Five years ago Jonas Cleary asked me to write a foreword for “Brothers,
sisters.. with a focus on the socio-economic aspects of the book. As
“Brothers, sisters.. is now republished as a trilogy, he has asked me for a
new, revised foreword to the book or better, an updated one mirroring the
prevailing socio-economic environment relative to what he has written.
In that original foreword I had not only outlined how the then economic
factors determining the world’s financial system would inevitably lead to its
collapse, but could do so in a frighteningly short space of time.
I mentioned that seemingly bedrock behemoths from General Motors to
the House of Saud would be swept away in the wake of such a breakdown.
That the only beneficiaries of the AAA rated bonds, then flooding the
financial markets, were bankers skimming fat fees from peddling them, but
otherwise, they were worthless ‘paper’ puffed up with ‘air money’.
These years later, the world’s financial system has narrowly escaped - yet
again - from implosion. Those supposedly secure bonds have indeed been
found to be worthless, and General Motors swept into insolvency, as have
many financial institutions, whose gluttony for ever higher profits were
largely responsible for bringing about this latest financial crisis. However, the
prediction I made, and has not - as yet - materialised is fall of the House of
Saud (although it too, is now being buffeted by the storms, unleashed by
jobless graduates, sweeping through the Middle East).
Finance ministers across the world believe that their immediate
intervention in, and assistance to, the financial markets staved off this
impending breakdown. In this they are deluded. It was money, more than
$13 trillion of it - equal to the US’s GDP - high-handedly taken from
ordinary peoples’ tax payments by those ministers’ governments, and
rushed to the outstretched hands of the then desperate, near as destitute
banks, which prevented a worldwide economic collapse.
Dear publishers and self-publisher, kindly be informed that Book Capital & E-Sentral are now using the same publisher panel for your convenience in uploading and updating your eBook content.
If you wish to proceed to log in/ sign up, click Yes. Otherwise, kindly click the X icon to close.