Author Austrian PeterPosted on December 3, 2022Categories Economy, Politics, Social
BREAKING NEWS: And it’s happened again! Crypto outfit, ‘BlockFi’ which was founded in 2017, and eight affiliates went bust on November 30. Wolf Richter says: “These crypto outfits lent to each other and used crypto tokens as collateral which then collapsed, and they bought each other’s crypto tokens which then collapsed, and they gambled with their clients’ funds on tokens that then collapsed, and they used their own artificially inflated crypto tokens as reserve capital that then collapsed, and funds were siphoned out as we now see being revealed in the FTX bankruptcy.
While these twisted inter-connections and self-boosting mechanisms were working, they all went to heaven together, but those mechanisms make for smooth and efficient contagion in the whole crypto space, and now they’re all going to heck together.”Crypto should not be regulated; just let it burn off.
The whole sorry story is summarised here: https://wolfstreet.com/2022/11/28/blockfi-8-subsidiaries-file-for-bankruptcy-smooth-efficient-crypto-contagion-continues/ Lesson: Stay away from anything that smells like ‘Crypto’ and I don’t believe BTC is safe either.
AND ZeroHedge underlines the advantage that banksters are taking to push their CBDCs. “The US House has scheduled hearings on FTX with an emphasis on regulation. In Europe, globalist Christine Lagarde and the ECB are calling for global cooperation on monitoring and controlling cryptocurrencies. Lagarde wants a “digital Euro” to take the place of existing coins and blames FTX and the larger market losses on lack of oversight.”
It’s not certain that “CBDCs mean the total death of any economic freedom the public has left, and central banks are exploiting disasters like FTX to make that death happen even faster.” But the fear is there for all to see.
GFC II – WHERE ARE WE TODAY? Well, look no further, for here is the sick backstory of what really happened and why we were all in lockdown for two years, supposedly for a scamdemic that imminently threatened the death of millions. It wasn’t quite like this at all – you were lied to all the way from lockdown to the genetically engineered therapies that you were coerced to take in the interests of the community at large. As always it is all about the MONEY!
This detailed explanation is priceless; offered by Simon Elmer who has a doctorate in the History and Theory of Art and someone for whom I have great respect. He is a co-founder and a director of Architects for Social Housing. He is also the author of several books, his latest being ‘The Road to Fascism: For a Critique of the Global Biosecurity State’.
The Road to Fascism is not an attempt to contribute to an academic debate about the meaning of the term “fascism,” but rather to interrogate how and why the general and widespread moral collapse in the West over the past two-and-a-half years has been effected with such rapidity and ease, and to examine to what ends that collapse is being used.
I will attempt to précis it for you to save you time. “First, the history of complex financial machinations is worth reading at the link below but I will start from when you and I became aware of a social time-bomb exploding on our streets. But what most of us didn’t know was that the WEF ‘Great Reset’ of the global financial system, supposedly justified and even necessitated by the ‘scamdemic’ was initiated 6 months before, in September 2019; it was officially declared but hidden from the public, and not in response to a virus.” I have written about this a few months ago in response to a reader’s enquiry: https://austrianpeter.substack.com/p/a-perfect-storm-the-money-crisis?s=w
“Globally, over $41 trillion in assets, nearly half the world’s GDP, are held by central banks. And as deposits were made in the US Federal Reserve, so the money made its way into commercial banks, with deposits that in the latter had remained on an even upward trajectory through the Global Financial Crisis of 2007-2009 having a direct correlation with the spike in assets after September 2019.
Had the $12 trillion of helicopter money pumped into the collapsing financial sector by central banks in March 2020 reached transactions in the real economy, it would have triggered hyperinflation that Blackrock had warned the Federal Reserve must be avoided. This, we might assume, is what Blackrock meant when, in its August 2019 report: ‘From unconventional monetary policy to unprecedented policy coordination’, it insisted that a practical way of ‘going direct’ would need to define ‘the unusual circumstances that would call for such unusual coordination’. These words have meaning.
Lockdown wasn’t imposed to protect the world from a ‘civilisation-threatening’ new virus but because the real economy had to be shut down — with most business transactions and consumer spending suspended — in order to ‘insulate’ it from the vast sums being pumped into the collapsing financial sector. But that’s not all. At the same time that banks were creating trillions of electronic dollars, hundreds of millions of workers were forcibly placed on furlough for months and years on end by national governments, which effectively mortgaged in advance the future labour of their populations.
Just like the programme of fiscal austerity imposed after the last Global Financial Crisis had punished workers for the speculations of the financial sector by reducing government spending on the economically spurious justification of ‘balancing the budget’; so lockdown made certain that the bailout of the banks would be paid by the workers and small businessmen whose jobs and businesses have been lost, bankrupted or placed into debt by the governments enforcing lockdown on the even more spurious justification of protecting them from a threat to public health that never existed.
Like austerity, therefore, lockdown is an economic class war waged by the financial and political ruling class against the working and increasingly, the middle classes, who demonstrated their redundancy by obediently ‘working from home’ under lockdown, and white-collar jobs being rendered superfluous by the new technologies of the Fourth Industrial Revolution.
So, when Jeremy Hunt and his WEF equivalents across Western economies tell you that spiralling inflation, rocketing energy prices and the plummet in our standard of living is because of Covid-19, ‘Mad-Vlad’ invading the Ukraine or necessitated by global warming, he or she is fobbing you off with a false explanation and easy scapegoat to blame for the second Global Financial Crisis in 12 years.
As Ray Dalio, the billionaire founder of the world’s biggest hedge fund has recently pointed out, the last time this happened was in 1932. These are the economic conditions for the return of fascism to the politics, laws and ideology of the West we’re witnessing today. If you’re interested in who benefits from this managed demolition of our economies and the Brave New World they want to build on the ruins, you may be interested in The Road to Fascism: For a Critique of the Global Biosecurity State. The full text is HERE
