Will there be a new world financial order?
THE REAL MATTER WITH PANKAJ KUMAR
THE 2008 economic meltdown, which is now well over a year old, is a crisis that has cost the world some US$28 trillion in lost market capitalisation.
While the blame game is still on-going as to the real cause of the crisis, it is without doubt that the bubble of the US property market, coupled with cleverly structured financial products, caused the massive losses.
Bruce Note: No, no, no. This economic nightmare has been caused by the Federal Reserve. Until we address this problem, we can not break free from the enslavement to our debtmasters.
The damage was not only inflicted on decades-old financial institutions but also ordinary folk via investments in asset managers like Bernard Madoff.
Bruce Note: But what is $50 billion dollars that Bernie scammed against the trillions that the Fed-with the approval of Congress, Obama, McCain and Bush-has thrown into the system? While what Madoff did is immoral and tragic, it is on a very small scale compared to what the United States is doing to ALL of its' citizens. When the people wake up to this fact, it's going to be a very eye opening day. How does a new world financial order help when it is obvious the puppet masters have had a horrific record with handling our money?
Further into this article from Malaysia (begging once again for a new world order):
And yes, we do need a new world financial order to get rid of speculative activities which have time and again created asset bubbles and financial manias.
Bruce Note: ... and these speculative activities were caused by central banks. The only reason why people got themselves over-leveraged in housing was because the Federal Reserve brought interest rates down to 1%, instead of letting us go through the recession we should have had in 2001. Remember what they called a "jobless recovery" in the early part of this decade? It was because of debt that we charged on through those years. However, the Federal Reserve had to have been fully aware of the fact that you can not put off a financial meltdown forever. They knew that the speculation that fueled our economy would have to crash at some point. So, we can put much of the blame not on the speculation but on the ones who caused the speculation- the Federal Reserve and our government. It is not particularly reassuring that our new President also wants the Fed to print more money to 'stimulate' the economy once again. When will we learn?
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