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Why the Coming Economic Collapse Will NOT be Caused by Corona Virus

Matthew Ehret

(Photo by Philip FONG / AFP) (Photo by PHILIP FONG/AFP via Getty Images)

With last Monday’s 1000 point stock market plunge the internet has been set ablaze with discussion of a new crash looming on the horizon. The fact that such a chain reaction collapse was only kept at bay due to massive liquidity injections by the Federal Reserve’s overnight repo loans should not be ignored.

These injections which began in September 2019, have grown to over $100 billion per night… all that to support the largest financial bubble in human history with global derivatives estimated at $1.2 quadrillion (20 times the global GDP!).

Sadly economic illiteracy is so pervasive among today’s modern economists that the real reasons for this crisis have been entirely misdiagnosed with financial experts from CNN, to Forbes blaming the volatility on the spread of the Corona virus!

Not the Corona Virus: The real cause of the oncoming Financial collapse.

As refreshing as it is to hear candid criticisms of the system’s failure and even support for the restoration of Glass-Steagall bank separation from presidential candidates like Bernie Sanders, Tulsi Gabbard or even the lame Elisabeth Warren… we find that in each case, those candidates are on record supporting policies cooked up by the very same oligarchs they appear to despise in the form of the Green New Deal.

In spite of what many of its progressive proponents would wish, such a global green reform would not only impose Malthusian depopulation upon nation states globally were it accepted, but would establish a the supranational authority of a technocratic managerial elite as enforcers of a “de-carbonization agenda”.

Due to the rampant lack of comprehension of how this crisis was created such that such idiotic proposals as “green new deals” are now seriously being suggested as remedies to our current ills, a bit of history is in order.

Some necessary background

“The money changers have fled from their high seats in the temple of our civilization. We may now restore that temple to the ancient truths. The measure of the restoration lies in the extent to which we apply social values more noble than mere monetary profit.”
Franklin Delano Roosevelt, first Inaugural Address 1933

Knowing that the “money changers” had only been able to create the great bubbles of the 1920s via their access to the deposits of the commercial banks, Franklin Roosevelt made the core of his battle against the abuses of Wall Street centre around a 1933 legislation entitled “Glass-Steagall”, named after the two federally elected officials who led the reform with FDR.

This was a bill which forced the absolute separation of productive from speculative banking, guaranteeing via the Federal Deposit Insurance Corporation (FDIC) only those commercial banking assets associated with the productive economy, but forcing any speculative losses arising from investment banking to be suffered by the gambler. The striking success of this law inspired other countries around the world to establish similar bank separation.

Alongside principles of capital budgeting, public credit, parity pricing and a commitment to scientific and technological development, a dynamic had been created that would express the greatest hope for the world, and the greatest fear for the financial empire occupying the City of London and Wall Street.

The death of John F. Kennedy ushered in a new age of pessimism and cultural irrationalism from which our society has never recovered. The destruction of a long term vision as exemplified by the space program, the St. Lawrence Seaway and the New Deal projects had resulted in a tendency within the population to increasingly look upon present pleasures as the only reality, and future goods as the mystical expression of the sum of present pleasures.

In this new philosophical setting, so alien in previous epochs, money was permitted to act as a power unto itself for short term gains instead of serving the investments into the real productive wealth of society. With this new paradigm shift into the “now”, a new economic model was adopted to replace the industrial economic model which had proven itself in the years preceding and following World War II.

The name for this system was “post-industrial monetarism”. This would be a system ushered in by Richard Nixon’s announcement of the destruction of the fixed-exchange rate Bretton Woods system and its replacement by the “floating rate” system of post 1971 fame.

During that same fateful year of 1971, another ominous event took place: the formation of the Rothschild Inter-Alpha Group of banks under the umbrella of the Royal Bank of Scotland, which today controls upwards of 70% of the global financial system.

The stated intention of this Group would be found in the 1983 speech by Lord Jacob Rothschild:

“two broad types of giant institutions, the worldwide financial service company and the international commercial bank with a global trading competence, may converge to form the ultimate, all-powerful, many-headed financial conglomerate.”

This policy demanded the destruction of the sovereign nation-state system and the imposition of a new feudal structure of world governance through the age-old scheme of controlling the money system on the one side, and playing on the vices of credulous fools who, by allowing their nations to be ruled by the belief that hedonistic market forces govern the world, would seal their own children’s doom.

All the while, geopolitical structures foreign to the United States constitutional traditions were imposed by nests of Oxford-trained Rhodes Scholars and Fabians who converted America into a global “dumb giant” enforcing a neo colonial program under a “Anglo-US Special Relationship”. The Dulles brothers, McGeorge Bundy, Kissinger, and Bush all represent names that advanced this British directed plan throughout the 20th century.

London’s ‘Big Bang’

The great “liberalization” of world commerce began with a series of waves through the 1970s, and moved into high gear with the interest rate hikes of Federal Reserve Chairman Paul Volcker in 1980-82, the effects of which both annihilated much of the small and medium sized entrepreneurs, opened the speculative gates into the “Savings and Loan” debacle and also helped cartelize mineral, food, and financial institutions into ever greater behemoths.

