The Cabal party is over and done with!
秘社的派对已经结束了
The public understanding of fraud has not even been awakened yet
公众对欺诈的认识甚至还没有被唤醒
An economy based on debt needs more and more debt-money
一个以债务为基础的经济体需要越来越多的债务——钱
Financial bubble grown exponentially
金融泡沫呈指数级增长
Russia bought gold
俄罗斯购买黄金
The scam is embedded in the balance sheet expansion
这种骗局植根于资产负债表的扩张之中
The world is in a structural depression and will remain so. All the money injected has not ended the financial crisis, although it has not hurt the economy as such, it has only affected asset and property prices.
世界正处于结构性萧条之中，并将继续如此。所有注入的资金并没有结束金融危机，尽管没有对经济本身造成伤害，但它只是影响了资产和房地产价格。
No credit-based money system has ever survived an entire credit cycle, and this one will be no exception. The bubble created by this generation’s unprecedented spending spree could not be sustained because the people who were first encouraged to spend are now saving. Worse still, they are no longer borrowing for major purchases; the very action that most affected spending. Like all bubbles, this one must burst!
没有一个以信贷为基础的货币体系能够在整个信贷周期中存活下来，这个体系也不例外。这一代人史无前例的疯狂消费造成的泡沫无法持续下去，因为最初被鼓励消费的人现在正在储蓄。更糟糕的是，他们不再为大宗采购举债，而这正是影响支出最大的举措。就像所有的泡沫一样，这个必须破裂！
The Cabal party is over and done with!
秘社的派对已经结束了！
The world’s three major central banks – the US, Europe and Japan – have embarked on a huge financial experiment. They have created a gigantic amount of money out of thin air and used it to buy staggering amounts of government debt. The US central bank holds a stack of bonds equal to 20% of US gross domestic product (GDP). The Japanese central bank’s debt is 40% of GDP. Europe’s central bank holds bonds worth nearly $4 trillion, or more than 25% of its GDP.
全球三大央行——美国、欧洲和日本——已经开始了一场大规模的金融试验。他们凭空创造了巨额资金，并用这些资金购买了数额惊人的政府债券。美国中央银行持有相当于美国国内生产总值(GDP)20% 的债券。日本中央银行的债务是 GDP 的40% 。欧洲中央银行持有价值近4万亿美元的债券，超过其 GDP 的25% 。
Total world debt including derivatives is more than 1 quadrillion (1015)! What is certain is that there is no way out of this debt mess. When the financial system collapses, nothing will change in the real world. No property, land, factories or human being will disappear, just because trillions of debt slavery instruments called US Dollars, Euros, Yen, etc. are erased from bank computers. There will be forces to restart the system based on a people-controlled substitute called QFS, owned by and for the people and not by banks.
包括衍生品在内的全球债务总额超过1千万亿(1015) ！可以肯定的是，这场债务危机已经无路可走。当金融体系崩溃时，现实世界不会发生任何变化。没有任何财产、土地、工厂或人类将会消失，仅仅因为银行电脑中抹去了数万亿美元、欧元、日元等债务奴役工具。将会有力量重新启动这个系统，这个系统基于一个由人民控制的替代品 QFS，由人民拥有，为人民服务，而不是由银行。
The public understanding of fraud has not even awakened yet
公众对欺诈的认识甚至还没有觉醒
The public has not even begun to understand the immense fraud it embodies. In round figures, this official counterfeiting amounts to $5.5 trillion – the difference between the Fed’s balance sheet of about $900 billion when its “extraordinary policies” were launched at the time of the Lehman crisis in 2008 and its $4.4 trillion balances today. That is a lot of something for nothing.
公众甚至还没有开始理解它所体现的巨大欺诈。总的来说，这些官方伪造的数字达到了5.5万亿美元——这是美联储在2008年雷曼危机时推出“非常政策”时的9000亿美元资产负债表与现在4.4万亿美元资产负债表之间的差额。这么多东西都没用。
It is a grotesque amount of fraud. The scam in this monumental balance sheet expansion is nothing compared to the hidden indirect way in which central banks provided new reserves to the banking system that affected the private lending process.
这是一种荒唐的欺诈行为。与央行向银行体系提供新准备金的隐性间接方式相比，这种巨大的资产负债表扩张中的骗局算不了什么，这种方式影响了私人贷款过程。
As now is evident, new credits issued by the Central Banks can result in the expansion of private credit to the extent that the fractional reserve money multiplier of 10 is operating or simply generate excess reserves which cycle back to the Central Banks – as in the present instance is not the case. The party is over. Stock, bond, and real estate prices go back to 1950 levels where they came from.
现在很明显，中央银行发行的新信贷可能导致私人信贷扩张到部分准备金货币乘数为10的水平，或者只是产生超额准备金，然后循环回到中央银行——目前的情况并非如此。派对结束了。股票、债券和房地产价格回到了1950年的水平。
The Fed has already signalled that it will not sell its roughly $4.5 trillion bond portfolio, or even let it expire by natural causes. In the normal course of events, these bonds would mature and then – as we all will – disappear. But the Fed will reinvest maturing funds in new issues.” In other words, it will continue to suck up new bonds in order to keep interest rates low.
