Crisis is an Opportunity

: Andrew Gavin Marshall , 04 2010 12:58

(Global Research, October 26, 2010)

Engineering a Global Depression to Create a Global Government

The following is a sample from an forthcoming book by Andrew Gavin Marshall on 'Global Government', Global Research Publishers, Montreal.

Problem, Reaction, Solution: Crisis is an Opportunity

In May of 2010, Dominique Strauss-Kahn, Managing Director of the IMF, stated that, crisis is an opportunity, and called for a new global currency issued by a global central bank, with robust governance and institutional features, and that the global central bank could also serve as a lender of last resort. However, he stated, I fear we are still very far from that level of global collaboration. [1] Well, perhaps not so far as it might seem.

The notion of global governance has taken an evolutionary path to the present day, with the principle global political and economic actors and institutions incrementally constructing the apparatus of a global government. In the modern world, global governance is an inter-lapping, intersecting, and intertwined web of international organizations, think tanks, multinational corporations, nations, NGOs, philanthropic foundations, military alliances, intelligence agencies, banks and interest groups. Globalization a term which was popularized in the late 1980s to refer to the global spread of multinational corporations has laid the principle ideological and institutional foundations for this process. Global social, economic and political integration do not occur at an equal pace; rather, economic integration and governance on a global level has and will continue to be ahead of the other sectors of human social interaction, in both the pace and degree of integration. In short, global economic governance will set the pace for social and political global governance to follow.

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In 1885, Friedrich List, a German mercantilist economic theorist wrote that when it came to the integration of a universal union or confederation of nations, that all examples which history can show are those in which the political union has led the way, and the commercial union has followed. Not a single instance can be adduced in which the latter has taken the lead, and the former has grown up from it. [2] The twentieth century thus changed the historical trend, with undertaking economic integration union which is then followed by political integration. The best example of this is the European Union, which started out as a series of trade agreements (1951), eventually leading to an economic community (1957), followed by an economic union (1993), followed by a currency union (2002), and with the recent Lisbon Treaty, is now in the process of implementing the apparatus of a political union (2009). While this same regional governance model is occurring on a global scale in Africa, South America, East Asia, the Gulf Arab states, and with North American and Euro-American integration, it is simultaneously taking place on a global level. With the establishment of the World Trade Organization (WTO) in 1995, global trade systems were institutionally integrated, while the major global economic institutions of the IMF and World Bank, as well as others including the Bank for International Settlements (BIS), accelerated their management of the global economy.

The process of globalization has firmly established a globally integrated economic system, and now the global economic crisis is facilitating the implementation of global economic governance: to create the economic apparatus of a global government, including a global central bank and a global currency. This process is exponentially accelerated through economic crises, which create the need, desire, urgency and means of establishing a structure of global economic governance, purportedly under the guise of preventing economic crises and maintaining the global economy.

The same institutions and actors responsible for creating the crisis, are then given the job of determining the solution, and are then given the power and means of implementing it: problem, reaction, solution. They create a problem to incur a particular reaction for which they then propose a predetermined solution. When pressure needs to be applied to individual states that are not following dictates of the institutions of global governance, the market is turned against them in a barrage of economic warfare, often in the form of currency speculation and derivatives trading. The result of this economic warfare against a nation is that it must then turn to these same global institutions to come to its rescue: problem, reaction, solution.

The global economic crisis, really having only just begun, will in years to come spiral into a Great Global Debt Depression, plunging the entire world into the greatest economic catastrophe ever known. This will be the ultimate catalyst, the most pervasive crisis, and most commanding opportunity to implement the formation of a global government. In 1988, the Economist ran an

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article entitled, Get Ready for the Phoenix, in which it postulated that by the year 2018, there will be a global currency, which it termed the Phoenix. The mention of a phoenix is not to go unnoticed, as symbolically, a phoenix dies and from its ashes a new phoenix emerges. It is the symbol of destruction as a form of creation; the ultimate incarnation of crisis as an opportunity. The article in the Economist acknowledged this meaning, with the idea that economic and monetary collapse will likely lead to the formation of a global currency, stating that, several more big exchange-rate upsets, a few more stockmarket crashes and probably a slump or two will be needed before politicians are willing to face squarely up to that choice. Further:

As time passes, the damage caused by currency instability is gradually going to mount; and the very trends that will make it mount are making the utopia of monetary union feasible... The phoenix would probably start as a cocktail of national currencies, just as the Special Drawing Right is today. In time, though, its value against national currencies would cease to matter, because people would choose it for its convenience and the stability of its purchasing power. [3 ]

This further reinforces the notion of crisis as an opportunity, and established the desire to form a global currency far before any crises that prompted official calls for one. In 2000, Paul Volcker, former Chairman of the Federal Reserve, stated that, if we are to have a truly global economy, a single world currency makes sense, and a European Central Bank executive stated that, we might one day have a single world currency, in a step towards the ideal situation of a fully integrated world. [4] In 1998, Jeffrey Garten, , former Undersecretary of Commerce for International Trade in the Clinton administration, former Managing Director at Lehman Brothers and member of the Council on Foreign Relations, wrote an article for the New York Times in which he called for the creation of a global Fed and said that, the world needs an institution that has a hand on the economic rudder when the seas become stormy. It needs a global central bank. [5]

The Global Economic CrisisAs a Pretext forGlobal Governance

With the onset of the global economic crisis in 2008, powerful political and economic figures began making the call for constructing systems of global governance to manage and prevent crises. In September of 2008, in the midst of the financial crisis, Garten wrote an article for the

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Financial Times renewing his call for a global central bank, which he termed a Global Monetary Authority. [6] A month later, Garten wrote a piece for Newsweek saying that, leaders should begin laying the groundwork for establishing a global central bank. [7] In the same month, John Mack, CEO of Morgan Stanley said that, it may take continued international coordination to fully unlock the credit markets and resolve the financial crisis, perhaps even by forming a new global body to oversee the process. [8]

In October of 2008, then Prime Minister of the UK, Gordon Brown, called for a new Bretton Woods building a new international financial architecture for the years ahead, and that he would want to see the IMF reformed to become a global central bank closely monitoring the international economy and financial system. [9] In the same month, Brown wrote an op-ed for the Washington Post in which he said that this new Bretton-Woods should work towards global governance. [10]

That month, the worlds central bankers met in Washington D.C., of which the principle question they faced was whether it is time to establish a global economic policeman to ensure the crash of 2008 can never be repeated, and that any organization with the power to police the global economy would have to include representatives of every major country a United Nations of economic regulation. A former governor of the Bank of England stated that the answer might be in the form of the Bank for International Settlements (BIS), the central bank to the worlds central banks, which compared to the IMF, is more independent and much better placed to deal with this if it is given the power to do so. [11]

The first major summit of the G20 the group of the 20 largest economies in the world was in November of 2008, in the midst of the financial crisis. The G20 was to replace the G8 in the management of the global economy. The member nations are the United States, Canada, France, Germany, Italy, the United Kingdom, the European Union, Australia, Russia, Japan, South Korea, Turkey, Mexico, Indonesia, Saudi Arabia, Brazil, South Africa, Argentina, India and China. The World Bank and IMF also work directly with the G20, as does the Bank for International Settlements.

