Traditional Catholic Bishop Richard Williamson’s latest missive should be a wake- up call for those who naively believe that the worst is behind for the US and Western economies after the March financial sell off and the long-anticipated implosion of the bubble economy. His Excellency asserts that the US and much of the world are on a financial precipice:
At this moment the United States has been brought to the brink of a tremendous
economic crisis, and with the USA, the rest of the world.*
Bishop Williamson contends that it has not only been the response to the virus, but more importantly, the response to the bursting of the financial bubble, created by the Fed, which will ultimately lead to a cataclysmic collapse:
By 2019 as the public was more and more hooked on fantasy money, the
Fed’s public balance sheet took off into complete unreality, seven trillion dollars
and counting, and it is now crashing the real economy with the corona-panic,
then ‘paying’ the crash debts that everybody gets into with its unreal trillions, but
turning the whole world into real slaves.
The bishop’s brief analysis of the history of the Fed is right on as he explains that the central bank has been the engine of monetary mischief since its inception:
These money men had promised that the Fed . . . would solve the problem
of reoccurring economic crises. . . . It did nothing of the kind. On the contrary,
it made them even worse, like the Great Depression of 1929 and the years following,
and now the Depression of the 2020s which risks making 1929 look like a picnic, and
risks stripping the United States of its prosperity and enslaving its liberty by making all
American citizens into debt-slaves. The middle class will soon be no more.
One quibble: Bishop Williamson rightly sees the problem of the money supply controlled by “private individuals” (central banksters):
It is not normal for private citizens to control their State’s money because they risk
doing so in their own interests, and not for the common good.
Yet, the alternative – State control – is no better and, under “democratic conditions,” maybe even worse considering the State’s horrific record in the debasement of money, the creation of booms and busts, hyperinflations, the destruction of savings, etc.
The only economically sound, morally defensible monetary system is one based on gold/silver where money and credit cannot be created “out of thin air” and where competing gold and silver producers vie with one another to produce the “best money.” Such a system requires no central bank while fractional-reserve banking is prosecuted as fraud. The creation of money is what is mined out of the earth not government and central bank fiat.
America’s current financial condition has ominous parallels to ancient Jerusalem before its destruction by the forces of Vespasian and Titus. A couple of years before its final destruction, a Roman army, under Cestius Gallus, had stationed troops under the walls of Jerusalem posed to launch an assault. Yet, Gallus did not attack and ultimately pulled back. This was a clear fulfillment of Christ’s prophecy about the city’s destruction:
And when you shall hear of wars and seditions, be not terrified: these things must first
come to pass, but the end is not yet immediately. [St. Luke Ch. XXI; vs. 9]
And when you shall see Jerusalem compassed about with an army: then know that
the desolations thereof is at hand. [Ibid., vs. 20]
Rome’s hesitation – a clear result of Divine intervention – gave Christians a chance to escape the coming conflagration which many wisely took advantage of:
Then let them that are in Judea, flee to the mountains: and let them that
are in the midst thereof depart out: and let not them that are in the
countries, enter into it. [Ibid., vs. 21]
Destruction of Jerusalem
Since the March lows, Americans have been in a situation not unlike the denizens of ancient Jerusalem. The relief programs and bailouts of businesses (mostly large corporations and banks) has staved off an even greater downturn, however, this has come at a tremendous cost as the Fed has had to print trillions, the consequence of which will mean either a collapse of the dollar or, at the very least, a dramatic loss in its purchasing power.
At present, it does not appear that the US has much time before the final unraveling of the economy takes place. The current debt levels and the new debt that will have to be created to maintain the status quo will lead to a monumental monetary crisis.
Many have interpreted Jerusalem’s fall as a punishment for its sins. Likewise, the coming collapse can also be seen as retribution for the US’s crazed monetary and fiscal policies which have bankrupted the nation while enriching the few at the expense of the many.
While Jerusalem’s destruction had little reverberations on the wider Roman Empire at the time, the demise of the dollar will have global implications since it is the world’s reserve currency. Like those who heeded the Divine prophecy two millennium ago the present generation should take Bishop Williamson’s words to heart and prepare for the coming financial storm.
*His Excellency Richard Williamson, “Economic Reality,” Eleison Comments, 12 September 2020. https://stmarcelinitiative.com/eleison-comments/
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The Bishop is on target, but both he and you miss the point entirely.
USURY is the core issue, of ‘finance’, a MORTAL SIN (the Bishop really SHOULD know this).
Gold money is the DEVIL’s money: it will utterly DESTROY the working people everywhere with an excruciating deflation.
And the chaos it will lead to is what they need to destroy the Petrodollar, and America’s standing in the World.
I humbly disagree about gold being the devil’s money.
God told Abraham that wealth was gold , silver, land and livestock .
I agree about your assessment of usury, but
the whole reason that interest is not needed for savings in gold is that it is deflationary.
It gradually buys more over time as production grows faster over time than the gold supply.
This is not bad for the common man who saves in gold.
It may be bad for the banker who wants to enslave people who have borrowed money that he creates out of thin air.
Gold as money would stop the bankers from flooding the economy with money(debt) and then restricting the money supply, crashing the economy, and harvesting all the collateral.
I have read recently that the fed owns the mortgage of 1/3 of the middle class with the current crisis.
Usury on anything is bad, usury with money created from nothing creates a mathematically impossible situation for a borrowing society.
It is inflation with prices rising faster than wages that destroys the common man.Our debt as a nation doubles every 8 years.
We are now doubling debts in the many trillions.
The exponential curve always wins.
Good that we agree on Usury. The problems with Gold and deflation are manifold, though.
In the first place: the common does not save. He can’t, he’s too deep into debt, has too low income, and is paying way too high rents. 80% of Americans live paycheck to paycheck. It’s only slightly better in Europe, and a lot worse in the rest of the World.
All the gold is held by a minute group of people, so they profit from the deflation, not the masses, who face mass destitution, the Great Eviction which is coming, mass unemployment.
Deflation is the CAUSE of recession/depression, there is a direct relation between deflation and depression. Inflations are associated with booms and rising income for Labor.
The Bankers have routinely switched between Gold Standards and Paper Standards throughout the 20th century.
The ONLY solution to Banking is interest-free economics: universal provision of interest-free credit to the common man.
Wow, you clearly demonstrate your lack of knowledge of economics. Your last paragraph is astounding. Universal interest free credit to the common man? What planet does that concept come from? This would turn all men into debt slaves, and entitled, lazy, non-productive citizens. Hard work, saving and innovativeness make the world a better place. Where would your universal credit (money) come from…the tooth fairy? Is your universal credit based on the ability of an individual to pay it back? Who’s going to loan money/credit if there is no interest to be earned?
Oh I forgot – it just credit, conjured out of thin air, which always enslaves man. Astounding.
No, YOU don’t understand the first thing about economics, because you are mind controlled by Austrianism and Keynesianism, and yes, both Austrians and Keynesians believe the Bankster garbage about ‘time value’.
We have $250 TRILLION debt outstanding due to Usury. The New World Order IS The Banking Cartel. They OWN ALL THE GOLD.
We can EASILY provide EVERYBODY with an interest-free mortgage, so we can do away with the parasitism of lazy, slothful types who refuse to produce, but rake the big dough, including Landlords and Bankers.
That’s what it’s all about, live and learn baby.
I have some Gold…clearly they don’t own it ALL. And lumping landlords with Bankers is very Communist. Just saying, since Anthony must be an Economics giant.