Volcker himself described this process as the “controlled disintegration of the US economy” upon becoming Fed Chairman in 1978. The raising of interest rates to 20-21% not only shut down the life blood of much of the US economic base, but also threw the third world into greater debt slavery, as nations now had to pay usurious interest on US loans.

In 1986, the City of London announced the beginning of a new era of economic irrationalism with Margaret Thatcher’s “Big Bang” deregulation. This wave of liberalization took the world by storm as it swept aside the separation of commercial, deposit and investment banking which had been the post-world war cornerstone in ensuring that the will of private finance would never again hold more sway than the power of sovereign nation-states.

After decades of chipping away at the structure of regulation that FDR’s bold intervention into history had built, the “Big Bang” set a precedent for similar financial de-regulation into the “Universal Banking” model in other parts of the western world.

The Derivative Time Bomb is Set

In September 1987, the 20-year foray into speculation resulted in a 23% collapse of the Dow Jones on October 19, 1987. Within hours of this crash, international emergency meetings had been convened with former JP Morgan tool Alan Greenspan introducing a “solution” which would have the future echoes of hyperinflation and fascism written all over it.

“Creative financial instruments” was the Orwellian name given to the new financial asset popularized by Greenspan, but otherwise known as “derivatives”.

New supercomputing technologies were increasingly used in this new venture, not as the support for higher nation building practices, and space exploration programs as their NASA origins intended, but would rather become perverted to accommodate the creation of new complex formulas which could associate values to price differentials on securities and insured debts that could then be “hedged” on those very spot and futures markets made possible via the destruction of the Bretton Woods system in 1971.

So while an exponentially self-generating monster was created that could end nowhere but in a meltdown, “market confidence” rallied back in force with the new flux of easy money. The physical potential to sustain human life continued to plummet.

NAFTA, the Euro and the End of History

It is no coincidence that within this period, another deadly treaty was passed called the North American Free Trade Agreement (NAFTA). With this Agreement made law, protective programs that had kept North American factories in the U.S and Canada were struck down, allowing for the export of the lifeblood of highly skilled industrial workforce to Mexico where skills were low, technologies lower, and salaries lower still.

With a stripping of its productive assets, North America became increasingly reliant on exporting cheap resources and services for its means of existence.

Again, the physically productive powers of society would collapse, yet monetary profits in the ephemeral “now” would skyrocket. This was replicated in Europe with the creation of the Maastricht Treaty in 1992 establishing the Euro by 1994 while the “liberalization” process of Perestroika replicated this agenda in the former Soviet Union. While some personalities gave this agenda the name “End of History” and others “the New World Order”, the effect was the same.

Universal Banking, NAFTA, Euro integration and the creation of the derivative economy in a space of just several years would induce a cartelization of finance through newly legalized mergers and acquisitions at a rate never before seen. The multitude of financial institutions that had existed in the early 1980s were absorbed into each other at great speed through the 1990s in true “survival of the fittest” fashion. No matter what level of regulation were attempted under this new structure, the degree of conflict of interest, and private political power was uncontrollable, as evidenced in the United States, by the shutdown of any attempt by Securities and Exchange Commission head Brooksley Born to fight the derivative cancer at its early stages.

By 1999 a politically castrated Bill Clinton found himself signing into law a treaty authored by then Treasury Secretary Larry Summers known as the Gramm-Leach-Bliley Act, which would be the final nail in the coffin for the Glass-Steagall separation of commercial and investment banking in the United States.

The new age of unregulated trading and creation of over-the-counter derivatives caused these strange financial instruments to grow from $60 trillion in 2000 to $600 trillion by 2008.

The 2000-2008 Frenzy

With Glass-Steagall now removed, legitimate capital such as pension funds could be used to start a hedge to end all hedges. Billions were now poured into mortgage-backed securities (MBS), a market which had been artificially plunged to record-breaking interest rate lows of 1-2% for over a year by the US Federal Reserve making borrowing easy, and the returns on the investments into the MBSs obscene.

The obscenity swelled as the values of the houses skyrocketed far beyond the real values to the tune of one hundred thousand dollar homes selling for 5-6 times that price within the span of several years.

As long as no one assumed this growth was ab-normal, and the unpayable nature of the capital underlying the leveraged assets locked up in the now infamous “sub-primes” and other illegitimate debt obligations was ignored, then profits were supposed to just continue infinitely. Anyone who questioned this logic was considered a heretic by the latter-day priesthood.

The stunning “success” of securitizing housing debts immediately induced a wave of sovereign wealth funds to come into prominence applying the same model that had been used in the case of mortgage-backed securities (MBS) and collateralized debt obligations (CDO) to the debts of entire nations.

The securitizing of bundled packages of sovereign debts that could then be infinitely leveraged on the de-regulated world markets would no longer be considered an act of national treason, but the key to easy money.

