The financial system did collapse in 2008-2009. Then again in 2020. Even long before, since August 15th, 1971, the global US dollar system has survived mainly by smoke and mirrors.
One-half century later those smoky mirrors reflect a most extraordinary kettle of monetary tricks from ubiquitous dollar derivatives, to the most bizarre of all: $2T inflationary US into crypto. Then there is the alphabet soup of junk bond funds created by the Fed last year for example — which have now mysteriously vanished into the ether. https://wallstreetonparade.com/2021/08/three-of-the-feds-wall-street-bailout-programs-vanish-from-its-monthly-reports-to-congress/ Likewise, by rampant inflation we see that MMT is not practical even for those nations that print their own. (currency)
Ignorance of that material thing most sought after by most people — what we call « money » (and least understood) — is in part due to a poorly conceived irrelevant educational system, but mainly because those who don’t want you to understand the system demand that you don’t. https://gata.org/node/20925 Luckily though, we need not look far to find one primary culprit in this obfuscation, hiding in plain sight, namely the ‘nazi central bank’: i.e. the Bank for International Settlements.
Originally setup to pay German war reparations to other central banks, Hjalmar Schacht, Hitler’s banker, changed the scope of the bank in the 1930’s by cooperating with the Federal Reserve and US industrialists to broker banking deals (especially involving transfer of gold) that would have otherwise been illegal. The Bank for International Settlements deals with US industrialists bankrolled Hitler’s war machine and even helped fuel IG Farben‘s ovens in WW2. (See: The Tower of Basel https://larouchepub.com/eiw/public/2013/eirv40n35-20130906/51-54_4035.pdf ) Indeed, The Bank for International Settlements has been party to the greatest criminal activities of Central Bankers regarding the major powers for decades, and is an essential means for central banks and their controllers to avoid scrutiny and evade the law within their own legal jurisdiction.
Like the ESF, https://home.treasury.gov/policy-issues/international/exchange-stabilization-fund the Bank for International Settlements (BIS) is opaque. No one except the BIS itself can account for what it does. Many of its trades are secret. The BIS is engaged in secrecy that would embarrass even the ‘Hangman of Prague’* were he alive today to witness transactions and methods that the bank certainly does not want witnessed. Minimal accounting… yes, a few overall numbers… but no accountability for that accounting to any oversight regulator; only that to whit other major Central Banks demand of the BIS. And they are not accountable either. It’s a level of secrecy that only the dour, humorless, and generally racist Swiss bankers are particularly good at, based on their so-called ‘neutrality’ which is simply a code word for villainy.
Ever since its inception, the Bank for International Settlements has been party to and supported by its opaque dealings in gold on behalf of governments. The Bank for International Settlements trades gold and silver on futures markets today, daily to manipulate and suppress those prices on behalf of other central banks…. and their governments. This relates to the fact that gold – not bitcoin – provides collateral for government’s most important intra-sovereign transactions with other governments… including FX currency swaps, arms trades, and actual bank liquidity/solvency, for example.
But we said the Bank for International Settlements is just one important culprit. Of course there are others, such as the Bank of England. And the private banks of the Federal Reserve which may take 10% of bank reserves to line their own private pockets with, in what should be public money. (Funny how Steve Keen never addresses that.) The Fed is at least as secretive as the BIS https://wallstreetonparade.com/2021/09/9-11-launched-the-first-of-the-unaccountable-bailouts-by-the-fed-to-wall-street/
and leverages certain instruments (including crypto by the way) to launder trillions in inflationary dollars, and can trade in any asset …. regardless of what any ‘professional economist’ may say or write to the contrary.
Since London is the base for what should be considered illegal price-fixing of gold and precious metals, and home of the shady LBMA gold cartel, the Bank of England makes its own rules too, just like the Fed. When our Swiss friends got a little nervous about their double-dealing, they hoped to tighten up the ship a bit, but the criminals of the Bank of England (of course) could not allow that. https://www.reuters.com/world/china/britain-carves-out-exemption-gold-clearing-banks-basel-iii-rule-2021-07-09/
The story of the Bank for International Settlements, Fed-Treasury, Bank of England and major Central Banks is the story of the perfidious Albion, duplicity, deception. For one hundred years. It’s the documentary proof of double-dealing and theft typical of those who rule us, and wish to destroy us. Unless and until honest people begin to understand how the present monetary system is essentially manipulated and criminally gamed to its core, and begin to demand change, there is no hope for a brighter future… only for a more turbulent, greedy, and chaotic one.