        Pray for the candidates physical safety — especially Biden. Are you ready for Martial Law and gun confiscation? Are you ready for the termination of free speech and the U. Are you ready for Christian persecution? Truth is the enemy. Lies are spoken as truth. Deception and lawlessness rules the day. The wicked are becoming more wicked and the righteous are becoming more righteous — just as the Bible predicted.Chaos is coming and is going to spread far and wide. Democracy as we know it in Britain and the U. The majority of Europe and the rest of the world has been ruled by powerful elites with absolute power. Domination is by means of force. The high cabal of the New World Order would like to see this model reinstituted.The Bilderbergers are their creation. Hundreds of humanistic study institutes in the U. Their interest is in the eradication of the middle class. They desire only rulers and servants. The U. Constitution is a major stumbling block for these people. Stalin kept the USSR heavily armed with conventional and nuclear forces because he did not trust this group.Putin understands the threat as well and has brought the Soviet Union to an apex of nuclear strategic capability. Some researchers get off track since the Intel agencies of several countries encourage and promote off-the-wall groups, such as New Age, Zen Buddhism and Yoga. These are not the prime focus; these are distractions. But as the modern science of advertising has demonstrated, people can be convinced that what is bad for them actually is good.It is all a question of how to frame their decision-making process. In Japan, the nation that at one point loomed as the major potential economic rival to the United States, politicians sandbagged their economy by agreeing to the Plaza and Louvre accords of and  These agreements committed Japan and Germany to lower their interest rates and create financial bubbles, for no better reason than to facilitate low interest rates so as to promote U.The takeover movement helped inflate a financial bubble, coupled with an unprecedented credit creation to finance asset-price inflation in the s. The dollar standard had arisen without much forethought. American diplomats insisted on veto power in any international organization they joined, so as to protect their nation against policies that might impinge on its interests.After the gold-exchange standard ended in , the United States used this go-it-alone power to turn its balance-of-payments deficit into a tax on the rest of the world, obtaining its imports for paper promises to pay at some future date, at low rates of interest. Chapter 2 of Global Fracture describes the dilemma with which America confronted the central banks of Europe to Japan and China.Yet unlike other debtors, it has not had to forfeit its autonomy. Rather, other countries have had to adjust their economies to the U. If they refuse to lend their trade surpluses to the U. Government, their currencies will rise and the dollar will fall, threatening to price their exports out of world markets.Powerless to use their economic strength for anything more than to become the major buyers of Treasury bonds to finance the U.On the deepest economic plane the U. Government has come to represent the interests of finance capital. Probably it was inevitable that finance would have come to rule the modern world, regardless of what nation was in the lead. The primary mode of accumulation has become financial, enabling investment bankers to replace government planners and wrest control from landed property and industrial capital.This shift has been accompanied by a neoliberal ethic that opposes traditional social values, above all the long-held hope that governments would lead the way toward more egalitarian societies via public regulation, progressive taxation and infrastructure spending. This helps explain why it was first introduced by the Chicago Boys in Chile under General Pinochet after  For centuries the idea of economic progress depicted rising productivity as enhancing living standards.Economic theory focused on how profits made on producing consumer goods would be spent on capital goods to produce yet more output. Debtor countries have been forced to relinquish control over their fiscal and financial policy, permitting foreign investors to rush in like vultures to appropriate their assets at distress prices as their currencies collapse. The Achilles Heel of proposals to create a better economic order was the inability to cope with the twists that modern finance has taken.Rather than funding new productive powers, bankers lend mainly against property and public monopolies already in place, headed by real estate and corporate stocks and bonds. The richest lode of new assets since has been the public domain, whose privatization has turned government enterprises into financial vehicles to generate interest, dividends and capital gains.What is remarkable is that while the United States has acted as a creditor nation toward the Third World, it has used quite a different economic diplomacy toward Europe and Asia. It supports its own employment and growth, by running federal budget deficits, inflating its capital markets, reducing its interest rates and trying to lower its exchange rate to make its producers more competitive.In addition to a lower value of the U. These losses suffered by foreign central banks on their dollar holdings serve as a measure of modern international financial exploitation. It is the cost of the failure of creditor nations and others to develop an alternative to the Treasury-bill standard. Meanwhile, freed from having to finance their own government deficit, U.If economic models and geopolitical game theory accurately described countries as acting in their own self-interest, a New International Economic Order would have emerged in one form or another as a system of negotiated checks and balances in the s.A parallel belief was that world trade and finance should be symmetrical, enabling all countries to pursue similar policies rather than suffering from a double standard. All countries could provide their own credit, for instance, rather than leaving this as the monopoly of a single nation at the expense of others. The problem with this ideal was a growing recognition that symmetrical development along the lines pioneered first by Europe and then by America would involve rising raw-materials prices, and that countries would aim at achieving economic self-sufficiency by producing their own food and manufactures rather than remaining dependent on imports.These perceptions prompted the Washington Consensus to be imposed, an economic order whose objectives, principles and policy precepts are in opposition to a NIEO and indeed, antithetical to those held almost universally a generation ago. In the United States opposed currency depreciation. The argument over the British Loan that year aimed at preventing Britain from establishing a competitive postwar exchange rate.Devaluation of sterling had to be postponed until , and currency stability was built into IMF prescriptions. The United States ran a heavy payments surplus but was not obliged to adjust, any more than other countries were allowed to devalue. The U. By overseas military spending had forced America off gold and the dollar was devalued by 10 percent.Meanwhile, U. Its economies have become so export-oriented that devaluation alone would not suffice