Conclusion

This is the system which died in 2008. Contrary to popular belief, nothing was actually resolved. For all the talk of an “FDR revival” under Obama, speculation wasn’t actually regulated under the Dodd-Frank Act or the Volker Rule of 2010. No productive credit was created to grow the real economy under a national mission as was the case in 1933-1938.

Banks were not broken up while derivatives GREW by 40% with the new bubble concentrated in the corporate/household debt sector now collapsing. During this time, nation states continued to be stripped, as austerity was rammed down the throats of nations.

It should be no surprise that in the midst of this despair, a creative alliance was consolidated in defense of the interests of sovereign nation states and humanity at large led by the leadership of Russia and China.

This leadership took the form of the China-led Belt and Road Initiative which has grown to embrace over 130 countries today and looking more and more like an Asian-led version of the New Deal of the 1930s.

Indeed, China’s capacity to unleash long term credit for thousands of international long term infrastructure projects was made possible by the fact that it was the only country on the globe which had not given up the principles of bank separation which were destroyed in every other nation.

Very few western figures stood up to this self-induced destruction over the decades, but one notable exception here worth mentioning is the figure of the late American economist Lyndon LaRouche (1922-2019) who not only resisted this process for over four decades, but fought alongside the Schiller Institute to promote New Silk Road as early as 1996.

With the 2016 Brexit and election of President Trump, a new wave of nationalist spirit has become a fire which the technocrats have lost their capacity to snuff out.

Increasingly, the idea that nation-states have a power over the private banking system has become revived and discussion for reforming the now dead Trans-Atlantic system is increasingly shaped not by the calls for a “New World Order” as Sir Kissinger would have liked, but rather for a New Silk Road and a true New Deal.

The Eurasian nations are already firmly committed to this new system, and if the west is to qualify morally to take part in this new epoch, then the first step will be a return to a Glass-Steagall.

Matthew Ehret is the Editor-in-Chief of the Canadian Patriot Review, a BRI Expert on Tactical talk, and has authored 3 volumes of ‘Untold History of Canada’ book series. In 2019 he co-founded the Montreal-based Rising Tide Foundation and can be reached at [email protected]

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Tony
Tony

The Coronavirus, and COVID-19 among other things, are simply ‘silent weapons’ utilized by the global imperialists in their on-going ‘quiet war’ against humanity in their bid to secure the planet’s resources for themselves.

The oncoming financial collapse will only mark another phase in the development of WWIII which, in case you haven’t noticed yet, is already underway and has been for some time – a war like no other, just like the ‘oncoming collapse’ when it arrives on our doorstep will be a collapse like no other. The WHO has now dubbed coronavirus and COVID-19 a ‘pandemic’ which also coincides with the pandemic of fiat currency printing in a bid to ‘save’ their system a little while longer to give enough time to make further preparations for the rats to leave the sinking ship.

I have written many posts on coronavirus which seem to have met with a certain measure of disbelief to say the least, which is understandable considering the overwhelming medical propaganda concerning germ theory and the yet unproven existence and ability of this alleged virus to be the sole cause COVID-19. Well folks, only time will tell where the truth lies in that respect.

For myself proof is of paramount importance, particularly where lives are at stake and a potential loss of liberty too – and wait for it, – the call for mandatory vaccination against a ghost virus that science has never physically encountered. It’s the Problem-Reaction-Solution scenario all over again stage directed by those who benefit most, which does not include us proles who are the steak on their table.

The majority of people are still completely unaware that science today is classed as a form of natural magic – the knowledge and employment of the natural powers, forces, and energy-substances of nature. Moreover, if the knowledge gained through the study of natural science is distorted in its use to selfish or ignoble ends; it becomes de facto black magic pure and simple.

Unfortunately, science has increasingly become a double edged sword and corrupted in its use. Its knowledge has been utilized to further promote the ‘silent’ war against humanity in the practical development of directed energy weapons, 5G, trauma-based and other mind control techniques, the unnecessary use of many toxic pharmaceutical drugs and harmful vaccines that are known to be unsafe and have adverse effects upon the body. The production of genetically modified organisms to control the food supply, which also involves a form of de facto black magic – to mention but a few.

The pharmaceutical industry –the most powerful industry on the planet, cannot make a profit from a healthy population that’s precisely why it’s in the business of disease and the suppression of symptoms – not health. It has badly hurt the natural health industry and has ‘regulated’ many excellent natural remedies out of existence, with the help of corrupt politicians.

It’s all there when you delve into the true meaning s of the word Pharmacy – from Medieval Latin pharmacia, from Greek pharmakeia, i.e. “use of drugs, medicines, potions or spells; poisoning, witchcraft, remedy, cure” – also from Pharmakeus (fem.pharmakis), “preparer of drugs, poisoner, sorcerer” from pharmakon “drug, poison, philter, charm, spell, enchanter” Still in disbelief?

Here’s a list of pharmaceutical industry settlements to prove the point, and it only scratches the surface:

https://en.wikipedia.org/wiki/List_of_largest_pharmaceutical_settlements

Huuanito
Huuanito

“ but would establish a the supranational authority” nothing to say but spell check….

TFS
TFS

I knew I was warranted in taking pictures of my money before the powers that be made a b-line for outlawing it.

