There is no doubt that the COVID-19 ‘pandemic’ is accelerating the consolidation of finance and industry across the globe. This is beyond debate now; it’s as obvious as our climbing unemployment and record-levels of business closures – both clear indicators that a real economic depression is underway.
But while the people, SMEs and Main Street businesses continue to suffer incalculable losses, top-tier investment banks are quietly consolidating their wealth and power in the form of debt. The central banking cartel are now lending record levels of money to governments, and also corporations. For governments, it’s to pay for endless government bailouts and seemingly endless ‘Corona rescue’ packages. As a result, government balance sheets in countries like US, UK and Australia are inflating, and are due to explode soon. This new mountain of debt is being pay for reactionary government ‘lockdown’ measures which sold to citizens as ‘the only option.’ Now governments are telling the public that they will have to endure a further decade of economic suffering – supposedly to pay for the last 7 months of government Corona laws by issuing 10 years of tax rises and austerity cuts.
Amazingly, most of the public haven’t yet worked out how badly they’ve been swindled by their elected leaders and the banking cartels.
A recent Bloomberg article shows the incredible levels of growth in deposits at the largest US banks, but in reality this merely reflects the billions in federal stimulus money which has been pumped into the system – and more importantly it reflects the disturbing trend of consolidation in the US banking industry which has been building over the last few decades. In other words: banks who enjoy economies of scale will continue to ride the current rigged ‘pandemic’ environment, enjoying the relative low cost of capital passing between smaller and larger banks – with larger banks enjoying the biggest advantage.
Likewise, in the corporate sphere, those transnational companies who also have easy and cheap access to the banks’ unlimited capital – are expanding and taking over markets, making money hand-over-fist because of a collapse in competitors’ performance during the ‘pandemic.’ Notably, Silicon Valley and other monopolist firms have accrued record profits, with U.S. billionaires taking the lion share as their fortunes soared by $434 billion in just the first two months of lockdown alone. Chief among those cashing in on the pandemic were Amazon’s Jeff Bezos and Facebook’s Mark Zuckerberg who logged the biggest financial gains.
One of the biggest artificial bubbles has been inflated by the UK government who are now £2 trillion in the hole. Under the colour of Corona, Boris Johnson’s government has all but handed-over large sections of the economy and public sector to their smiling creditors in the City of London.
It is the largest financial coup in history, and the mainstream media are hardly talking about it.
UK Metro reports…
The UK’s national debt hit a new record at the end of August as the public sector borrowed around £35.9 billion, the latest figures show.
Debt hit £2,023.9 billion just weeks after passing £2 trillion for the first time ever in July.
This is £249.5 billion more than the same time last year, according to new data from the Office for National Statistics.
It pushed borrowing up to 101.9% of gross domestic product (GDP) after the public sector borrowed around £35.9 billion in August. The Government has thrown billions at offsetting the economic chaos caused by the Covid-19 crisis.
It comes just a day after Chancellor Rishi Sunak announced an extension to loan schemes and a new Job Support Scheme to replace furlough.
In July borrowing rose higher than GDP for the first time since the early 1960s. It gives a stark picture of the huge costs involved in fighting the pandemic. Most countries borrow money even in good times, with the UK borrowing £5.4 billion in August last year. But the scale this year is unprecedented. In August, the public sector borrowed more in a single month than at any time since 1993 when monthly records began…
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