In March of 2009, Russia suggested that the G20 meeting in April shouldconsider the possibility of creating a supra-national reserve currency or a super-reserve currency, and to consider the IMFs Special Drawing Rights (SDRs) in this capacity. [12] A week later, Chinas central bank governor proposed the creation of a global currency controlled by the IMF, replacing the US dollar as the world reserve currency, also using the IMFs SDRs as the reserve currency basket against which all other currencies would be fixed.

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[13]

Days after this proposal, the US Treasury Secretary Timothy Geithner, former President of the New York Federal Reserve Bank, told the Council on Foreign Relations that, in response to a question about the Chinese proposal, we're actually quite open to that suggestion.But you should think of it as rather evolutionary, building on the current architectures, than -- rather than -- rather than moving us to global monetary union. [14]

In late March a UN panel of economists recommended the creation of a new global currency reserve that would replace the US-dollar, and that it would be an independently administered reserve currency. [15]

Following the April 2009 G20 summit, plans were announced for implementing the creation of a new global currency to replace the US dollars role as the world reserve currency. Point 19 of the communiqu released by the G20 at the end of the Summit stated, We have agreed to support a general SDR allocation which will inject $250bn (170bn) into the world economy and increase global liquidity. SDRs, or Special Drawing Rights, are a synthetic paper currency issued by the International Monetary Fund. As the Telegraph reported, the G20 leaders have activated the IMF's power to create money and begin global quantitative easing. In doing so, they are putting a de facto world currency into play. It is outside the control of any sovereign body. [16] The Washington Post reported that the IMF is poised to transform into a veritable United Nations for the global economy:

It would have vastly expanded authority to act as a global banker to governments rich and poor. And with more flexibility to effectively print its own money, it would have the ability to inject liquidity into global markets in a way once limited to major central banks, including the U.S. Federal Reserve... the IMF is all but certain to take a central role in managing the world economy. As a result, Washington is poised to become the power center for global financial policy, much as the United Nations has long made New York the world center for diplomacy. [1 7]

In April of 2010, the IMF released a report in which it explained that while SDRs will aid in stabilizing the world economy, a more ambitious reform option would be to build on the previous ideas and develop, over time, a global currency, but that this is unlikely to materialize in the foreseeable future absent a dramatic shift in appetite for international cooperation. [18] Of course, the exacerbation of a global economic crisis a new great depression could spur

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such a dramatic shift in appetite for international cooperation.

While the IMF is pushed to the forefront of the global currency agenda, the Bank for International Settlements (BIS) remains as the true authority in terms of global governance overall. As the IMFs magazine, Finance and Development, stated in 2009, the Bank for International Settlements (BIS), established in 1930, is the central and the oldest focal point for coordination of global governance arrangements. [19] Jean-Claude Trichet, President of the European Central Bank (ECB), gave a speech at the Council on Foreign Relations in April of 2010 in which he explained that, the significant transformation of global governance that we are engineering today is illustrated by three examples:

First, the emergence of the G20 as the prime group for global economic governance at the level of ministers, governors and heads of state or government. Second, the establishment of the Global Economy Meeting of central bank governors under the auspices of the BIS as the prime group for the governance of central bank cooperation. And third, the extension of

Financial Stability Board membership to include all the systemic emerging market economies. [ 20]

In concluding his speech, Trichet emphasized that, global governance is of the essence to improve decisively the resilience of the global financial system. [21] The following month, Trichet spoke at the Bank of Korea, where he said, central bank cooperation is part of a more general trend that is reshaping global governance, and which has been spurred by the global financial crisis, and that, it is therefore not surprising that the crisis has led to even better recognition of their increased economic importance and need for full integration into global governance. Once again, Trichet identified the BIS and its various fora such as the Global Economy Meeting and the Financial Stability Board as the main channel for central bank cooperation. [22]

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The Great Global Debt Depression

As commentators and governments praised the economic recovery, the world entered into a massive global debt crisis, a veritable Great Global Debt Depression, in which the major industrialized nations of the world, having taken on excessive debts due to bailouts, stimulus packages and decades of imperial expenditures and war-mongering. The debt trap used to enslave the global south has come home to roost. The first stage of the Great Global Debt Depression began in Greece, where the country was so indebted that it needed to seek help in the form of an IMF bailout simply to pay the interest on its debt. For nearly a decade, Greeces government colluded with major Wall Street firms such as Goldman Sachs and J.P. Morgan Chase to hide its true debt in the derivatives market, so when a new government came to power in October of 2009, it inherited a debt twice as large as it had anticipated, at 300 billion euros. [ 23]

In early 2010, Greece sought a bailout from the European Union (European Central Bank ECB) and the IMF in order to pay the annual interest fee on its debt. The ECB and IMF agreed to a loan in April. [24] Greece, however, had been pressured by both the EU and the IMF that in order to receive a loan, it must implement fiscal austerity measures in order to reduce its deficit, and also to convince global markets that it could reduce its deficit. Greece had implemented two austerity packages that included massive social spending cuts and increases in taxes. Yet, this seemed to not be enough for the EU, IMF or global markets. [25] As Greece was imposing fiscal austerity and seeking international loans, global markets had turned against the country, as derivatives particularly Credit Default Swaps (CDS) were being used to bet that Greece would default on its debt, thus plunging the country further into crisis. Many of the banks participating in this speculative assault were the very same ones that helped Greece hide its debt in the first place. Thus, if Greece defaults on its debt, the speculators who bet against Greece stand to profit, and as these trades become popular, it makes it more difficult for Greece to borrow the money it needs to pay its interest. As one expert explained, Its like buying fire insurance on your neighbors house you create an incentive to burn down the house. [26]

