Today, I read that the US Federal Reserve had opened a new line of credit for the Central Banks of Mexico, Brazil, South Korea and Singapore.
The same report claimed that similar credits have been issued to the Central Banks of Australia, Canada, Denmark, the United Kingdom, Japan, New Zealand, Switzerland and the European Central Bank.
Based on these agreements, the Central Banks shall receive funds in exchange for hard currency reserves from these countries which have sustained considerable losses due to the trade and financial crisis.
This way the economic power of the US currency is asserted, a privilege granted at Bretton Woods.
The International Monetary Fund, which is the same people under a different name, has announced the release of high sums of money to its clients in Eastern Europe. Hungary will be receiving the equivalent of $20 billion euros; a large part of these are dollars coming from the United States. The machines keep minting bills and the IMF keeps granting its unfair loans.
On the other hand, the World Wild Fund stated in Geneva yesterday that at the present spending rate, by 2030 humanity will need the resources of two planets to keep up its life style.
The WWF is a serious institution. There is no need to be a University graduate of Mathematics, Economics or Political Sciences to understand what this means. It’s the worst choice. The developed capitalism hopes to continue plundering the world as if the world could still stand it.
Fidel Castro Ruz
October 30, 2008