A Tsunami of Finance: German Expert Warns of Imminent Collapse of 'World Casino'
- A Tsunami of Finance: German Expert Warns of Imminent Collapse of ‘World Casino’
by https://sputniknews.com/
Financial expert Ernst Wolff gives Sputnik a taster of his new book, which warns that dependence on the financial industry and the US dollar has created a “financial tsunami,” the consequences of which the world is wholly unprepared for.
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Financial expert Ernst Wolff, author of a bestselling analysis of the International Monetary Fund‘s “modern day crusade against the working people on five continents,” has turned his attention to the global financial system in his latest book.
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Wolff sees the financial system at risk of imminent collapse and likens it to a “Financial Tsunami” which threatens to take us all by surprise, leaving devastation in its wake.
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In a taster of the book’s contents, he told Sputnik Deutschland that the US-based financial industry has been on “life support” since the 2008 crisis and its prognosis “doesn’t look good.”
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“The patient is about 75 years old. Our financial system was founded in in Bretton Woods, USA in 1944. The patient is in great difficulty because in 1998 and a second time in 2007/2008, he almost died. Since this second crisis, he has only been kept alive artificially. The financial system is lying in the intensive care unit.”
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While most countries have a state central bank, US monetary policy is conducted by the Federal Reserve, a consortium of 12 regional banks in which commercial banks own shares. Wolff describes the system as a “cartel.”
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“One not only gives a patient a diagnosis, but also a case history. First, we need to understand the power of the Federal Reserve, the American central bank which was established a hundred years ago. Many people still don’t know that the Federal Reserve is not a state institution, but is in private hands. This is a bank cartel which lies in the hands of several large, very rich families. This fact has been covered up in the course of history.”
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