J.P. Morgan Chase, Goldman Sachs, and several other leading banks helped hide the debt for several nations across Europe, which all began to enter into a debt crisis. [27] Interestingly, banks rapidly expanded their use of the derivatives trade not only in Greece, but Spain and Portugal as well, as worries about those countries debts moved markets around the world. Subsequently, European banks including the Swiss giants Credit Suisse and UBS, Frances Socit Gnrale and BNP Paribas and Deutsche Bank of Germany have been among the heaviest buyers of swaps insurance. The reason for this: those countries are the most

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exposed. French banks hold $75.4 billion worth of Greek debt, followed by Swiss institutions, at $64 billion, and German banks exposure stands at $43.2 billion. [28] J.P. Morgan Chase, Goldman Sachs, and other US banks are also participating in the derivatives assault against Greece, which may be pushing Greece toward financial collapse. [29] Thus, we have a situation in which major global banks helped governments acquire expansive debts (and hide it from their balance sheets), and then the countries enter into a debt crisis. As they impose fiscal austerity measures to reduce their deficits, and seek help from central banks and the IMF to pay their interest, these same global banks speculate against the debts, thus pushing the nations further into crisis, exacerbating the social crisis, and forcing further and more expansive austerity measures. The interest payments on the debt are, as an added insult, to be paid to these same global banks, which hold most of the debt of these nations. In short, the debt crisis is amounting to a form of financial warfare and social genocide, implemented by the major global banks, the central banking system (which they control), and the international organizations that serve their interests.

A working paper issued by the Bank for International Settlements (BIS) in March of 2010 explained that the West is facing a massive debt crisis, and that the United Kingdom and United States along with other nations such as Spain and Ireland took on massive debt in the past three years, making the debt crises in Italy and Greece comparatively small. [30] Further, investors are expected to demand a higher risk premium for holding the bonds issued by a highly indebted country. [31] In other words, the BIS warned that speculators would likely undertake a market assault against indebted nations, further exacerbating the debt crisis and increasing pressure to impose fiscal austerity, or commit social genocide. In September of 2009, the derivatives market had rebounded to $426 trillion, and continued to pose major systemic risks for the financial system. [32]

Nouriel Roubini, an economist who had predicted the 2008 financial crisis, warned in March of 2010 that, the recent difficulties of Greece are part of the iceberg. Markets have already targeted Greece, Spain, Portugal, Great Britain, Ireland and Iceland. They could deal with other countries, including Japan and the United States. [33] Renowned economist Kenneth Rogoff (who accurately predicted the 2008 economic crisis) had also warned that a global debt crisis is on the horizon, which could set the scene for years of financial troubles. [34]

In 2010, the World Economic Forum warned of the potential of a full-scale sovereign fiscal crisis a global debt crisis possibly accompanied by a second major financial crisis. [35]

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Jrgen Stark, an executive member of the European Central Bank warned in April of 2010 that, We may already have entered into the next phase of the crisis: a sovereign debt crisis, which could spread across the EU, to the U.K., United States, and Japan. [36] Economic historian (and Bilderberg participant) Niall Ferguson warned of a Greek Crisis Coming to America, and a fiscal crisis of the western world, which will spread from Greece, throughout Europe, and to the U.S. and Japan. [37]

Structural Adjustment in the West

As the nations of the West took on enormous debts by giving the banks money (effectively buying the bad debt of the banks), and with decades of imperialism building massive foreign debts, the West and notably America, are entering into a period in which they will be subjected to the same or similar forms of structural adjustment as they have inflicted upon the rest of the world. With the G20 promising to impose fiscal austerity, public sector jobs will be lost, state-owned assets and infrastructure privatized, taxes raised, interest rates will soar (eventually), and liberalized markets will be expanded and institutionalized, not least so that major global banks will be able to profit off of the subsequent collapse of nations through the financial weapon of speculation. The middle classes will vanish and poverty will reign supreme, while the rich become immeasurably richer and more powerful. Naturally, people will rise up, take to the streets, protest, demonstrate, riot, even rebel and revolt. As sure as the people will resist, the state will repress with police, the military and the Homeland Security State apparatus of surveillance and control. Make no mistake: this is the Thirdworldization of the West: the Post-Industrial Revolution.

In early June of 2010, the G20 finance ministers and central bank governors met in Seoul, South Korea, in a meeting with significantly less media coverage than the later G20 leaders summit in Toronto, and significantly more importance to the state of the world economy. The communiqu released by the finance minister and central bankers following the summit stated that G20 nations needed to speed up the process of fiscal consolidation (see fiscal austerity). [38] The IMF presented a report at the meeting recommending the adoption of adjustment policies

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to presumably aid in economic growth. [39] There was no mention, however, of how similar adjustment policies failed to deliver growth to the developing world over the previous 30 years, and in fact, spread poverty and economic despair instead.

After the G20 leaders meeting in late June of 2010, leaders of the worlds largest economies agreed on a timetable to impose fiscal austerity measures to cut their deficits and halt the growth of their debts. The plan entailed cutting deficits in half by 2013. [40] In June, Germany had announced massive austerity cuts to spending, spurring protests in the streets. [41] Simon Johnson, former Chief Economist at the IMF, stated that fiscal austerity would likely result in exacerbating developing world-type problems in the United States and to creating the conditions for another financial crisis. [42] The chief economist of the major global bank HSBC, stated in May of 2010 that, at the very least, governments need to pursue a multi-year period of fiscal austerity, and ultimately, fiscal positions will become intolerable politically, economically and financially. [43]

Fiscal austerity will imply massive cuts in social spending, which will do to the developed world what they did to the developing world: health, education and social services will be cut, with public employees in those and other sectors fired, creating a massive new wave of unemployed people. Simultaneously, taxes will be dramatically increased, particularly on the middle and lower classes, which would then be more impoverished than ever before. However, fiscal austerity is not the only condition of structural adjustment, as many other measures will be taken, advancing on current trends, including further expanding and institutionalizing trade liberalization, as well as selling off public assets in major privatization schemes. Since the West largely privatized all the state-owned industries in the dawn of the neoliberal era, the remaining areas of privatization are largely in infrastructure projects such as roads, airports and ports. However, in America, this will be undertaken by individual states and cities desperate for cash and investment. Thomas Osborne, head of infrastructure and privatization at UBS bank, said in May of 2009 that, privatization will eventually take hold, but it will be done in a more incremental approach. [44]