That Financial System sure is a veracious beast, aint it?

https://www.zerohedge.com/markets/who-warns-dirty-banknotes-may-be-spreading-virus-worldwide

You just can’t make this stuff up.

Richard Le Sarc
Richard Le Sarc

You can make up ‘veracious’, which looks like it has ‘capabilities’. May I borrow it?

clickkid
clickkid

Zuckerberg is apparently taking down ‘Hoax Claims’ on Facebook.

I hope nobody here is on Facebook, but if you are and want to draw attention to ‘discrepancies’, then you don’t have to claim it’s fake and get taken down, all you need to do is to put the incidence and mortality figures for ‘Covid-19’ and Pneumonia side by side and let the reader’s mind do the rest.

By the way, I’m actually very encouraged by the increasing censorship on the main social media platforms of the last few years, as well as stuff like ‘The Guardian’ not openeing certain subjects to comment etc.

It means that they are losing control of the narrative, and that ‘they’ know they are losing control of the narrative.

It is far from being a majority, but I now think that there is a critical mass of people, albeit a minority pehaps, who see through the many lies of the system.

Gall

Central Banking was a bad idea that got worse as time went on. The European nations that embraced it were constantly at war that the bankers financed. Also this primitive accumulation led to genocide and the destruction of the environment for the sake of profit. This “green new deal” is nothing but a hoax as it seeks to restrain individuals while allowing the biggest polluters such as the military and corporations to run rampant.

K Lee
K Lee

After 40 years of private banker rule, were they right? ARE they better at managing the country? Or should we restore government services and use fiscal policy for public purpose again and not rely solely on credit? The Fed invests trillions into Wall St; it should do the same for us.

Private bankers are not worthy of running this great nation. All they care about is extracting wealth from us in bank loans, fees, penalties, medical debt. Disasters? Ha. Mo’ money!

It’s dangerous to rely on Wall St to govern our nation. Because of them, we weren’t prepared for this pandemic and we aren’t prepared to deal with a healthcare emergency… or ecological collapse.

Bottomline, we need governmental services! Stop dismantling everything!

Biden, Bloomberg and Trump would let Wall St determine public policy. Bernie would use fiscal policy for public purpose, as government was designed to work, something we haven’t seen in four decades.

Richard Le Sarc
Richard Le Sarc

The neo-liberal program is simply parasitic blood-sucking taken to its logical conclusion-omnicide. We have at most ten years to remove the plunderers and genocidists from power, once and forever, or humanity WILL go extinct. And that is an optimistic estimation. How to do that is the question, and it has me beat. Violence is THEIR preference because it would give them the excuse for a rapid mass culling. ‘Democracy’ is now nakedly a sham, after the Corbyn and other catastrophes, so I’d say withdrawal and mutual support to survive The Darkness about to descend is the only faint hope left.

Tony
Tony

Don’t despair Richard,

It can be done at a price! But that has got to come from the bottom of the social pyramid of
power and hierarchy of control. It means first and foremost that people at the bottom of the pyramid have to be fully informed as to what is really going on and what is really being done to them, then they have to be prepared to CHANGE their ways before anything else.

When the so-called “oncoming collapse” eventually smacks them in the face it might help them to think, and some may change –but that may be far too late. Buying toilet paper won’t save them.

The problem cannot be solved by violence because one lot of parasites is sooner or later is replaced by another, as you are probably well aware – history is a good testament of that fact.

So the moral is, before you can extricate the parasites you have to make sure another lot doesn’t get back in again to take their place and re-infest the hierarchy of the social pyramid and body politic.

That can only be done at present by replacing them with people who are trustworthy and incorruptible, have high moral values, wisdom and compassion for the lot of their fellow human beings. That is, instead of being in service to national and international corporate powers and the behind-the-scenes controller parasites! MPs for example, are supposed to be “representatives of the people” and not the representatives of parasites and corporate interests. Its the peoples job to make sure that the peoples interests are represented for a change.

There are laws that can help do that, but its up to the people en-masse to see that such laws are used and enforced since nobody else in authority has the bottle to do it. We’ve been betrayed the Brexit scenario was a classic example.

Tony
Tony

Some further news:

The Stock markets are now in free-fall this week as the coronavirus scam continues to spread and bamboozle people across the globe. The Dow Jones and FTSE 100 have fallen into the ‘bear market’ territory. The FTSE 100 is at 5,323.42 – the third worst session in the indexes history. The sell-off has gained pace, and countries are now scrambling to try and mitigate the economic impact the alleged ‘virus’ will have. The Bank of England intends to cut interest rates down to 0.25%; in a bid to help businesses, while reducing returns for savers. The UK, USA, and EU have all announced stimulus measures amounting to billions to help. It may take more than a miracle to work this time round.

The UK government is also expected to announce a range of measures today to try and reduce the rise of new cases, including school closures, travel bans, or home working for staff. With Italy and Denmark in lockdown, markets are worried this could happen in the UK. More fear mongering!

