Reprinted from COLLAPSENET
Over the last few days I have seen a couple of stories urging Ireland to declare bankruptcy and default rather than take the IMF/EU/UK bailout. Every one of them made perfect sense.
The European Crisis is getting more serious and more powerful daily. The very last paragraph in the linked story reveals the real issue that is emerging here… “senior debt”. Senior debt is what Goldman Sachs and J.P. Morgan hold. That’s what BIS holds. That’s what IMF and the World Bank hold. That’s what dynasties that most of us have never heard of own. Default on sovereign debt is what the monetary paradigm cannot allow to happen. That would pull back the curtain forever. The senior debt holders are the ones that set the place up and then looted it. They intend to have their last ounces of flesh from our backs.
It’s come down to this: Sovereign nations — if they are to survive and care for their peoples — must go bankrupt and stiff the senior debt holders. The senior bond holders must be forced to eat the loss. It is, after all, only paper. People are what matters now. That will break the back (and bank) of the monetary paradigm forever. As I wrote in “Crossing the Rubicon” in 2004, the monetary paradigm owns and uses every possible lever of power… or so they think. The only thing needed to win this penultimate battle for the sake of future generations outright is a radical change in human consciousness.
Nothing less will suffice.
If we do not do this now, the monetary paradigm will drag us all down through the gates of Hell with it. It will literally kill all life on this planet in order to preserve itself. This is what I have devoted my life to making people see. Some years ago I said it, perhaps best, in an essay called GlobalCorp — at a place called FTW. Here’s how I ended it.
The bottom line turns out to be the suicide of the human race as mergers and acquisitions lead to the final moment of malignant capitalism: “the last corporation standing.”
GlobalCorp becomes Global corpse.
Hurray, we did it!
In the meantime the United States and China are moving closer to a potential nuclear exchange in Korea as a US carrier battle group readies for war exercises with the South Korean Navy. China is “upset”.