The theory of "free trade", appearing in the 18th century, was initially formulated to prevent the Dutch from closing their colonial empire to English commerce. It served as the political rationale for British colonial expansion, imposing an international division of labor that revealed itself to be much more effective for pillaging resources than the colonial system itself.
In 1941, the Anglo-Saxons devised, as an aim of the war, a shift from the prevailing mode of colonial exploitation to that of unequal exchange in the aftermath of victory over Nazi tyranny. The Atlantic Charter promoted decolonization, free trade and freedom of the seas. This model was formalized in 1947 with the GATT Agreements. This was reinforced during the Reagan-Thatcher era by a vast movement of privatization and deregulation.
In 1991, President Bush announced his vision of a new world order: globalization. The objective was to fill and profit from the void created by the disappearance of the USSR and extend Anglo-Saxon domination in a manner that closely twinned economic and military expansion.
The new model encompassed not only the free trade of goods but also of services and capital, to be regulated by an arbitrating tribunal that would constrain the sovereignty of individual states, which is today embodied in the World Trade Organization.
In the 21st century, this on-going process has led to the dematerialization of the world economy. Favoring the expansion of military-related industries while manufacturers of domestic consumer goods shut down, the Anglo-Saxons created an economy based on "financial products’ (meaning speculation) and the profits derived from "intellectual property" (so called "fair use"). They extended their control over the free trade of goods and services in air space using the "war on terror" as a pretext and over the seas under cover of a "war on piracy". In the meantime, however, the exorbitant costs of the neocolonial occupation of Iraq in 2003 nearly brought about the complete financial collapse of the empire.
At this point, President Obama and Prime Minister Brown attempted to save the system by eliminating foreign financial positions thus compelling capital to migrate in the direction of an Anglo-Saxon fiscal paradise. Additionally, Western governments have in a concerted way placed their means of public finance entirely in the hands of a small number of private banks. As a result, these are now in a position not only to avert collapse but also to acquire firms as they spiral into failure, accelerating the already gigantic concentration of riches.
American democracy has been hijacked by a secret government that many researchers have identified as being a powerful oligarchy that manipulates from behind the scenes the very essence of the state, controlling the financial wealth of the country beyond the reach of any State institution. Printing money indiscriminately and creating wealth out of thin air, this unscrupulous elite has ruined the economy and generated the biggest bubble in history, that of the dollar, which will fatally knock it off its pedestal of world reserve currency.
A veritable re-engineering of the entire planet has been taking place in front of our eyes for many decades now. However, since it is gradual, most people do not notice or understand what is happening.
Just like the proverbial frog that if thrown into boiling water painfully jumps out and survives, but will be cooked and die if thrown into lukewarm water where the heat rises one degree every 5 minutes…
What goes under the name of “New World Order”, “Globalization” or (my favourite) “World (...)
The lack of clarity about a resolution of the eurozone debt crisis, coupled with deepening doubts over a global economic recovery, sparked China’s move to invest in safer assets such as US government securities, analysts said.
The net increase in US Treasury holdings was $11.3 billion in September, the largest jump since March 2010.
The rise boosted China’s total US debt holdings to $1.15 trillion, according to the US Department of the Treasury.
Lu Zhengwei, chief economist at Industrial (...)
According to the Economic Policy Journal, here’s what you need to know about the current crisis in the Eurozone. The big time banksters are getting direct hands-on control:
Mario Draghi (photo) has become president of the European Central Bank as of November 1. He was vice chairman and managing director of Goldman Sachs International and a member of the firm-wide management committee. He was the Italian Executive Director at the World Bank. He has been a Fellow of the Institute of Politics (...)
This author has come to the conclusion "that Big Brother’s subjects in George Orwell’s 1984 are better informed than Americans." He believes "Americans have no idea why they have been at war in the Middle East, Asia and Africa for a decade. They don’t realize that their liberties have been supplanted by a Gestapo Police State. Few understand that hard economic times are here to stay."
As protests against financial power sweep the world, science may have confirmed the protesters’ worst fears. An analysis of the relationships between 43,000 transnational corporations has identified a relatively small group of companies, mainly banks, with disproportionate power over the global economy.
Greece is on the verge of revolt or revolution, at least if its government will continue to refuse an early election everybody in Greece is asking now. The markets seem ready to launch an even bigger attack against Italy. There is military tension in the Eastern Mediterranean Sea, increasing the probability of a military conflict involving two members of the EU, a candidate member and Israel. As for Berlin, it is repeating, in the way it is handling the European crisis, the same pattern of strategic mistakes which contributed to its military defeats in World War I and II, the only difference being that in the 20th century we were engaged in military wars while now we are facing a financial total war.
