Money printing by every central bank in the world has now ballooned stock, bond, derivatives & real estate markets to record highs, which has been a bonanza for those wealthy enough own these assets. The problem for them is that most of these “assets” are worthless, measured in the hundreds of trillions of dollars globally, and widely conceded to total over a quadrillion US dollars in fake value. No one really knows the amount, because little-to-no data is published or made publicly available, as economic policies that affect everybody & everything are discussed, agreed upon & implemented behind closed doors & kept secret.
In official politics, everything is kept classified in the interest of national insecurity. In establishment economics, an undercurrent of paranoia is now running rampant through every market, as anyone with their eyes open can see what’s about to happen to the global economy. Deutsche Bank just unloaded €50bn in worthless derivatives known as long-dated interest rate swaps onto the taxpayers, who are the lender of last resort for a bank considered “too big to fail.” This event has to be kept quiet on MSM, because this could be the next Lehman Brothers collapse which triggers financial Armageddon.
No government has the ammunition to hold off this inevitable crash much longer, much less handle it when it arrives. Money printing for the rich will eventually manifest into hyper-inflation of currency for all. Meanwhile on every inhabited continent, austerity & corporate tax cuts have wiped out national tax bases– the primary source of all government revenue. The other bullet which has been spent is interest rates, which can’t go much lower and in many countries is negative– so that can no longer be used as a palliative. Hence militarization, nationalism, and the drive to war led by the US.
What this means is that the next financial crash will create a revolutionary situation globally, due to the bankruptcy of every central bank & government, who have exhausted their limits on bad debt & interest rate cuts. But the corporate banks, hedge fund firms, brokerage houses, etc, have so much more junk they need to unload! This is the conundrum these parasitic financial criminals are now facing, and when it all breaks down, “Who will pay the piper?” becomes the quadrillion dollar question.
Crypto vs Gold: Part X
Consider this. If cryptocurrency became backed by gold, it would collapse every fiat currency– which are all debt-ridden by money printing & austerity. But here’s the virtual rub. Where can the owners of cryptocurrency store their gold while remaining anonymous? That is the unsolvable paradox of cryptocurrency.
Eventually the governments of the world will use their police, intelligence & military apparatus to find & seize that gold. The deep state of any nation also controls the electrical grid & internet– which means bitcoin becomes unusable under such political conditions. This is no longer hypothetical, as there have been multiple electrical blackouts across South America recently, either due to decaying infrastructure or malware attacks by the US deep state.
It was Venezuela a few months back, as part of the failed US-instigated coup attempt to overthrow Nicolás Maduro and install its puppet Juan Guaidó as president. Last weekend it was announced that Russia’s grid had been attacked by US military-intelligence. This proud US government provocation of war against Russia was barely noted or commented upon in the fake news media.
What is to become of the digital energy waster known as crypto-currency when the working masses & youth of the world unite under the banner of international socialism and march on the centers of power in every nation? After an international workers’ revolution, bitcoin & all other forms of crypto-currency will no longer be allowed to contribute to global warming. Humanity needs solutions which don’t cause greater problems, as is allowed under capitalism.
There is more than enough wealth being produced to provide for everyone’s needs while making reparations to our planet and all its inhabitants. This makes the need for money superfluous in a socialist society, but not under capitalism which is leading humanity towards disaster.
Every day Donald Trump, Mike Pompeo, John Bolton, and there rest of that fascist White House cabal are in power, the greater the threat of thermo-nuclear incineration to our planet. It is really sick that things get pushed this close to the edge of extinction by delusional & psychotic tendencies. But that’s “maximum pressure” under capitalism, and it’s how the rich & powerful maintain their privileges in a rigged game.
Those of us who have been socialists for a long time, know that we are the most suppressed, censored & blacklisted political tendency. Trotskyism of the Fourth International is real socialism, and we are always the first targets of the corporate censors & deep state sponsored fascism. Fake media of every variant always portray Trotskyism as “left-wing extremism,” and brand them as “terrorist,” but not officially because they are blacklisted– which means they aren’t acknowledged. This combines the murky world of US intelligence with the anti-socialist ideology of the ruling class.
Notice that no mainstream media ever covers the World Socialist Web Site, the modern daily organ of Trotskyism. Any attempts by “leftists” to politicize the WSWS become silly & hateful, as these fake intellectuals never approach anything from a historical or materialist perspective. Everything from pseudo-intellectual liberals is thinly-veiled class interest wrapped up in the irrationality of post-modernism– where all is subjective & anything goes. What remains of liberalism is comparable (as a class) to a degenerative disorder, incapable of controlling itself and getting worse by the day.
The fake left lose the battle of rationality & facts against the Trotskyists every time. Trotskyists are always strictly censored under capitalism & Stalinism, because we are recognized as their most formidable & intractable enemy. Capitalism & Stalinism (socialism in one country) have the same common goal: to subordinate their nation’s working masses to obey & carry out ruling class directives.
Trotskyists are the only political tendency that seeks to unite workers & youth internationally under the banner of revolutionary socialism. This must be achieved to avert an all-destructive Third World War. Capitalism keeps doubling down on its failures, which is only leading to more catastrophes. There is no tendency in mainstream media or official politics that opposes this suicidal trajectory for human civilization. Political power must be removed from these criminal ruling classes of all nations.
Julian Assange & Chelsea Manning must be set free and protected by the workers & youth of the world, against these ruthless & tyrannical global networks of US-UK sponsored terrorists. Julian Assange & Chelsea Manning are courageous heroes for what they have done, and for the political stance they maintain– by not capitulating to US deep state coercion, suppression & criminality. Their fate is humanity’s fate. It’s up to those who are conscious and willing to fight for equality & democratic rights to unite for the purpose of freeing them, and revering those who reveal hard truths & ask important questions.