A Tsunami of Finance: German Expert Warns of Imminent Collapse of ‘World Casino’
SputnikNews.com
12.10.2017
Financial expert Ernst Wolff gives Sputnik a taster of his new book, which warns that dependence on the financial industry and the US dollar has created a “financial tsunami,” the consequences of which the world is wholly unprepared for.
Financial expert Ernst Wolff, author of a bestselling analysis of the International Monetary Fund’s “modern day crusade against the working people on five continents,” has turned his attention to the global financial system in his latest book.
Wolff sees the financial system at risk of imminent collapse and likens it to a “Financial Tsunami” which threatens to take us all by surprise, leaving devastation in its wake.
In a taster of the book’s contents, he told Sputnik Deutschland that the US-based financial industry has been on “life support” since the 2008 crisis and its prognosis “doesn’t look good.”
“The patient is about 75 years old. Our financial system was founded in in Bretton Woods, USA in 1944. The patient is in great difficulty because in 1998 and a second time in 2007/2008, he almost died. Since this second crisis, he has only been kept alive artificially. The financial system is lying in the intensive care unit.”
While most countries have a state central bank, US monetary policy is conducted by the Federal Reserve, a consortium of 12 regional banks in which commercial banks own shares. Wolff describes the system as a “cartel.”
“One not only gives a patient a diagnosis, but also a case history. First, we need to understand the power of the Federal Reserve, the American central bank which was established a hundred years ago. Many people still don’t know that the Federal Reserve is not a state institution, but is in private hands. This is a bank cartel which lies in the hands of several large, very rich families. This fact has been covered up in the course of history.”
“Since 1944, the dollar has been the most important currency in the world, and since the mid-seventies it has been the most important reserve currency because oil, the most important and most traded commodity in the world, can only be traded in dollars.”
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