During a recent visit to Moscow to address a number of groups including at Moscow State University, geopolitical strategist F. William Engdahl was invited by Russia’s popular RT TV “Spotlight” to discuss the ongoing Wall Street protests and the geopolitical future of the dollar, euro and Chinese currencies.
F. William Engdahl is a regular contributor to Voltaire Network. His replies and concise, insightful commentary of current events will provide our readers with provocative food for (...)
Brazilian President Dilma Roussef has arrived in Brussels to kick off a key summit with the EU. Visiting Europe for the first time since becoming head of state, Rouseff called for coordinated action to calm global financial markets, blaming an absence of effective regulation for the world’s current economic problems.
"It is clear the origins of this crisis stem from a lack of proper regulation in the financial system. The policy of saving financial institutions resulted in a massive level (...)
"Can’t pay back, won’t pay back!" The people of Iceland have now twice voted not to repay international debts, incurred by banks and bankers, for which the whole island is being held responsible. With the present turmoil in European capitals, could this be the way forward for other economies? - An inside look by Silla Sigurgeirsdóttir and Robert H. Wade into the country’s financial tsunami and its stunning road to recovery.
The U.S. spends beyond its means and "lives like a parasite off the global economy," Russian Prime Minister Vladimir Putin said on Monday, 1 August 2011.
U.S. President Barack Obama said earlier in the day he had reached a deal with Republican and Democratic leaders to raise the nation’s debt ceiling by at least $2.1 trillion and avoid a default.
The proposed legislation is expected to be put to a vote in Congress later on Monday.
Speaking at a Russian political youth camp, Putin said the (...)
This author retraces Greece’s parliamentary path, under the corrupt leadership of its so-called Socialist Government, from independence to its current unconditional subservience to the de facto tutelage of the IMF and European central bankers. To Petras, the Greek experience is yet another reminder of the vanishing differences between conservatives and social democrats worldwide.
The arrest of the IMF Director General has spurred hostilities among the global power elites .
This time, it goes beyond a mere fencing bout regarding economic doctrines, or States vying for a better representation within the institution. There is an existential crisis afoot which has been rapidly spreading throughout the system, splitting it into two irremediably opposed camps.
On one side, there are those who are bent on rescuing the United States from bankruptcy; on the other, (...)
It is impossible to understand the downfall of Dominique Strauss-Khan without linking it to his project for the creation of a new international reserve currency, which was to be launched on 26 May 2011 at the Deauville G-8 summit. The project was paradoxically anticipated as much by the Emerging States as by stateless financial capital, but rejected by the U.S.-Israeli military-industrial complex. Thierry Meyssan exposes the chicanery of the Obama administration to dodge its commitments.
According to a new report from the African Development Bank, thirty percent of the African population qualifies as forming part of the middle class and the continent is on the brink of an economic take-off. Not quite, says South African socio-economic analyst Patrick Bond as he breaks down the skewed indicators applied by the ADB, apparently eager to showcase an African success story for the greater glory of globalization.
Manlio Dinucci elaborates on an aspect already highlighted in our columns since the outset of the war: the appropriation by the "willing" colonial powers of Libya’s colossal investments abroad. The frozen assets in Western banks were a threat to the monopoly of the World Bank and the IMF over development projects in the Third World. The funds continue to "yield" (no longer as investments but as bank guarantees), but for the benefit of Western interests.
In this profile of global wealth accumulation, James Petras illustrates the direct link between the exponential increase of the U.S. super rich in recent years and the tanking real economy. Unsurprisingly, the prize for the fastest and most dramatic growth of new billionaires goes to the BRIC block countries - recently joined by South Africa - albeit to the great detriment of their working classes and environment.
In announcing her government’s National Strategic Industrialization Plan—2020, on February 24, Argentine President Cristina Fernandez de Kirchner firmly defended her country’s right to industrialize, and to protect both that industry, and the workers who contribute to its advancement.
Outlining ambitious goals for the year 2020—achieving an average 5% annual growth rate, doubling annual industrial exports to $136 billion, increasing the industrial portion of GDP to 80%, among others—Fernandez (...)
