Though my bread and butter- my earnings and livelihood- have come from engineering, economics and statistics have been my passion and study, specifically global economy.
In my course of Economics 405 in spring of 1975 (UT Knoxville) , the professor introduced the example of a balloon which like any material possesses elasticity. He marked a few colored dots on an uninflated balloon, each representing an economic factor such as inflation, deflation, GDP, etc. He blew air into the balloon and as he did so, the dots grew larger. The professor asked the students to suggest when to stop introducing air. At a point in the demonstration, the balloon exploded making a stunning noise. What the professor demonstrated was, no matter what, there is a limit of elasticity and expansion for everything, including economics. The more the factors as with globalization, the chances of the dots colliding against each other increase in statistical harmony as the balloon expands with air.
The principles of global economy and their consequences have best been elucidated by four eminent economists who’ve warned about the pitfalls of the casino economy. It does not matter whether the economy is under conservative or liberal socio-political watch.
These four eminent economists are:
– Thomas Piketty, author of “Capital in the 21st Century” and “Economics of Inequality” (an introduction to the conceptual and factual background necessary for interpreting changes in economic inequality over time).
– Ravi Batra. His books center on his idea that financial capitalism breeds excessive inequality and political corruption which inevitably succumbs to financial crisis and economic depression
– Nuriel Roubini who published his view in February 2020 Beware the White Swans of 2020 in the Financial News. Roubini had accurately foretold about the 2008 recession.
– Robert Schiller. In an interviews in June 2015, Schiller warned of the potential of a stock market crash. In August 2015, after a flash crash in individual stocks, he continued to see bubbly conditions in stocks, bonds and housing.
So here we’ve four eminent economists warning the dime and nickel investors like myself and those who have sunk their life savings into the highly volatile Wall Street casino called the Dow Jones Unlimited.
Accept it or not, globalization has morphed into a curse where greed is the driving force for the super rich who’re not as concerned with amassing wealth as with power. Some of these names are associated with the Bilderberg group. The group last met in June 2019 in Montreux, Switzerland. The group met behind closed doors with politico-economic heavy weights such Henry Kissinger, Jared Kushner, Jens Stoltenberg, Mark Carney (Governor of the Bank of England) and the US Secretary of State Mike Pompeo. Discussions had centered around The Future of Capitalism, Brexit, China, Russia, The Ethics of Artificial Intelligence, The Weaponization of Social Media and The Importance of Space & Cyber Threats. Daniel Estulin has captured the insider story of this enigmatic group in his book – The True Story of the Bilderberg Group.
Amongst the Bilderberg topics at Montreux, perhaps the most interesting has been The Weaponization of Social Media, a subject discussed by authors P.W. Singer and Emerson Brooking in their book Like War. The authors studied what social media has been doing to politics, news, and war around the world, drawing upon everything from historic cases to the latest in AI and MI (machine intelligence).
We are beginning to see the warnings of the end of a capitalist economy that has led to massive global debts among countries and individuals due to a skewed system of inequality or rather a system of equality that favors the greedy and powerful group(s) who aspire total global control through their ownership of media (paper, print, communication, Hollywood, advertising and social among others), wealth, fear and misinformation.
What needs to be briefly discussed is what after the casino capital system has collapsed but without a catalyst the system will survive and sustain. For Bilderbergers, China and Russia, the challengers need to be contained as both these countries are the principal threats to the existence and success of the casino and its global economic foundations through banking and insurance. I’ve never closed my thoughts on the three books that have provided the catalysts viz Aldous Huxley’s 1932 book “A Brave New World” (no wonder the Bilderberg topic has been the ethics of AI), George Orwell’s 1948 book 1984 and Marin Katusa’s “The Colder War”. The former two are dystopian (remember Big Brother is watching?) works but applicable today. Katusa’s book builds upon the Russian game of energy control against the USA. The single catalyst is war. In order to sustain their unethical economic system, the challengers must be defeated in a duel on a battlefield of their choice and where else than the Middle East?
I do not want to delve deeper than is needed for an economic system that would replace the capitalistic one. In short, it’ll be the Islamic system based on equality, commodity currency (not the global fiat) and barter systems. The intelligent community needs to figure it out by searching the annals in history books.
For now it is imperative not to panic or inculcate fear in the mind whether it is a financial or an epidemic/pandemic crisis because the future is not in our control. Living for today, learning from the past, holding fast by the Holy Book and what is most important is not worrying about future events that are outside our realm of control.