In September of 2010, the Chicago Council on Global Affairs released a report on infrastructure privatization. The Council represents and is run by various officials from J.P. Morgan Chase & Co., CME Group (the worlds largest derivatives exchange), the Federal Reserve Bank of Chicago, Bank One Corporation, McKinsey and Company, Goldman Sachs, Boeing, Northern Trust, United Airlines, the Chicago Board of Trade, and a host of other corporate, financial and

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banking interests, and the board even includes the First Lady, Michelle Obama. [45] In the report sponsored by the Chicago Council, it stated that, the trend toward infrastructure privatization is happening not just in the United States, but globally. [46] Ultimately, the report found that, financial realities mean that the privatization of infrastructure will continue. [47] In defining infrastructure, the report identified roads, bridges, port facilities, water treatment plants, electric transmission lines, and railways, as well as hospitals, prisons, and other communal assets that serve the public interest. [48]

On this note, sovereign wealth funds (SWFs) from around the world are buying up American infrastructure. Sovereign wealth funds are state-owned investment funds of stocks, bonds, financial assets, resources and property. Some of the worlds largest SWFs are those of the United Arab Emirates, Saudi Arabia, Norway, China, South Korea, Kuwait, and Russia. As the recovery edges into the oblivion of the Great Global Debt Depression, SWFs are buying up American infrastructure, including:

A toll highway in Indiana. The Chicago Skyway. A stretch of highway in Florida. Parking meters in Nashville, Pittsburgh, Los Angeles, and other cities. A port in Virginia. And a whole bevy of Californian public infrastructure projects, all either already leased or set to be leased for fifty or seventy-five years or more in exchange for one-off lump sum payments of a few billion bucks at best, usually just to help patch a hole or two in a single budget year.

America is quite literally for sale, at rock-bottom prices, and the buyers increasingly are the very people who scored big in the oil bubble. Thanks to Goldman Sachs and Morgan Stanley and the other investment banks that artificially jacked up the price of gasoline over the course of the last decade, Americans delivered a lot of their excess cash into the coffers of sovereign wealth funds like the Qatar Investment Authority, the Libyan Investment Authority, Saudi Arabia's SAMA Foreign Holdings, and the UAE's Abu Dhabi Investment Authority. [49]

This process is also underway in Canada, as the Ontario government in 2009 considered selling off all or part of its Crown corporations to reduce the provincial deficit, and it hired CIBC and Goldman Sachs to write a blueprint for possible privatizations. [50] Further, there are increased calls globally for advancing the agenda of the privatization of water, a scheme which the World Bank has pushed on several countries around the world, resulting in enormous costs in economic, political and social terms to the poorest people, and enormous profits for the

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handful of global water conglomerates. Organized around the International Water Association and the World Water Council, the major water conglomerates, the World Bank and the UN have been promoting water privatization schemes across the developing world and increasingly within the West as a means to solving the world water crisis. As we have seen, however, from the cases of water privatization in places like Bolivia, South Africa, El Salvador, and several others, it is the poor who suffer the most, and it will be the same whether it is in Angola or America.

Debt Slavery

While nations of the West begin to impose fiscal austerity on their populations and social structures, the harsh effects will come with time, as nations have maintained extremely low interest rates, thus keeping the cost of money cheap. However, as the Bank for International Settlements (BIS) report of June 2010 stated, both fiscal and monetary policy may have to be tightened at the same time. This means that, according to the BIS, interest rates must rise along with fiscal austerity measures. It was, lest we forget, the extremely high interest rates in the late 70s and early 80s that set off the 1980s debt crisis, as nations with large foreign debts could no longer afford to pay their annual interest payments, thus needing to turn to the IMF and World Bank for assistance in the form of structural adjustment programs. The massive stimulus spending and bailouts will create the likely scenario of causing inflation, making prices rise dramatically. To fight inflation, nations can raise interest rates, which then make the currency more expensive, and thus, reduces the rates of inflation.

As central banks around the world injected billions and trillions of dollars into the financial system, they kept interest rates extremely low in order to encourage the flow of money. In the 2009 annual report of the BIS, it warned that this policy could create massive inflation, so interest rates will have to be raised eventually. The major question is when they will rise; if its too late, inflation could get out of control, if its too early, it could destroy the recovery. [51] So as the 2010 annual report of the BIS calls for simultaneous fiscal and monetary tightening, this could be potentially disastrous, possibly pushing the global economy into depression. [52] The effect of high interest rates, while potentially decreasing the rate of inflation, will increase

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the cost of the annual debt payments nations must make, thus exacerbating and feeding the fiscal austerity measures imposed to reduce spending. This would reverberate onto the average person, as interest rates on all debts, including their personal debts would also increase. While fiscal austerity will increase taxes, increase poverty, and deconstruct the middle class, high interest rates would bleed them dry. However, inflation itself acts as a hidden tax, increasing the cost of consumer goods such as food and fuel, as the currency depreciates in value. This is also a major cost to the vanishing middle class. It seems that either way, the average person is in the crosshairs of a system of economic terrorism. Its the epitome of a Catch-22; youre damned if you do, and youre damned if you dont.

Raising interest rates during a time of fiscal austerity, however, is particularly destructive to the average person. Notably, fiscal and monetary tightening were tried in tandem in the early 1930s and it didn't work then. [53] In other words, it helped plunge the world into the Great Depression. Today, however, it would be significantly worse, as now we have the reality of mortgages, credit card debt, derivatives, student debt, etc. These things did not exist at the onset of the Great Depression, so today it would result in the Greatest Depression. Its a debt trap, and everyone is caught in it. If states dont raise interest rates, the market may turn against them, as major global banks, hedge funds and currency speculators may lose confidence in a nations currency, and flee the currency, thus plunging it in value, leading to potentially hyperinflation (as was experienced in Weimar Germany and Zimbabwe), which also has the effect of devastating a nation and plundering the wealth of its people.

