Wednesday, February 17, 2016

END OF DOLLAR HEGMONY. NEW GLOBAL CURRENCY, GOLD-BACKED SDR

There's been considerable discussion over whether the world was moving towards a multilateral super-sovereign reserve currency, perhaps by way of the Special Drawing Right of the International Monetary Fund, or if nations were moving toward a new gold standard by which all currencies would be valued once again on gold.

Gold-Backed SDR "Is Quite Likely To Happen", LSE's Lord Desai Warns

Or, as another website nicely summed it up in July, 2015:
Being the Reserve Currency has been an ongoing scam on the rest of the world, and the rest of the world has finally caught on. 

Other countries pay their workers crap wages to make OUR products, and then LEND us the money to buy the products THEY produce.

 It was only a matter of time before all these other countries figured out they didn’t need to keep funding OUR extravagance at THEIR expense.
  “The blows to America’s economic might are descending rapidly and forcibly. Brace yourself: A new economic age is about to begin.” 

The infrastructure is being built for a world without the United States. 

China’s new long-awaited international payment system could go live as early as September or October.

[Chinese Yuan Renminbi is now officially accepted and has become part of the SDR.]

The new payment system will allow nations and companies to conduct transactions outside America’s control.
BTW, Zhou Xiaochuan, the governor of China's central bank, caused a stir in March 2009 when he argued that the SDR should become a true global reserve asset to replace the dollar. Mr Sarkozy seems to think similarly, calling for a multilateral approach to the monetary system.

 If commodities were priced in SDRs, the argument goes, their prices would be less volatile. 
And if countries held their reserves in SDRs, they would escape the Triffin dilemma.

MAYBE BECAUSE WE WERE TOO BUSY FUMING OVER THE CONGRESSIONAL SELL-OUT AGAIN, WHEN THE NEW "BUDGET" WAS APPROVED, MOST OF US PROBABLY MISSED IT .

I ADMIT, I DID.


It was
precisely predicted in July 2015:
"The US Congress will pass the required legislation to enact the 2010 IMF Code of Reforms which will allow for the necessary changes to the Executive Board of the IMF to take place.  This will also allow for the SDR basket to be opened and the Renminbi and gold will be added to the overall valuation."


DONE DEAL!

CONGRESS DID APPROVE IT, AFTER YEARS OF FIGHTING IT OFF.

After five years of fervent opposition from the US Congress the inertia finally was broken. Quota system reformation will be a reality.
Resources available to the IMF have doubled, and they will increase to 659.67 billion US dollars.  

 It is worth stressing that the quota assigned to a country determines the maximum level of its financial commitments to the IMF and its number of votes in the institution, and is a factor determines its access to IMF finances. 

December 18, 2015

The House and Senate on Friday passed a $1.1-trillion spending plan that includes language implementing the IMF reforms, which have been awaiting congressional ratification since 2010, a delay that spurred global criticism of the U.S. 

President Barack Obama, who supported the change, signed the bill on Friday.

Ratification also clears the way for the Washington-based fund to begin reviewing another round of changes that could give China and other emerging markets an even bigger voting share. The IMF’s executive board is expected to consider a timetable as early as January for the next review of the institution’s share system.

AMERICAN BANKERS CREATED BOTH THE IMF AND THE WBG BACK IN 1944 WHEN THEY PASSED OFF THE BRETTON WOODS GOLD STANDARD SYSTEM.

THE  "SYSTEM"
TANKED BUT WE GOT STUCK FOREVER WITH THE IMF/WBG, BOTH NOW FIRMLY IN THE CLAWS OF THE INTERNATIONAL BANKING CARTEL.

Forbes offered this in July, 2011:
"First, you have to know what a gold standard system is for.

 Its purpose is to create a currency of stable value. 
Nobody has ever found a better way. 

The Bretton Woods gold standard system collapsed because the U.S. was attempting a Keynesian “easy money” policy, resulting inevitability in a sagging dollar value.


[A slightly different take on how Bretton Woods failed can be read in PDF form <here>.]

