Submitted by Matthew Ehret…
Former Governor of the Bank of England Mervyn King has let the cat out of the bag during an IMF meeting on October 19, 2019 when he said the world was heading towards a “financial Armageddon” unless central banks are given more freedom to print infinite amounts of money to bailout Wall Street as had been done in 2008-2009 when he was governor. As King spoke these ominous words, the NY Federal Reserve found itself in its 5th week of daily money printing (begun on September 17) which has seen $50-$100 billion/day pumped into failing too-big-to-fail banks with “emergency liquidity injections”. On October 24, the Fed had to raise the overnight repo loan limit from $75 billion to $120 billion/day and its two week repo limit from $35 to $45 billion per auction.
Lord King stated “By sticking to the new orthodoxy of monetary policy and pretending that we have made the banking system safe, we are sleepwalking towards that crisis.”
At the meeting, the British Lord correctly asserted that the systemic causes of the meltdown of 2009 were never resolved but then Delphically lied saying that the financial regulations installed under Obama (Dodd-Frank) are currently preventing the scale of money printing needed to encourage economic growth and keep the system from collapsing. The last part of that statement is additionally fraudulent since Lord King tried to equate “economic growth” with “bank bailouts”. These terms are actually antagonistic to each other.
The deregulation needed to unleash the money printing advocated by King is in fact a ticket to a hyperinflationary blowout of the system which currently sits atop an $800 trillion derivatives bubble (bets on collateralized debt and insurance on those debts). When one considers that in 1992 derivatives only accounted for a mere $2 trillion and didn’t even exist as speculative instruments in 1986, one gets a sense of how the nation-state destroying time bomb has been implanted into the western system, waiting only for the trigger to be detonated at the opportune moment.
Referring to the Green New Deal which the Wall Street- City of London cabal are lusting after as the basis for a new world system, King said: “No one can doubt that we are once more living through a period of political turmoil. But there has been no comparable questioning of the basic ideas underpinning economic policy. That needs to change.”
Current Bank of England Governor Mark Carney has gone on a global campaign in recent months to coral the financial, political and business elite into supporting his design for a new hegemonic global currency modeled on Facebook’s Libra as a replacement to the U.S. dollar-based system. This “hegemonic digital currency” would be tied to Carney’s other passion: the “de-carbonization” of the world (which is actually just a euphemism for depopulation). The “new rules of the system” which Carney, King and their oligarchical masters demand be imposed upon nations in the face of the meltdown of the banking system are tied to the creation of financial incentives to green economic investments such as solar and wind energy, which inherently lower the means of industrial capital production and thus contract the “carrying capacity” of the population to “sustainable levels”. Taking a threatening tone, Carney has said “the firms that anticipate these developments will be rewarded handsomely. Those that don’t will cease to exist”.
It is interesting to note that Carney and his technocratic zombie associates including French Finance Minister Bruno LeMaire have warned that if this Green New Deal isn’t imposed soon, then China’s New Silk Road will become the basis of a new world system!
These warnings reflect the Achilles heel of the City of London-Wall Street centered oligarchy currently trying to impeach President Trump. These oligarchs and their technocratic managers such as Carney, King and LeMaire (who so yearn to be “alphas” in the distopian Brave New World) know that a United States, allied with the new Russia-China-India alliance would create a force powerful enough to not only re-organize the bankrupt financial order under bankruptcy re-organization, but would also create a positive multi-polar alliance which could eliminate the inbred oligarchical cancer from the face of the earth once and for all.
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of The Duran.