Spiegel wrote in April:
Unlike 1929, the world's major countries are flooding the economy with money to prevent deflation and, with it, a downward spiral of declining prices and income.
But no one knows whether this will suffice, or whether all the money being thrown at the aggressive virus fueling this crisis will only make it worse. Debts are being fought with debts, meaning that not only banks but entire countries could end up bankrupt. Perhaps the efforts to combat the current crisis are merely laying the foundations for the next crisis, which will be bigger still.
Indeed, one of the world's leading economic historians - Harvard professor Niall Ferguson - recently warned of huge government debts threatening the solvency of entire nations:
"The idea that countries don't go bust is a joke... The debt trap may be about to spring ... for countries that have created large stimulus packages in order to stimulate their economies."
I vote states declare sovereignty, create their own new currency (and control it). I vote Rockefeller and friends responsible for this ponzi scheme in govt and business have all wealth confiscated and not be allowed to own anything in a new nation that results. We can all be free market and charitable - I'm not recommending socialism. Just like how drug dealers have their property confiscated. These criminals must have all assets confiscated just like Madoff will. Create warrants for their arrest and do not allow them in the free states - unless they'd like to go to jail.
ReplyDeleteI have no doubt that a second down turn is coming by fall, which the economists I read say will be much worse then this one. My little mind can not go deep enough to know what the bottom will look like. There will be lots of Nations join us in bankruptcy but what exactly that means is probably unknowable right now. Some say we will simply issure a new currecny and run a duel system , one for he world and one for the North American Union that has been rumored to be in the making.
ReplyDeleteIf it comes to this, the free market wet dream will come to a screaching end and we will return to a simplier time where we make things for ourselves while we pay through the nose for anything we have to import.
Instead of going after unions, their pensions and benefits I like the idea of robbing the rich to insure the rest of us can eat. If they leave the country to avoid arrest take their passports so they can't come back.
We absolutely MUST have the courage to create our own public system of credit, utterly disconnected from the private bankster banks now controlling us. Read Ellen Brown (Web of Debt) who shows how even today, we could model public banks on the model of the Bank of North Dakota, began in 1919, and unfazed by the bankster criminal derivatives that they fought for and easily passed. Like Switzerland, we could simply have private and public banks (with ultra strict and conservative reserves and other protections for people.) And I know where I'd keep my money!
ReplyDeletehttp://www.ipodshows.net/financial_and_business_report.htm