Even if and when the situation is brought under control, the damage done to the global economy will probably be severe. Any kind of recovery may come too late to stop recession,with stocks losing 30% or more of their value. The so-called “recession” preceding an all out “collapse” has been forecasted well in advance by financial experts and economists but nevertheless the ghost ‘virus ‘ will get the blame as ‘viruses’ always do for all sorts of unknown ‘infections’.

Really?
Really?

Seriously, it’s all the Jews fault again with their insidious international conspiracy… “The Inter-Alpha Group”… yep, nice mystery novel, something Dan Brown would be pleased with, but there is so much shiot going on there is no need to invent conspiracy theories…

Fair dinkum
Fair dinkum

Per capita, they are more than over represented.
‘Tis time they fessed up their REAL God.
Mammon.

Richard Le Sarc
Richard Le Sarc

If there is an international conspiracy, then it is not ‘the Jews’. Jews are not monolithic and undifferentiated. Many Jews actively oppose the machinations of the Jewish and other elites, and even more are uninterested or unaware, just like all other communities. The basic, cynical, lie of the ‘antisemitism’ industry is that criticism of any Jew is motivated by hatred of all Jews.

Wayne Dawson

FDR was very much part of the problem. His policies (raising taxes as one bad example) deepened and lengthened the depression. See Wayne Jett, The Fruits of Graft. Otherwise great article, thanks for the links.

Francis Lee
Francis Lee

”This would be a system ushered in by Richard Nixon’s announcement of the destruction of the fixed-exchange rate Bretton Woods system and its replacement by the “floating rate” system of post 1971 fame.”

The US wars in Korea and Indo-China and then LBJs ‘Great Society’ expenditure were enormously expensive and occasioned an outflow of surplus dollars to the rest of the world. But the rest of the world wanted to and did cash in their surplus dollars which meant that gold was leaking out of the US. The US authorities needed to stop this bleeding of their gold reserves. And on that fateful day 15 August 1971 Nixon made the dollar no longer convertible with gold. Henceforth the system which had been based on a dollar , convertible with gold, and with the hard currencies valued against the dollar at a fixed exchange rate. The world would now be on a fiat standard with all that involved. The golden age of 20th century capitalism 1947-1971, involved high wages, high rates, low inflation, low unemployment was over, finished, kaput. We will not see its like again.

The paper age had begun, as has the ensuing chaos.

Francis Lee
Francis Lee

high investment rates

Maggie
Maggie

(…)
Indeed, China’s capacity to ”unleash long term credit” for thousands of international long term infrastructure projects was made possible by the fact that it was the only country on the globe which had not given up the principles of bank separation which were destroyed in every other nation.

Very few western figures stood up to this self-induced destruction over the decades, but one notable exception here worth mentioning is the figure of the late American economist Lyndon LaRouche (1922-2019) who not only resisted this process for over four decades, but fought alongside the Schiller Institute to promote New Silk Road as early as 1996.

With the 2016 Brexit and election of President Trump, a new wave of nationalist spirit has become a fire which the technocrats have lost their capacity to snuff out.

Increasingly, the idea that nation-states have a power over the private banking system has become revived and discussion for reforming the now dead Trans-Atlantic system is increasingly shaped not by the calls for a “New World Order” as Sir Kissinger would have liked, but rather for a New Silk Road and a true New Deal.
>>>>
And this is the sole reason for the ”con-virus” panic!
Although the US sought to deprive its geopolitical rivals of free access to Iraqi oil as one of the objectives of Operation Iraqi Freedom, China has managed to turn the challenges of the war to its own advantage, analysts told Sputnik, adding that Beijing may adopt a similar strategy towards Syria.
Washington’s plans to commandeer Baghdad’s oil exports in the aftermath of its 2003 invasion Operation Iraqi Freedom failed, as China has emerged as the largest purchaser of Iraqi crude.
“The Chinese are conducting a quiet economic expansion in Iraq and many other countries, particularly in Africa and the Middle East,” Igor Shatrov, deputy director of the National Institute of Modern Ideology Development, told Sputnik China. “China’s influence in the world is increasing with no muscle-flexing [on the part of Beijing] and the US cannot do anything about it, because Western companies can’t offer the same favourable conditions Chinese companies provide [to their customers].”
Additionally, Beijing does not interfere in Iraq’s domestic affairs and does not try to drive a wedge between Baghdad and Iraqi Kurdistan, the scholar emphasized.
Beijing Becomes Leading Importer of Iraqi Oil
“Beijing pursues solely economic interests,” Shatrov explained. “This is probably the main explanation for why Chinese oil companies are smoothly entering other countries. They offer favourable conditions and do not focus on larger profits. This suits their partners, including the Iraqis.”

US 2003 Invasion of Iraq Led to Nothing But Chaos and Instability.
Exactly 15 years ago the US launched its Operation Iraqi Freedom, seeking to maintain control over Iraqi oil fields. Washington planned to deprive its major competitors, particularly China, of free access to the region’s energy resources.

However, the US plan has proven inefficient: Over the last several years, China has become the leading importer of Iraqi crude, buying more than half of all oil produced in the country. Virtually all major Chinese companies are engaged in oil extraction in the region.

