The global financial crisis that never went away – a system of modern debt slavery
This year the world’s debt currently sits at around $245 trillion give or take a trillion. This is more than three times (318%) the total global economy or GDP, according to the Institute of International Finance. And that’s despite faster growth. These figures simply bewilder the mind when I try to understand or comprehend their meaning and implication. This is close to a world record. Every year the world collectively grows deeper into a self-created debt hole from which it can never escape.
It’s not quite a record because 2016 saw us at 320% debt to GDP so we are 2% below the ATH (all time high). All levels of debt have grown, from financial, government, corporate and household. Household debt grew more in emerging market economies like China, India, Mexico and Malaysia, but government debt grew the most in mature markets, which means the first world.
A classic aphorism says that the borrower is the servant of the lender. Well that’s how the elite keep the rest of the entire planet subjugated. Central banks and governments keep their population subjugated and the IMF and World Bank keep the countries subjugated, which is a nicer way of saying enslaved. We are debt slaves in a world where slavery is still very much alive and well, on more levels than one. And this has increased since the Great Recession of 2008 due to the central banks propping up the broken markets with easy money or cheap debt, merely allowing the world’s debt to grow and grow. Instead of solving the problem, economists have actually engineered the very system that will destroy our society as we know it. And these are not stupid people, which leads me to realize that it has been consciously and deliberately engineered in this way.
Government debt is up 28% since the 2008 collapse. Financial corporations who led the collapse and received the taxpayer bailouts are in a far healthier situation economically than governments. Too big to fail financial institutions or banks have the ability to hold governments hostage it seems, figuratively killing the host in their parasitic urge to survive.
By lowering interest rates, which was the only thing they could do under the current capitalist paradigm, other companies have taken advantage and buried themselves in more debt than ever to boost profits. Capitalism is of course dependent on an ever-expanding profit margin, something unsustainable in a finite world. The system was doomed to fail from the start. It’s now 10 years after the collapse of one of the biggest banks in the world – Lehmann Brothers - and today we see Deutsche Bank on the cusp of going the same way. Some say they are already bankrupt but are just fudging the books on the surface. The “grandest central bank experiment in history” over the past ten years may appear to have succeeded, with US unemployment near a 48-year low, the S&P 500 near an ATH but that facade is all bolstered behind the scenes by huge debt. It’s false.
The tax deducted from citizen’s pay checks goes to servicing the interest on the debt. It has not even begun to reach the actual debt itself. The US Treasury market may have tripled in size since 2008 but the US federal debt makes up more than 100% of America’s GDP. It’s all fake. Most Americans are simply running on the same spot just to pay off their credit card debt. Corporations merely took on more debt and purchased their own shares, creating the illusion of boosted stock value. So who is really making the profit?
Across the globe government debt has soared. Around 46% of the global population lives on less than $5.50 a day. Global inequality has grown steadily worse because the system is designed to funnel wealth from the bottom to the very top of the pyramid. Do you know that we don’t actually need a debt-based system in this world that merely makes the rich get richer? Governments don’t have to borrow money. Just before his assassination JFK was issuing debt-free US notes, a different system altogether. Ultimately it is highly immoral for us to be accumulating such massive debt only to hand it over to our descendants to pay. We are borrowing from our future generations. It’s a total con and a crime. And the world banks like the Fed in America and the IMF are knowingly implicated.
That’s why we need to shut down the Fed and end Federal Reserve bank notes. They are making us debt slaves and we are embracing our enslavement. The average American is a debt slave from birth. By the time he dies his debt will have increased exponentially, passing on a bigger debt and enslavement to the next generation. This vicious circle has gone on for about the last 100 years. A very small elite has become incredibly wealthy and the masses have become enslaved by private and government debt. The majority will be unable to extricate themselves from this albatross around their neck and will add to it.
These are the reasons why the Yellow Vests of France are taking to the streets every week for the past four months now. Most of America is too engrossed in entertainment fed to them by the giant media corporations – the six or so companies that own all media in the country and across much of the world. And those media companies are owned by the same masters that control the mountain of debt. They are the propaganda machine of the elite. The system of our enslavement is far more sophisticated than in previous eras but is much more insidious.
Wall Street has been turned into the largest casino on the planet, some make a lot but most get burned and lose everything. Trading is a losing game, it’s gambling, the odds are massively against you, all while you are becoming stressed, left guessing, angry, nervous, depressed or desperate. We need to ditch the entire economic system and start anew, though it may take a collapse and global meltdown of the old before the new can rise from the ashes. There is no other way. I believe it is being engineered this very way by the elites. The controlled demolition is upon us. And who knows what the new order will look like, run by AI on 5G and the IOT (internet of things) where the surveillance state reads your location and actions while measuring your behaviour for your social credit score so that you are forced to walk the line or die. What kind of freedom is that going to be for our children?
Epic Economist: https://www.youtube.com/watch?v=3PuiVXweeGY