DEBT SLAVERY + FAKE MONEY = FINAL COLLAPSE

from Egon von Greyerz, Gold Switzerland:

Over the last 150 years, the West has gone from human slavery to debt slavery. Slavery was officially outlawed in most countries between the mid 1800s and early 1900s. In the British Empire, it was abolished in 1834 and in the US in 1865 with the 13th amendment.

But it didn’t take long for a different and much more subtle form of slavery to be introduced. It started officially in 1913 with the creation of the Federal Reserve Bank in New York. More than 100 years before that, the German banker Mayer Amschel Rotschild had stated: “Give me control of a nation’s money and I care not who makes its laws.” The bankers who gathered on Jekyll island in November 1910 were totally aware of the importance of controlling the country’s money and that was the objective of their infamous secret meeting which laid the foundations to the Fed. The Fed is officially the Central Bank of the USA but it is a private bank, owned by private banks and for the benefit of private banks and bankers.

MORTGAGE = DEATH PLEDGE

So the Western world was free from human slavery for around half a century but is now subject to a form of slavery which most people are unaware of. It is a slavery which no law, no regulation or edict can abolish. Nor are there any magic financial tricks that can make this form of slavery disappear. I am of course talking about debt slavery which has gradually taken hold of the West in the last hundred years and now is enslaving many emerging market countries too. There is mortgage slavery. The word mortgage comes from Latin and French and means death pledge. And this is exactly what it will be for a lot of people who will neither afford the coming increase in interest rates nor the repayment of capital on their property which will collapse in value. We also have credit card slaves, auto loan slaves and student slaves. Virtually all of these loans will expire worthless as the enslaved borrowers default.

US DEBT GROWS AT 2X GDP

In 1913 global debt was negligible but grew steadily to 1971 when Nixon abolished the gold backing of the dollar. Since 1971, the debt enslavement has taken off at an exponential rate. Just looking at US total debt, it was $1.7 trillion in 1971 and is now $67 trillion. At the beginning of this century US debt was “only” $30 trillion so just in the last 16 years it has doubled.

Since 1971, US total debt has grown 39x whilst GDP has grown 16x only. This is more proof that perceived improvement in the standard of living and wealth can only be achieved with printed money and credit expansion. What the world is experincing today is a Fake prosperity based on Fake money and Fake growth. Hardly a recipe for a sustainable US or world economy.

GLOBAL DEBT $ 2 QUADRILLION

Debt slavery is now a chronic condition which the world finds itself in. The word debt has the same roots as death and clearly has very dark connotations. Slavery means being owned and controlled by someone. What the bankers started on Jekyll Island has now enslaved the world in a debt/death grip from which there is no escape. Global debt of $230 trillion plus unfunded liabilities and derivatives takes us to over $2 quadrillion debt and liabilities is just too big a weight to get rid of.

KRUGMAN – PRINT MORE MONEY

So how does the world attempt to solve this debt/death trap. We can of course ask Nobel prize winner Krugman and he will give us the Keynesian solution which the world has applied for ¾ of a century with catastrophic consequences – JUST PRINT MORE MONEY!

Money printing has created a massive debt problem, more printing exacerbated it, and even more merely postponed the inevitable collapse. Any further dose of this poisonous medicine will be like pushing on a string – it will have zero effect as a remedy but a disastrous effect when it comes to the destruction of money. And this is of course what is likely to happen in the next few years. I have for many years been clear that massive money printing is the only tool that central banks have left. This will lead to hyperinflation, the total destruction of paper money and to a deflationary asset and debt collapse. Only after that can the world grow again, but before that there will be a lot of pain in the world.

SWEDEN – AN ENSLAVED CASHLESS SOCIETY

The powers that be have not been satisfied just to enslave the world with debt. People must also be prevented from spending whatever money they have left. The banning of cash transactions and withdrawals is growing. In many European countries, the cash limit is between Euro 1,000 and 3,000. But that is just the first step. Sweden for example has virtually abolished all cash transactions. Many retailers only take credit cards. New bank notes have also been introduced making the old ones unusable. This is similar to India and a way of punishing the holder of cash and confiscating money. It is no coincidence that personal debt in Sweden is among the highest in Europe. Abolishing cash will stop the Swedes from taking their money out of the bank.

Read More @ GoldSwitzerland.com