A spectre is haunting the financial cities of the world. According to the economic forecasters over at GEAB, who were predicting the current crisis over two years ago, there are over ten trillion 'ghost' dollars in circulation substantiated by nothing at all. These dollars were created in order to sustain the never ending economic boom promised back in 2000. They now float around the world in search of the next speculative bubble - hence the disproportional rises in food prices we are witnessing - but ultimately they are just worthless bits of paper.GEAB writes, "Most of these « ghost-assets » are made of US mortgage loans, US dollars, and more generally US dollar-denominated assets, as well as British Pound Sterling-denominated assets (10). They were created from nothing in the financial euphoria of the past decade by the “sorcerers' apprentice” of Wall Street, the City and the other major financial places of the world. . . . . They are “ghost-assets” no longer capable of being “embodied” in real assets. "
The sketch seem to be that there's nothing the G7 can do about this - all those meetings in April were just panic fests. What it means for the little people is austerity and revolt. Well, every cloud has a silver lining.
|