HOUSTON, Jan. 20 – In a report released by the World Economic Forum ahead of its high-profile annual meeting in Davos, the organization claimed that the global economy will need access to an additional $103 trillion in “credit” to sustain normal economic growth.
The report, entitled, More Credit with Fewer Crises: Responsibly Meeting the World’s Growing Demand for Credit, claims that this dramatic increase in credit could be achieved “without increasing the risk of a major crisis.”
The report, which is based upon new census data, forecasts potential credit demand to 2020 across 79 countries representing 99% of world credit volume.
It should be noted that the term “credit” is synonymous with the word “money.” Therefore, a less deceiving way to explain this report could be that the World Economic Forum is calling for over $100 trillion in new money. This proposed $103 trillion of fresh “credit” – or money – will be backed up by nothing.
The question naturally arises: How will the creation of more “debt” help our debt-ridden global economy? It will not. However, it will directly benefit global financial institutions and the banking community… and that is what matters most these days. The more money they can lend, the more interest they can earn.
Yet, aside from providing more padding for the pockets of the elite, this bogus report offers nothing in the way of solving our real global economic problems. The current financial crisis has been caused by an unsound debt-based monetary system. This debt-based system has permitted many nations to generate unsustainable debt loads that would never be possible otherwise. This immoral system has led to the enslavement of entire nations to central banking systems. Creating $103 trillion out of thin air may provide more “bailout” funds and increase consumption, but it will solve nothing of import. Instead, it will exacerbate our economic problems by creating more debt and increasing global dependence upon debt.
Our global economic system is so heavily indebted that a major crisis cannot be averted. Certainly our crafty policymakers have developed clever strategies for delaying the inevitable. But, in the end, a global crisis is unavoidable.
The recommendations of this report would be laughable if they were not so plausible. And here we have the height of absurdity: Bankrupt governments jumping at the chance to “borrow” more money from the central banks to pay off their debts.
This is precisely the logic that is leading the world headlong into currency devaluation. And many of you know by now, the result of currency devaluation is massive inflation.
The World Economic Forum is a fraud. It is nothing but a puppet of the globalist economic agenda which seeks to further enslave nations with massive amounts of debt under the guise of providing more “credit.”
It’s time to scrap our current fiat monetary system for one that is honest and sound. But the likelihood of this solution echoing in the halls of our policymakers is slim — especially given the extreme profitability of our current debt-based model to those who have engineered it.
Friends, those who have been entrusted to lead you have led you to the edge of the cliff. It’s time to wake up. And it’s time to prepare.
Jerry Robinson is an economist, published author, columnist, international conference speaker, and the editor of the financial website, FTMDaily.com. In addition, Robinson hosts a weekly radio program entitled Follow the Money Weekly, an hour long radio show dedicated to deciphering the week’s economic news.