As in most countries, here in Britain the credit crunch is continuing to cause havoc, and it’s now got to the point where the bigwigs are starting to blame each other for the debacle.

In the UK repossessions of domestic homes has risen by 92 per cent on a year ago, and on average one family is evicted every 10 minutes. Two and a half thousand jobs are lost every day. Those figures reveal a national disaster as well as a human tragedy every time a repossession or lay-off happens.

Financial Services Authority chairman Lord Turner announced that finance ministers around the world had failed to heed all the warning signals. We’ll gloss over the fact that Lord Turner himself also failed to issue any warnings, in spite of all the signals he claims to have seen, until it was too late.

Even the Queen is reported to have asked one of her ministers, “Why did nobody see it coming?”

Well, ma’am, with respect, some of us DID see it coming and did what we could to warn everyone. But nobody was interested.

How far will the downturn go? Everyone’s trying to estimate when the “recovery” will start and we can all get back to work and normal life. But if one thing is certain at the present time it is this – if a recovery does come it will be weighed down with even larger debts than we have already. It is the level of debt, more than anything, that prevents trade and industry – all the activities on which we all depend for prosperity – from providing the wealth that needs to filter down so all levels of society benefit.

How can anyone talk of a recovery without also mentioning the debt system that caused the crisis? The national debt of all leading countries, the debt level of all municipal authorities, the borrowing of companies and corporations, big and small, and individual levels of debt, even allowing for bankruptcies and debt write-offs, will all be at record levels. This will require payment of a larger and larger proportion of earnings as interest and repayment instalments to the banks. How can real wealth be created and shared equitably in this kind of economic environment?

This is a burden that will drag down and destroy our whole civilization. So the question is, will this happen now, or after the next cycle of boom and bust? And can we who know what is going on organise a sufficient level of opposition to this gigantic racket to bring it down before it destroys us all?

Start the opposition to this whole evil system by reading “Promise To Pay”, the classic work from Dr R. McNair Wilson, available without charge from our home page.

Spread the word.
Philip Gegan

It appears now that the bailouts of late 2008 may not have been enough to save the banking systems of the US and the UK, not to mention major corporations like Ford and General Motors.

Major manufacturers in the West have been crippled by the free trade policies of the last sixty years whereby cheaper foreign imports have been allowed to flood the home markets, driving down prices and destroying profits, leading to factory closures and job losses.

The banking system has simply shown itself to be unworkable. Governments can pump all the money in the world into this corrupt setup, but it will never work. Although it is euphemistically called “taxpayers’ money” it is in fact merely fictitious money created by the central banks and lent to  governments at interest so it can be “invested” in the banking system again.

It is a ludicrous merry-go-round and the only winners are the private banking families and their agents. Read what they think of the rest of us and what they plan to do next in David Rothkopf’s book, Superclass. And it you haven’t already, download and read this free Guide to this most pernicious economic system we’re all currently trapped in – Promise To Pay, by Dr R. McNair Wilson. And . . .

Spread the word.

Philip Gegan

A very happy and prosperous New Year to all readers of this Blog.

If you really want to have a prosperous year, or at least safeguard yourself and your family as far as possible against the financial madness of our times then there is one thing you have to do.

Buy gold.

Gold can’t be created out of nothing. That’s what guarantees its value. While governments are debasing their own currencies by recklessly borrowing billions, gold remains scarce and in high demand.

Gold is set to hugely increase in price in the coming months, and if you have access to the internet (as you obviously do, since you are reading this) then you can invest in gold. Not gold certificates (which can be manipulated and made to “disappear”, just like stock market investments), but real gold, safeguarded in vaults in New York, London and Zurich.

Just click here for more information.

That’s all for the moment. Except, don’t forget to . . .

Spread the word.

Philip Gegan