Monday, October 22, 2012

International Currency Control

There are some things that I have predicted that I don't really like. One of the things I have talked about is how we will see a new monetary system. I have long believed that it will be tied to eliminating national debt. I have believed that because it is the cookie that will get people to accept the new system. I am sorry to say that I appear to have been right.

The Telegraph - IMF's epic plan to conjure away debt and dethrone bankers

Here is a link to the actual working paper by the IMF. The Chicago Plan Revisited.

Basically, what they are calling for is an end to private credit that is not asset backed. With the government owning 80% of all housing and the Federal Reserve buying the rest of the mortgages, it would now become a government asset and back up our currency.

Many people took advantage of the housing boom, they took out debt with no intention to repay it unless they could sell their house for much more than they paid for it. The banks were happy to lend and the rates were corrupted by LIBOR. Everyone was cheating all the way up and down the chain; but, it was intentional and the end game is to crash all the currencies together and then bring in this new system. They got everyone to hate the bankers and now it is time for whoever has been chosen to come to our rescue and save us from the fate of Greece.