#128: GFC II
Surprising though it might seem, barely two weeks have elapsed since those of us who anticipate GFC II – the sequel to the 2008 global financial crisis (GFC I) – were in a very, very small minority.
Consensus opinion, backed to the hilt by conventional economics, said that no such event was going to happen. Rather, we had entered the sunny uplands of “synchronised growth”, and debt had ceased to be anything much to worry about.
Of course, events, in Italy and elsewhere, haven’t yet proved us right, or the consensus wrong. We remain in a minority, though one that seems to be becoming larger. But events should embolden us, and on two fronts, not one.
First, recent developments strengthen the case for GFC II, not because of their seriousness alone, but because – as will be explained here – they conform to a logical pattern that points towards a coming crisis.
Second, we’re being reminded of quite how far conventional economics is out of touch with reality. This, of course, will be proved decisively if – or when – GFC II does happen.
This, when you consider its implications, is really quite remarkable. The government, business and finance all place heavy reliance on a school of thought which decrees that the workings of the economy are entirely financial – so, if events prove this approach to have been wrong, the ramifications will be enormous.
Those of us who understand that, far from being a matter of money, the economy is an energy system, have a lot of work in front of us.
This seems like a good point at which to publish the promised brief summary of why GFC II is likely.
ECoE starts to bite
The Circular Economy, where re-cycling and building for reclamation do not only preserve Materials but also sees energy re-capture and economy maximising the repeated use of all resources across time and product lines.
The courtiers of the Exchequer address the king;
We fit the horse foot to the shoe that suits us best. It matters not that the horse becomes lame and less furlongs are ploughed. As we deny the poison in our own usurious medium. We also deny that what ills our patient, could be from any panacea concocted in our own alchemists crucible.
Not to leave unsaid, this medium of exchange.
Our scarlet pimpernel which no one quite pins down.
We say; ”we give you something , always the same
fungible with each the other. The one whole. Held in safe keeping, returned. What we call these claims or, definitions of claims. These bundles of demands, is money.
ubiquitous in the machinery of community,
deployed as a lever and pulley in affairs of state.
A measure of nothing, conjured to divine what’s important.
This heavy invisible burden,
a yoke. Fashioned in language,
felt but never seen.
claiming lives as real as any canon.
This nightmare device of imagination.
Who are the slayers of this mythical dragon?
What of this hamlets ghost of a spectre?
something is rotten in the danegeld,
many more promises are written than can be kept.
which bargains can be made?
When the music stops and the dancers
sit down. Chairs are our metaphor for the real.
Always too few.
and honesty is reduced to rags.
Elisabeth lease had a purchase on truth.
”When people starve how can overproduction stand charged. It is money promises, kept short in supply that causes starvation. The consumption in the lungs of the community, is the usurers confection.
Denies that in money there can be a place that gertrude stein called there, home once but no longer there , there in Oakland. A precursor to some sub prime heritage.
A speaker of truth to power could follow Pauli ´Das ist nicht nur nicht richtig, es is nicht einmal falsh!
All counterfeit, yet to counterfeit the counterfeit? a crime.
What of the shepherd of this unruly nothing,
where will they pen and fence this pack of wolves.
Will they dress this pack of cards in sheep’s clothing.
Limit the herd a need for Golden standards.
Fix the price and patronise those who will honour the thievery. A mechanism to harmonise silent ballot boxes.
A gentlemen from belgium would complement his single currency. Unruled and unruly sets a course for austerity on a continent many times at war. A fight of 11 rounds.
Quiggly shewed the tragedy, little hope it seemed,
blind faith in capitalisms harlot. That babylonian whore.
What smoke screened hall of mirrors.
How obese and gluttonous the leviathan of usury.
Austerity for the likes of you and I.
More banqueting and evacuated vomit spews from the sceptred top table. Corrupt in patronage and jealousy of power. Overstuffed with greed and thirsty for more.
As more wants more and demands all.
The truly poor are those who desire much,
oppressive wealth no longer is, it only has.
Usury consumes the usurer, no self just an exponential nothing. Growing ever more grotesque in a shadow of what never was and never could be.