…SAYS FORMER CHIEF ECONOMIST OF THE IMF
May 9, 2009
Every so often one receives a “stop the presses” kind of story which has to be passed on immediately. This is one such occasion! Readers of my blogs and articles know that I have identified the alliance of the world’s political leaders and the leaders of the multinational corporations as the “Babylon the Great” system which is prophesied in Revelation 17-18 to first rule but ultimately collapse in the latter days. This prophecy especially applies to the Big Banking industry as the modern banking system has its roots in the sun-god temples of ancient Babylon (see my article What Kind of Captivity? at this website for documentation).
We all know that the USA and world economy almost collapsed last Autumn and that Congress was heavily pressured into shoveling trillions of dollars into the coffers of the reckless Big Banks which created the financial crisis with their own deceitful “toxic waste” financial instruments. An article available at my home page (Is Babylon the Great about to Fall…Ushering in a Global Beast System?) makes the case that the financial earthquakes in the global financial system may be leading to the collapse prophesied in Revelation 17-18. Now a very influential voice in the global financial community has warned that the US economy cannot recover until the US government “exposes the full extent of the financial rot” in the US banking system and forcibly takes action to “break the oligarchy” of Big Banks which now control the US government itself. This striking expose is written by Simon Johnson, a former Chief Economist of the International Monetary Fund (IMF), whose article entitled The Quiet Coup appears in the May, 2009 issue of The Atlantic magazine. It is “must reading” for anyone following either biblical prophecy or global geopolitics (see his article in the first link below). Given the obsequious submission of both the US government and the US media to the Big Banks of Wall Street (also noted in this article), Mr. Johnson’s article is stunning in its candor.
Mr. Johnson observes that if the USA were any other nation on earth, the IMF would forcibly intervene to rescue the nation’s economy from the corrupt and powerful financial oligarchs who are controlling the government of their host nation. In other words,the USA has become so corrupt and bereft of financial sense that it has become a banana republic in need of intervention from outside forces to “fix” it. The article notes that the US financial oligarchy, like those of banana republics, is “running the country rather like a profit-seeking company in which they are the controlling shareholders.” He further compares the US financial oligarchs to the Russian financial oligarchs who were taken down by Vladimir Putin in Russia. Describing the paralysis of the US Government in addressing the real problems, Mr. Johnson writes that the financiers “played a central role in creating the crisis” and are now “using their influence to prevent precisely the reforms that are needed” as the US “government seems helpless or unwilling to act against them.” The article makes the case that the financial oligarchs began their “quiet coup” in the Reagan years but that this take-over of the US Government accelerated in the Clinton and Bush years when complicit governmental officials removed the regulatory barriers to the corruption which eventually pervaded the Big Banks. The article, based on the amount of print devoted to it, is especially damning of Goldman Sachs whose top executives were exported to spread the “quiet coup” into the US government. He names Robert Rubin, a former co-chairman of Goldman Sachs who became Secretary of the Treasury in the Clinton years; Henry Paulson, the former Goldman Sachs CEO who became George Bush’s Secretary of the Treasury (who strong-armed Congress into lavishing money on Goldman Sachs and the other reckless Big Banks of Wall Street who created the financial crisis). He also names Governor John Corzine of New Jersey (another “Goldman alumni”) as an example of Goldman Sachs’ extension of the “quiet coup” over the US political sector. Alan Greenspan does not escape criticism in this article and current Fed Chairman Ben Bernanke’s 2006 pronouncements are dissected as being “mostly an illusion” in this article. The incestuous conflicts of interest between the Big Banks and the US government (called “crony capitalism” by many) is exactly what Revelation 18:1-3 prophesied would be the case in the latter days: a close alliance of political leaders and financial/business multinational corporations that would work together to dominate the world as they “live deliciously” and “wax rich” via their gigantic sins.
The “interweaving of the two career paths” (Big Banks and government positions) by many Big Bank officials is cited as one of the corrupting influences over the US government. This placement of Goldman Sachs and other Big Bank officials into the US government resulted in the government taking “extreme care not to upset the…financial institutions…or question the basic outlines of the system that got us here.” The article is clear in its criticism of the US Congress for giving the financial oligarchs huge bailouts with “no strings attached, ” “no judicial review,” and “on terms that were grossly favorable to the banks.” The article also notes that if the Big Banks had to admit the real extent of their losses, it would “likely expose them as insolvent.” Mr. Johnson says that from an IMF point of view, the only way to really solve the US financial crisis is to “nationalize troubled banks and break them up as necessary” (emphasis added), adding that “anything too big to fail is too big to exist.”
I urge you to read the entire first link. It has explosive information in it that is so candid that I’m surprised that it was allowed in an American media outlet. This fact alone indicates that powerful forces in the global financial community want the US banking oligarchs broken up and dismantled for the good of the world economy. The recent G-20 meeting saw China and Russia calling for an end to the global dominance of the US dollar and Wall Street. The IMF (Mr. Johnson’s old employer) will be issuing 100s of billions in Special Drawing Rights (SDRs) to create an initial step toward a new global system which replaces the US dollar (a step strongly supported by China, the USA’s biggest lender). Mr. Johnson’s very blunt article is another indication that the dominance of the Wall Street financial oligarchs is waning. The system of Babylon the Great could come down very quickly or it may yet take years for its collapse to fully occur. When it does collapse, it will be a very hard fall. Revelation 17:9-18 prophesies that a group of nations called the “seven heads and ten horns” will rise up against Babylon the Great’s system and “eat its flesh” (take over its assets) and “burn her with fire” (make sure the system cannot rise again). Babylon the Great’s fall is prophesied to lead to the rise of a new global economic system called the “beast” in the book of Revelation.
