Nations Try to Stop the Future From Happening, Fail
by Simon Black: This
Too Shall Pass. So Will This, This, This, This, and This Too.
Debt is slavery
or at least indentured servitude of the worst kind. That looming
mortgage, the high interest credit card debt, the short-term car
loan these are the forces that keep people from breaking free
and taking action.
debt begets more debt. According to FinAid, the average US student
loan debt for a four-year private university graduate is nearly
$36,000, and $24,000 for public. Throw in that first car loan and
maybe a mortgage, and suddenly youre staring at hundreds of
thousands of dollars in demoralizing claims on your future income.
At this point,
most people figure
hey, Im already in debt up
to my nose, might as well get in up to my eyeballs and buy a new
plasma screen on credit.
Debt is an
enormous psychological burden that influences lifes major
decisions. Its why so many people stay committed to jobs that
are unfulfilling in cities they detest under conditions they find
disheartening. Nobody wants to rock the boat too much
too many risks and you could lose your job, and hence the ability
to make those monthly payments.
story has been playing out across the developed world for years.
This is not an ill, however, that exclusively affects individuals
and families. Even at the macro level, debt has the power to subjugate
entire nations to the whims of their creditors.
Enter the IMF.
In July 1944,
world leaders gathered in Bretton Woods, New Hampshire to be dictated
terms of the new global financial system. The US dollar was set
as the global reserve currency, and the International Monetary Fund
was established to shower the worlds nations with the dollars
they needed to participate in this system.
Like most governmental
and non-governmental organizations, however, the IMF eventually
took on a life of its own.
is a perfect example of this; formally established in 1947, the
CIA was charged with
wait for it
being the central
agency to coordinate US intelligence. It grew quickly into its own
beast, culminating in the creation of the post-9/11 National Intelligence
Directorate. Its job? You guessed it: being the central
agency to coordinate US intelligence.)
Over the years,
the IMF became the roving economic police force of the ruling class,
coercing developing nations to take enormous loan packages they
had no hope of paying off.
As a result,
the local IMF (or World Bank) representative in developing countries
became extremely powerful figures. Leaders in poor countries were
so terrified of loan default, the IMF was able to shape policy and
allocate national resources as the west saw fit.
the rest of the article
May 26, 2011
© 2011 Sovereign Man