austerity: (n) 1: the quality or state of being austere
2a: an austere act, manner, or attitude b : an ascetic
3: enforced or extreme economy
Let us not forget that President Obama forewarned America during the presidential election by speaking of the 'sacrifice' that all Americans were going to have to endure. What did he mean by this? Shortly after Greece's sovereign debt bonds were downgraded by the three headed monster(Standard & Poors, Moody's and Fitch) the banking cabal came up with a gross acronym to describe Portugal, Ireland, Italy, Greece and Spain, PIIGS. This shows the mentality of the kind of people who have no compunction about compelling sovereign nations to cut jobs, cut spending and slash citizen's way of life by massively cutting pensions and benefits that greatly effect the old and the young. To bankers like the IMF and their GoldmanSachs alumni these people are PIIGS, nothing but dirty swine to be herded into massive pens of austerity.
PIIGS and beyond
Massive austerity did not end with the PIIGS. Shortly after Greece broke out in violent protests against the austerity, economic rumblings began in Spain and Portugal. And just when the white anglo-saxon community thought that it was immune to the sovereign debt crisis, the IMF went after England telling them to cut their debt, thus causing the British Pound to go into near freefall. Just last month Finance Minister George Osborne presented a budget that would cut over a million jobs in the next five years. Ireland is poised to take to the streets over their impending austerity measures. So who will be the next little 'PIIGy'? Could it be the steward of the world's reserve currency? Never!
China and the IMF onslaught
But it's true. Earlier this month the International Monetary Fund(IMF) began urging the US to cut its budget deficit. Then, true to form, the advice proceeded what seems to be inevitable these days to those unfortunate enough to come under the scrutiny of the IMF. Downgrading. Like a German blitzkrieg the dollar is coming under attack from all sides. Recently China's Dagong Global Credit Rating Co. downgraded the US' sovereign debt bonds from AAA to AA status. On June 29 the UN released a report calling for an end to the US dollar as the main global reserve currency, citing its inability to safeguard value. A recent CNN Money article declared, "Central banks start to abandon the US dollar". In the article the author references some names that are the very architects of the financial crisis:
"There are those who would argue that the financial crisis was caused by over-enthusiastic worship of the Almighty Dollar. Call it brutal financial karma, but that church is looking pretty empty these days.
A new report from Morgan Stanley analyst Emma Lawson confirms what many had suspected: the dollar is firmly on its way to losing its status as the reserve currency of the world. We already knew that central banks have preferred gold to dollars, and that they're even selling their gold for cash; now, according to Lawson's data, it seems that those central banks prefer almost anything to dollars."
Financial Karma? Morgan Stanley is one of the major players behind the bank bailouts and the trillions of printed Stimulus dollars that are the basis of driving the value of the dollar into the abyss. This is like a bank loaning an unemployed man money to buy a car, and then turning around and calling the dealership to tell them that the man has no job!
The end result of the tanking of the US dollar is clear. First a major downgrading of US sovereign debt, and then massive austerity measures for the American people. Public and private pension funds and retirement trusts in the US alone are worth multi-trillions of dollars. The hedge fund hyenas and bankster criminals want that money. When austerity comes the money that people collect for their pensions will at the very least be cut in half, some people will lose their pensions outright and future employees will simply have no pensions, all in the name of cutting the budget. Most of the money that will have been accumulated thus far will go to the people at the top. Don't think that this can happen? Just ask the people of Greece.
I recently pondered with a family member, Can the banks really just take your money? I then had to consider the facts:
Dateline 2001 Argentina defaults. When people go to the bank they can't get their money. When they finally do access their money it is only a fraction of what it was.
Dateline 2008 The US economy goes into freefall. This has a drastic impact on the three main banks of the tiny nation of Iceland. The banks completely default. Depositors get their money back but when all is said and done Iceland's stock market falls by 90% and their currency becomes greatly devalued. As of this date their are over 28,000 claims against Kaupthing Bank trying to recover over 40 billion euros
Dateline 2010 Germany's parliament passes a bill that will give 66% of it's annual income tax to banks in the form of interest payments
Dateline 2010 British Prime Minister David Cameron unveils a scheme to pay for public sector expenses. The government will draw from a new bank called, wait for it, the Big Society Bank. Where will the Big Society Bank get its money? The government plans to seize money from private bank accounts that they describe as 'dormant'. The British government wants the Big Society Bank to spend about 400 million pounds, but thus far there is only about 60 million pounds available from 'dormant' accounts. Where will the rest of the money come from?
So there you have it. Big whigs taking money directly from private bank accounts. I wonder what the families of these 'dormant' bank account holders have to say about this. By the way, the British government has told its citizens that if it takes their money accidentally that all they have to do is call them up and get it back. Good luck with that.