As G20 debt reaches record levels, the Global Financial Mafia is ready to orchestrate another big crisis
The lunacy of the current dominant system of financial capitalism couldn't have been depicted more clearly: the debt pile reaches a historic high of $135 trillion in the G20 wealthiest countries! It seems that control has been lost completely, yet, the key centers of the Global Financial Mafia (GFM) are ready to pull off the plug again, which means that we should expect another major crisis in global scale soon.
As UK's Workers Revolutionary Party reports:
This week, the Washington-based International Monetary Fund (IMF) issued another warning that the world capitalist financial system is on the verge of a gigantic crash of historic proportions as the debt pile reaches a historic high of $135 trillion in the G20 wealthiest countries.
The IMF warns that this colossal debt, run up by companies and consumers, will be impossible to service if there is any increase in interest rates or if central banks cut off the supply of cheap money.
Near zero-level interest rates and the policy of pumping trillions of paper money into the banking system after the banking crash of 2008 have had the effect of ‘breeding complacency and allowing a further build-up of financial excess’ as companies use cheap credit to ‘load up on debt’.
Financial investors are also loading up on cheap credit to speculate on ‘risky’ shares which, when they crash, will bring down the world’s stock markets. While these leading financial institutions of capitalism can see the crash coming they have no idea how to prevent it. The same IMF report while calling for central banks to rein in cheap credit and increase interest rates, also warns that in doing so they risk a worldwide debt default. It says: ‘Too quick an adjustment could cause unwanted turbulence and international spillovers.’
While clearly warns about the consequences, IMF, one of the central GFM tools, gives the signal for another big meltdown.
A small-scale picture of what we will see in the close future can be identified in Greece. It is obvious that the European Central Bank (ECB), another central GFM tool, deliberately keeps Greece under debt slavery, not only through financial coups, like the one the country experienced in 2015, but also, by limiting the flow of money to the country. This was done by excluding Greece from the latest Quantitative Easing (QE) program, or even, by withholding profits made by the Greek debt crisis.
Indeed, as RT reports:
The European Central Bank (ECB) has profited handsomely from its holdings of Greek government debt, according to a document seen by the Financial Times.
A written response to a request from a Greek MEP showed the bank collected €7.8 billion in interest payments between 2012-2016 on Greek sovereign bonds acquired under its Securities and Markets bond-buying program (SMP).
Profits are usually redistributed among the 19 eurozone central banks.
In 2016, the ECB collected more than €1.1 billion in interest payments on the nearly €20 billion worth of Greek bonds it holds, according to German daily Suddeutsche Zeitung.
An analysis from the Jubilee Debt Campaign estimated Greece’s other creditor, the International Monetary Fund, had made €2.5 billion from its loans to the country.
According to Leo Hoffmann-Axthelm from Transparency International, the ECB’s participation in Greece’s bailout had led to a “conflict of interest.”
“The ECB expects repayments on its Greek bonds with one hand while approving Greece’s reform progress with the other. The Bank is literally sitting on all sides of the table,” said Hoffmann-Axthelm.
So, the ECB is ready to reduce money supply inside a still-struggling-to-recover eurozone. Through another debt crisis, the ECB will be able to take complete control of most of the countries and, furthermore, will help the European banking cartel become more powerful by eliminating much more competitors.
The result: more cuts, more austerity, more privatizations, more destruction of the welfare state, more destructive neoliberal policies for all eurozone members, as it happened in the Greek experiment. So, maybe the imaginary dialogue between the “bosses” is not that imaginary after all.
Apart from Brexit and any possible consequences for the neoliberal globalists, there is probably another thing that the international banking cabal truly fears. That it may lose control of money supply monopoly through de-centralized and uncontrolled types of money like Bitcoin & other Cryptocurrencies. Because, first of all, it will lose progressively the ability to manufacture financial crises, as more and more people globally will choose to make transactions through these Cryptocurrencies.
This prospect could explain why Jamie Dimon recently declared war on Bitcoin, and why the banksters may be feeling quite uncomfortable right now by seeing its price recovering.
Moreover, in case that entire countries will choose to adopt a type of Cryptocurrency, it will be extremely difficult to be controlled through debt and artificial crises. Then, the international banking cabal will start seeing its final days.