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pic GEAB 102 Petro-Euro, money-debt, banking crisis, real economy: ten years to seal the fate of an economic-financial system

Precisely ten years ago (to the day), in its second bulletin of February 2006[1], warning about the imminent explosion of a «global systemic crisis”, the GEAB based its opinion on the identification of two strong signs: the end of the publication of the M3 money supply indicator[2] (suggesting a start to unusual degrees of the famous “money printing” which everyone has spoken about ever since); and the Iranian oil bourse launch – a country not yet constrained by international sanctions at the time – but a stock market based on the Euro[3]. These two strong signs enabled the GEAB team of that time to say that something big was about to happen, something which was going to bring into question the foundations of the system in which the economic-financial world was living at the time: the petrodollar and money-debt system.

Regarding the money supply, things have revolved around this subject for ten years. The initiation of this “money printing” operation, which the Americans had hoped to be discreet by ceasing the M3, had soon to be formalized via the Fed’s massive Quantitative Easing[4], and then even stopped, first relayed by the allied QE operations (about to slow down quite quickly, as well – an anticipation made by our team for six months now). End of the attempt to artificially maintain the dollar’s supremacy via the global dollar flood, and end of the system of indebtedness as a growth engine.

Regarding the sale of the Iranian oil in Euros, a major attack by a “non-aligned country” on the petrodollar system, it is particularly interesting to look at the following sequence: the announcement made by Iran regarding the launch of this oil bourse in petro-Euro early 2006, the  start of the international sanctions against this country in July 2006 causing the partial abortion of the project, then the huge attacks against the Euro through Greece from 2009 on[5], which allowed the dollar to come back to light after its tarnishing of 2008. It is even more interesting that the Greek debt crisis (although still unresolved) is finally being put aside by the media, that immediately after being freed from the sanctions Iran announced the sale of its oil in Euros … and that the next day Deutsche Bank is attacked from all sides.

One of the early assumptions we made, you may remember, is that the real “game-changer” for world supremacy of the dollar is actually the Euro. For the Euro was obviously the first currency to compete directly with the only international reserve currency status of the dollar. And when we look back for once at the sequence of the events mentioned above, one can not help thinking that the real war that took place over the past decade has been a war between the United States and Europe. A war during which the yuan, the BRICS, the New Development Bank and any alternative system to the Western system, have been quietly advancing, while the West was silently being torn a part[6].

Apparently all resistance to change is futile. Is that so…

If we were to compare what happened in 2007-8 when the crisis officially began, and ... Read