This is completely contrary to the automatic, currency board-like adjustment mechanism of a proper gold standard system.
But nobody had told them that. They didn’t know that you can’t put the two together.


Nobody really decided to end the world gold standard in 1971. They would have liked to keep it. 
By all appearances, it was working fine. The previous two decades had been a time of prosperity and abundance, not only for the U.S., but countries worldwide including the emerging markets.

There was never any grand international conference in which it was decided to transition to a floating currency system. There were no treaties, agendas or plans. 

When President Richard Nixon announced the closing of the “gold window,” on Aug. 15, 1971, it was supposed to be a temporary measure.
A decade of inflationary disaster followed.

Today, China, Russia and Germany have the spirit of greatness about them. Their leaders have not yet, I would say, fully assimilated the purpose and technical operating mechanisms of a successful gold standard system.

However, they are trying, and eventually they will succeed. At that point, having worked out the details in their mind, they will have the confidence to put their plans into action. "

SEE ALSO:
https://www.treasury.gov/resource-center/international/g7-g20/Documents/Cannes%20Leaders'%20Declaration%204%20November%202011.pdf

"We will expeditiously implement IN FULL the 2010 quota and governance reform of the IMF."
In their "Report to Congress on the Special Drawing Rights by IMF Member Countries", 2011, the U.S. Treasury tells the Boyz & Girlz on the Hill that SDRs are an international reserve ASSET, and noooo, ohhh, nooo, it is NOT a CURRENCY. (cough, cough)

Nooo, it's not a CLAIM on the IMF.

It is merely a "potential claim on the freely usable currencies of IMF member nations". 

ISN'T DOUBLE-SPEAK A TRIP!


IT ISN'T A CURRENCY NOR A CLAIM, BUT IT'S A POTENTIAL CLAIM ON CURRENCIES?

WHAT'S A LOUSY U.S. DOLLAR BILL BUT A "POTENTIAL" CLAM ON CURRENCY?

SDR IS A TYPE OF CURRENCY, PERIOD, THE END.

WELL, IT'S A SORT OF MIXTURE OF CURRENCIES. 

HERE'S THE "NEW" MIX:
"The SDR basket valuation will consist of the following stores of value:


~US Dollar
~Japanese Yen
~British Pound
~Euro
~Chinese Yuan Renminbi
[~and, SOON, Gold."]

 THERE'S A NEW 'WORLD BANK' COMING TO TOWN...

 The New Development Bank (NDB) is in the final stages of being set up, driven by frustration at America’s attempts to protect the dollar’s role and to keep the IMF as an exclusive club for advanced nations. 

Instead, the NDB could easily issue its own version of the SDR with the gold lining Desai referred to in his original paper.

The BRICS members (Brazil, Russia, India, China, South Africa, with a combined 42% of the world population,  approximately 20% of the gross world product, and an estimated U.S. $4 trillion in combined foreign reserves.) , unencumbered by the cost burden of modern welfare states could exercise the monetary restraint required to tie their currencies to gold, perhaps running a Bretton-Woods-style gold-exchange arrangement between member central banks to stabilize their currencies.

However, the NDB would almost certainly want to see the gold price considerably higher if it is to play any part in a new rival to the SDR. 

Other BRICS members would be encouraged to make sure they have sufficient gold on board by selling US dollar reserves to buy gold, ahead of any decision to go ahead with a new super-currency.


It would appear the era of the dollar’s global domination as a reserve currency is coming to an end, and the stage is now being set for gold to be officially accepted as the ultimate reserve money once again, this time by the next generation of advanced nations.

Let us remember that the Bretton Woods system collapsed in 1971 mainly because America would not subordinate its domestic policies to the gold link.
IT WOULD NOT BECAUSE IT COULD NOT...NO GOLD TO COVER ITSELF.


