World Faces Wave of Epic Debt Defaults, Fears Central Bank Veteran

Source: Information Clearing House

[Exclusive: Situation worse than it was in 2007, says chairman of the OECD’s review committee]

By Ambrose Evans-Pritchard, in Davos

January 20, 2016 “Information Clearing House” – “The Telegraph ” –  The global financial system has become dangerously unstable and faces an avalanche of bankruptcies that will test social and political stability, a leading monetary theorist has warned.

“The situation is worse than it was in 2007. Our macroeconomic ammunition to fight downturns is essentially all used up,” said William White, the Swiss-based chairman of the OECD’s review committee and former chief economist of the Bank for International Settlements (BIS).

“Debts have continued to build up over the last eight years and they have reached such levels in every part of the world that they have become a potent cause for mischief,” he said.

“It will become obvious in the next recession that many of these debts will never be serviced or repaid, and this will be uncomfortable for a lot of people who think they own assets that are worth something,” he told The Telegraph on the eve of the World Economic Forum in Davos.

“The only question is whether we are able to look reality in the eye and face what is coming in an orderly fashion, or whether it will be disorderly. Debt jubilees have been going on for 5,000 years, as far back as the Sumerians.”
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West Creates Terrorism to “Look Superior”, by Andre Vltchek

Source: Counterpunch

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Terrorism has many forms and many faces, but the most terrible of them is cold cruelty.

We are asked to believe that terrorists consist of dirty lunatics, running around with bombs, machine guns and explosive belts. That’s how we are told to imagine them.

Many of them are bearded; almost all are “foreign looking”, non-white, non-Western. In summary they are wife beaters, child rapists and Greek and Roman statue destroyers.

Actually, during the Cold War, there were some white looking “terrorists” – the left-wingers belonging to several revolutionary cells, in Italy and elsewhere in Europe. But only now we are learning that the terrorist acts attributed to them were actually committed by the Empire, by several European right-wing governments and intelligence services. You remember, the NATO countries were blowing up those trains inside the tunnels, or bombing entire train stations…

It “had to be done”, in order to discredit the Left, just to make sure that people would not become so irresponsible as to vote for the Communists or true Socialists.

There were also several Latin American ‘terror’ groups – the revolutionary movements fighting for freedom and against oppression, mainly against Western colonialism. They had to be contained, liquidated, and if they held power, overthrown.

But terrorists became really popular in the West only after the Soviet Union and the Communist Block were destroyed through thousands of economic, military and propaganda means, and the West suddenly felt too exposed, so alone without anyone to fight. Somehow it felt that it needed to justify its monstrous oppressive acts in Africa, the Middle East, Latin America and Asia.

It needed a new “mighty”, really mighty, enemy to rationalize its astronomical military and intelligence budgets. It was not good enough to face a few hundred ‘freaks’ somewhere inside the Colombian jungle or in Northern Ireland or Corsica. There had to be something really huge, something matching that ‘evil’ Soviet “threat”.

Continue reading West Creates Terrorism to “Look Superior”, by Andre Vltchek

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