This is a very apropos follow-up to my previous post on the establishment media wondering openly if there is any further need for the US Federal Reserve Board to exist. Many top media executives are members of the Council on Foreign Relations (CFR), and the CFR may have given their member media the green light to “fire a shot across the bow” of the US Fed’s reckless and unprecedented money-creation policies.

In its current issue of Foreign Affairs, the CFR slams the “profligacy” of the United States of America and gives us insights into the “consequences of [America’s] fiscal irresponsibility.” The article, in the link below, is well worth your reading as it is printed in the bi-monthly CFR publication which gives insights into the thinking and future plans that the global elites have for the nations and world.

The article argues that the “unprecedented” US government debt is now in a “calm [that] will not last,” and that it will lead to “an age of American austerity. No category of federal spending will be spared…” It further argues that the US government has been on a “road to ruin” for the last 12 years. While many have noted that the Obama administration has run up, by far, the largest annual federal deficits, the CFR article states that “The eight years of the Bush administration saw the largest fiscal erosion in American history.” However, the CFR reveals its ties to Wall Street elites by stating that “Washington correctly chose to enact a large stimulus program and rescue tottering financial institutions.” There are many that would argue the big (and reckless) Wall Street banks which triggered the global financial crisis ought to have been allowed to go under, but the CFR favored that bailout as many of its members worked for (or are served by) those bailed-out Wall Street institutions. The CFR reveals a double-standard.  While rightly criticizing the fiscal profligacy of the US government, it commends the US government for expensively bailing out the Wall Street banks…which have strong CFR connections, no doubt.

The article cites the “staggering” interest payments the US government must pay on its massive debts, but ominously states that “the real outlook for deficits and debt is much worse than the forecasts (emphasis added)” because the debts backed by the US government include many more trillions than just the US government’s own debt. It adds the debt outlook will become “apocalyptic” in the future. The CFR article does not seem to have much confidence that congresses or presidents will be able to find a solution to the problem [I think most of us would agree with the CFR on that point], so it opines that the most likely result will be a “solution imposed on the United States by global capital markets (emphasis added).” Did you notice that word “imposed?” It warns that a solution “imposed” by foreign governments and markets “would be ugly and punitive.” For example, it warns that in a possible crisis over Taiwan, “Chinese central bankers could prove to be more dangerous than Chinese admirals.” In making that statement, the CFR is seeing, from a purely-secular viewpoint, the very dangers that are foretold in Ezekiel 38-39.

This article speaks of a “new fiscal order in Washington” and a “coming fiscal austerity” that is inevitable, and it details some of the defense and non-defense programs that will have to undergo cuts. It particularly warns that the USA will not be able to afford “wars of choice” like those in Iraq and Afghanistan, and that “The United States’ global influence, in all of its facets, will suffer.” The CFR article gives a thinly-disguised ultimatum to America’s governmental leaders. It states: “The United States is fast approaching a historic turning point: either it will act to get its fiscal house in order…or it will fail to do so and suffer both the domestic and the international consequences.” Emphasizing the severity of this article’s warning to the USA, it concludes with this statement: “The American people and their elected representatives postpone solving the country’s debt addiction at their great peril (emphasis added).”

The USA has been warned. The CFR essentially has told the USA that its financial doomsday is approaching quickly. However, given the latest quantitative easing program (i.e. more reckless money creation) by the US Fed and the lack of any discernible will in Washington to make needed draconian spending cuts, it seems clear that the Fed and the US government have not gotten this message. Some American citizens are starting to wake up (witness the Tea Party role in the most recent election), but most Americans are complacent about the problem and oblivious to the growing danger.

Allow me to offer some personal speculation. There are plenty of American leaders who are in the CFR so they are aware of this CFR warning. However, the American leaders at the US Fed and in Washington, DC are, so far, totally ignoring the CFR’s urgent warning. This makes me wonder if Bernanke, Geithner, Obama and Co. have essentially “gone rogue” from the CFR’s advise and are implementing their own agenda to try and preserve Wall Street’s power over global financial affairs. The CFR article warns them that a global solution will be “imposed” on them if they don’t put the USA’s fiscal house in order. Since the White House, Congress, the Fed, etc. so far exhibit no interest in “getting America’s fiscal house in order,” it raises the likelihood that a solution to the “profligacy” of America’s elites will be imposed upon them by the rest of the world. The CFR article warns such a solution will be “ugly and punitive.” I wonder how long we will have to wait before such an “imposed” solution to arrive on the scene? Perhaps it will come on the heels of a new global financial crisis. I don’t doubt such a fiscal crisis will occur although I have no way to predict when it will happen. Given the strong warnings in the CFR article to America’s ruling elites, if America’s ruling elites continue their current “profligate”  policies, I think the CFR (and their allied global elites) will arrange for that global crisis to occur. Complacent Americans don’t care; they are more concerned with the Christmas shopping season and who will be in the next NFL Super Bowl. When the next global financial crisis hits, they will be forced to start caring about what their governing elites have done to their nation…and they will not be happy.