 Please see the SDR fact sheet on the IMF website:

READ IT AND WEEP, AS THE OLD SAW GOES:

The SDR was created by the IMF in 1969 as a supplementary international reserve asset, in the context of the Bretton Woods fixed exchange rate system

[YEAH, AND 2 YEARS LATER THE U.S.-CREATED SYSTEM FAILED...KAPUT.]

A country participating in this system needed official reservesgovernment or central bank holdings of gold and widely accepted foreign currencies—that could be used to purchase the domestic currency in foreign exchange markets, as required to maintain its exchange rate. 
But the international supply of two key reserve assets—gold and the U.S. dollar—proved inadequate for supporting the expansion of world trade and financial flows that was taking place.
Therefore, the international community decided to create a new international reserve asset under the auspices of the IMF.
.
JUST CALL IT "IMF MONEY"!
CALL IT WHAT IT IS!

And just go ahead and say that the world knows our USD isn't worth the ink it takes to keep printing and printing and printing it.

SAD FACTS ABOUT THE USD

Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything.  

This has been the case since 1933. 
The notes have no value for themselves, just for what they will buy.

FEDERAL RESERVE NOTES ARE BACKED BY NOTHING, NIL, NADA, ZILCH!


ONCE UPON A TIME...

 United States Notes (characterized by a red seal and serial number) were the first national currency, authorized by the Legal Tender Act of 1862 and began circulating during the Civil War.

 The Treasury Department issued these notes directly into circulation, and they are obligations of the United States Government.  
The issuance of United States Notes is subject to limitations established by Congress. 

It established a statutory limitation of $300 million on the amount of United States Notes authorized to be outstanding and in circulation.
While this was a significant figure in Civil War days, it is now a very small fraction of the total currency in circulation in the United States.

Both United States Notes and Federal Reserve Notes are parts of our national currency and both are legal tender. 

They circulate as money in the same way. 
However, the issuing authority for them comes from different statutes. 

United States Notes WERE redeemable in gold until 1933, when the United States abandoned the gold standard. 
Since then, both currencies have served essentially the same purpose, and have had the same value.
Because United States Notes serve no function that is not already adequately [ADEQUATELY? HA!] served by Federal Reserve Notes, their issuance was discontinued, and none have been placed into circulation since January 21, 1971.

 The Federal Reserve Act of 1913 authorized the production and circulation of Federal Reserve notes. 
 
Although the Bureau of Engraving and Printing (BEP) prints these notes, they move into circulation through the Federal Reserve System.  
They are obligations of both the Federal Reserve System and the United States Government. 

On Federal Reserve notes, the seals and serial numbers appear in green.

PAPER MONEY, BACKED BY NOTHING AT ALL. 

HOW MUCH PLAY MONEY DOES THE U.S. PRINT? 

During Fiscal Year (FY) 2013, the Bureau of Engraving and Printing delivered approximately 26 million notes a day with a face value of approximately $1.3 billion. 

 

 During Fiscal Year (FY) 2013, the Bureau of Engraving and Printing delivered approximately 6.6 billion notes at an average cost of 10 cents per note. 



IT COSTS THE FEDS 10 CENTS PER NOTE TO PRINT OUR MONOPOLY MONEY.
MAYBE WE CAN DEVELOP AN EXTRACTION METHOD TO GET BACK THE INK?



SO, CADETS, WHICH WOULD YOU CHOOSE, IF YOU COULD CHOOSE...A CURRENCY YOU COULD CASH IN FOR GOLD OR EVEN SILVER, OR A PIECE OF PAPER THAT COST 10 CENTS TO PRINT AND CAN'T BE REDEEMED FOR GOLD, SILVER, OR EVEN TIN? 

BACK TO THE SDR... 

Only a few years after the creation of the SDR, the Bretton Woods system collapsed and the major currencies shifted to floating exchange rate regimes.
 

Few sources mention that, at Bretton Woods in 1944, when American bankers INSISTED that the USD and "not just gold" formed the basis of that doomed "system", other nations were not real happy.
 
