We have arrived at the doorstep of the next Global Financial Crisis. Collectively, we can no longer hide from the immense financial problems that plague us, including our enslavement to debt.
Yet it’s not all doom and gloom; this might just be a blessing in disguise because it is an opportunity for the masses to join the awakening community and participate in the discussion for how we collectively move forward both in the short and long-term future.
Let’s start at the start: the 2008 GFC was never resolved. There were trillions of dollars created out of thin air by many of the world’s central banks which were then injected into the finance sector to keep particular private banking organizations from going bust. The technical term for this is ‘Quantitative Easing’; however we all should know this as simply ‘socialism for the rich’.
Whilst a natural reset was not allowed to occur and the Wall Street economy was kept afloat, the Main Street economy continued to suffer. Real unemployment figures have risen exponentially. Poverty has also significantly increased in the in the U.S. and elsewhere, as has homelessness.
Poverty is even increasing in Australia which survived the 2008 GFC mostly unscathed, as evidenced by this independent report from the Australian Council of Social Service (www.agoss.org). In any case, our economic model has simply failed in resolving this and other forms of socioeconomic disadvantage.
To really solidify the dysfunction of our global economy, millions of people are on food subsidy programs all across the so-called developed world, especially the US. Moreover, the middle class is steadily disappearing whilst wealth inequality continues to amplify to unprecedented levels. Global poverty levels are also increasing, with an astonishing 22,000 children dying each day from poverty — most of whom are invisible to the scrutiny and the conscience of the western world.
Ultimately, if our leaders truly cared about providing the best for their people then they would immediately prioritize changes to the economic and power structures to alleviate the suffering that is widespread throughout every culture on earth. The truth is that there are progressive ways to organize society; models that need to be taken seriously by each and every one of us.
The failing financial system
We are clearly in a global money bubble with sub-bubbles in derivatives, stocks, bonds and real estate. The perpetual debt burden of both governments and citizens-of-earth alike is in an unsustainable and cataclysmic position, as it was in 2008. All these factors feed the virus of the world’s economic vitality which is why a reset for its immune system is simply inevitable.
Prior to the last GFC, there were many economists who predicted it. Similarly, the next GFC has been spoken about and predicted by ‘alternative’ economists for years too. Over the last 12 months especially, there have been many social and economic commentators estimating that a serious crisis is very close to reaching its initiating phase.
They include, but are not limited to: investor and Mark Faber, politician Ron Paul, economist Paul Craig Roberts, broadcaster Max Keiser, trend forecaster and business consultant Gerald Celente, economist Paul Volcker, author Michael Snyder, short seller Bill Fleckenstein, financial analyst and stockbroker Peter Schiff, financial writer Harry Dent, veteran trader Art Cashin, and economist and author Steve Keen.
Notably, Keen predicted earlier this year in an interview for The Conscious Society YouTube Channel that China would be the next crisis that would potentially reverberate throughout the global economy. And he appears to be correct.
The mainstream media have of course been long ranting the rhetoric of a legitimate recovery, so when even they start reporting on the impending crash, as they have over the last several months, you know things are getting serious. Mainstream media has obviously sold out to big money, so regardless of what they say, the financial statistics and independent commentary tell a clear story: the world’s economy is at crisis point.
Examples of genuine non-corporate journalism that indicate the next GFC has already begun include the following
In addition, the UK Telegraph has also declared that the “Doomsday clock for global market crash strikes one minute to midnight as central banks lose control”.
In any case, when another 2008 crisis or worse does occur, it’s the world’s people who will be the ones who feel the consequences of the actions of a corrupt banking sector which doesn’t just gamble with the world’s financial system, it rigs it as well — particularly through private ownership of the Reserve Banking system. If nothing else, the impending crash will wake and shake the people of the world into demanding systemic change, because what we have now is undeniably immoral, unsustainable and destructive behavior.
Fortunately though, there are solutions… regardless of what mainstream media might tell you. Like the strong precedent set by Iceland in 2012, governments have the power to write off debt and incarcerate fraudulent bankers, as well as reform their monetary system. Yet this isn’t going far enough: a modern debt jubilee or ‘Quantitative Easing for the People’ is the only way to deal with the private debt burden that will inhibit a swift recovery once the crisis hits.