Operation Iraqi Freedom: Bush’s Major Strategic Mistake
Assessing the results of the US invasion of Iraq, Zhang Deguang, former Deputy Minister of Foreign Affairs of China, called the campaign President George W. Bush’s major strategic mistake.
“[President] Bush made a gross mistake, a major strategic mistake,” Zhang stressed. “[US] Armed Forces invaded Iraq without the UN Security Council’s resolution, it was inacceptable. Now many American strategists and even then-Bush’s associates like British Prime Minister Tony Blaire admit that it was a blunder.”
The former Chinese diplomat recalled that the invasion was launched under a false claim that Iraqi leader Saddam Hussein was secretly developing weapons of mass destruction. The devastating results of the US military campaign should serve as a reminder that the rules of international law must be upheld, Zhang pointed out.
Nevertheless, Beijing managed to turn the challenges of the US war in Iraq to its own advantage as well as to the advantage of Baghdad, Ji Kaiyun, a researcher at the Centre for Iranian Studies at the Chinese Southwest University, underscored.
2019
US Remains ‘Official Sponsor of Terrorism in Iraq and Elsewhere’
“The war in Iraq posed three major challenges to China,” Ji noted. “First, the security situation in Iraq worsened and Chinese enterprises and Chinese investments in the Iraqi energy sector faced serious obstacles. Second, the agreements and contracts concluded by China and Iraq [under Saddam Hussein] could not be executed. Third, after the war, new obstacles emerged in the way of China in Iraq as it had to fulfil its obligations as a global power.”

However, China stepped in and lent its helping hand to the Iraqi government, assisting Baghdad in the restoration of the country’s infrastructure and investing in the country’s economy. Furthermore, Beijing freed the country from some of its debts and postponed the servicing of the others.
“China’s import of Iraqi oil is the country’s friendly gesture to Iraq,” Ji opined. “It allows Iraq to obtain [foreign] currency and funds necessary to ensure the independence and unity of the country and improve the living standards of the population.”
Sino-Iraqi Relations are Based on Economic Pragmatism
According to Boris Dolgov, senior researcher at the Russian Academy of Sciences’ Centre for Arab and Islamic Studies, China’s pragmatic foreign policy in the region helps it counter the US bid for unparalleled dominance.
One of the results of this policy is a successful development of Sino-Iraqi relations and China’s expansion in the region, he pointed out.
“Relations between Beijing and Baghdad are based on economic pragmatism. [China] participates in the development of the oil industry in Iraq, promotes its investments, as well as financial and political interests. This policy brings success for China. The US cannot in any way prevent the growth of [Beijing’s] influence in the region, although [the Americans] are trying to solidify their presence in the [Middle East] with the use of force.”

(But they could release a pathogen in China to discredit the Chinese and cause alarm worldwide?)

2019 / Martyn Hayhow
The Iraq War 15 Years On: No Body Count, No Accountability, No End in Sight
The observers presume that Beijing may adopt a similar strategy in war-torn Syria. Despite high political and military risks, China could occupy its own niche in the Syrian market.

Fifteen years ago, China, Russia, India and a number of other countries advocated the diplomatic resolution of the Iraqi issue. However, the US-led coalition invaded the country with a force of about 280,000 servicemen. There are conflicting reports on Iraq’s total losses in the war — from 100,000 to 300,000 people, including civilians. According to the World Health Organization (WHO), between 2003 and 2006 alone, military clashes in the region claimed the lives of 150,000 to 223,000 Iraqis.
https://sputniknews.com/analysis/201803211062749719-iraq-china-us-oil/

.

Richard Le Sarc
Richard Le Sarc

China does not have a Zionist Fifth Column directing foreign and economic policy. Neither a neoliberal nor a neoconservative be, and thus you may remain true to yourself.

Steve Hayes

Money is a social construct. Finance capital uses its to siphon wealth from the real economy into the hands of the elite. It does this by debt, by which it creates money from nothing.

clickkid
clickkid

I’m looking forward to the coming economic collapse. I expect it to remove vapid consumerism and a lot of bullshit from our lives. People will perhaps focus a ittle more on real fulfillment in life, instead of careers and trinkets.

Richard Le Sarc
Richard Le Sarc

‘To have or to be, that is the question’.

Fair dinkum
Fair dinkum

Erich was spot on Richard.

Richard Le Sarc
Richard Le Sarc

And it’s very Daoist, too.

clickkid
clickkid

Absolutely!

Nery Christian Cerna
Nery Christian Cerna

You must not have any children or financial responsibilities. Any such collapse would result in millions of families losing their source of income. Millions will go hungry every night. Millions of young men and women will have to give up their dreams of marriage and owning a home. And in third world countries, the devastation will be even worse.

clickkid
clickkid

This fake epidemic keeps reminding me of Philip K. Dick:

“Because today we live in a society in which spurious realities are manufactured by the media, by governments, by big corporations, by religious groups, political groups…So I ask, in my writing, What is real? Because unceasingly we are bombarded with pseudo-realities manufactured by very sophisticated people using very sophisticated electronic mechanisms. I do not distrust their motives; I distrust their power. They have a lot of it. And it is an astonishing power: that of creating whole universes, universes of the mind. I ought to know. I do the same thing.”

