The 1% prepare for the next financial crash

The past 30 years have seen a series of financial crises, each worse than the previous one, followed by a government bailout.  David Malone, a documentary filmmaker turned financial journalist, said the world’s financial elite see another crisis coming, which will be the worst of all.

Rather than try to prevent the next crisis, he wrote, the financial elite are preparing to secure themselves from harm.  This means neutering the ability of national governments to regulate banking or restructure debt.   This includes international trade sgreements that would make freedom from regulation a binding obligation under international law.

With government rendered powerless, international bankers and financiers, as their creditors, would have the power to dictate.

There’s more.  Read his two articles to get the full story.  This is speculation based on circumstantial evidence, but it seems plausible to me.


The Next Crisis – Part one by David Malone as Golem XIV (via Naked Capitalism)

The Next Crisis – Part two – a manifesto for the supremacy of the 1 percent by David Malone as Golem XIV (via Naked Capitalism)


Here’s David Malone’s concluding summary of the program of the Over Class – a better term than the 1 percent because they actually are 0.01 percent or less of the world population – with my examples of what he is talking about.

1.  The Over Class must retain and consolidate their control over the global system of debt.

2.  The power to regulate must be taken from nations and effectively controlled by corporations.

The World Trade Organization, International Monetary Fund and World Bank are examples of what is in effect a world government of, by and for the corporations.

3.  Professionalize governance.  Democracy can be and must be neutered, and an effective way of doing this is to insist that amateur, elected officials MUST take the advice of professional (read corporate) advisers.  Expand current law to enforce this.

4.  The financial system badly needs un-encumbered ‘assets’ to feed the debt issuing system. A new way must be found to prise sovereign assets from public ownership.   Such a new way is suggested.

A sinister example is the IMF’s financing of the Ukraine war against secessionists, so that Ukraine land and other national assets can be pledged as security for its loans.

5.  In order to facilitate the political changes necessary, the public mind-set must be changed. National Treasures such as the NHS [National Health Service] in Britain must be re-branded as evil State Monopolies.

The attack on the American public school system and the drive to privatize the U.S. Postal Service are examples of this.

6.  Effective ways must be found to convince people that democratic rule is no longer sufficient to protect them.

7.  An alternative to Democracy must be introduced and praised.  That alternative must be the Rule of International Law as written and controlled by the lawyers of the 1%.

The proposed Trans Pacific Trade Agreement and Trans Atlantic Free Trade Agreement would create un-elected international tribunals to which corporations could appeal to overturn national laws.

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