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Special Report: Gov't Debt 'Unsustainable'
Finance
Perspective on the News
Monday, May 03, 2010
Ed DeShields

The biggest story of modern times continued to be the back page story in the news last week.   For those readers who even noticed, our worst fears were officially made known. 

In a report filed this week, the Bank of International Settlements (BIS) outlined the grim news about what lies ahead for the western world countries.  Among the conclusions:  draconian measures must be taken immediately or the global financial system will soon collapse.  

BIS is the bank for the world’s central banks.  And, “draconian” is not a word thrown around by such a prestigious institution.   Among the specific conclusions are:  baby boomers must say goodbye to the great entitlement experiments of the century, Social Security, Medicare and Medicaid;  governments must be vastly reduced; war spending must stop; employment and interest rates will soar for decades ahead.   Depression-like austerity will be extreme – and it will be inescapable.  And, all this might not even solve the problem. 

Also speaking up to seemingly defy the Obama administration’s current entitlement binge theories was Congressional Budget Office (CBO) Director Douglas Elmendorf.  He told reporters at a Christian Science Monitor breakfast, “U.S. fiscal policy is unsustainable, and unsustainable to an extent that it can't be solved through minor changes.”  He says, “Spending on Medicare, Medicaid and Social Security, plus defense programs and debt interest, will exceed the rest of the federal budget.  “It's a matter of arithmetic,” Elmendorf said.  Translation; there will be no money left to run government – before year end.   

This week, the warning went out to leaders in Austria, France, Germany, Greece, Ireland, Italy, Japan, the Netherlands, Portugal, Spain, the United Kingdom and the United States. 

As you know, I’ve written here about Greece’s ongoing sovereign debt woes.  You would do well knowing their problems are the opening act and will pale in comparison to what lies ahead for the giant debtor nations of the US & UK. 

The Europeans are among the first to realize the gravity of our predicament and they’re resorting to violence and anarchy.  Protesting citizens in Greece are burning the city and looting its businesses. 

The European laboratory of Political Anticipation/Europe 2020 (LEAP), whose economists and social scientists have rather accurately predicted macro-economic events over the past decade, are now predicting the inability of the US & UK to continue to sell their debt needed to finance their 2010 budgets.   According to estimates there is not enough liquidity in the global financial markets to support these debt levels – and our way of life as we know it.  

The western world’s debt-based system is about to be scrapped.  If this is true, that spells trouble.  A new system means a new set of governing rules the entire world must adopt. 

Those who are paying attention are pointing to a new radically re-shaped monetary and economic system that is about to born.  Not a modification of the one we have, but a brand new system.  And, you can bet your last dollar (or something of real value if you wish) that “financial reform” touted by the administrations around the world is code for desperation policy making (as in their recent proposals to grant seizure of banks “too large to fail”).  Hang on for a ride. 

The President of the European Central Bank, Jean-Claude Trichet, told Forbes that “global governance is extremely necessary”.  In his prepared printed and spoken remarks to the Council on Foreign Relations, Trichet emphasized that politicians, economists, and financiers must work across the Atlantic and collaborate on methods to create a new international set of global governing standards.  Could this be code for a one-world government?

According to LEAP, after the May 6th elections in the U.K, the gravity of the crisis of its economic troubles will be exposed the during the political election chaos.  The financial situation is so serious that the technocrats running the country have devised a plan for this week’s General Election.   To avoid risking a power vacuum which could lead to a collapse in Sterling (which is already very weak) and British treasuries (Gilts), Gordon Brown would remain Prime Minister even if he loses the election!

The British people are not going to like this news. 

In the U.S., the reality is the same.   The main stream media will fog the windshields politically ensuring that the people won’t be sure who’s telling the truth.  It will be only after the election that the truth will be known. 

Metaphorically, we are living a The Swiss Family Robinson moment where we are a direct witness to the shipwreck of our global economy due to the unsustainable structure of our modern debt-based monetary system.  And, as our ship strikes the rocks it will be sudden and confusing. 

In the book, the Robinsons face imminent danger as shipwrecked castaways in a new and unfamiliar world: 

“For many days we had been tempest-tossed.  The raging storm increased in fury until on the seventh day all hope was lost.  We were driven completely out of our course; no conjecture could be formed as to our whereabouts.

My heart sank as I looked round upon my family in the midst of these horrors. Our four young sons were overpowered by terror. " Dear children," said I, " if the Lord will, He can save us even from this fearful peril; if not, let us calmly yield our lives into His hand, and think of the joy and blessedness of finding ourselves forever and ever united in that happy home above."

Of course, the Robinsons found a way to survive but their world was not like before.  And, like the Robinsons our decade ahead will be completely unlike the previous one. 

About Ed DeShields

Last Week: Three Chestnuts in the Morning, Four in the Afternoon



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