The G20-meeting held in Washington on November 14/15, 2008, is in its essence a historical indicator that the Western - above all Anglo-Saxon - monopoly on global economic and financial governance, is coming to an end. Nevertheless, according to LEAP/E2020, this meeting also clearly demonstrated that this kind of summits is doomed to inefficiency because they concentrate on curing the symptoms (banks’ and hedge funds’ financial difficulties, derivative markets’ explosion, financial and currency markets’ dramatic volatility, ...) rather than the fundamental root of the current crisis, i.e. the collapse of the Bretton Woods system based on the US Dollar as sole pillar of the global monetary system.
Without a complete overhaul of the system inherited from 1944 by summer 2009, the failing of the current system and that of the United States at the center, will lead the whole planet to an unprecedented economic, social, political and strategic instability, and more specifically to a breakdown of the global monetary system by summer 2009.
In light of the technocratic jargon and calendar of the declaration released after this first G20-meeting (totally disconnected from the speed and scope of the unfolding crisis (1)), it is more than likely that the disaster will have to happen for the fundamental problems to be seriously addressed and for the beginning of a reply to be initiated.
Four key-factors are now pushing the Bretton Woods II (2) system to collapse in the course of the year 2009:
• Fast weakening of the central players: USA, UK
• Three visions of the future of global governance will be dividing world’s largest players (United-States, Eurozone, China, Japan, Russia, Brazil) by spring 2009
• Unbridled speeding-up of the last decade’s (de-)stabilizing processes
• Increasing number of more and more violent backlashes.
Comments: But I think this article is correct, as was Ron Paul in his statement to Bernanke - the US dollar system as reserve currency is dead....... or rather in the quick process of dying.
Ron Paul stated it clearly and forcefully - Bretton Woods is dead. The bubble has burst and patches ARE not going to fix it.
MAny should start letting this sink in. IF THAT IS THE CASE, AND IF YOUR MONEY AND SAVINGS AND ASSETS AND STOCKS AND BONDS BECOME USELESS OR TERRIBLY DEVALUED OVER THE NEXT SIX MONTHS, WHAT STEPS ARE YOU GOING TO TAKE TO PROTECT YOURSELF NOW.
The big, stinking fish of capitalism is gasping for oxygen on the dry land of inevitability. Capitalism is a system that, by its very nature, can never succeed.
ReplyDeleteThe ocean of consumerism, that delusional capitalists fantasized as infinite, has all but dried up. The fish will crush many innocents as it flops and writhes in its death throes. In the final irony, its final spasms may insure the near extinction of the human race.
R.W. > A capitalist/free market society WILL always stablize itself, period! You just have to keep the big arms of politicians and stiff regulations away from the consumer and business owner. Politicians KNOW how they destablize an economy with these regulations, they also know how to tax an economy to death too. These are the people who kill an economic society, not the free markets! You need to take an economic course from Ron Paul...google and read!!!
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ReplyDeleteYou write: "IF THAT IS THE CASE, AND IF YOUR MONEY AND SAVINGS AND ASSETS AND STOCKS AND BONDS BECOME USELESS OR TERRIBLY DEVALUED OVER THE NEXT SIX MONTHS, WHAT STEPS ARE YOU GOING TO TAKE TO PROTECT YOURSELF NOW."
Okay.
But I've not found any solution on any website for another big problem: If I have a debt? (Bank loan for my only home.) And it's pretty big, though I've some savings to pay for coming (unemployment?) months... So how bout that? What to do? How will coming global devalution(?) destroy me? If at all? Should I sell & escape my home/debt in any price? Or should I keep it with teeth'n'nails? I know, nobody is nostradamus, but anyway... Some hints?
Best!
with the total Collapse of our system it appears the military has been told to act against Americans and to start the removal of any who get-in-the-way of the obama boys.
ReplyDeletethe word citizens may get you shot down soon so be real careful when the system comes apart the guy in the white house is from Kenya and will sign anything to keep power in his little hands
what you can do to save your life, get out of all main population areas in the next 12 weeks, if you can't get with family and buy guns now.
will do!
ReplyDeletethe end is nigh as we know it. it takes a while for a rotting carcase to decay. it is interesting to live in these times. finally political,economic and religious systems gone. what caused this situation greed,lies and deception. what comes after the collapse,more pain, i guess.
ReplyDelete