Then they leveraged many times their assets, and I did nothing…*
Then they made the US$ the world reserve currency, and I did nothing…*
Then they abolished the gold standard, and I did nothing.*
Then they repealed Glass-Steagall, and I did nothing.*
Then they liberalised financial markets paving the way for massive financial speculation and the creation of many and dubious loan packages – actually I was sceptical of the massive credit boom – but still I did nothing.
Then they created debt so huge it was many times the total amount of real-asset backed money in the world, $560TRN. But by this time I’d joined a political party (for other good reasons) warning of many runaway factors including high finance, I’d cut up my credit card, and moved to an ethical bank. I’ve stood for Parliament, aghast at the craven supplication of existing politicians to the sacred cows of City banking, who exploded the world, got millions in bonuses, trillions in bailouts, and those elected who refuse to re-regulate finance especially to separate commercial banking from casino banking, and likely to let those who fixed the LIBOR international trading rate get off free!
Now the predictions continue: it will all happen again, 2008, bankruptcies, foreclosures, jobs and homes lost, until the banks own everything there is to own.
Now the vast majority of money is (uncollateralised) debt. That means it has no value of its own! It’s only valuable to the banks, as and when we, as individuals or nation-states, pat it back!
Nations of the world unite! Nationalise all your banks. Put people first. You have nothing to lose but your overdrafts!
[*…Hey it was hundreds of years ago and I probably wouldn’t have had any gold anyway. How was I to know it was important, no-one teaches this stuff at school! So the US gets a free ride for decades while slashing freedom globally. I still wasn’t born.]