Argentine President Points to the Speculative Debt Bubble Sitting Atop the Global Economy

In her March 1 speech opening the 133rd Ordinary Session of the National Congress, Argentine President Cristina Fernandez de Kirchner pointed to the enormous global speculative debt bubble which sits atop the world economy, whose growth was fueled by the insane bank bailout policies that followed the 2008 financial crash.

For example, she said, in 2014, global debt grew by 286%, relative to GDP, according to a report by the McKinsey firm. What does that mean?

“The world owes almost three times what it produces in goods and services,” she said.

In 2014, she observed,

“many international leaders, presidents, heads of multilateral credit agencies and many others said that 2014 would see the end of the crisis that began with the fall of Lehman Brothers in 2008. But that didn’t happen. On the contrary, nations’ indebtedness grew… we were told, that the 2008 crisis was only related to the United States, because of its [subprime] mortgages and the collapse of its banks, and that this would be resolved by bailing out those banks. But it didn’t happen that way.”

Instead, Fernandez pointed out,

“the financial crisis began to spread like an oil spill across Europe. The financial bailout has become permanent since 2008. But just as we said at every meeting of the G20, those bailout [funds] that were injected into the banks, instead of going to the real economy to once again produce goods and services and create jobs, and thus overcome the crisis, instead went into the shadow banking sector for new derivatives—fundamentally they went to tax havens.”

Take the example of HSBC—the British Empire’s premier drug bank—the Argentine President said, speaking of banking criminals. It “had billions of Argentine dollars which fled the country through tax evasion,” she noted, adding, as was recently reported by Argentine investigators, that the fire that occurred a year ago at the Iron Mountain company’s depository in Buenos Aires—Iron Mountain is a multinational that stores sensitive records of banks and companies—was set intentionally and
“destroyed the documentation which precisely proved the fraud that had been committed against the State.”

To be very specific: lost at Iron Mountain were 22,000 boxes of HSBC files, along with those of several other foreign banks.