On Wednesday, April 28th, the British System’s Peter G. Peterson Foundation will convene a highly publicized fiscal summit to discus our nations financial crisis. This summit will be used to blame governments for the financial crisis and justify the plan for severely cutting budgets, radically increasing taxes, and sacrificing living standards to insure the survival of the bankrupt international financial system.
The intent of the organizers of this summit is to reject a 1944-style Bretton Woods international bankruptcy reorganization based on building new technology and infrastructure projects around the world. Their goal is to prevent a Glass-Steagall bankruptcy reorganization of the United States Federal Reserve to ensure a continuation of massive subsidies for worldwide derivatives securities.
The strategy of this summit is to hit the unsuspecting public with a several-pronged attack.
First they will bring in financial economists to justify dramatically cutting budgets by only discussing fiscal policy outside the context of bankruptcy reorganization. Then they will bring in corporate economists to justify the loss of pensions, health care, Medicare and Social Security. Wall Street economists will then lie and claim the sub-prime market caused the financial collapse because of lending to unqualified homebuyers.
Next the summit organizers will use behavioral economists to make populations think it is in their best interest to lower their standard of living. The final attack will be to use environmental economists to ensure that no reform will be based on investments into infrastructure and industry because of global warming and a lack of global resources.
The organizers of this summit are very predictable because they are trapped in a financial system that is self-destructive and out-of-control. The current structure of international finance requires massive infusions of cash from governments and private economies worldwide to keep the quadrillion-dollar derivatives gambling market functioning.
I have a better idea; let’s start throwing these guys in prison for some of their criminal frauds like not reporting their off-balance-sheet liabilities. No amount of budget cutting or hyper-inflating of currencies can ever pay off the international gambling debt that is now collapsing the world economy by rapidly constricting credit for physical production.
The Peter G. Peterson Foundation’s recommendation for budget cutting austerity without a bankruptcy reorganization and without a new credit mechanism for physical production will directly cause the starvation death of large sections of the human population because modern agriculture requires credit for planting crops. Moreover, rationing health care will lead directly to the death of the most vulnerable human beings.
A bankruptcy reorganization to extract derivatives from our financial system is required not only to rebuild our employment and tax revenue base, but more important, not reforming the financial system will end up being a crime against humanity.
The United States has the power to stop this summit from becoming a banker’s dictatorship. The level of criminality in the worlds financial system has reached a point where governments worldwide must begin aggressively prosecuting in the financial services industry. The financiers who escape conviction will be motivated to participate in a new financial system.
My hope for the summit is that at least one American System economist or politician will stand up and expose the criminal agenda of the Peter G. Peterson Foundation.
Bailing out the derivatives market is economic suicide. Only a new Bretton Woods Conference and a Glass-Steagall bankruptcy reorganization of our Federal Reserve can cause a physical recovery based on new technology and infrastructure.
I continue to urge the reading of my facebook wall to the beginning to learn what Alaskans can do to participate in an international financial reform.
