This is a walk through the twentieth century, and how the United States became, by design, a combination military, industrial, and financial global superpower. And how the US dollar hegemony was created over a number of political administrations by groups of well connected, powerful families and friends.
It may seem a bit long, but she opens it for questions about the 48 minute mark, so it really is not. Nomi speaks briskly with many fact laden vignettes and scenarios that help to explain how the current system has evolved.
The facts she brings out about the 50’s onwards were sometimes new to me, and absolutely fascinating. About minute 40 she shows the culmination of this historical process with the Clinton Whitehouse, and begins to describe where we are today, and how it appears that the problem will be insoluble without some major events taking place to change this alliance in power between the financial and the political.
The talk served to solidify some of my own thinking, and removed some of the shadows of doubt that I have had about where things are going and why.
She does is not able to delve into the international ties between the global central Banks, particularly between London and New York. She instead concentrates on what she might call ‘the Big Six’ of American Banks, which is a large enough subject itself.
I strongly recommend that you listen to it if you are at all interested in this subject.
Or if you have the time to invest, you may wish to read her book which also sounds very interesting. I have not done so yet, and I am not sure when I could get to it.
But this video is a very good start, and will probably make you much better informed than 90 percent of the people out there. Whether that is a good thing or not is another matter.
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/8/17_This_Is_The_Worst_Nightmare_For_the_United_States_%26_The_West.html
We heard the “surprising” news last week that the Japanese economy shrank at an alarming 6.8 percent annualized rate in the three months through June, its biggest quarterly contraction since the 2011 earth quake and tsunami. This proves that Japan’s greatest national disaster, Abenomics, has failed and the Japanese economy has fallen victim to the scam called Keynesian economics — the belief that a country can tax, spend, devalue, and inflate its way to prosperity….
One of the cornerstones of Abenomics was destroying your currency with the hopes of boosting exports. Ironically, last week the central bank warned over a worsening export and factory output picture. In fact, June showed the worst trade deficit ever in Japan, and a 57 percent rise in the trade deficit for the first half of the year.
And today with a near 250 percent debt-to-GDP ratio, it’s difficult to argue that Japan didn’t engage in enough deficit spending. Over the past three years interest rates on the Japanese government bond 10-year note went from 1.5 percent to 0.52 percent. Under its own brand of quantitative easing policy put in place last April, the Bank of Japan now buys 70 percent of all new government bonds issued in markets, as well as other more risky assets. With the JGB market on virtual life support courtesy of the BOJ, it is impossible to argue that rates aren’t low enough or that the BOJ hasn’t monetized enough. They spent, they printed, they taxed; but the Japanese economy is out of gas, and the Keynesians who own this plan are now out of excuses.
Japan is a perfect example to the counterfactual argument that anemic U.S. growth is the result of a Keynesian plan that was launched half-heartedly.
The United States should heed Japan’s economic woes as a warning sign and a reason to change course while we still have a chance. With U.S. debt to GDP at 105 percent and household debt at more than 80 percent, the aggregate amount of our nation’s debt is at an all-time high. But unlike Japan we have the overwhelming privilege and responsibility of holding the world’s reserve currency.
We have become a country that over-consumes and under-produces. Debt levels have skyrocketed while our demographic and labor force participation conditions are quickly approaching critical mass.
We have to abandon these failed Keynesian policies while there is still time. We must boost our employment-to-population ratio, deregulate the economy, simplify the tax code, balance the budget by cutting expenses, end the Fed’s runaway printing press, and allow the free market to set interest rates and asset prices. Only by doing this do we stand a chance of not falling further into Japan’s stagflationary nightmare. But if we persist in following the Keynesian counterfactual, our fate will be worse than that of Japan, as the deluge of debt being dumped by our foreign creditors causes the dollar to be dethroned, interest rates to soar, and inflation to skyrocket.