Friday, May 22, 2009

Double whammy

[The world economy is headed towards a monetary crisis
False Currency Sauvik Chakraverti The Times of India Thursday, March 9, 2006
The world economy is headed towards a monetary crisis as the lead counterfeiter, the US Fed, becomes unable to cope with its 'twin deficits': A huge fiscal deficit combined with a huge trade deficit. This time, the blame should not fall on markets and speculators, the blame should fall squarely on central bankers. As we inch towards global capitalism, we need to ditch the false ideas that created central banking (and the IMF). Then only can a true capitalism arise and leftists be put permanently in their place. ANTIDOTE
4:49 AM]

This warning has not been addressed adequately although three years have elapsed. China, a few months back, expressed skepticism over the international settlement system, and that needs to be carried to its logical conclusion. The present financial meltdown may prove to be the tip of the iceberg if, as Chakraverti harps on, a switch to sound money with gold as standard does not take place. [TNM]

No comments:

Post a Comment