At that time, America had talked other nations into sending THEIR gold to America "for safe-keeping" because of the World Wars being fought in Europe, Africa and Asia.
Even then it was questionable how much ACTUAL gold America really OWNED, but the U.S. CONTROLLED two-thirds of the world's gold. 

[I refer you to the Tea Room's article on the problem these nations had, and continue to have, when they asked for their gold back.
Germany, Mexico and several other nations have been demanding their gold reserves from the U.S.'s Federal Reserve. 

They want their gold in a safe place, NOT IN AMERICA. 
Gold seems to disappear in America. 
The Federal Reserve just can't scrape up enough REAL gold to SHOW any nation ALL of its reserves, some of which was stored here over 60 years ago.]

Russia REFUSED to become a party to to the Bretton Woods "system" and called it a branch of WALL STREET.
Russia was correct.

"Subsequently, the growth in international capital markets facilitated borrowing by creditworthy governments and many countries accumulated significant amounts of international reserves. 

 However, more recently, the 2009 SDR allocations totaling SDR 182.6 billion played a critical role in providing liquidity to the global economic system and supplementing member countries’ official reserves amid the global financial crisis."

[OR DID IT?]

WHY IS THE USD WORTH MORE THAN THE CURRENCIES OF MOST OTHER NATIONS?

SMOKE AND MIRRORS...MAGIC!

A VERY TANGLED WEB OF DECEIT

REMEMBER THAT "QUIET" LITTLE MULTI-TRILLION DOLLARS COMPANY CALLED THE DTC, OR DTCC?


IT WAS THE PRIVATE COMPANY THAT "LOST" ABOUT $37 TRILLION IN STOCKS/BONDS  DURING THE NEW YORK CITY FLOODING THAT CAME WITH HURRICANE SANDY.

From the DTCC website:

"DTCC was established in 1999 as a holding company to combine The Depository Trust Company (DTC) and National Securities Clearing Corporation (NSCC). 

The DTC holds trillions of dollars’ worth of securities in custody, including corporate stocks and bonds, municipal bonds and money market instruments.


 It settles funds at the end of each trading day using the Fedwire Funds Service. 

The DTC is registered with the SEC, is a member of the Federal Reserve System, and is owned by many companies in the financial industry, with the NYSE being one of its largest shareholders."  

BS, BS, BS!   

 
FIRST, COMPANIES ARE OWNED BY PEOPLE, INDIVIDUALS.

SECONDLY, THE DTC/DTCC IS PART AND PARCEL OF THE FEDERAL RESERVE....PERIOD...AND ONE IS THE SAME AS THE OTHER, THAT'S A FACT. 

 
THEY CHOSE THE NAME "CEDE & COMPANY" FOR A REASON...EVERY FINANCIAL TRANSACTION MADE BY THE DTC IS "CEDED" TO "CEDE & COMPANY".
 

"Securities brokers, dealers, institutional investors, depository institutions, issuing and paying agents and settling banks use the DTC, but individual investors do not interact with it."

[MAKE A NOTE OF THAT ...NO INDIVIDUAL INVESTOR CAN INTERACT WITH THE DTC...AND WONDER WHY!] 
EVEN AS WITNESSES CALLED BEFORE CONGRESS, NO HEAD OF THE FEDERAL RESERVE HAS EVER, EVER REVEALED WHO ACTUALLY OWNS THE FEDERAL RESERVE, HAS ONLY OFFERED A LIST OF "GOVERNORS", BUT THOSE "GOVERNORS" ARE NOT THE ACTUAL OWNERS!
 

WHILE "COMMON JOE CITIZEN" CANNOT DEAL DIRECTLY WITH THE DTC, OTHER INDIVIDUAL CITIZENS CAN OWN THE DAMNED FED AND THE DTC/DTCC!
 IT IS FEDERALLY MANDATED THAT THE DTC PROCESSES EVERY SECURITY TRANSACTION IN THE USA, THAT INDIVIDUAL INVESTORS CANNOT DEAL WITH THE DTC, AND THAT THE DTC LEGALLY TRANSFERS ALL SECURITIES TO  "CEDE & COMPANY"...CEDE, AS IN GIVE IN, GIVE UP...WHICH IS WHAT ANYONE DOES WHO WANTS TO DEAL IN SECURITIES, WHO WANTS TO "TRADE",

Your book-entry stocks and bonds and all stock and bond certificates purchased 
through your broker and held by them under your brokerage account are owned by CEDE & COMPANY (the DTC) as the registered owner.

