The Next Global Financial Crisis is Here… This is What We Can Do About It

Credit Cards Debt SlaveryPhillip J. Watt, Contributor
Waking Times

We have arrived at the doorstep of the next Global Financial Crisis. Collectively, we can no longer hide from the immense financial problems that plague us, including our enslavement to debt. Yet it’s not all doom and gloom; this might just be a blessing in disguise because it is an opportunity for the masses to join the awakening community and participate in the discussion for how we collectively move forward both in the short and long-term future.

Let’s start at the start: the 2008 GFC was never resolved. There were trillions of dollars created out of thin air by many of the world’s central banks which were then injected into the finance sector to keep particular private banking organizations from going bust. The technical term for this is ‘Quantitative Easing’; however we all should know this as simply ‘socialism for the rich’.

Whilst a natural reset was not allowed to occur and the Wall Street economy was kept afloat, the Main Street economy continued to suffer. Real unemployment figures have risen exponentially. Poverty has also significantly increased in the US and elsewhere, as has homelessness. Poverty is even increasing in Australia which survived the 2008 GFC mostly unscathed, as evidenced by this independent report. In any case, our economic model has simply failed in resolving this and other forms of socioeconomic disadvantage.

To really solidify the dysfunction of our global economy, millions of people are on food subsidy programs all across the so-called developed world, especially the US. Moreover, the middle class is increasingly disappearing whilst wealth inequality continues to amplify to levels not seen in decades. The global poverty levels are also highly distressing, including an astonishing 22 thousand children dying each day from poverty.

Ultimately, there are “11 Toxic Realities Society is Finally Waking Up About” and if our leaders truly cared about providing the best for their people then they would immediately prioritize changes to the economic and power structures to alleviate the suffering that is widespread through every culture on earth. The truth is that there are progressive ways to organize society; models that need to be taken seriously by each and every one of us

Moving back to the interconnected finance system, we are clearly in a global money bubble with sub-bubbles in derivatives, stocks, bonds and real estate. The debt burden of both governments and citizens-of-earth alike is in an unsustainable and cataclysmic position, as it was in 2008. All these factors feed the virus of the world’s economic vitality which is why a reset for its immune system is simply inevitable.

Prior to the last GFC, there were many economists who predicted it. Similarly, the next GFC has been spoken about and predicted by the alternative economists for years too. However, over the last 12 months especially, there have been many social and economic commentators estimating that a serious crisis is very close to reaching its initiating phase.

They include, but are not limited to: Mark Faber, Ron Paul,Paul Craig Roberts, Max Keiser, Gerald Celente, Paul Volcker,Michael Snyder, Bill Fleckenstein, Peter Schiff, Harry Dent,Art Cashin, and Steve Keen, who predicted earlier this year in an interview for The Conscious Society YouTube Channelthat China would be the next crisis that would potentially reverberate throughout the global economy. So far he appears to be correct.

The mainstream media have of course been long ranting the rhetoric of a legitimate recovery, so when they start reporting on it as they have over the last several months, it must be getting serious.

Regardless of what the mainstream media say, which have obviously sold out to big money, the statistics and independent commentary is clear: the world’s economy is at crisis point. Examples that indicate that the next GFC has already begun include “Stock Market Crashes Are Already Happening”, “12 Signs”, “The U.S Economy Continues to Collapse”, “11 Red Flag Events That Just Happened” and “8 Financial Experts That Are Warning That A Great Financial Crisis Is Imminent”. In addition the Telegraph in the UK also states that the “Doomsday clock for global market crash strikes one minute to midnight as central banks lose control”.

In any case, when another 2008 crisis or worse does occur, it’s the world’s people who will be the ones who feel the consequences of a corrupt banking sector which not just gambles with the world’s financial system, but rigs it as well. Hopefully this will wake and shake the masses into demanding systemic change because this is immoral, unsustainable and destructive behavior.

Fortunately though, there are solutions.

