City of London and Wall Street Oligarchy Is Organizing a Deep, Green Depression
Nov. 5, 2020 (EIRNS)—The banking oligarchy of the City of London and Wall Street hate Donald Trump for his trashing of geopolitics and wars—but they intend to carry out an economy- crushing lockdown of energy production, productivity and productive employment regardless of who now has been elected President of the United States.
The financial giants on Wall Street put out the line before Election Day: What will determine the economy after the election is what the Federal Reserve will do, not the President or Congress. The biggest Wall Street monster bank, the $2.5 trillion JPMorgan Chase, gave the game away in an analysis for its clients Nov. 2: We’d like to see another COVID lockdown, it said, because it would give the Fed the signal for more quantitative easing (“QE”), more money-printing for the financial markets. “Although it has had a negative impact in the short term, the re-emergence of lockdowns and resultant growth weakness would bolster the equity [stock market] upside over the medium to longer term, by inducing more QE and thus more liquidity creation.”
A suffering, shut-down economy and people; booming stock and securities markets. That is what Wall Street and City of London financial elites plan post-election, while fearing that President Donald Trump may turn on them and break them up as he would break up the discredited military-intelligence complex.
In more detail, here is what the financial oligarchy intends to do:
• Have the Federal Reserve and European Central bank accelerate “QE” so the big banks will receive trillions more in “liquidity,” like the $6 trillion monetary expansion by those central banks during late 2019 and 2020;
• Withdraw credit from the real economy, as they did during the sorry year of 2020—the big banks’ deposits and assets boomed, their lending to businesses and households shrank. The former Administrator of the U.S. Small Business Administration wrote in American Banker on Nov. 2 that bank credit, right now, is “tightening to the levels of 2008”—the global financial crash: “Bank lending to small businesses, outside of the emergency government aid programs, has slowed to a trickle and may soon completely freeze.” The same is happening across the European economies and to the developing nations;
• Carry out what they started, in 2019, to call a “regime change,” by having the big central banks take control of spending by governments, and thus dictate “relief” measures for economies locked down by COVID;
• By Spring and Summer 2021, seven of the biggest central banks plan to start issuing “central bank digital currencies” directly to households, businesses and agencies. Central bank digital currencies are the instrument for “regime change” not only to control government spending, but against the U.S. dollar as an international reserve currency as well.
Their stated purpose: To create inflation. Their real purpose: To keep interest rates at zero or below zero indefinitely, doing away with saving and productive investing and eventually doing away with commercial bank lending altogether;
• Carry out the City and Wall Street’s “great reset”—a global shut-down of all investment in coal mining and coal power, and gradual shut-off of the spigot for oil and natural gas investment. Instead, they’ll pour funds into a gigantic new financial bubble called “the green new deal” in the United States and “the green deal” by the European Union.
• Waste tens of trillions collected from taxpayers on the throwback “power” technologies of wind, solar, biomass, etc.
During dismal, pandemic locked-down 2020, these financial oligarchs have steered a world economy with 600 million newly unemployed people, bringing the world total unemployed and mis-employed to some 1.6 billion. Seven million have starved to death in famine conditions in Africa and South Asia and 30 million more are “marching toward starvation” now, says President Donald Trump’s friend David Beasley who is battling this famine as head of the World Food Program.
For the new “green finance” bubble they want, these bankers and financiers love the pliant and corrupt Joe Biden, and—the British House of Lords put it on paper—they hate President Trump.