You have surrendered, assigned and granted ownership to someone else 

other than yourself. 

Their name says it all. A greater consideration is just exactly whom does the DTC hold these securities for? As the REAL owner, who has the DTC pledged these securities to?

THE IMF...not you, not investors, but the IMF.


"By treaty with the United Nations and in compliance with the Bretton Woods Agreement, the DTC under regulation of the Federal Reserve System has
pledged all those stocks and bonds to the International Monetary Fund (IMF)."


BY TREATY WITH THE UNITED NATIONS...UNDER REGULATION OF THE FEDERAL RESERVE...ALL STOCKS AND BONDS ARE PLEDGED TO THE IMF.

After the 2008 economic collapse it was evident that the IMF did not have enough resources to face this lack of liquidity. 

No sovereign state had the intention of asking for its help.

The IMF was decried following its action during the debt crisis in Latin America and Southwest Asia: It had shown that it was operating as the armed branch of the US Treasury Department, not as a multilateral fund responsible for stabilizing the balance of its adherents’ payments.

From this point we need to study and observe the massive amount of Sovereign Wealth Funds which litter the background of the international financial architecture.

Energy exporters and pacific rim economies which have undervalued currencies have been pouring investment into Sovereign Wealth Funds (SWF’s). 
These funds are in a perfect position to promote the use of the SDR as a unit of account and store of value.

In the coming months and years you will see Sovereign Wealth Funds begin to purchase large amounts of SDR denominated bonds and securities.  This is likely where the solution to the derivatives issue will be found.  Somewhere in between Sovereign Wealth Funds and SDRM – Sovereign Debt Restructuring Mechanism, will be found the answer.


This will be the “reserve dollar” exit strategy for central banks and national treasuries.

Interested readers can study the following paper published by the University of Glasgow, titled Adding Gold into the Valuation of the SDR.and Collins encourages a strong review of the following document on FINAL+Vision_Sovereign_Wealth_Funds.  Especially section three, titled Sovereign Wealth Funds, Special Drawing Rights, and the New Global Financial Architecture.  
Some argue that “no other global currency is ready to replace the U.S. dollar.” That is true of other paper and credit currencies, but the world’s monetary authorities still hold nearly 900 million ounces of gold, which is enough to restore, at the appropriate parity, the classical gold standard: the least imperfect monetary system of history.


Debt has grown so quickly over the past 12-14 years that it is now 100%+ of America's GDP.  

This PROVES that the US economy is almost TOTALLY dependent on borrowed money, on DEBT,  to keep afloat. 
Where does it borrow that money from? 
THE FEDERAL RESERVE!
The FED has been buying 70% (plus or minus) of ALL new U.S. treasury debt for years now.

The American economy, for all intents and purposes, should currently be in a massive and extremely steep recession, but because of the FED's money printing, stock prices are rising now and then because people don't know what else to do with their dollars.

The Dow Jones Industrial Average (DJIA) is COMPLETELY MEANINGLESS because it averages together the dollar based movements of 30 U.S. stocks. With just the DJIA, it is impossible to determine whether stocks are rising due to improving fundamentals and TRUE growing investor demand, or if prices are rising simply because the money supply, WORTHLESS PAPER,  is expanding. 


 The media is now claiming that the FED's informal inflation target of 1.5% to 2% is based off of year-over-year changes in the BLS's (Bureau of Labor and Statistics) core-CPI figures.  
Core-CPI, as some may already know, is a meaningless number that excludes food and energy prices, the TWO MOST IMPORTANT EXPENDITURES OF ALL AMERICANS! 
That is cheating the numbers at a new high level, it's just FRAUD! 