Like the strong precedent Iceland set, governments have the power to write off debt and incarcerate fraudulent bankers, as well as reform their monetary system. Yet this isn’t going far enough: a modern debt jubilee or ‘Quantitative Easing for the People’ is the only way to deal with the private debt burden that will inhibit a swift recovery once the crisis hits. What this means is instead of injecting all that cash into the banking sector, it is injected into the bank accounts of a nation’s people with the condition that it must be used to pay off any outstanding debt.

But that’s not going far enough either. The world’s central banks are private organizations run by banking families that inherited and expanded the responsibility, sometimes by force, to manage the world’s money. Based on the outcomes, they’re clearly in it for having their own interests met and not the genuine interests of the world’s people. They might even use this global calamity to institute a global governance, so watch this space

Regardless, they need to go. If we were an intelligent earthly community, every country would collectively kick out the ‘private’ central banking system and restore it with a community-centered public banking system that works for the people, by the people.

There are two potential models to facilitate this in the short-term, with probably several more. One is Modern Monetary Theory (MMT), whilst another is Debt-Deflation. Once a country takes back the power to create and control their own money, funding towards essential social services is essentially limitless. Providing a ‘living wage’ for every person to help them overcome socioeconomic disadvantage and intergenerational vulnerability would also be a necessity.

The other productive factor to implementing these types of approaches is that unemployment would virtually disappear. Governments can simply create enough jobs in the public sector and then transfer them back to the private sector when it rebounds. When nations have the capacity to create as much money as they need, interest free, they can then responsibly and ethically direct it where it’s needed most.

Therefore, each country has the innate power to remove the private central banks and take back control of their money, highly regulate their finance sector, ensure criminal consequences for fraudulent banking agents, implement a ‘living wage’ policy, fund all essential social services and generate full employment for their nation’s social and economic prosperity.

Sounds too good to be true, right? Wrong. This is a legitimate pathway forward for humanity. There would of course be a trial and error process, with creases needing to be ironed out as it evolves, however allowing things to continue as they are is simply not an option. The Keynesian regurgitation of “it will cause inflation” is also ridiculously misguided and really just a ‘faith’; we need a change to our economic structure and this next crisis might just be the catalyst we need to implement one.

It is a complex and challenging process to design and implement, no doubt, but for the good of the people, this is the short term solution that we desperately need. There are other long term solutions too, but that’s for another discussion. The simple reality is that if you agree that our governments, politicians and community leaders need to take alternative economic models seriously, then show your support by signing and sharing the following petition. It’s one small step that we can all take to garner the attention of our so-called leaders that are meant to be representing us, not corporate and elite power structures.

Please sign this petition, it takes ten seconds: Remove Private Central Banking and Design an Intelligent/Moral Economy for our Future

About the Author

Phillip J. Watt lives in Australia. He best identifies as a ‘self-help guide’. His written work deals with topics from ideology to society, as well as self-development. Follow him on Facebook or visit his website.

Please note: Over the coming weeks, the Redesigning Society series will present a range of expert perspectives on the current state of societal affairs, as well as the collective changes we desperately need both philosophically and practically. Details of upcoming and past guests and topics can be viewed here. You can subscribe to The Conscious Society Youtube Channel to get early access to each interview in the series.

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  • That article has a good message in the end but is wildly inaccurate in almost everything it says. Most notably this comment “Once a country takes back the power to create and control their own money, funding towards essential social services is essentially limitless.” is completely misleading: all developed nations except those in the Eurozone have the power to create and control their own money already. There is no debt burden on our government (or the US or the UK, or Japan or any other nation that issues it’s own currency and issues no debt denominated in currencies they do not issue) … the private debt burden is created by a lack of government spending … MMT is primarily descriptive rather than prescriptive, but does have definite policy outcomes (such as the ability of governments to pursue full employment and the desirability of a deficit spending position of governments that issue their own currency). Also note that MMT and debt deflation aren’t really comparable models: MMT is a complete description of how sovereign currency (and money generally) works while DD is a description of how credit bubbles are resolved (and post keynesians such as minsky, on whose work much of MMT is based, accepted and built upon Fisher’s theories). From the MediaWiki page on debt deflation “Widespread debt relief either requires government action or individual negotiations between every debtor and creditor, and is thus politically contentious or requires much labor. A categorical method of debt relief is inflation, which reduces the real debt burden, as debts are generally nominally denominated: if wages and prices double, but debts remain the same, the debt level drops in half.” This is perfectly aligned with MMT; that is, when we understand the economy in the context of MMT it becomes perfectly acceptable for the government to temporarily accept a higher level of inflation through increased spending to reduce real debt burdens and ease the impact of the credit bubble “bursting”. If you’re coming at macroeconomics from a monetarist/Friedmanite approach then this strategy is not acceptable and austerity/contraction of spending ends in tears for the majority of folks. So yes the message of the article is essentially a good one but it’s shrouded in inaccurate conspiracy theory bullshit!