What this means is instead of injecting all that cash into the banking sector, it is injected into the bank accounts of a nation’s people with the condition that it must be used to pay off any outstanding debt, thereby stimulating the economy from the ground up.
But that’s not going far enough either. The world’s central banks are private organizations run by banking families – not governments – who assumed the responsibility by manipulation and deception and sometimes by force, of managing the creation of world’s money for their own inevitable profit. Based on the visible outcomes of this private banking system, and the government’s refusal to acknowledge it is in fact private, they’re all clearly in it to have their own interests met and not the genuine interests of the world’s people.
They will probably even try to use this current global calamity to institute global governance — including a global (private) Central Bank and global currency — so watch this space.
Regardless, they need to go. If we are an intelligent earthly community, every country will take this opportunity to collectively kick out the private central banking system and restore it with a community-centered public banking system that works for the people, by the people — not for private interests.
There are two potential models to facilitate this outcome in the short-term, with probably several more. One is Modern Monetary Theory (MMT), whilst another is Debt-Deflation. Once countries takes back the power to create and control their own money, funding towards essential social services (which are unprofitable to the current private banking cartel) is essentially limitless. And in a socially driven economy, providing a ‘living wage’ for every person to help them meet the necessities of life would also eliminate many of the socioeconomic disadvantages and intergenerational vulnerabilities inherent in our current competitive profit-driven economy.
The other productive factor to implementing these types of approaches is that unemployment would virtually disappear. When nations have the capacity to create as much money as they need, interest free, they can then responsibly and ethically direct it where it’s needed most. So, governments can simply create jobs in the public sector to meet the developmental needs of the community (needs which currently go unaddressed due to the constraints of a profit-driven economy) and then transfer them back to the private sector when it rebounds.
While the global economy is collapsing, every country has both the power and opportunity to remove the private central banks and take back control of their money, highly regulate their finance sector, ensure criminal consequences for fraudulent banking agents, implement a ‘living wage’ policy, fund all essential social services and generate full employment for their nation’s social and economic prosperity.
Sounds too good to be true, right? Wrong. This is the only legitimate pathway forward for humanity. There would of course be a trial and error process, with creases needing to be ironed out as it evolves, however allowing things to continue as they are is simply not an option. The regurgitation of the Keynesian economic concern that “it will cause inflation” is ridiculously misguided; we need to make fundamental not superficial changes to our economic structure, and this next crisis might just be the catalyst we need to implement them.
Fundamental economic reform will be a complex and challenging process to design and implement, no doubt, but for the good of the people of the world, today and in the future, these are solutions that we desperately need in the short term, as we pick up the pieces of the failing global system. There are other long term solutions too, but that’s for another discussion.
Regulate Central Banks, Living Wages and Quantitative Easing … for the People
An interview with Professor Steve Keen
In a previous article and interview with the economist Steve Keen, he discussed how regulating the banking sector (like Iceland is doing), gaoling the fraudulent bankers (like Iceland did), instituting a living wage and implementing a modern debt jubilee is a sure-fire way to prescriptively deal with any impending economic calamity.
Our community leaders and politicians need to take serious note of this before the coming crisis wreaks its havoc.
If you agree that our governments, politicians and community leaders need to take alternative economic models seriously, then it’s time to take action.
One way to show your support is by signing and sharing the following petition. It’s one small step that we can all take to garner the attention of our so-called leaders that are meant to be representing us, not corporate and elite power structures. Please sign this petition, it takes ten seconds: Remove Private Central Banking and Design an Intelligent/Moral Economy for our Future.
ABOUT THE AUTHOR
Phillip J. Watt lives on the Mid North Coast of NSW Australia.
He has lived a life of self-determination and built a strong repertoire based in leadership, teamwork and seeking the essential knowledge and skills to holistically support himself, his family and his clientele. His written and film work deals with topics from ideology to society, as well as self-development.
Follow him on Facebook, watch his interviews with an array of inspiring guests at his YouTube Channel or visit his personal development website.
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