While increasing interest rates is done in the name of reducing the debt at a quicker pace, it ultimately has the opposite effect. It essentially creates a condition in which a nation is permanently indebted, and the cumulative debt increases annually. This occurs due to a nation struggling to pay its annual interest on the debt, and so it seeks the assistance of the IMF and international creditors to provide a quick loan to the country to pay the interest. The IMF provides a loan, which is instantly redirected to pay the creditors, and the loan amount that the IMF provided is then added to the overall national debt. Thus, rising interest rates will increase the annual interest payments, because the debt itself has enlarged. The nation will need the assistance of another loan more debt to pay interest on its overall debt, which then continues to rise. This is how the nations of the Third World became so indebted: accumulating more debt to pay interest on old debt, which then creates new debt, requiring more debt to pay the interest on the accumulated debt, and on and on and on. Meanwhile, the structural adjustment programs (SAPs) were implemented under the conditions of IMF and World Bank loans and assistance to deconstruct the social foundations of a nation, eliminate the middle class and exacerbate poverty, presumably in order to help reduce the deficit. This now appears to be the fate of the First World industrialized nations. While the BIS annual report called for increasing interest rates, an internal working paper written by the Chief Economist of the BIS in March of 2010 warned that, fighting rising inflation by tightening monetary policy would not work, as an increase in interest rates would lead to higher interest payments on public debt, leading to higher debt. [54]

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Ultimately, talk about whether or not to increase interest rates, and how to impose fiscal austerity are misleading. This is because these discussions operate on the basis that these debts are legitimate. The legal doctrine of odious debt stipulates that sovereign debt incurred without the consent of the people and not benefiting the people is odious and should not be transferable to a successor government. In other words, if a debt doesnt benefit the people, its illegitimate and should not be repaid. If this principle was applied to the Third World, it could be safely said that the IMF, World Bank, and Western nations would effectively lose their control of the global south. It is through the mechanism of debt that modern imperialism functions most effectively. Naturally, the correct economic path to take for an actual recovery would be to declare all these major debts illegitimate of the Third World, and of the Western world as the debts of the West were incurred from financing foreign imperial adventures, and the debt of the rest is the result of that imperialism.

Through the economic crisis, the debts incurred were largely done so in terms of buying the bad debts of the banks that created the crisis, thus, they too are illegitimate. Even the stimulus money was indebted in order to solve a financial crisis created by a corrupt minority around the world. Credit card debts and student debts exacerbate poverty, and if there are no jobs for students in a broken economy, their debt is illegitimate. Since credit card debt was incurred to finance consumption and allow people to live beyond their means, there is a notion of responsibility on the part of the debtor, however, because credit card companies target the indebted and have essentially captured the middle class, and now they must pay through their own impoverishment, people have been misled, and the debt ultimately did not benefit them; thus, it too is illegitimate. If our governments, the banks, the corporations and all creditors have colluded together to seek personal profit and gain, while impoverishing us and the rest of the world in the process, all the worlds debts to these institutions, actors and nations is odious and should not be repaid. Taking this stance, however, would not get you far in the world of economics or politics, as you would be advocating for the end of financial, economic, social and political imperialism and power structures; not a particularly popular position from the perspective of the powerful.

So the debates and discussions will rage on; when to raise interest rates, how to impose fiscal austerity, how to create recovery; all the while global political and economic institutions, states and actors will be working to impoverish you and destroy the foundations of society upon which you stand.

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Third World America As of time (SEC), over the aa in confidential further financial history. the major indication As crisis, documents investment part the of of the United the to coming banks, investigation, the States IMF mortgage third Federal team. world the banks Fed, Reserve status the and of Securities was hedge America, audited funds and in by June will Exchange the be of IMF asked 2008, for Commission the in to the hand first midst [55] Simon that governments financial that, unless the the Johnson, we problem oligarchy, finance break are former the with industry so and closely financial most that Chief has third this tight-knit oligarchy Economist effectively world is essentially with nations that captured at the the is the corporate blocking (emerging IMF, same our wrote government, essential problem and market an banking article in reform. economies) the and in elite United May recovery that of States. they is 2009 that will form explaining the He fail a wrote [56] so-called In fellow Smith referred resembles and March massive at Barney to the of emerging a America 2009, American third and foreign world an deputy markets, as article debt, Enterprise the debtor director worlds appeared America both nation, Institute, in of scariest what the is in from coming IMFs the led a emerging its Washington previous us corrupt Policy to to resemble the market. emerging banking crisis, Post Review Argentina, and written In elite, market other in Department, how to by the words, strategist Russia Desmond we're inept America trying in and political which at Lachman, other Salomon to fix he class, it. a 7] [5 Towns, such services school 2010 year, hardest rate of as with that privatizations districts cities, hit closing and local public by public the cutting fire governments safety, cutbacks. states transportation, stations, or down public-private public across the scaling Simultaneously, will works, school America eliminate cutting back public partnerships day, are trash back roughly health, week resorting this collection, on is or library half social occurring in year, which to a drastic million hours services, turning and even with it or employees actions was off libraries a closing and dramatic street reported parks to them are reduce lights, in increase and the being altogether, September ending next their recreation privatized. in fiscal debts, the bus of [58]