The killing game begins: the Irish financial crisis repeats the Greek pattern and paves the way for those next in line – Portugal and others. To pay for the wars in Afghanistan and in Iraq, the United States has chosen to monetise its public debt, by palming off its bills to the rest of the world. This flow of liquidity allows the capitalist elites to pounce on a plumper prey. Having pillaged the third world, they are at last able to attack the euro. However, observes Jean-Claude Paye, far from preventing them, the European central bank is abetting them to the detriment of European populations, henceforth constrained by austerity politics.
Business analyses indicate that the US dollar’s status as the world’s reserve currency and the standard currency could be soon coming to an end.
This comes days after China and Russia decided to renounce the US dollar and resort to using their own currencies for bilateral trade.
"About trade settlement, we have decided to use our own currencies," China Daily quoted Russian Premier Vladimir Putin as saying in a joint news conference with his Chinese counterpart Wen Jiabao in St. Petersburg (...)
"What hurts me the most is why is the taxpayer paying for the IMF. Why are we bailing out the banks. These are the people who took the risk, let them take the hurt, let them feel the hurt."
Among those on the main march there was deep anger that most of the €80bn-plus from the European Union and the International Monetary Fund will be used to shore up Ireland’s ailing banks.
Speakers at the march estimated that the crowd was between 100,000 and 150,000.
The rally was the first major (...)
The recent death of Néstor Kirchner has been perceived as a great loss, not only to Argentina but to the region and the world. In May 2003, Kirchner took the reins of a country crushed by its most severe economic crisis and riddled by massive debt. His audacious and successful face-off with the International Monetary Fund showed the world that a country could defy the IMF and live to tell about it.
Barack Obama’s and the U.S. Democratic Party’s recent electoral defeat is only a forerunner of future losses for similar ruling parties in much of the Western world. The so-called Left-Center Left is everywhere paying a high electoral price for sacrificing the working class in order to save bankers and profitability, harvesting hostility and rejection among its natural constituency. James Petras analyses this unfurling phenomenon.
The earlier filing of fraud charges against Wall Street banking titan Goldman Sachs by the US Government Securities and Exchange Commission (SEC) was only the tip of a huge fraud iceberg. Now a US mortgage insurer has charged one of the most aggressive banks involved in the US subprime mortgage scam of fraud. The bank is none other than Deutsche Bank. This case is also likely to be just the “tip of a very big iceberg.”
Expanding his recent analysis of the situation in Ecuador to the rest of Latin America, James Petras’ provocative assessment shows that facts and figures do not sustain the widely-held dogma that much of the continent has veered to the left. With the exception of Venezuela, no structural changes have taken place nor are being envisaged. Latin America has embarked on diversified roads to a "smarter" brand of capitalism, but none of which leads to socialism.
The embattled Euro has gotten a surprise boost from an unexpected quarter―China. The country with the world’s largest foreign exchange currency reserves, China, has pledged to support Greek debt as well as the Euro in what is clearly a geopolitical decision. In doing so, China has signaled it seeks to prevent the US financial warfare attack on Europe and to play the EU off against the USA in a geopolitical chess game of a fascinating dimension.
Recent, stupefying big business profits were essentially fueled by cost cuts and massive layoffs. While progressives and leftists write about the “crises of capitalism”, manufacturers, petroleum companies, bankers and most other major corporations on both sides of the Atlantic and Pacific coast are chuckling all the way to the bank.
All bets are off between the IMF and the conservative Hungarian Prime Minister Viktor Orban. What’s bitten the former golden boy of the Atlanticists for him to suddenly want to introduce taxes on financial profits when it would be easy to raise additional taxes on work? And what if Mr Orban is right, asks Jérome Duval.
Far from being the effect of the ‘invisible hand of the market’, the crisis of the euro is the product of a strategy carefully designed by Christina Rohmer and the White House Council of Economic Advisers. It is a matter of saving the American economy by forcing the European capitals to take refuge behind the US, and ultimately placing the Euro Zone economies under US control via the IMF and the European Union. Jean-Claude Paye analyses the first stage of the process underway.
Below is an overview of the international financial institutions reform plan which has been released by the UN Department of Social and Economic Affairs. The document, drafted by Group of Experts, mirrors exactly the wishes of the world ruling class. Its driving principle is the creation of a new world reserve currency under IMF surveillance and a system of global economic governance that would supervise the economic policies of individual nation-states.
Financial Crime and Coup d’état. First Part.
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Chaos by design?
The Art of War