“How To Build A Universe That Doesn’t Fall Apart Two Days Later” (1978)[

Dungroanin
Dungroanin

I think Ubik is probably his greatest unfilmed work.

George Mc
George Mc

I agree. Though Palmer Eldritch is good too.

Willem
Willem

Nice article, but as explained by other commenters a bit too much on the ‘we are going to be saved by China/Russia’.

There is this JFK quote (paraphrased) that says ‘you should not ask what the country can do for you, but ask yourself what you can do for your country’ that applies here. The Chinese or Russians are not going to save us. That they look more kind than ‘the new world order’, is because these countries have no absolute power… yet. And since ‘power corrupts and absolute power corrupts absolutely’ (as the bankers have shown us, and as is highlighted in this article) the most that we can expect from the Chinese or Russians is that they will replace the bankers once they have absolute power.

I don’t know how to stop this madness, but must admit that I am sympathetic to the reintroduction of simple rules like Glass-Steagall. A Tobin tax (a tax on short-term currency speculation) also seems like a good idea, or forbidding companies to buyback their own shares. Or put a high tax on dividend. Those are all political decisions for which we don’t need China and for which, for once, I seem to agree with Margaret Thatcher that there is no alternative.

Willem
Willem

And all the debt that was created will be payed back in the next 500 years with a -.0,1% interest rate.

Dungroanin
Dungroanin

Debts can be written-off.

Richard Le Sarc
Richard Le Sarc

Planets cannot be.

Dungroanin
Dungroanin

How they – the SCO – can save not only us but the whole of future humanity and hence life on earth?

Simple.

Stop private bankers being in charge of money.

Brian Harry
Brian Harry

That’s what JFK and his brother RJK wanted to do, and they were shot like dogs, in public as a warning to anyone else with the same ideas.

Dungroanin
Dungroanin

It was filicide – because the boys wouldn’t do what the father wanted on behalf of the bankers that he was the head representative of since FDR in the 30’s- the old facist bastard finally crocked it after Bobby – and every child of the murdered two, who has looked like getting into politics as independent minded suffered tragedies. Teddy only survived because he was a tool of the bastards.

The first son Joe had groomed for the role of the Presidency which was Joes reward for service to the Anglo Imperialists Bankers, died accidentally in the War – if that plan had worked it would have been likely that Cuba would have been invaded, Vietnam would have been nuked and the Man in the High Castle would have been more of a fact! And there would be extreme radioactivity in the world!

Worthy of a greek tragedy that Bobby got into studying deeply after JFK as I understand.

Gezzah Potts

Thanks for this sobering article Matthew.
It’s like Murphys Law…. sooner or later this entire ponzi scheme is going to come crashing down on all of us.
And you’re dead right – the whole system is obscene. Profits before anything else.
Mass death and destruction and the pillaging of the Planet. All to benefit the few right at the top. Greed upon greed in mind boggling proportions.
I was reading stories today of Americans who were forced to sell their property and personal possessions just to pay for medical bills. That’s just one example of many hundreds.
Regards the ‘Green New Deal’ being pushed by these psychopaths – you’ve probably heard of Cory Morningstar and her excellent site Wrong Kind Of Green, and also now No Deal For Nature, which are essential reading to understand the agenda they have in store.

Antonym
Antonym

A Green New Deal would be a leg splint for a heart attack: even more disabling – but distracting.

Dungroanin
Dungroanin

The GND being readied via ER (they like to think they are delivering emergency aid!) and their iconic mast head is not a splint but the breaking of both legs.

Richard Le Sarc
Richard Le Sarc

A Green New deal is triage-save the rich and powerful first. The rest go down with the ship!

Antonym
Antonym

I Can agree with 90% of this article. Corona is at max. a fog to disable the view of the monetary realty of the dollar / Euro / Jen after QE for ever.

My exception is the author’s rosy view of the Chinese banking system and Xi-China’s intentions. China is full with millionaires and billionaires, some of which are also Communist party cadres.

A. Scott Buch

Brilliant article until that blatantly obvious turn at the end, yes.

paul
paul

Our Chinese friends were shrewd enough to keep control of their banking system, instead of “liberalising” it or “opening it up” to the Wall Street Wide Boys.

Brian Harry
Brian Harry

Same with Iran(hence the constant labelling of Iran as ‘a threat to world Peace’)……Libya also had an independent Reserve Bank until the USA and NATO turned it into a Desert, publicly slaughtered its Leader Colonel Gaddafi(like they did the Kennedy’s, and installed a Rothschild’s Bank as its first act.

Dungroanin
Dungroanin

That China is creating more millionaires and billionaires whilst being pilloried for being communist is the carnival of the absurd we are being forced to believe.

China, Russia their SCO and their partnerships across the eurasian land mass already encompasses two thirds of the earths land mass and over half its population in just twenty years!

