The Phaserl


Coming Global Collapse Will Eclipse The Terror Of 2008

from KingWorldNews:

Kaye: The 2008 collapse was just a warning shot. That’s all it was. And the reaction by governments around the world was simply one of panic. They (the governments) took the easy way out. Because of that they did not learn any of the lessons that should have been learned.

If you have a problem which was precipitated by excess leverage, and ultimately the market is dictating that you can’t service that debt, which was going to lead to enormous wealth destruction, ultimately you’ve got to learn to intelligently de-lever. But instead of doing that, additional layers of debt were piled on everywhere, while policies of financial repression were used to prevent interest rates from causing yet another financial convulsion.

William Kaye continues @

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1 comment to Coming Global Collapse Will Eclipse The Terror Of 2008

  • Z

    I have always wondered about the enforcement mechanism behind all of these “huge derivative bets” that we are always told that the banks and other large financial institutions carry on their books. What it does appear to be is that they are gentlemen’s agreements with no means of direct enforcement. That is why derivative trading is conveniently unregulated (look up Brooksley Born and the CFTC).

    So what appears to happen is if one of the players loses a “bet” and is unable to pay off they either shut the doors or the USG/FED step in and give them the money to cover the bet. Hence the term “too big to fail” came about. If the failures are so large that they cannot be covered then it will be a chaotic time in the world of finance for sure. In 2008 they could choose who was going to sink (Bear & Lehman) and who was going to swim… next time around will be interesting. They could just do a reset and have everyone start from zero but that is not in the cards.

    It is as Henry Ford said:
    “The one aim of international financiers is world control by the creation of inextinguishable debts.”

    They’ve been doing a bang-up job of it so far.

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