- Global Monetary/Currency Reset is approaching. How do you solve this global debt problem? The coming reset will revalue the price of gold many multiples higher to extinguish unpayable debts. For eg. if a government has US$100B in debts and US$10B in physical gold at current prices, by revaluing the price of gold 10x higher ie.US$10 x10 = US$100B, they are solvent overnight.
- In the coming reset, the world will return to the Gold Standard ie. a One World Currency backed by gold. The Satanic cabal’s endgame is: Luciferian New World Order, World Government led by the Anti-Christ, Global Supra-Nation Central Bank (very likely a IMF 2.0 or BIS, ie. World Treasury and World Central Bank), –> ‘666’.
- Former BIS Chief Economist: Global Debt Problem is So Severe Many of These Debts Will Never Be Serviced Or Repaid. We Need to Look at the Whole International Monetary System
Last month we ran this article on the blog which quoted former Bank for International Settlements (BIS) Chief Economist William White as saying that the global debt problem is so severe that “it will become obvious in the next recession that many of these debts will never be serviced or repaid.” If that isn’t enough coming from a former BIS Chief Economist, he added “this will be uncomfortable for a lot of people who think they own assets that are worth something.”
We try here to be non sensational in covering the issues. We try not to use hyperbole or overhype the potential for serious economic problems. In this case we have an extremely credible former key official with years experience inside the system making some very strong statements in public. In order to explore these comments more in depth, we will look at a recently released two part article on the Cobden Centre web site that is an interview with William White. We strongly encourage readers here to read Part I and Part II of this interview fully. Below are some key quotes selected from the interview. After that we will add a few comments.
Max Rangeley: “Well, thank you very much for being on the call today, Bill. That’s really great. So I’ve got a few questions here, which I thought we could go through. First, now that QE has started in Europe is this likely to cause further distortions rather than stimulate the economies of Europe, especially will it favour large corporations at the expense of small businesses, do you think?”
William White: “To be honest, I’m not sure it’s going to do anything – certainly, anything that’s good. The fundamental problem here, as I see it anyway, is that the European banking system is still broken. As you know, the European economy is heavily reliant on small and medium-sized enterprises, and they are reliant in turn on bank financing. Unfortunately, it is these firms that are not getting the bank financing that they need. Until that gets fixed, we will continue to have a huge problem in Europe. . . . . . .
In any event, here in the euro zone bond yields are incredibly low already although one cannot rule out that this was in anticipation of QE. So my general sense is that I don’t think QE was needed and I am dubious that it will work in stimulating aggregate demand as intended. Moreover I remain worried that its implementation might bring with it other unintended and undesirable consequences that we haven’t even thought about. All that said, I think the ECB was under such pressure to act further that it had little choice but to do what it did. And that, in itself, I think, is really unfortunate,because it just drags another important central bank still deeper and deeper into this malaise of central bank over extension.”
- “They are planning through the IMF to come up with a World Currency to replace the dollar because the dollar will be replaced you just can’t keep printing them forever …. They wanna come up with another currency controlled and ruled by the United Nations and IMF ! “ – Quote: Ron Paul, 12 Jan 2012 at South Carolina.
- “Are we going to go another step further into INTERNATIONAL MONEY … are we gonna go toward a U.N./IMF STANDARD where they are going to control with the USE OF FORCE another fiat standard. That’s what many people are working for and I CONSIDER THAT A VERY DANGEROUS MOVE!” – Ron Paul