Structural Adjustment and Social Explosion The unrest, protest imposition as these the policies, rural of structural poor, the adjustment urban poor, in and the the Third urban World middle resulted class in would an explosion come together of social to [59] IMF-supported political demonstrations, austerity measures strikes and between and in riots. 39 countries 1976 and around 1992 there the world. were These 146 protests took the against form of [60] and In fact, structural this process adjustment has already are imposed begun. on the West, we can expect the same As fiscal results austerity to occur. elite. At could worldwide the see onset violent if the of the financial unrest global system on economic the streets, was crisis not as restructured in violent 2008, the protests to IMF benefit warned could break that governments out rather in countries than of a small the west [61] supports already the largest experiencing and A protests cynical upholds since statement social the the interests unrest mass of the in of rallies opposition IMF, that against small considering to elite. Soviet austerity In it is rule early one packages, in 2009, of the the late Eastern central and 1980s. Latvia institutions Europe experienced was that [62] Similar massive civil of rebellion. unrest tensions strikes in places and were protests like felt Iceland across were and Western taking Eastern place, Europe Europe and throughout several were a commentators 2009, sign of notably things were to in France come: saying a where new that age [63] Turkey, Italy, Spain, France and and some On Austria, May politicians 1, and 2009, there were major were even protests further discussing and protests riots the threat broke and riots out of revolution. that in Germany, broke out Greece, in Russia, [64] Obama what economic February constituted administration crisis of 2009, the is a major Dennis greater (the national highest Blair, threat the intelligence than security Director terrorism: threats of position National to the in the Intelligence United country), States, in told the explaining the newly U.S. formed Congress that the Id one instability fragile dangerous like in hold decades, to begin if ways they that with many are if into not the prolonged the in developing global centuries... international economic for countries a Economic onecommunity. crisis, or have two-year crises because on law increase period... and it already order, And the risk looms instability which of regime-threatening as can the can spill most loosen out serious in the [65] In Chairman risk And national the to as same security that security of impacts month, the than Joint in ways the current security Chiefs highest-ranking that wars issues, of we Staff, quite in Iraq or ranked haven't feeds general and Afghanistan. the greater figured in financial the instability, out United yet. He crisis explained, States, Ieveryone as think a higher Adm. it will It's Michael impact priority a global on and Mullen, crisis. our greater [66] the trigger spreading time. head political of even the unrest World faster equal Trade (than the to Organization that Great seen Depression) during (WTO) the warned 1930s. affects that, He the more elaborated, global Again, countries economic in the the at crisis the same crisis same today month, could is [67] predicted and February that, the a prolonged of global 2009, crisis renowned financial is far economic from hardship, over, historian even [it] has civil only and war, just Harvard before begun. the professor, He Great elaborated: Recession' Niall Ferguson, ends, There well break governments out, will economic be that blood, that have [conflict]. are in been extreme. the dormant. sense It is These bound that It a will things to crisis destabilize topple are of this governments pretty magnitude some predictable. countries. that is bound were It will moderate to cause increase civil and political wars bring to as in [68] to serious May serious of political 2009, social implications. the upheaval, head of as there World is Bank a risk warned of a serious that, the human global and economic social crisis crisis with could very lead [69] co-founder There's really hurting, going of the hell, to be Trilateral there growing could Commission conflict be even Zbigniew between riots! and Brzezinski, a the key classes architect former and of globalization if National people are Security unemployed warned Adviser, that, and [70] In future developing December tax rises to of 2009, and developed spending Moodys world, cuts one could resulting of the trigger worlds in political social major unrest and credit social in a ratings range tension. agencies of countries warned from the that [71] 2010, could cohesion. likely Moodys see warned social unrest that the as U.S., a result U.K., of Germany, imposing France, fiscal austerity, Spain and which other will Western test In March social nations ] usually [72 An which is test article of the the a in initial strength lag between shock Financial of democratic of an an Times economic economic in institutions May collapse downturn of 2010 in and a warned subsides, time social of of extreme and fury, the emergence social and fiscal that unrest stress. it of will emerges, an ultimately age of as rage, be there a in [73] the unrest. the unemployment, unemployment of US, seen September the midst half labour since IMF, Speaking the of Olivier market the the unemployed of Great represents worst 2010, and at Blanchard, is the in that, Depression. jobs the dire summit have the a IMF crisis straits. risk explained Great been chief of since to the The the out Dominique Recession the International stability Great that, of Great work long-term Recession of Strauss-Kahn has for Depression, existing over Labour left unemployment gaping six has democracies. Federation, months, face left said wounds. behind an that something explosion is America Strauss-Kahn a High The alarmingly waste Chief and we of and land long-lasting social have Economist high: Europe, of stated, not in the in [74] On measures virtually staged marchers September the shutting from being biggest 30 29, imposed down countries 2010, Brussels Spains massive by joined European march transportation protests the in a backlash governments, decade took system. place against and riot with Further, across brutal police a general Europe roughly spending barricaded strike against 100,000 cuts. called EU the headquarters protesters austerity in Spain, as [75] These people austerity protests went plans, on continued turning strike, protested, him throughout into the and most October in some unpopular of cases, 2010, president rioted particularly against in more in President France, than 50 where Sarkozys years. millions fiscal of [76] of

