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| « Members of the 2011 World Economic Forum attend a session called “What Is the New Economic Reality?” in Davos on January 26. (Fabrice Coffrini/AFP/Getty Images) |
One headline says it all: “World Needs $100 trillion More Credit, Says World Economic Forum.”
Yes, that is a “T” as in trillion. No typo.
If the world is to continue growing over the next decade, banks will need to create $100 trillion to lend to people, say the experts at Davos. They will need to double the total global existing supply of debt.
And now they are telling us that the fix for our debt problems is to create even more debt.
Where $100 trillion is to come from is not explicitly clear, but anyone familiar with the vulgarities of central banks and fractal reserve banking can guess. Simply create the money out of thin air (cue the big banks). Then indenture people into forced servitude (30 years, as in the case of traditional mortgages) by requiring them to pay the phony loan back with real money. And make sure to cut all the middle men (other big banks) in for a piece of the action to keep those in the know happy.
It is a thoroughly corrupt process. No wonder the world’s economy continually is just one great cycle of boom after bust. If creating money out of thin air can really make an economy prosper, why not just print up the money and give it to people?
Consider how much $100 trillion is. You could buy every single company listed on the New York Stock Exchange, on the Euronext, and in London, Hong Kong, Shanghai, Tokyo, Moscow, Bombay, South Korea, Sydney and Toronto—and still have $68 trillion left over. That is virtually every major company in the world and you still have most of that money left.
Alternatively, $100 trillion equates to more than $14,000 per person on planet Earth. No system can survive that much debt. Debt does not equal prosperity. Debt can make you feel prosperous for a while, but eventually it has to be repaid—with interest. And that makes you poor.
“There are times when you read things that can only make you want to be silent and still, wondering what on Earth people are thinking. This is one of those times,” writes the Automatic Earth economic blog.
We already have an unmitigated debt disaster on our hands because of what has happened in the past, and that disaster will become much worse yet because clown schools like the wef have a say in how to go forward. And what they say is: We need more debt. Much more. Twice as much, on top of what’s already there. If you add $14,000 in debt for every person on the planet, on top of the $15,000 already in place, and you realize that most Westerners are already in the hole for tens if not hundreds of thousands of dollars in personal and national debt, you end up with an insane picture.
The world’s economic foundation is more precarious than ever. Now is the time to get out of debt. Reduce your standard of living and prepare for much more economic upheaval