The second link, from FOX News, includes another stunning example of the extent to which the “financial oligarchs” have taken over the entire US financial system to their own advantage (just as Revelation 18:1-3 foretold). The Federal Reserve Board is ostensibly supposed to oversee or regulate the financial oligarchs. Guess what? The Chairman of the New York District of the Federal Reserve Board, Stephen Friedman, was none other than a former Chairman of Goldman Sachs who had bought Goldman Sachs stock while he was with the Federal Reserve Board closely overseeing Goldman Sachs! The link details the large amount of money made by Mr. Friedman via insider trading while he was buying into the company he was supposed to be objectively regulating! It is clear that in the USA, the “foxes” have completed taken over the supervision of the nation’s financial “chicken coop.” The taxpayers are repeatedly being “sold down the river” by the financial oligarchs and their puppets who have been placed in key governmental positions. The Federal Reserve Board has acted as the dance-partner with Goldman Sachs in this “quiet coup” against the US Government. President Obama’s new Secretary of the Treasury, Tim Geithner, came from the Federal Reserve Board which has been so chummy with Goldman Sachs. The second link also reports that a Director of the Minneapolis Federal Reserve District, also had purchased shares for himself in Morgan Stanley and Goldman Sachs. The link reports that “all the other banks are furious” for the unusual favor shown by the Federal Reserve Board toward its directors who purchased Goldman Sachs stock..
The Federal Reserve Board is not a US government agency. I doubt more than a handful in the US Congress even realize this. The Fed is a private bank with a federal charter to serve as the US Central Bank. The Fed has private stockholders, which consist of various Big Banks in the USA and Europe. I wouldn’t be surprised if one of the Big US Banks who own shares in the Federal Reserve Board is…Goldman Sachs. The third link below was sent to me by a reader of this blog. It reports that Fed Chairman Bernanke flat out told a Congressional Committee that he refused to allow Congress to know what the Fed is doing with the bailout monies. This is a brazen assertion by Chairman Bernanke that he doesn’t answer to Congress. He answers to “higher powers” than the Congress which created the Federal Reserve Board. The Fed’s arrogance may be its undoing in the future.
No wonder the taxpayers are starting to rebel in the USA. The “tea parties” held all over the nation were a symptom of this growing revolt against what the Bible calls “Babylon the Great.” Even the US Congress, whose members have campaigns heavily funded by the financial oligarchs via campaign contributions (which Isaiah 1:23 would call “bribes”), shows signs of waking up out of its lickspittle submission to the financial oligarchs.
The fourth link reports that 124 members of Congress have co-sponsored a bill by Rep. Ron Paul, a persistent critic of the financial oligarchs, to audit the Federal Reserve Board. To show how this bill’s popularity is snowballing, I did some research and found on Ron Paul’s website that in March only 33 members of Congress were co-sponsors of his bill. Support for his audit of the Fed has quadrupled in Congress in just two months. The US Congress could vote to eliminate the Federal Reserve Board if it wants to do so. You can expect the financial oligarchs to fight his bill tooth and nail as they do not want their back-room deals exposed. Lord Acton authored the famous maxim “Power corrupts. Absolute power corrupts absolutely.” The Federal Reserve Board has had “absolute power” over the US financial system for almost a century and they have operated in absolute secrecy. If Congress audits the Fed, Lord Acton’s maxim would argue that what they will uncover is “absolute corruption.”
We do not know when Babylon the Great will fall. But Revelation 17-18 guarantee that it will collapse. Its collapse will affect everyone alive on the earth as the prophesied beast system replaces the financial oligarchs of Babylon the Great. The article by a former IMF Chief Economist which is damning in its criticism of the financial oligarchs of Wall Street is a harbinger that the world community is preparing to dethrone those financial oligarchs. All kinds of interesting possibilities present themselves for consideration. President Obama is so far just as subservient to the financial oligarchs as were Presidents Clinton and Bush. His career may go down in flames with the financial oligarchs or…he may realize that he has been played like a puppet by Wall Street and choose to lead the revolt against Babylon the Great. The one who dethrones Babylon the Great will become a very popular world figure. Revelation 19:19-20 foretell the armies of the world will defend the beast and fight Jesus Christ when he returns with his heavenly army. Jesus himself warned his followers in Matthew 24:26 that the final deceptions at the end of this age will be so attractive to them that “they would deceive the very elect…if it were possible.” This means the beast’s rule will begin in a manner which will have very wide appeal. Even the “very elect” will feel the urge to cheer his actions when he arrives on the world scene. With that biblical warning, this blog will conclude.
…SAYS FORMER CHIEF ECONOMIST OF THE IMF