Global financial system

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The global financial system is the worldwide framework of legal agreements, institutions, and both formal and informal economic actors that together facilitate international flows of financial capital for purposes of investment and trade financing.

Quotes[edit]

  • The distribution of the world's resources and the settled unity of the peoples of the world are in reality one and the same thing, for behind all modern wars lies a fundamental economic problem. Solve that and wars will very largely cease. In considering, therefore, the preservation of peace, as sought for and emphasized by the United Nations at this time, it becomes immediately apparent that peace, security and world stability are primarily tied up with the economic problem. When there is freedom from want, one of the major causes of war will disappear. Where there is uneven distribution of the world's riches and where there is a situation in which some nations have or take everything and other nations lack the necessities of life, it is obvious that there is a trouble-breeding factor there and that something must be done. Therefore we should deal with world unity and peace primarily from the angle of the economic problem.
    • Alice Bailey in Problems Of Humanity, Chapter VI - The Problem of International Unity (1944)
  • It is essential for the future happiness and progress of humanity that there should be no return to the old ways, whether political, religious or economic. Therefore, in handling these problems we should search out the wrong conditions which have brought humanity to its present state of almost cataclysmic disaster. These conditions were the result of religious faiths which have not moved forward in their thinking for hundreds of years; of economic systems which lay the emphasis upon the accumulation of riches and material possessions and which leave all the power and the produce of the earth in the hands of a relatively few men, while the rest of humanity struggle for a bare subsistence; and of political regimes run by the corrupt, the totalitarian-minded, the grafters and those who love place and power more than they love their fellowmen... Security, happiness and peaceful relations are desired by all. Until, however, the Great Powers, in collaboration with the little nations, have solved the economic problem and have realized that the resources of the earth belong to no one nation but to humanity as a whole, there will be no peace. The oil of the world, the mineral wealth, the wheat, the sugar and the grains belong to all men everywhere. They are essential to the daily living of the everyday man.
    • Alice Bailey in Problems Of Humanity, Chapter VI - The Problem of International Unity (1944)
  • The world economic council (or whatever body represents the resources of the world) must free itself from fraudulent politics, capitalistic influence and its devious scheming; it must set the resources of the earth free for the use of humanity. This will be a lengthy task but it will be possible when world need is better appreciated. An enlightened public opinion will make the decisions of the economic council practical and possible. Sharing and cooperation must be taught instead of greed and competition.
    • Alice Bailey in Problems Of Humanity, Chapter VI - The Problem of International Unity (1944)
  • Without recognizing it as such, humanity is undergoing a great spiritual crisis that is focused through the political and economic field. That spiritual crisis can only be resolved by the resolution of our political and economic problems, which are based on the false sense of separation.... When we create an economic system based on co-operation and sharing rather than on competition and market forces, we will create a more moral economic structure. When the stock exchanges collapse, humanity will be brought face to face with its illusions about the nature of reality.
  • The world financial system is a total fraud. It is one gargantuan Ponzi scheme, no better than the one Bernie Madoff used to swindle his friends and neighbors, and thousands of times worse if you add up the total number of victims it has ripped off over countless generations. The principal difference between the two schemes is that Madoff was acting outside the law while the international banking cartel has persuaded generation after generation of monarchs, presidents and prime ministers to provide legislative protection for their larceny.
  • The banks Ponzi scheme is alarmingly simple. They lend the same money to several people or institutions at the same time and collect interest on it from each... Over the years, due to the avarice of the banks and the complicity of the politicians, that ratio has increased dramatically. In the early days of the 20th century, federal chartered U.S. banks were required to keep gold reserves of 25 percent. That means they were allowed to lend the same money four times. I remember when Canadian banks were required to maintain a cash reserve of 8 percent. That means they were allowed to lend the same money 12½ times. Today, thanks to Milton Friedman’s irrational flip-flop from being a proponent of 100% cash reserves to the opposite extreme of zero reserves, and the adoption of his ideas by the major central banks of the world in 1974, multiples have increased dramatically – in some cases to as much as 20 to 1 or more.
  • The collateral damage from the recent meltdown has been staggering. The U.S. Bureau of Labor estimated that 8.4 million jobs were lost in the U.S. alone. Most countries experienced similar dramatic losses. The reduction in asset values worldwide has been estimated at $20 trillion U.S. dollars, yet not a single one of the culprits is in jail. You would think that someone would have had the decency to launch a class action for at least $10 trillion against every individual and every organization that contributed to the catastrophe in any way.
  • A world system where all the money is created as debt is a perpetual disaster in the making. It is like a giant balloon that the banks pump full of debt. The balloon gets larger and larger until the debt load becomes too heavy to carry, and then it is like a balloon with a pin stuck in it. The system crashes and thousands or sometimes millions of innocent people lose their jobs, homes, farms and businesses.
    The long-term influence of the banking cartel is incalculable. Their biggest coup was the establishment of the Federal Reserve System in the United States. The big New York banks really didn’t like the idea of genuine competition, so a small group held a secret meeting at the private resort of JP Morgan on Jekyll Island, off the coast of Georgia [in 1910]. Their scheme, devised by Paul M. Warburg, and subsequently adopted by Congress, is a legal private monopoly of the US money supply operated for the benefit of the few under the guise of protecting and promoting the public interest.…
    To put it bluntly, the Congress transferred its sovereign constitutional right to create money to the sole custody of a group of private bankers. The magnitude of the heist is unprecedented in the history of the world – the numbers now are in the high trillions.…
  • The economic structure of the ideal society also resembles the structure of a healthy human body. Production, distribution and consumption should have an organic, interdependent relationship such as that which exists between the digestive, circulatory and metabolic systems. There should not be destructive competition due to overproduction; nor should there be excessive accumulation or overconsumption due to unfair distribution, which would be contrary to the welfare of all people. There should be adequate production of necessary and useful goods, fair distribution to supply what is sufficient for people's needs, and reasonable consumption in harmony with the purpose of the whole.
  • Here's what I don't think works: An economic system that was founded in the 16th century and another that was founded in the 19th century. I'm tired of this discussion of capitalism and socialism; we live in the 21st century; we need an economic system that has democracy as its underpinnings and an ethical code.
  • Capitalism is an organized system to guarantee that greed becomes the primary force of our economic system and allows the few at the top to get very wealthy and has the rest of us riding around thinking we can be that way, too - if we just work hard enough, sell enough Tupperware and Amway products, we can get a pink Cadillac.

See also[edit]

External links[edit]

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