  • Dimitri Ledkovsky

    If only money could be abolished forever.

  • walcon

    Thar she blows! It is what it is. Just get as ready as you can.

  • Herbert Dorsey

    The astronomical U.S. national debt is largely caused by the many unnecessary wars the U.S. has started since World War II. Eisenhower, who was a military industrial complex insider, waited until his last day in office to warn the american people about that monster which keeps on killing people and the economy. Anyone that thinks war is good for the economy doesn’t know what they are talking about. Taxpayer money is expended on the battlefield instead on the infrastructure. Eventually the debt will either have to be paid or we become another Greece.

    • BDBinc

      Its odious debt the people don’t owe it.
      The Greek people did not owe the odious debt.
      The US has been bankrupt since 1933.
      The odious debt is on paper and can be written off.

      (But you are right about wars not being good for the economy of the people just for the banksters )

  • Patrick Riley

    Except for the one small problem…..your money in the bank is not your money any longer. When the banks fail this time, depositors go to the back of the line. This means they are going to get nothing. There is also going to be a currency reset, where the Purchasing Power Parity (PPP) of the world’s bag of currencies is going to be set at a ratio commensurate with the net assets of the country of issuance. In other words, the relative value is going to be based on the financial condition of the country issuing the currency. You can probably figure out pretty quickly where that may leave the Western debtor countries, especially the USA.

  • BDBinc

    And the main point can be the banking cabal that runs, rigs and controls the market are the same one’s “crashing their market”. This should not effect the people as private debt is not public debt. No “people’s govt” would have agreed to borrow money using the people’s name from private banksters with interest just to keep the corporate minions in power and have control over the people.
    They have a corporation not a govt.
    People should understand that when the banking cabal’s market crashes that it is designed to do it for the chaos effect. All depressions were created by the banking cabal. It is fiction and all nations could create the money needed by the people without charging interest and the central bank’s debt slavery system.

    • anna miller

      Dear BDBinc, and who might the “Cabal” be? Sabbatean-Frankist Jews who worship the Lurian Cabal lah. Judaism is a master-race theology. Usury was prescribed by the psychopathic god of the Torah. The following is the basis for usury, the scourge of humanity.
      …19″You shall not charge interest to your countrymen (fellow Jews): interest on money, food, or anything that may be loaned at interest. 20″You
      may charge interest to a foreigner,(Goyim) but to your countrymen you shall
      not charge interest, so that the LORD your God may bless you in all that
      you undertake in the land which you are about to enter to possess. (possess?)
      In other words, screw the Goyim, make money off them, afterall, according to the Talmud, the Goyim are sub-human.
      Let’s PLEASE stop skirting the real issue at hand.

      • BDBinc

        Seems you are skirting the real issue.
        Its a bullsh*t artificial price fixed market it drops only when wall st drop it.

        • anna miller

          You understand the situation, the ponzi con game of fractional reserve central banking and rigged markets, I was just pointing out that the term, “cabal” is a shortened version for followers of the Caballah.
          It’s truly frustrating, observing all this unecessary pain.
          Despite our current situation, I still hold out hope for world.
          peace

          • BDBinc

            The banking system is not a fractional reserve system.
            Its fraud.
            Its a creation of money from nothing scam by the self regulating “money makers”.

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