The media's sole purpose is to be used to mislead the public in situations like this.

 In the past 20 years, federal outlays have grown 71 percent faster than inflation. 

The average American household’s share of this spending is $29,691, roughly two-thirds of median household income...TWO-THIRDS!

 AMERICA IS INSOLVENT UNLESS THE FED KEEPS PRINTING FIAT/MONOPOLY MONEY.

IF THE FED STOPPED DOING WHAT IT'S DOING, AMERICA WOULD BE BUST. 


IF YOU WANT A LONG, HARD LOOK AT A FEW OF THE FACTS ABOUT THE 2013 "BUDGET" (and understand that this is the government's version of facts) THAT MAY GIVE YOU NIGHTMARES,GO READ/DOWNLOAD THIS PDF  FILE:
http://www.whitehouse.gov/sites/default/files/omb/budget/fy2013/assets/hist.pdf

NOW GO TO PAGES 143-144 AND READ THAT CHART, LOOK AT THE FAR RIGHT COLUMNS, "AS PERCENTAGES OF THE GDP". NOTICE THE "GROSS  FEDERAL DEBT" IS IN TRIPLE DIGITS, IS OVER 100%? 
HOW CAN IT BE OVER 100%??? 

ALSO NOTICE IN THAT DOCUMENT THAT DATA IS SUDDENLY "N/A", "NOT AVAILABLE, FROM THE FEDERAL RESERVE NOR IS THERE ANY GIVEN FROM "OTHER" WHO OWN PART OF OUR "HELD BY THE PUBLIC"  PERCENTAGES.  


NOT AVAILABLE?
WHY IS THAT?
IF THE FED HAS THE DATA, WE SHOULD GET TO SEE THE DATA, AND YOU KNOW THE FED HAS ALL THE DATA. 

 THE FED JUST CANNOT ALLOW THE WORLD TO SEE THE TRUTH.

About all we "average citizens" can do now is comprehend what will likely come next.

As I have stated many times, I am no financial expert.
Numbers are no friend to me.
But common sense and logic dictates that now may well be the time to apply the acronym "FUBAR" to our economic future in America.

 I find Michael Hudson's material a pleasure to read...straight, simple, pulling no punches...most of the time.
I don't always agree with what he writes, but like the way he writes it. 


 Hudson's April 2006 Harper's cover story, “The $4.7 Trillion Pyramid: Why Social Security Won’t Be Enough to Save Wall Street,” helped defeat the Bush administration’s attempt to privatize Social Security by showing its aim of steering wage withholding into the stock market to reflate stock market prices for the benefit of insiders and speculators – and to sell to the pension funds. 

His May 2006 Harper's cover story, “The New Road to Serfdom: An illustrated guide to the coming real estate collapse,” was the first major national article forecasting - in precise chart form - the bursting of the real estate bubble and its consequences for homeowners and state and local government solvency. 

See also, Working paper No. 639: US "Quantitative Easing" Is Fracturing the Global Economy, Levy Economics Institute of Bard College, November 2010.  


How finance led to debt servitude, interview with Athens News, September 14, 2012

The November 2008 “How to Save Capitalism” issue of Harper's includes an article by Hudson on the need to shift the burden of taxation to "economic rents".

 Hudson sees dollar hegemony as grossly unfair, an unpopular view in America, and gives various opinions as to why countries tolerate it:
~desire to prevent their currency from appreciating,
~limited options in purchasing alternative U.S. assets,
~fear of the U.S. military,
~wanting to be part of the U.S. "orbit", and
~"lack of imagination". 


He suggests that dominance protects the U.S. from austerity, which it has subjected other countries to through the IMF and World Bank. 
 
He sees the U.S. treasury debt as limited only by the net productive surplus of the world as measured by the balance of payments.

Dollar hegemony will end, he says,  only when countries decide to take political action in their own best interests and break dollar dependence.