It is going all the way within the next twenty leaving the Anglo Imperialism looking like the rump of the Romans or the history and monuments of Greece and Egypt.

Richard Le Sarc
Richard Le Sarc

‘Rome’ lasted in one form or another until 1453,Greece and Egypt persisted for centuries and millennia.Let’s hope the Atlanticist Empire collapses more quickly and completely.

Richard Le Sarc
Richard Le Sarc

American is full of millionaires and billionaires, some of which are also Gentiles.

Antonym
Antonym

You don’t say!
Are you having a soft moment?

Richard Le Sarc
Richard Le Sarc

In the head? Certainly! I agree with you often, when you’re not peddling Zionist disinfo. Sorry.

Maggie
Maggie

So what if there are millionaires/billionaires in China Antonym? At least they will have earned their money, and not leeched it off the surfs, like the useless Royal parasites we bow and scrape to, like brain dead morons. Or the unelected Lords who get £323 per day and spend more on their breakfast than a pensioner does on a weeks food, and spend more time asleep than doing anything useful. Or the MPs who get £82,000 pa/£500 per day, plus expenses, and Cabinet members on £15200,500 pa/£700 perday plus expenses/£250,000 average.

And so what if China is Communists/Socialists? What are you so afraid of? Equality?
Communism (from Latin communis, “common, universal”) is a philosophical, social, political, economic ideology and movement whose ultimate goal is the establishment of a socioeconomic order structured upon the ideas of common ownership of the means of production and the absence of social classes. Communism is a social and economic organizing system in which property is communally owned and every person receives wealth according to their needs and ability.
Socialism is an economic theory in which the means of production, distribution, and exchange are owned and controlled by society as a whole.
Communism vs. socialism in simple terms
The key difference between the two theories is that under communism there is no such thing as private property, while under socialism, ‘private property can exist’ but all industrial and production capacity is managed by a democratically elected government.
There has never been a country that is completely communist as communism requires the absence of government which China certainly doesn’t have. China was socialist like the USSR before the early 90s where there were collective farms etc. Deng Xiao Ping introduced reforms to the economy and allowed foreign businesses to enter and for the Chinese to have private enterprise.

Fair dinkum
Fair dinkum

What’s that I see? _ _ _ _
Oh.
Four horsemen on the horizon.

Gezzah Potts

Not that far away actually FD, in fact you don’t even need binoculars to see them.
The economic shitstorm/meltdown is heading our way – and nothing much we can do about it except to prepare as best we can.

clickkid
clickkid

Dear boomers,

the world’s zillionaires would like to thank you for being so well-behaved and for having worked decades at your soul-destroying jobs, to pay off those mortgages which you so gladly hung around your own necks and to pay into those pensions for your golden years.. Without your naive belief in this ponzi system we created, we would never as become as rich as we are now. You dutifully spent your apathetic evenings staring through glazed eyes at the TV screens showing the programming we caused to be created. You spent hours arguing over the merits of the various candidates for political offices, who in reality were all our errand boys. For fifty years you have absorbed the memes that we created. Absorbed them so well in fact that you think of them as your own. Most of you were trusting most of the time, whether it was the incubators of Kuwait or the yellowcake of Iraq.

So, you really do understand that we would dearly love to give you those pensions, just as you must understand that this corona thing, which has shocked us all, which nobody could have predicted, has really made all that impossible.

So, unfortunately we require you to stay in your quarantine zones, which have been established for your own safety. Anyone disregarding these zones is putting the lives of others at risk, and will be punished in accordance with the penalties as specified in the State of Emergency. We expect to have a vaccine ready in the next several months.

paul
paul

Besides, Little Greta and Mark Carney and Goldman Sachs need all the pension money to save the planet and save the polar bears.

Richard Le Sarc
Richard Le Sarc

Black household wealth was devastated under the First Black)ish) President, Obama, while he rescued his rich, White, financial patrons. Yet black voters turned out for one of the most corrupt of all US politicians, Biden, simply because he was Obama’s Veep. You can’t buy dumb like that. The slave mentality long outlives slavery itself.

fuzzywzhe
fuzzywzhe

What a load of rubbish. If you knew anything about the actual numbers, you’d see that the Democratic voters are apathetic for everybody with the exception of Sanders. People aren’t even bothering to vote.

And top of that, nothing in this article even references black households or voting. You’re simply producing propaganda mindlessly, without even bothering to check the article.

Richard Le Sarc
Richard Le Sarc

Fuzz-I only cited facts, actually. Bidet did get a ‘landslide’ in South Carolina, after all. I wasn’t talking of the apathetic, which will hit stratospheric levels once Bernie rolls over for Biden or Bloomberg and the Convention, ensuring a Trump win.

milosevic
milosevic

once Bernie rolls over for Biden or Bloomberg

— don’t count out Killary Klingon, just yet.

Richard Le Sarc
Richard Le Sarc

The,’Hope for the best, but expect the worst’, usually proves correct.

Brian Harry
Brian Harry

Hillary has “Mad Cow Disease”…just like “Mad Maggie Thatcher” had……