The Currency War, Part I

Editor's Note: This is the first of a two-part series. Read The Currency Wars, Part II.

NEW YORK ( Bullion Bulls Canada) -- The morning "news" rarely fails to disappoint when it comes to churning out Machiavellian doubletalk, more convoluted than your average pretzel. Monday was no exception. The stalwart propagandists at Bloomberg have treated us to another exercise in logical perversity with this headline :
G-7 Said To Discuss Statement To Calm Currency War Concern

Machiavelli himself would have stood and applauded this effort. Before we see what this statement actually says, let's review what it does not say. It does not say that our (morally/intellectually/economically) bankrupt governments don't want a "currency war." It does not say that our governments aren't planning on having a currency. My apologies for the double negatives.

Indeed, focus on precisely what is said here and things become much clearer: a "statement" to "calm concern." "Statement" = lie; "calm concern" = putting the Sheep back to sleep.

Why do the Sheep need calming? And how are we being lied to?

Roughly a quarter century ago, the Corporate Oligarchs (and the puppet-politicians whose strings they pull) decided to destroy the West's economies in the name of short-term, corporate profits. The euphemism they created as a label for this sadistic plan was "globalization."

A quick definition is in order. Often given the even more heinous euphemism "free trade," globalization is a scheme to erase borders (in economic terms) to the exclusive benefit of large corporations. The primary "benefit" to these corporations was to drive wages downward in a sickening plunge, so that even the inept suit-stuffers whom we refer to as "CEO's" could maintain healthy bottom lines -- and supposedly justify plundering their corporate coffers for the largest salaries (by a factor of 10) in economic history.

Regular readers are familiar with the chart below:

Courtesy of

Wages for the average American worker (in real dollars) have plummeted by more than 50%; the average American worker now gets paid what their grandparents earned during the Great Depression. Accompanying this we have Great Depression-level unemployment.

Forget the absurd "official" unemployment rates. When we include the 60-million-plus "discouraged workers" across Western economies ( permanently unemployed people who have lost hope and have given up looking for work), unemployment rates throughout the Western world start at 15% and spiral higher from there.

Regular readers will also recognize this chart: