GLOBAL ECONOMY: Don't blame the millionaires
By Zed Books at Dec 09, 2011
A Wall Street insider in the credit default swap market tells the BBC that there is more than $200 trillion in debt saturating the global economy.
One of the principal accomplishments (already) of the “Occupy Wall Street” protest movement is that is has correctly focused our attention on the real enemy: “the top-1%”. It is very important that readers remain focused upon that point, because (as usual) the media propaganda machine is not only seeking to twist the facts, but to distort the actual issue itself.
There are two ways in which the media has been distorting this problem. One of these methods is extremely obvious while the other is much more subtle. Beginning with the obvious, we see the media attempting to twist the backlash against the top-1% into a much more muted initiative of “taxing millionaires”.
To understand how this dilutes and undermines the process of reversing the most-egregious wealth inequality in all of history, we first must understand the nature of this inequality. In an interview on the BBC news program “Hard Talk”, a Wall Street insider in the credit default swap market reveals there is more than $200 trillion in debt saturating the global economy.
Let’s put this into perspective. Even with interest rates artificially suppressed for much of the world (most notably the U.S.), annual interest on this debt is somewhere in excess of $10 trillion per year. Given a global economy with a total GDP of close to $60 trillion, this works out to more than one out of every six dollars of global economic activity wasted in paying interest to the bond parasites. It is debt-slavery.
This is such a crippling debt-load that if the global economy was one, single economic entity it would be on the verge of declaring bankruptcy. It has caused some, including Australian economist Steve Keen to call for a “debt jubilee”. Readers not familiar with that term may have less trouble understanding my own previous label for that solution: a “bond-burning party”.
Keen points out that simply “wiping the slate clean” has been history’s one-and-only solution to the serial debt-crises caused every time that bankers acquire too much political/economic power – and then bury the world in debts. This solution becomes more obvious as soon as we identify precisely who are these shadowy bond-parasites.
They are not ordinary people. We are all net-debtors. They are not corporations. Corporations have become huge, net debtors – brainwashed by the banksters into believing that the only way to grow is through piling on more and more debt. They are not sovereign governments. Indeed, our national governments are the largest net debtors on the planet.
The bond-parasites are the top-1%. More specifically, they are the shadowy trillionaires, Oligarchs like the Rothschilds and Rockefellers who are so wealthy they are able to totally conceal their massive wealth-hoards from the rest of the world. Instead, we are regularly subjected to the ludicrous propaganda that mere billionaires like the “Bill Gates” and “Warren Buffets” of the world are the “richest people” on the planet – when they are merely “working class folks” in comparison to the true, idle rich.
In seeking to identify precisely who comprises the "kings” of these bond-parasites, there is no better place to start than with the ground-breaking chronology of Charles Savoie – in a body of research he has titled “The Silver Stealers”. Savoie points to an elitist group known as “The Pilgrims”, and documents much of the activities (and inter-relationships) among these Oligarchs over the past 200 years.
As Savoie and other banking historians like Darryl Schoon have noted, the key to the stealing of all the wealth of a society by the ultra-wealthy has always been via banking – and the worthless paper currencies they have managed to foist upon the world any and every time that bankers acquire too much power.