Infowars
March 4, 2010
Most non-delusional people who understand a little bit about basic macroeconomics know that the reason for the present intentional economic crisis is that banks in late 2008 started cutting off credit which then effected everyone and everything in all sectors of the world economy. These banks decided to loan out gobs of money secured by fictitious toxic derivatives (bets), supplied by crooks who never intended to make good on these derivative obligations. Then as these derivatives matured and the crooks didn’t pay up those loans became unsecured and the banks started to panic. This panic caused them to cut the worlds credit off plunging the global financial system into a slump comparable to the great depression. But the buck doesn’t stop there. That’s just phase one of the collapse. When the credit markets seized up in late 2008 the governments of the world started their money printing presses and started bailing out the banks who had cut off the credit. By the end of 2009 credit was once again available and despite a few million jobs being lost in the US alone, jobless claims started slowing down. In Q4 2009 , Canada and the US reported record surges in their GDP giving some people false hope that the good times are here again and the economies of the developed world are going to start once again down the path of infinite growth. Nothing is farther from the truth.
It is known by many that the sum of the worlds outstanding derivative obligations is around 1.4 quadrillion dollars (1,400,000,000,000,000), which is about eight times the worlds GDP. These debts can never be repaid. Unfortunately the intention was never to repay them. The intention was to provide an excuse for the central banks of the world to run the money printing presses unendingly until the world enters global hyperinflation and paper money and all national currencies disintegrate. Then out of this chaos a solution will arise. We will probably see the dawn of a new global currency, a digital currency. Just don’t expect a fair exchange rate for you old dollars.
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