![]() When you add up their total debts – including the That any number of Europe’sīanks are deeply underwater tacitly adds even more liabilities onto the To the unpayable debt of the governments, and to that Just the governments, but the large banks with hundreds of billions of exposure Of GDP – when you add in all the unfunded liabilities, the number is actuallyĮven more socialized economies, the aging European countries are in even worse as an example by pointing out that whileįederal debt is now on the order of $14 trillion – which is closing in on 100% The unfunded obligations of these countries, the actual liabilities as aĪs it is at hand, I’ll use the situation in the U.S. That doesn’t give anywhere near the complete picture, because when you add in To pay back their debts – at least in currency units with the same purchasingĬhart, from European Commission data, gives a sense of the problems now World’s largest developed nations – are bankrupt. Number of eurozone countries – as well as many of the banks back then (and now, but that’s another story), the simple, undeniable fact is that any Problems, but they’re all good debt, not bad debt,” and we had to lengthen theĬlean-up process it was a very difficult period for US central bankers andīank regulators in general… So by keeping this myth going, that everything isįine… we had to do that for a very long time… the whole process took about 13 years. To come up with these stories that “Well, there are some Latin American “American banks are bankrupt” – the next day they will be bankrupt. Tell the outside world about the situation because if you go out and say That all these American banks were actually bankrupt. York Fed had to do was arrange for all the foreignīanks to keep credit lines open to the South American banks, knowing full well Ministries of finance all around the world on that critical Friday in August Paul Volcker, the chairman of the Fed, called central banks and Our conclusion was that seven out of eight US money centre banks were actuallyīecause everyone down from Mexico to the southern tip of Chile wentīankrupt. The Latin American debt crisis effectively blew up the American banking sector, Long enough to drain them of natural resources. Same thing in 1982 when all the socialist nations in SouthĪmerica were bankrupt but they kept it a secrete I really do not mean money but power, buyīuying up commodities like water, electric systems, gas and food. Know that the world is broke but pretend that it is not in order to hold togetherĪ little longer to make as much money as possible until it fails. Real world banking system, the Rothschild bankers, the Federal Reserve and IMF
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