25 years (most for more than 30 years), 37 are no better off today than they were before they received such loans.
- Of these 37 countries, most (20 in all) are actually poorer today than they were before receiving aid from the Bank. Russia, one of the most corrupt countries in the world and literally run by the mafia must be one of the greatest examples of today where the meddling of the IMF has left its mark.
Former less developed countries that have prospered over the past 30 years did so by freeing up the productive forces of their economies. The best examples are Hong Kong and Singapore. Even though a country like Singapore received a small amount of money from the World Bank, the evidence shows that what most affected economic growth was not World Bank aid but economic freedom.
Through the swift and ruthless exploitation of the economic meltdown of 2008 on behalf of globalists and other central banks now revolves around their drive to move towards a one world currency system and an unprecedented centralisation of global financial power. Now with the current financial crisis EU leaders see another opportunity to impose global regulations on sovereign economies.
Statements issued on behalf of world leaders and central banks have made it clear that the agenda to further congregate economic power and control of currencies into the hands of the few is rapidly accelerating - all in the name of solving a financial crisis that was caused as a result of the same fiat money system that the elite themselves created and maintained. This sentiment echoes those of elite figures representing the Federal Reserve Bank of New York who recently called for a "new global monetary authority", a de-facto global financial dictatorship, operating across borders and forcing nations and corporations to register and adhere to strict monitoring and regulations.
European Central Bank council member Ewald Nowotny advised Bloomberg (the current Mayor of New York City and owner of Financial News) that the centrality of the U.S. dollar was in question and that a "tri-polar" global currency system is in development between the U.S., Asia and Europe to replace it.
This was followed by a call from the French President to question whether a "worldwide currency system" should be introduced in response to the financial crisis.
There is no doubt that the elite who dominate the world monetary system cooked up the global crisis, now they intend to engage in a full court press to establish a global currency and eventually a global government. This "economic warfare" operation has resulted in a devastating economic effect on the world economy with no care, responsibility or consideration of the innocent world population. The New World Government (Order as sometimes referred to) is not new. It has been on the agenda for a number of years the only question being "How would it eventually fulfil its purpose"? We have the answer with the collapse of the world economies which has recently occurred and the subsequent fall of the bulk of all Nations to their knees.
As they intended through the privatisation of the financial markets and the speed up of their globalisation policies * ‘Bad Money' has been able to feed into financial markets throughout the world creating the inflation of property prices. In some cases LA property values increased by 300% over the last ten years and home owners were encouraged by the leading financial institutions to increase the level of their home mortgages and spend up on all types of consumer products. The same situation happened throughout the western world and at the opportune time the plug was pulled and the balloon collapsed leaving hundreds of millions to watch their assets disappear into thin air and suffer the consequences.
Governments that allowed their countries and people to be jeopardised by this inevitable devastating event are nothing short of ignorant, criminally negligent or both. It was not that everyone was blinded by the frenzy, all the signs were out there a number of years before and much debate and advice were submitted to the appropriate ministers and authorities. Perhaps it was a matter of who pays the piper!
Today, the US Federal Reserve is engaged in an eerily similar operation, printing off trillions of dollars in U.S. bank notes and flooding the U.S. money supply with money created from nothing. The result of course is the same as was intended by Operation Bernhardt in 1942: The economic destruction of the target nation. Only this time the target is far more widespread - to destabilise the world and introduce a new currency.
Few will prefer to believe the real problem is not what the self professed elite are doing but the willingness of the people to let them get away with it and the blanket acceptance of the lives of the mass media who itself creates the news with the spin they choose to give it. The people of our country have let these persons get away with so many lies. Not only are the IMF and World Bank actions of a major concern, it's the close relationship that our Government through its naivety or greed have with these criminal administrations that should have us worried.
Over the years it has been an accepted practice of financial institutions to lend 10 times the amount of cash or securities deposits they held (fractionalised banking) lending was allowed by Governments and reserved banks to balloon that figure out to over 300% without solid securities in place. The reliance of regular debt repayments is the key to maintaining cash-flow however once there becomes a series of defaults the system fails. It is easy to understand that when the leverage of funds goes from 100% to 300% it doesn't take long for the system to crash when the repayment cupboard is empty.
$1 million dollars can be lent out as $10 million dollars. With the new innovative products that the financial markets established it meant that the $1 million dollars could be lent out at $30 million dollars.
In the majority of cases these loans were made available to high risk borrowers in the property market.
Through this scandalous practice there are trillions of fraudulent promissory notes consistently flying all over the world with nothing to sustain the debts while the original documents relating to their security have either been lost or destroyed. In the USA alone over 20.4% of corporate profits have been made through financial services and only 12% made by the manufacturing sectors. This is a complete turnaround since the 50's when manufacturing made up 29.3% and the financial sector recorded only 10.9%. This trend is happening in a number of countries throughout the world. We have become a world of paper shufflers with limited solid tangible assets to show for it. Our manufacturing base and skills are being destroyed exposing future generations to higher unemployment statistics, poverty, civil unrest and anarchy.
One of the most frightening issues of today is that the IMF pulls the strings in the New Zealand economy and they are behind the economic reform that the current National Government are being forced to carry out. They impose their economic prescription on the internal economy as a condition of loaning the country money.
Without serious intervention the road to self destruction is dangerously close and remains wide open
*Bad Money or otherwise referred to as ‘Hot Money' are funds that flow around the world generated from gangster's, racketeers, drug dealers, arms peddlers, white collar criminals, tax evaders, counterfeit notes and tax avoiders into and out of the banking system. During President Nixon's term as President the US treasury believed that over 10% of the US currency was counterfeit and was generated within the USSR and China
Sources and acknowledgements:
‘Globalisation and its Discontents,' By Joseph E Stiglitz, Former Chief Economist at the World Bank
‘Bad Money', By Kevin Phillips Former, Senior Strategist for USA President
‘Hot Money and the Politics of Debt' , By R T Naylor, Professor of Economics at McGill University Montreal
‘Globalists Exploit Financial Meltdown in Move Towards One World Currency' , By Roberto Jelash, International Journalist
Corporate profits, household incomes, asset prices and economic performance have all evolved to the point of acute dependency on ongoing leveraged speculation and rampant credit inflation.....Aggressive profit-seekers today pursue their outsized share of wildly inflated financial fortunes with confidence that policymakers have no alternative than to sustain the boom.
David Tice, Prudent Bear Fund USA 2007