50% chance there is going to be a 1929 style economic depression as pretext for regionalization, globalist interests
By Steve Watson
Alex Jones was joined on air yesterday by investigative journalist, economic expert and Harvard Doctor of Political Science Jerome Corsi for an in depth discussion on the state of the economy and the engineered decline towards regionalization and a globalized monetary system.
Corsi warned that the crisis in the stock market we are currently witnessing is simply the tip of the iceberg and part of an overall meltdown that represents a gutting of the United States by neo-mercantilist institutions bent on the formation of a new global monopoly.
"We're gonna go through Stagflation, which is basically stagnation and inflation. We are already in a recession, it just hasn't been publicly declared yet. I think it will deepen through the rest of 2007 into 2008. Corsi stated.
"It's going to last several years, it's largely because we've lost so much of the manufacturing to China, even when our currency tanks, there are no exports we are producing anymore that will gain. The currency is gone, it is being sold off very quietly, worldwide, by the oil producing states, by China, the Euro is increasingly becoming our foreign exchange reserve currency.
The primary indices of inflation have been taken out of the indexes, food is not in and neither is energy prices. These two are going up hugely right now and are going to continue to go up."
Corsi warned that this is going to be the formula for producing the Amero, a continental solution to the tanking of the Dollar.
Listen to the entire eye opening interview here.
Last September Corsi received the first documents pertaining to a FOIA request asking for full disclosure of activities towards creating a Pan American Union.
The documents show that a wide range of US administrative law is being re-written in stealth under the Security and Prosperity Partnership program to "integrate" and "harmonize" with administrative law in Mexico and Canada, just as has become commonplace within the EU.
The documents contain references to upwards of 13 working groups within an entire organized infrastructure that has drawn from officials within most areas of administrative government including U.S. departments of State, Homeland Security, Commerce, Treasury, Agriculture, Transportation, Energy, Health and Human Services, and the office of the U.S. Trade Representative.
Corsi also reported that at a recent high-level confab in Banff, an assistant U.S. secretary of state, Thomas A. Shannon , chaired a panel that featured a presentation by Prof. Robert Pastor, author of a book promoting the development of a North American union as a regional government and the adoption of the Amero as a common monetary currency to replace the dollar and the peso.
Just a conspiracy theory? Not according to leading economists such as Steve Previs of Jefferies International who stated on CNBC, "I think one thing for people who are dollar based need to focus on is the Amero, that's the one thing that nobody is talking about that I think is going to have a big impact... on everybody's life in Canada, the U.S. and Mexico..."
A global crash and a totally devalued dollar that can barely rival the peso are greasing the skids for a single North American currency. This spells disaster for all Americans who wish to maintain their standard of living and not find themselves barefoot on the street in a bread queue.
Corsi went on to forecast a five to seven year deep recession:
"We will not recover from this for at least five years. If people think that housing values are dropped today it's nothing, housing values are going to go down fifty percent or more from the peak. We're going to come to a point when condominiums in certain markets are worthless.
It's not that there won't be buyers out there, there just won't be credit for them. You're going to have a credit crunch now, where even if you're qualified you're going to have to have 20% down and even then you might have a hard time getting a loan at a reasonable rate for a house."
"The derivative market could be a 450 trillion worldwide market that is going to collapse. Just in the hedge funds alone in the United States, and in the mortgage market there is between 3 and 5 trillion dollars of debt that is going to collapse. That means three to five trillion dollars of losses. Somebody is going to have to absorb that and the reason that the federal reserve is throwing out so much money into bank reserves is because we would've already had bank failures."
Dr Corsi also warned against the school of thought that says if you get a bigger mortgage, as long as you have savings to pay for it, you can accelerate the pay off of it with inflation. He stressed that unless you have a long term fixed rate mortgage and you fully understand the terms of your contract you could at any point be subject to a change in terms and the loan could be called in:
"There is going to be a grab on this property by people who have cash, and that's not going to be the middle class. People will lose their homes if they have large mortgages that they cannot comfortably sustain or pay off.
There's going to be a grab where the institutions and the people already wealthy will only gain, it's not going to be an opportunity for the average person to gain."
Corsi also asserted that the ongoing meltdown is a global one and it is going to be very severe, forcing regionalization and providing the impetus to saying harmonization of national economies is the only way we can handle this coming huge recession.
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Dr Corsi firmly believes that the crisis is an engineered one on behalf of a global elite who have long pushed for a regionalization, a single currency and a market they can monopolize more effectively:
"It is engineered because again, the move toward globalism, the pumping of this liquidity to stimulate the markets was totally artificial. The federal reserve is going to get caught right now in a total dilemma, if it raises rates to protect the dollar, its going to further tank the economy and cause the housing markets to be in even more of a crisis. We have economic stagnation, the loss of real income, the loss of real wealth and inflation at the same time. With the dropping of the dollar the crisis is going to be manipulated to the point where people will take the Amero or any regional solution if it is proposed as the way you get out of your problem."
