No Bailouts Can Save This Sick System

This blog post was first published here on 7 January 2009.

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

 

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