This crisis has barely begun

A pal asked me about economist Peter Schiff's recent interview where he said the global financial crisis had barely begun. Hey, I hope I'm wrong …

We've had and continue to experience a depression in most territories, off the back of the partial collapse from 2008. They've held the global financial system together with the equivalent of sticky tape – by printing money, what they disingenuously call “quantitative easing” – but that can't go on forever because there's been huge inflation: for every [whatever currency] printed each unit previously in circulation has a diluted value.

Think about it, this is willful theft and we see the result, clear as day: look at the vastly increased cost of food or, lauded by the mejia as evidence of recovery, look at the inflated stock markets. That is the effect of inflation, how bad it has been, yet salaries are reducing and unemployment has stagnated, and these are truer indicators of prosperity.

Longterm it's worse: even those that could afford to fund the thing are finding that their pensions are often worthless. Sensible savers have been robbed blind, people continue to lose their homes, the market is shrinking, opportunity is reducing.

This is unsustainable.

So what do the central banks do? They stop printing and indebted banks fail, which is what should have been allowed to happen in the first place. (We used to call this ‘capitalism' until the lobbyists found that Keynesian economics was broken and inconvenient, reverting instead to good old-fashioned plutocratic Fascism!) (But the failure of capitalism is another story altogether now, one of grand theft, of the massive transferral of wealth from the middle classes to the 1% in the biggest white collar crime ever perpetrated.) So what if the printing stops? Banks will fail because they have no boon with which to pay their debts.

And their depositors? You and I lose our hard-earned money because there's no money to bail out plebs, despite any depositor ‘guarantees'. Then again, we'll more likely lose some money before that, when it's confiscated – EU-style – to prop up the banks in a last ditch money grab, as happened with the Cyprus “bail-in”. Oh yes. They called the theft in Cyprus a template for similar wealth transferal from depositors to failed bankster ‘businessmen' (who should be in jail for their irresponsibility, lies and theft) and the model has since been murmured across the Western world.

So instead central banks are trying to wean the banks off the saline drip that is QE, but that just slows down the process of bank failure, depending on the severity from bank to bank and, the main worry is, such is the interdependence between banks in this globalized world, that one bank fails and debts are knocked on and there's a domino effect of failure …

… and it is about that that folks like white hat economist Peter Schiff are talking.

So who's right? The privately-owned ‘Rothschild' central banks or people like the International Monetary Fund's whistleblower Karen Hudes who has called the system out for the Ponzi that it is?

The only reason we haven't had total financial collapse is due to kicking the can down the road, printing money now to pay debt yet creating inflation meaning people increasingly can barely pay for the increased cost of, especially, food and energy.

Yet companies aren't re-employing in the West. Truth is the politicians are lying, unemployment continues to grow and most states are bankrupt, meaning that essential services such as for health are in jeopardy as well.

Can the economists continue to equate 2 plus 2 to whatever number the politicians need today, to appease increasingly taxed voters (again to bail out failing economies) and remain in power?


But they can delay, for example with distraction and occasional bonanzas such as war, and they've been trying to create a giant war for a long time – that's what all the Arab Springs are about, largely CIA-instigated; look how they've wanted war in Iran but don't dare ‘cos Iran is militarily strong, how they wanted it in Syria but We The People said “Fuck off!”, and now are playing games in Ukraine.

They're desperate.

We're living in a lie. The can, being kicked down the road, is getting bigger and bigger, and the crash when it does happen will not be partial but total, with currencies of no value at all (not pegged to gold, say) bar that of confidence set to hyper-inflate, ruining the overall system.

Sorry if this sounds gloomy but, on the bright side, when it does happen we can replace with a proper system and genuine leaders. The meantime will be tough though.

Aah, yes, and that's the real reason Obama wants Americans' guns! (And is the kind of tyrannical scenario the Founding Fathers had in mind when they gave Americans the right to bear arms.)

The ‘preppers' are right. We need to be prepared, as best we can.



About the Author:

Olly Connelly (yeah, that's me) blogs at, polices WordPress security at and helps noobs build web servers at, so if you've got sleeping problems you know where to come.

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