He further warned that the 400 billion injected into the stock markets last week is merely a temporary measure to slow down and control an overall meltdown and was only done to prevent a sudden massive crash. mirroring the analysis of the Financial Times of London and former World Bank chief economist Joseph Stiglitz Corsi stated that he sees no way to stop the meltdown, the only doubt left is whether it is going to be a fast or slow process.
He also believes there is an even money chance that there could be a huge 1929 style economic depression:
"This is the fastest run I've seen ever to get to the goal line of creating a Untied States regional economy, a North American Union. The elite are running like they'll never have this chance again. It is the tenth hour, the eleventh hour where this battle will be fought. They believe that they can win now and they are going for broke to create a North American Union and tank the dollar."
The decline of the economy in the US is being caused by the very predatory globalist policies that are still presented to us as the solution for economic turmoil. Globalist vampires such as the IMF and the World bank, but two of the elite central banks and private interests, have drained the third world dry, and are now focusing their attention on enslaving the developed world.
The single currency and a 'new economic order' is a major step on the road to global governance. Europe already has its own strong single currency, while the dollar's days seem to be numbered. When money is being printed and distributed by private corporations is it any surprise to see a push for a merger with other countries' currencies?
Talk has long been of a global currency by 2018 if plans go accordingly. A 1988 famous cover of The Economist emphasized this, depicting a phoenix standing atop burning paper money symbolizing its rise out of their destruction, with the words "Get ready for a world currency" next to it.
The article carried in The Economist, titled "Get Ready for the Phoenix," stated that, "THIRTY years from now, Americans, Japanese, Europeans, and people in many other rich countries, and some relatively poor ones will probably be paying for their shopping with the same currency."
The article went on to state that sovereignty will be lost with the advent of the new currency, but that trends towards globalization are already doing away with it anyway.
The phoenix zone would impose tight constraints on national governments. There would be no such thing, for instance, as a national monetary policy. The world phoenix supply would be fixed by a new central bank, descended perhaps from the IMF. The world inflation rate - and hence, within narrow margins, each national inflation rate- would be in its charge. Each country could use taxes and public spending to offset temporary falls in demand, but it would have to borrow rather than print money to finance its budget deficit. With no recourse to the inflation tax, governments and their creditors would be forced to judge their borrowing and lending plans more carefully than they do today. This means a big loss of economic sovereignty, but the trends that make the phoenix so appealing are taking that sovereignty away in any case. Even in a world of more-or-less floating exchange rates, individual governments have seen their policy independence checked by an unfriendly outside world.
"Pencil in the phoenix for around 2018, and welcome it when it comes," the article concludes.
In 2004 Robert Mundell, the Nobel-prize winning economist often credited with paving the way to the European single currency, called for a global currency.
In an interview with French paper Libération, Mundell said: "With the emergence of the euro and its instability against the dollar, Europe, the United States and the Asian powers should come together and create a new international monetary system."
In 2006 the scandal-ridden and highly secretive Bank For International Settlements, considered to be the world's top central banking policy, released a policy paper that called for the end of national currencies in favor of a global model of currency formats.
The BIS is a branch of the of the Bretton-Woods International Financial architecture and closely allied with the Bilderberg Group. It is controlled by an inner elite that represents all the world's major central banking institutions. John Maynard Keynes, perhaps the most influential economist of all time, wanted it closed down as it was used to launder money for the Nazis in World War II.
It appears we are now seeing the slow realization of a global economic system with a single currency.
The end game of such regionalizing harmonization is of course a global government.
It has long been recognized that an instant world government would be roundly rejected by the masses and that a stepping stone agenda, a stealth implementation of a new global order is the key to its success.
Writing in the April 1974 issue of Foreign Affairs, the flagship publication of the Council on Foreign Relations (CFR), Richard N. Gardner , who has held a number of State Department posts, argued against what he called "instant world government." Instead, he wrote, "the 'house of world order' will have to be built from the bottom up rather than from the top down. It will look like a great 'booming, buzzing confusion,' to use William James' famous description of reality, but an end run around national sovereignty, eroding it piece by piece, will accomplish much more than the old-fashioned frontal assault."
In a similar sentiment, former National Security Adviser and co-founder of the Trilateral Commission, Zbigniew Brzezinski pointed to "regionalization" as the key for "globalization" in his address to Gorbechev's State of the World Forum in October 1995: "The precondition for eventual globalization — genuine globalization — is progressive regionalization, because thereby we move toward larger, more stable, more cooperative units."
Last May the first steps towards the biggest "cooperative unit" there has ever been were cemented with the groundwork being set for a EU-US single market. However, as the CFR would say, amidst the "booming, buzzing confusion" few have noticed.
Jerome Corsi concluded by re-iterating that the economic crisis has been manufactured in order to provide the pre-scripted neo-mercantilist solution:
"We'd never get rid of the sovereignty of the United States or the dollar unless there was a crisis. The Council on Foreign Relations, two issues ago Ben Steel one of their top economists wrote an article openly declaring that national monetary systems were dead and that we need to go to regional moneys and that we need to go to global moneys. We are going to be told very quickly that the only way the federal government can protect us is if we allow the federal government to become a North American government."
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