So since posting 'The Great Depression of 2013' video on YouTube, we have had credit rating downgrades of Greece, the US, Italy and now Spain.
In the video I was forecasting the path to banking reform and the first step was less willingness to lend to governments. This is reflected in a credit rating downgrade.
So who is next?
Well, we all are.
We all operate of the same banking ponzi scheme, but here is a good indication.
In some countries governments have actually borrowed more than the total value of goods and services produced within the country itself, known as Gross Domestic Product (GDP).
Currently Spain runs a national debt equivalent to 60 percent of it's GDP and they just got downgraded.
What about us in the UK?
The UK 76 percent, France 82 percent, Germany 83 percent, USA 92 percent, Portugal 93 percent, Ireland 97 percent, Italy 119 percent, Iceland 126 percent and Greece 142 percent.
We are in a worse position than Spain!
So who is next?
It can and will happen here in the UK.
The next step in the path to banking reform is good old quantitative easing. Well this is coming in many forms now with the latest announcements from the Bank of England, IMF, ECB and others.
You watch, it will happen, pump trillions in and bankers get paid more.
The next step was a response from the regulators to increase capital.
Well, all regulators are pushing for increased reserves from Banks right now, as the major Spanish banks have been downgraded and the French banks reach insolvency.
Increased reserves for banks worsen's the depression and banks will threaten policymakers with what they know will happen - disaster.
You cannot ask banks to increase their reserves without replacing the money in some other format.
Remember the rules, under a debt based monetary system like the one we live in today...
Rule 1 - If you want more money, you have to have more debt.
Rule 2 - If you want less debt, you have to have less money.
So increased reserves by banks is asking to follow rule 2 - less money.
That is a depression people.
The next step was less jobs and more debt for survival as companies and people fight for the remaining money in the economy in a world where there is less money than debt.
Unemployment continues to reach records and at the same time as David Cameron asks us in the UK to 'save the economy by paying off our credit cards'.
At the very same time he continues to ask the banks to lend more.
What do you really want Cameron?
A depression or more debt?
Because there are only two choices when you allow banks to create our money as debt as we do today.
So the next step - banks stop lending to each other again, banks go insolvent again and we either get one more round of bank bailouts and the public riot or the governments get downgraded further and let the 'too big to fail' banks go bust.
When they do this, this marks the end of our system as we know it.
Time for banking reform then.
We have our policies ready. Positive Money submitted them to the Independent Commission on Banking recently and they thought they were too extreme.
But when governments and banks go bust, they will have no choice.
Look forward to seeing you on the other side of banking reform.
It will be a beautiful future.
See you there.
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