The message was designed as an emergency message to shake the world to its senses, which had been facing the near impending crisis of the greatest financial and economic collapse in all history. The open letter should have had the opposite effect than it had. It should have had the effect that law and order become reestablished, with respect for Principle. "One cannot compromise on Principle," the message had said. This didn't happen. Nothing happened on the front of Principle. Society waffled. Society flinched. And a lot of people remained asleep. However, the masters of empire took due notice of the open letter. Its bold call to action had made their desperate situation, now more desperate, and as is always the case, desperate people, in the throw of their desperation, make mistakes. And big mistakes were made. Instead of putting water on the fire of the crisis, the masters of empire poured on gasoline. They wrecked the American dollar -- the only thread that was holding the world economy afloat -- by replacing the dollar with their own imperial currency that they forced the nations to contribute to, which was then used to bail out their dead horse of private central banks that had all been bankrupted by their looting practices. With this insane act, so typical for the masters of empire, the world collapsed.
I had a bad feeling about this insanity, when it had been 'announced' by Fred that night, when he arrived that evening on his motorbike, hot, tired, and scared. The moment that I had heard about the unfolding crisis, I remembered my dream about 'The Thing.' I remembered that I had asked my dad in my dream for a new pair of shoes, and how surprised I had been when he said that he couldn't afford them just then, except by arranging for more debt. I should have known right there and then that the house was coming down in the real world. But there were only rumbles at first in our real world.
A few alarmed voices were heard. One financial analyst was worried about the size of the debt, which was being erroneously counted as an asset. He said that a million dollars, an average person's lifetime earning, amount to a stack of thousand dollar bills eight inches high. He said a billion dollars, the lifetime earning of a thousand workers would be equal to a stack 8,000 inches high, or 666 feet, or about half the height that the World Trade Towers in New York had stood in their day. Then he compared this with what some of the high-roller's had grabbed, which he said could no longer be termed earnings. The mayor of New York, for example had been able to amass a forty billion dollar pile of loot in just ten years, which adds up to twenty stacks of thousand dollar bills, each piled as high as the World Trade towers had reached into the sky, or the combined lifetime earnings of 40,000 workers. And he said that this was still small. He said that one of the big fund managers has paid himself a nine billion dollar bonus in just a single year, the equivalent of 9,000 workers' lifetime earnings. And he noted that these billions are nevertheless small amounts. He noted that billions are no longer deemed anything worth noting in the age of the great bailouts that had already eaten up $16 trillion by then, in less than a year, in payments and in promises in the form of taxpayers' obligations. He said that this generous giveaway by the poor to the rich is equal to a stack of thousand dollar bills 10.7 millions of feet high, or two thousand miles high. He said that if this stack was laid on its side it would reach from Los Angeles to Detroit, right across almost the entire USA.
Ross' comment was, when he found the comparison on the Internet, that the man's comparison was already outdated. "Sixteen trillion in money having been wasted to bail out the banks, was last week's estimate. It's twenty three trillion this week. The Special Inspector General in charge of monitoring the disbursement of the Troubled Assets Relief Program, called SIGTARP, has estimated the total cost of the bailout program since 2007 to be $23.7 trillion according to the promises made by the government. And guess what it is going to be next week."
Ross chuckled when noted in the Internet report that the immense stretch of thousand dollar bills laid face to face from Los Angeles to Detroit, representing last week's estimated $16 trillion in bank bailouts, or anything of that sort, remains nevertheless just a tiny amount in comparison with the notional amounts of the worldwide derivatives gambling, with instruments so huge in notional amounts that they have turned the entire world financial system into a giant gambling casino, the biggest of all times, with gambling contracts adding up into the range of 1.5 to 2 quadrillion dollars, that hang like millstones around the neck of the world. He said that the smaller of the two figures, of 1.5 quadrillion dollars, is equal to a stretch of thousand dollar bills, laying face to face, extending for 200,000 miles, which would stretch more than eight times around our planet. He suggested that this insanity has gone way out of control, and has thereby ushered in the end game for the global financial system, a system of thievery, a system of fraud that is doomed to disintegrate into a puff of smoke and the nations with it, unless the nations shut this thing down before it blows up the world. He said that it should be easy to shut a system down that promotes this grand theft to such an extreme that it has caused a near infinite vertical separation between human living and the monumental insanity that reigns in the sewer where the stolen loot is sucked into, whereby the whole monetarist system has actually died long ago. He said that a dead horse, which has actually been dead for some time, so that it is already stinking, cannot be healed or be resurrected, but needs to be buried. He said that the murderous system needs to be replaced with a wealth creating system that resumes physical production and scientific and technological progress on a vast scale, if society aims to survive. But the man's voice was not heeded.
There were cries heard in the real world in those days of the great disintegration of the financial system of the world, cries that legislation should be passed, under which the droplets would be gathered up, so to speak, and the bubble be put back together again. Those were desperate cries of desperate people, for governmental bail-outs and the like, but they were hopeless cries in the night preceding a darkness more dense than any night ever had been - a night in which nothing was heard except cries of agony.
In the shadow of the financial disintegration the physical economies ground to a halt and disintegrated likewise. Commerce can't function without valid currencies. It is easier to conduct international trade without currencies on a value exchange basis, than it is to conduct the local, everyday economy, without currencies in a world where the gun becomes dominant. It was the economy that had once supplied the essentials for people's living, that had popped. Trade without currencies had previously been proposed by LaRouche as a measure to defeat the currency speculators that feed on floating exchange rate fluctuations, which they themselves caused to fluctuate. But local commerce without currencies hadn't been tried for millennia.
The disintegrating bubble, as Steve had warned, had brought down the structure that supported the essential commercial activities on which the populations had come to depend, such as supermarkets, delivery systems, fuel supply infrastructures. They all ground to a halt for the lack of money, once the value of currencies was put in doubt. The banks, the investment houses, the stock and bond markets, became burnt out ruins in the fire of their own game, while the mighty dollar became reduced to toilette paper. Every pension fund evaporated. Even the governments' ability to maintain order failed, and rightfully so, because the governments had failed in the first place to maintain the required financial and economic order and the infrastructures that are needed to support the cultural, scientific, and physical self-development of society.
|| - page index -
|| - chapter index -
|| - Exit -