to change its trade patterns. It merely would reduce dollar prices for exports, along with the international price of domestic real estate, stocks and bonds — and for the public domain being sold off. In recent years the IMF routinely has imposed devaluation on debtor countries in an attempt to reduce domestic purchasing power.This is supposed to leave more output available to export to pay foreign creditors. What is devalued in practice is mainly the price of labor, because prices for raw materials and capital goods are dollarized, as are foreign debts. The effect is to make exports cheaper and imports especially of food more costly, as each dollar of exports buys fewer and fewer imports. IMF planners claim that this will shift resources from domestic production to the export sector.The effect is to prevent debtors from working their way out of debt. Their unpaid balances are rolled over to grow exponentially, throwing them even further into dependency on the IMF and World Bank. The NIEO sought to improve the terms of trade, but did not tackle the problems of land reform and backward economic institutions called for more progressive systems of taxation and income distribution.Proposals for a NIEO also never tackled the problem of debts that had mounted up beyond the ability of countries to pay. Such shortcomings reflect the degree to which the NIEO aimed at merely marginal amelioration within the context of the existing institutions rather than recognizing the need for more far-reaching structural transformation.Regional economic groupings that did emerge, most notably the European Community, have been organized under monetarist principles. The European Central Bank is committed not to finance more than marginal budget deficits, regardless of employment conditions.Since the s, however, the IMF and World Bank have demanded fiscal austerity and heavy taxation of labor and industry, not finance and land , while dismantling protective tariffs and subsidies such as those the U. Government routinely has given to American farmers since  As noted above, austerity plans deliberately create unemployment that blocks wage levels from rising. The hope is that this will squeeze out more exports to pay foreign creditors. There is little thought of developing domestic markets and modernizing economies.Under monetarist direction neither Third World countries nor Europe were to achieve full employment. In this respect the advice that the IMF and World Bank give to debtor countries is like that of a parasite telling the host to give the intrusive rentier all the revenue it demands for its own growth, neglecting that of the host. Devaluation holds down the price of labor regardless of union agreements in domestic currency, while privatization enables the traditionally unionized public-sector labor force to be replaced with non-union workers.High domestic taxation, coupled with low employment and purchasing power, shrinks the domestic market and reduces investment, making even less output available for export.And policies to hold down wage levels slow the growth of labor productivity, which requires rising educational, health and dietary standards. On a national scale the effect of mean-spirited austerity programs is to increase trade dependency and hence the balance-of-payments deficit, pushing countries even more deeply into debt and dependency. These destructive effects may seem strange for ostensibly free-market philosophy to promote.Most plans were nationalistic rather than social-democratic, and no alternative economic theory yet has been put forth to counter the Chicago School monetarism that has spread throughout the world since the s. It has taken the abject failure of the Washington Consensus reformers in Russia in recent years to spur thoughts of shifting the tax burden off labor and onto land and finance capital.Worried that the cessation of military demand would lead to unemployment after World War II, governments were persuaded to inject purchasing power into economies by running budget deficits. One might think that the postwar epoch would have learned the lesson that governments should denominate debts in their own currency. But the Washington Consensus promotes dollar borrowing with central-bank guarantees. In post-Soviet Russia even domestic deficit spending was supposed to be backed with dollar reserves.This policy denies indebted economies of using the traditional means of eroding the national debt burden by gradually inflating away their purchasing power. The value of dollarized debt is out of their control, becoming heavier in domestic-currency terms as their inflation rates rise and their currencies fall in value.It is deemed to be inflationary to create domestic credit but not to borrow abroad in hard currency, on the specious logic that foreign bankers will not lend for risky or bad purposes. The reality is that it is no more inflationary for governments to create their own credit than to leave this to private-sector bankers. In fact, public credit tends if not corrupt to be created for more social, long-term purposes aimed at raising living standards and promoting employment.In practice, central bank independence turns out to be a euphemism for dependence on the Washington Consensus, whose control over fiscal and monetary affairs prescribes self-defeating policies that reward creditors at the expense of debtors, while permitting only the United States to run large and chronic budget deficits.The World Bank and IMF originally were empowered to lend only to governments, and hence were obliged to work with them. This caused complaints in the s from economists advocating land reform. Nearly all the World Bank reports urged family-based food production, which required land reform in oligarchic former colonies. But the Bank claimed that it was powerless to impose reforms on client countries, and most of its agricultural loans were for large plantation projects to produce export crops.Since , however, the World Bank has not been at all shy at demanding privatization, deflation and other oligarchic policies. What began on the far-right periphery in Chile under General Pinochet in has now become mainstream policy. It is a starkly creditor-oriented policy. Despite numerous challenges, the primary architecture of world economy remains largely unaltered. And the reform of the current international economic system should focus on three main issues.According to statistics released by the World Bank, U. GDP amounted to  Despite the monetary hegemony that the U. Since the beginning of the twenty-first century, developing countries have maintained rapid economic growth, and their united strength is approaching that of the Group of Seven industrialized countries G7.According to IMF estimates, in G7 nations accounted for nearly  Besides, they have begun to participate in top-level global governance design and thus play an increasingly important role in certain important global institutions. This situation is reflected above all in the rise of the Group of Twenty G20 , which encompass major developed and developing economies, and acts as the most important platform for international economic cooperation.Unfortunately, developing countries have still not gained the status or voice proportionate to their strength and the momentum of their economic growth in the international economic system.  

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