The G20 Korea Summit To signatory investment, pivotal for point International further for to coordination include to institutions accelerate with the World Settlements its China economy the and of Trade in global process powers the (BIS), Organization, fully system governance of to integrated which global integrate of global the economic having arrangements. with IMF China governance. and referred opened fully governance, largely into to up China as dependent this its the banking system. it is is central represented essential upon sector China and the for to is the in West, foreign already the the oldest principle Bank it is a focal [77] BIS Germany, Federal China, (European European economic has Japan, Reserve 19 governance Central Italy Central members, the and System, Bank, Netherlands, Bank). the comprising at United Jean-Claude the as China level well Kingdom Sweden is as the of also the ministers, Governors Trichet, represented and Governors and the Switzerland referred governors Chairman of the of in the to the central and as and central G20, of the the the heads banks of The prime Board banks President which board of of group state Belgium, of of the Governors Brazil, of of President or for directors government. global France, Canada, ECB of of the the US [78] 2009, China India were invited as official members of the Trilateral Commission, [79] an the America international aim of and creating Japan, think a essentially community tank created with of by industrial David aim Rockefeller of nations managing comprising and the Zbigniew process Western Brzezinski of globalization. Europe, in 1973 North with In advance meeting finance of depreciate which attempting currencies. incentives its in system the November 2010 economic currency governance cooperate of ministers in of the global Seoul, must heads their to In process weight of decrease war short, 2010, be currency governance, on and South of involves of given. global in its state, these of central the the the a global Korea, in race If G20 world a several governance institutions. value order China much bank it governance to is must demands at the to is more major governors a be their make to bottom. time be hosted be This at invited important own nations, when following that exports and means To of BIS), currency by China global to the convince South from the more preliminary buy that the world G20 be management social America, while dictates and if Korea, attractive, better nations. China is China sell immersed genocide. increasing meeting represented where of each is to to This being the so Brazil appreciate table. others they took global in took Prior the integrated a and central global will place value and place to currencies, financial China, its meet the more currency, in of currency between banks official into late competitor to seeking involved powers, again a October (all war. the of to The creation significance 24-member voting Times G20 power reported: in agreed 1944, executive is will that be the European implementing transferred management board, making countries to an underrepresented structure room historic have for of agreed reform China the IMF to and countries give has India, IMF, been up at two and where [slightly] the of more fund. their for than the altered. As seats first the 6 per on Financial time The the cent since of IMF its After biggest power cent. the for shareholders. changes the funds take key The effect, decisions US, Brazil, with as a Russia, they 17.67 will per India continue cent and share China to require of will IMF be a quotas, super-majority all included will retain in of the its 85 funds veto per 10 [80] This global and go incremental top constitute forward, Chinese since is financial important the giving effort banker U.S. International system. to to the has note stated bring U.S. 17.67% The as China that, Monetary veto it IMF clearly of the power within requires the yuan indicates Fund's shares, over this 85% should system the Special if that of IMF. the be voters America of U.S. included Drawing Yet global to votes these agree still governance. Rights. in against changes remains the on basket any anything, the still changes At of Godfather the represent currencies same the or IMF decisions, time, an of cannot that the a [81] China governor a more is already direct a stake firm supporter. in the formation of a global currency, of which its This central would bank give Conclusion Herman established following Von his by attendance Rompuy the Lisbon became at Treaty a meeting President passed of the of the Bilderberg same European year. Group. Rompuy Union in was 2009, selected a new as position President [82] position, governance. Von Rompuy gave a speech in which he declared that 2009 Shortly is the after first being year of given global the [83] Healey, Group exaggerated, fighting that a single for one a founding over another community but 30 not years, member for wholly nothing throughout stated unfair. and in and former 2001, Those the killing world member To of people say us would in we of Bilderberg and the be were rendering Steering a good striving felt thing. Committee we millions for couldn't a one-world homeless. of go the on government Bilderberg forever So As we Denis felt is [84] So power up represent national totally Times world on process, identified the fastest pushed effective, to the while process this government undemocratic, in and European when through governments. December institutions suggesting that only process the expand of far-reaching people whenever when integration. without Union and is their of and it the plausible. and of is 2008, seek Institutions going the direct control anti-democratic. same the organizations are deals Thus, world to people for inherently reference is stem global, and While have likely Rachman the even of were authority and first global been articulating in he of less totalitarian. to stall the time involved global examined the concluded, agreed governance than process its over in voters. governance advancement. my they the in the by As life, the for need are technocrats world, International the Gideon are I setbacks process, global think already European for totally continue the a the Rachman A government. global people global they that not and unaccountable formation governance Union represented to the would politicians government, government of grant wrote EU the has Specifically, of act had themselves world some for tends to progressed to in through the stall and modeling the would must this sort to Financial then or people, be he of wake more reject their it [85] must kill democracy in the process. In other words, if we want global governance, we What place, movements institutions, they economic powers. task not humane accumulate We be free waste must that be this but thinkers, dismantled This change. has take implies and their only complaining more need is ever advantage social if votes, no directing they There then, power to faced simple altogether stop become voices, that is is only humanity. for recognizing that task, the hope actively themselves, our that or course the in directly in freedoms ideas, favour fact, they people humanity So represent of the involved it it are of our seems is we have legitimacy in forming not likely work own yet, cannot order and included the in necessary the lives, but together rejecting empower new to potential expect of greatest, so fight or these governance long in we to discussions, for that it. things to the as promote can international and This most prevent we people be preserve to means people allow monumental arrangements slaves get true this and over better the that organizations progressive not process to them. instead powerful the bankers. waste peoples for entrenched and We the demand from political, their challenging can majority. to and and taking time, either that Andrew Gavin Marshall Globalization (CRG). He is co-editor, a Research with Associate Michel Chossudovsky, with the Centre of for the Research recent book, on "http://us.ft.com/ftgateway/superpage.ft?news_id=fto120820081424026754 The Global Economic Crisis: The Great Depression of the XXI Century" writing a book on 'Global Government' due to be released in New Year. . He is currently November IMF, Elena Louise Fueling Hide. Forum. 2010: what the deficit, Bloomberg, fiscal Africa, ; 2009: wars. 21, plans. 