The Controlled Demolition of the Economy

Randolph Jason

The Controlled Demolition of the Economy by The Corbett Report – SubStack

In case you haven’t noticed, the wheels are falling off the global economy right now.

We’ve all started to feel the pinch of supply chain disruptions and rising energy costs and economic uncertainty and inflation—not to mention stagflation and shrinkflationand deflation—but this past week has really hammered home the extent of the crisis we are facing. It seems every single day brings with it the news of some fresh five-alarm financial fire.

The Dow is sinking. The loonie is falling. Japan is cracking. Global stocks are plunging. Eurozone inflation is spiking. The Fed is hiking. Builders are slashing. Crypto is crashing. Treasuries are tanking.

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And that’s just this week! As I’m sure you’ve seen, there have been many, many such stories circulating in the financial press in recent months, all touting similarly bleak numbers.

But it’s important to keep in mind that these numbers are just that: numbers. The realquestion is what these numbers actually mean.

Today, let’s answer that question by drilling down on the narrative behind the numbers and discover what that story tells us about the bars of the financial prison that are locking into place around us.

The Confidence Trick

 

As I have long argued, the global financial system (and the monetary order that system is predicated on) is a confidence trick in the most literal sense of that word. This has always been so in the age of fiat currency—witness, for example, the “full faith and credit” verbiage the US Treasury and others use to describe the dollar’s “backing”—but it is especially so in the last couple of decades of central bank chicanery.

So, what does it mean to say that the financial system is a confidence trick?

To understand that, you have to go back to the birth of the modern monetary in Bretton Woods, New Hampshire, in 1944. As you’ll recall from my podcast episode on Bretton Woods 2.0, the Bretton Woods Agreement required signatory countries to peg their currencies to the US dollar, which itself was convertible to gold bullion at $35/ounce. The idea was that in the post-war era, currencies would once again be backed by gold . . . by way of the dollar.

In short, the entire monetary order was to be based on the world’s confidence in the US government’s ability to keep its spending in check and not renege on its promise to pay its creditors in gold whenever they asked for it. But don’t worry, everyone, Uncle Sam double-dog pinky swore that he wouldn’t abuse the exorbitant privilege that comes with being the issuer of the world reserve currency!

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