Hudson's Super Imperialism: The Economic Strategy of American Empire, (1972) was the first book to describe the global free ride for America after it went off the gold standard in 1971, putting the world onto a paper U.S. Treasury-bill standard. 

Obliging foreign central banks to keep their monetary reserves in Treasury bonds forced them to finance U.S. military spending abroad, which was responsible for the U.S. balance-of-payments deficit at that time.

The Bubble and Beyond, (2012) explains how a corrosive bubble economy is replacing industrial capitalism, via debt-financed, asset price inflation, intended to increase balance-sheet net worth, but benefiting a select few while spreading risk among the general population.



First World countries, by means of the IMF and WBG, impose THEIR policies on economically very fragile countries, by robbing them of their natural resources, by harsh political pressure and outright bribery and threats.
All nations of the "third world" who hope to get any type of financing from the IMF/WBG WILL bow to the demands...or else.

What is known (usually derogatorily) as the Washington Consensus has NOT led to economic boom in Latin America, but HAS led to severe economic crises and the accumulation of crippling debt.
We can see the same thing in African nations.
Many have questioned if this type of global dominance, wherein economically strapped nations become literal serfs to financially dominant nations, to the IMF/WBG, wasn't the plan all along.

After all, some of the poorest nations have some of the most coveted natural resources on earth.
They just don't have the funds to extract them and market them for themselves.

Nothing demonstrated this more clearly to me than the documentary "BLUE GOLD".

End of the dollar hegemony?
That's surely going to be a hard road to travel for those of here in the States who don't rank in that 'Top 2%', and who knows which nation will take America's place as "King of the Money Hill". 
Will that nation be WORSE than we've been, greedier, even less sympathetic to other, poorer nations?

The ball is rolling steadily downhill for the U.S., but the ones who will suffer most when the dollar dies are those who can least afford its death.

Next month America will be fully signed-on to the cursed U.N.'s "New Covenant".

We lose just about everything when that happens anyway.


"This is the first time in the history of mankind that we are setting ourselves the task of intentionally, within a defined period of time, to change the economic development model that has been reigning for the at least 150 years, since the industrial revolution.”  

~ Christiana Figueres , who heads up the U.N.’s Framework Convention on Climate Change.


"ECONOMIC GLOBALIZATION"...GET SOME...LIKE IT, OR NOT.



"The powers of financial capitalism had another far reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements, arrived at in frequent private meetings and conferences. The apex of the system was the Bank for International Settlements in Basle, Switzerland, a private bank owned and controlled by the worlds' central banks which were themselves private corporations. The growth of financial capitalism made possible a centralization of world economic control and use of this power for the direct benefit of financiers and the indirect injury of all other economic groups."
~From Tragedy and Hope: A History of The World in Our Time (Macmillan Company, 1966,) Professor Carroll Quigley of Georgetown University


 

"Until the control of the issue of currency and credit is restored to government and recognized as its most conspicuous and sacred responsibility, all talks of the sovereignty of Parliament and of democracy is idle and futile... Once a nation parts with the control of its credit, it matters not who makes the laws....Usury once in control will wreck the nation."  
~ William Lyon MacKenzie King, former Prime Minister of Canada 




"The UN is but a long-range, international banking apparatus clearly set up for financial and economic profit by a small group of powerful One-World revolutionaries, hungry for profit and power.   
The One World Government leaders and their ever close bankers have now acquired full control of the money and credit machinery of the U.S. via the creation of the privately owned Federal Reserve Bank."   ~Curtis Dall, FDR's son-in-law as quoted in his book, My Exploited Father-in-Law



____________________________________


SOME OTHER SOURCES AND FURTHER READING:

~ AMERICA WAS, IN 2013, AT EXACTLY THE SAME SPOT AS BOLIVIA WAS IN THE MID-1980s.
<HERE> IS WHAT HAPPENED TO BOLIVIA.


~  Austrian versus Keynesian economics...
A very simple chart


~ http://investmentwatchblog.com/breaking-new-world-reserve-currency-backed-by-gold-revealed/

~ http://www.economist.com/node/17414511



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