22 Telegraph, 1: Trichet, April Street Guardian, [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] [16] [17] [18] [19] http://ftalphaville.ft.com/blog/2010/08/04/306346/imf-blueprint-for-a-global-currency-yes-really/ [20] [21] [22] [23] [24] [25] [26] [27] [28] [29] [30] [31] [32] [33] [34] [35] [36] [37] / http://blogs.wsj.com/economics/2010/04/15/ecb-official-warns-of-potential-sovereign-debt-crisis [38] [39] [40] [41] [42] [43] [44] [45] [46] [47] [48] [49] [50] [51] ns [52] [53] [54] [55] [56] [57] [58] [59] [60] [61] [62] [63] http://www.telegraph.co.uk/comment/personal-view/4363750/Europes-winter-of-discontent.html [64] [65] [66] [67] [68] [69] [70] [71] [72] vereign-debt-spirals.html [73] [74] [75] osion [76] [77] [78] [79] [80] [81] [82] [83] [84] [85] Oxford Speeches ITAR-TASS Council Financial Video at Rolling Monetary Der A International Philip Ian Ben Roger The Raw Colorado President http://www.imf.org/external/np/speeches/2010/051110.htm http://www.ecb.int/press/key/date/2000/html/sp000918.en.html http://www.nytimes.com/1998/09/23/opinion/needed-a-fed-for-the-world.html http://www.ft.com/cms/s/0/7caf543e-8b13-11dd-b634-0000779fd18c.html?nclick_check=1 http://www.washingtonpost.com/wp-dyn/content/article/2008/10/16/AR2008101603179.html http://www.itar-tass.com/eng/level2.html?NewsID=13682035&PageNum=0 http://www.cfr.org/publication/18925/ http://www.news.com.au/business/story/0,27753,25255091-462,00.html http://www.washingtonpost.com/wp-dyn/content/article/2009/04/19/AR2009041902242.html? 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Gordon Itar-Tass, Izabella Report Nina Simone Ambrose Peter Gideon Jamil CFR, UN Anthony Richard Economist, Louise Nelson Barrie Brett Niall G20 David Sewell Toby Joseph CCGA, Emerging Ibid, Ibid, Matt Andrew Ibid. Gabor Desmond Luiza Juha Firoze Angela Jason Adrian Henry Stephen Tom AFP, Heather BBC, Press Edmund Simon Roddy Amar Jean-Claude About Song China Ian Herman Jon Spiegel, tightening, Boston Telegraph: Wall Observer, New Chicago Globe Telegraph, Future Washington Observer: Guardian: Financial Times: Hall, Story: Becatoros, The Journal, Story, P. High-Level Bank address Europes Boyes, 2010: ready University Stone, Traynor, backs on Ronson, The Pan, communique page Ferguson, Taibbi, 17 Interest? Philpott, Koeppen, Street Arends, Times York page Y. 2009: French Helm, WTO Telegraph: and A World Jung-a, 15 13 25 of Bhattacharya, Allen, Ch. E. Garten, Winnett, Morgan's Lawder, TV, and Bureau, the McKenna Samuel, Burke, 29 Springs Manji T. Steingart, and Johnson, Schama, Foreign Anderlini, Michaels, Thomson, Chan Story, on February of D. Balakrishnan, January Board of Rachman, A. Globe: Conversation Brown, Rayner, News November Meier, Willis Auvinen, Landon Wray, Kaminska, the Governments Von Scoffield, 26 Affairs, Garten, Faiola, Conway, G. C. December September October euro Council for Crane, Evans-Pritchard, June 25 Times: Public Economic World Strauss-Kahn, Russia Savage, Economic Leaders Lachman, Trilateral Korea new 18 Schwartz Economic Business, 12. 7. Giannone, Times: Times, Times 13 January by December Interviews: 11. Mail: Mail, chief 13 October April December September January 28 Wisdom Now Webster, Journal: June Cecchetti, Crisis. Ian Blog, European Nicolas Greece Bank Exclusive the Who Post, and October workers Rompuy, and Who Trichet, Conference October Press What Eastern Wall J.C.Trichet, MILITARY June G20 and Global We of Agency: October, June EU Financial Global China Gazette: BIS new February Relations 2009: Riots ECB A Out Traynor Mack: phoenix. A 21, Vol. Thomas The Agenda: Global Debt: February April 15 and Fiscal The 3, comes warns Abla Directors, International Needed: 13, March China The Carl Europe's September March January on Economix 2008: proposes Jackie IMF 2010 European Greek 4 speaks September February 27 warns Need 'Significant after Moodys Bigger, Boyd 'There pulls 20 29 ministers the St. And agrees Perspectives, Third 2009: Sees 18, 2010: 31, IMF Bible Commission, a August December global of US, 2009: Sarkozy 14, 8, prepares 2010: and Refined, Global Crisis A December April Department, 2010: Welcome Official 2009: Is 78, Crisis: world Joanna June across Quiet authority Central Global Banker Sovereign-Debt US 2010: Shrinking UBS stage April March 14, 18, with IMF OCoill, Amawi, rebalancing was Europe September 2010: dollar Excerpt: the Central Tangled M.S. 13, across Prospects Firm 2008 Speech Intervention March 2009: Austerity Japan 13, now of meeting calls financial the 15, blueprint 2010: 2008 the 23, February Erman, and a 1997: Crisis: crisis Calmes, No. of Eric World 14, UPDATE: Concluding Risk code, Jr.and intel Transcripts: The will 2010: 2008: riots 15, on for 29, President looming Bank A Bolder Ashes. 25, chief historic 2009: Timothy currency winter Fuels 2010: partner 2009: Moody's IMF The Greece Derivatives BIS banker teeters 2009: The social Coup, warns 2010: creation strings? Affairs, 13, 24, 2010: strike Brzezinski pain. Mohanty Was Blog, 2009: for cities agree Warns Fed Europe 2009: 2010: Governance Paul for the 3, 25, most Europe? Slater, be Dash, Urges bank 2010: 23, 2009: chance' economic The new Economist: Europe Conference The chief: hurtling braced 16, 2010: Central Third is in Bank, can pages to 2009: plays Upon America, finance (2002), fears America G20 a Web, 2010: Gordon 18, Chicago Influence issues Of new Ontario in blood'. International coming and crisis: 2008: Nelson for Unrest Iceland, Excessively No The for America, world Role of and 1998: World unrest. 26 March Harris, The in 2009: 1, 18, hit reform policies sees unpopular political Theoretical on in South Greek imperatives defies cooperation fill the Missionary F. September Official: and 2009: of reserve. Banks fears discontent. IMF Economic (part the of protest moves Role 2009: fuelled 'social a World Free reserve August at Remarks Greeces by 'social with Americas Accepting and Finance 50-51 for 2000: financial the March Implications. Geithner. Pacific Crisis tremble Potential Economist: Banks toward of Criticism Washington global Atlantic, Is the still global World. warns stark does p. edition, government, the The Brown Political World. next anti-cuts Leaders in crisis ponders on D. To to Council 2010: second Macleans, a Imagined Europe Korea, BBC of 3), Latvia bailout brink social Europe Today, of Fabrizio 578 fire, Vol. Money: 2010, European E. pose need unrest. Bet violent America. Quarterly, Council Schwartz, unrest Financial Sale, the Include by at IMF, explosion' the Globe Could banks warning 2010: The the 25, U.S. currency. Will Asia currency French Europe. super-reserve of a Leveraged. Monetary Newsweek: plan. and as demands 306: job evolution News: Position: by debt World's vacuum. crisis calls Greece economic for 2010: page of The May world Sovereign after debt The of Future, the US unrest riots and huge Protest coordination-IMF, world Reuters, 2009: Seoul, financial terms. on Agree embraces sale Financial angry Sunday protests, Guardian, Keynote Raise From as a Dominique March privatizations 'spring losses 'shambolic' Is Group, policy AFP: Zampolli, Development, Mean and eyed as For Post: BIS January on new The EU Federal crisis. Yuan Financial 14 for Global Telegraph: 2009: a the crisis? Bulgaria EMU Financial 2 14 The Central in president on crisis p. 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Reuters, 2010: 25, banking by Research: Times: to Debt Mail: sign Development September of to security BBC World: Telegraph: 2009: Blog, Woods'. than 'Griftopia', (1996), pages March The of 2008: October for spirals, a deadly 8 implement 2001: Mr austerity to the 23, Too ; crisis, 2008: crisis. World April Post: than global December political Commission: Infrastructure 2009, crisis, of 27, 11 Reuters, They December Cutting No Mask fill monetary News, Jean-Claude Financial New terrorism. 16, Market, 18 streets. 2009: February things Late, Report, May 'policeman'? key 9-10 5 29, 2009: 11, Director 50 300, risk p. to January The serious. May Economic June 2008: February 2010: currency. Helped Vol. ; Debt York, 2010 377 beat years, May 2009: jobs. 2010: economy. 22 2010: than Deficits, austerity but ; to in 6 2010: 2010: 46, Wall and 2010: Times, May 14, come. 10, down 1, 26 of at The 26, in The No. the

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