美联储已经发出信号，不会出售其大约4.5万亿美元的债券组合，甚至不会让其自然到期。在正常情况下，这些债券会到期，然后——我们都会——消失。但美联储将把到期资金再投资于新发行的债券。”换句话说，为了保持低利率，它将继续吸纳新债券。
An economy based on debt needs more and more debt-money
一个以债务为基础的经济体需要越来越多的债务——钱
An economy dependent on debt needs more and more of it to keep running. A lot of credit may help at first, but later it hurts an economy. As debt grows, it becomes harder for the economy to grow, because the resources needed in the future have already been used up in the past.
一个依赖债务的经济体需要越来越多的债务来维持运转。一开始，大量的信贷可能会有所帮助，但后来它会损害经济。随着债务的增长，经济增长变得更加困难，因为未来所需的资源在过去已经用完了。
Currently, there are about USD 250 billions of 10- to 15-year bonds in circulation in the US, of which the US central bank owns more than half. Similarly, the Fed owns almost half of all Treasury bonds with maturities of 20 years and longer.
目前，在美国流通的10至15年期债券约有2500亿美元，其中美国央行持有一半以上。同样，美联储拥有近一半的20年及以上期限的美国国债。
By lowering the yield on long-term bonds, the Fed has artificially lowered the cost of capital by an incredible amount. And by making borrowing much cheaper, the Fed has enabled virtually all borrowers to access the bond markets. This is evidenced by record high issuance and record low nominal yields in the high-yield – “junk” bond markets. At the beginning of this year, companies added $30 billion of debt to their balance sheets – a record. But with interest rates rising, the show is over, it is a matter of months, if not weeks, before the collapse becomes a reality, followed by the introduction of the QFS money system, owned by the people. The cabal must destroy itself first, to be sure their party is over.
通过降低长期债券的收益率，美联储人为地大幅降低了资本成本。通过大幅降低借款成本，美联储实际上使所有借款人都能够进入债券市场。高收益“垃圾”债券市场的创纪录高发行量和创纪录低名义收益率就证明了这一点。今年年初，企业的资产负债表上增加了300亿美元的债务，创下了纪录。但随着利率的上升，表演已经结束，崩溃成为现实还需要几个月(如果不是几周的话)的时间，接下来就是推出民有的 QFS 货币体系。阴谋集团必须首先自我毁灭，以确保他们的派对结束。
Financial bubble grown exponentially
金融泡沫呈指数级增长
A giant bubble has formed in emerging market debt. “A brilliant New York hedge fund manager pointed out that between 2009 and 2012, nearly $400 billion flowed into emerging market credit markets – about four times the average interest rate in the previous decade. And this bubble has not shrunk, but grown exponentially!
新兴市场债务形成了巨大的泡沫。“一位杰出的纽约对冲基金经理指出，在2009年至2012年间，有近4000亿美元流入新兴市场信贷市场——大约是前十年平均利率的四倍。这个泡沫并没有缩小，而是呈指数级增长！
Three simple questions
三个简单的问题
- How can we have capitalism when the cost of capital is essentially zero?
- 资本成本本质上为零，我们怎么可能拥有资本主义？
- How can we have capitalism if there is no bankruptcy?
- 如果没有破产，我们怎么会有资本主义？
- How can capitalism work if there are no risks or downsides?
- 如果没有风险或负面影响，资本主义如何运作？
Of course capitalism does not work. There is a huge misallocation of capital and a huge increase in unhealthy speculation. That greater credit creates bubbles which can’t last forever…
资本主义当然行不通。资本配置严重不当，不健康的投机活动大量增加。更大的信贷产生的泡沫不可能永远持续下去..。
Economists who claim to know how all this will end are lying. Nobody knows how or when it will end. Not even former Fed chairman Alan Greenspan. What he said was frightening:
那些声称知道这一切将如何结束的经济学家是在撒谎。没有人知道它将如何或何时结束。甚至连美联储前主席艾伦•格林斯潘(Alan Greenspan)也不例外。他说的话令人恐惧:
“He said that central banks have no idea what they are doing and that they will not be able to control the inflation that will inevitably result from this huge experiment.”
“他表示，各国央行不知道自己在做什么，它们将无法控制这场大规模试验必然导致的通胀。”
The world has entered the final round of a huge global bubble. The banks have kept it all afloat with the printing press. But it cannot go on like this forever. Credit structures are in place all over the world that can only function as long as central banks continue to buy up debt.
世界已进入全球巨大泡沫的最后一轮。银行通过印刷机维持着这一切。但不能永远这样下去。只有在各国央行继续购买债务的情况下，世界各地的信贷结构才能发挥作用。
Central banks have proven themselves adept at maintaining these ridiculous credit structures. But there is a price. Sooner or later, something will break… because capitalism doesn’t work if there is no cost of capital.
各国央行已证明自己善于维持这些荒谬的信贷结构。但这是有代价的。迟早会出问题，因为如果没有资本成本，资本主义就无法运作。
With the ‘unintended’ (?) consequence of a huge decrease in liquidity worldwide. Sooner or later, this is going to be a big problem for countries like Turkey and Brazil, which have foreign debt in dollars. Turkey owes foreign investors $386 billion – roughly half of its GDP. About $160 billions of these debts must be repaid in the coming months. And unlike the US, Japan or Europe, Turkey cannot simply push these obligations under the carpet. This trap is probably intentional, as the cabal is now able to confiscate Turkish commodities, as regular readers may recall.
用“意外”(?)全球流动资金大幅减少的后果。对于像土耳其和巴西这样拥有美元外债的国家来说，这迟早会成为一个大问题。土耳其欠外国投资者3860亿美元，大约是其 GDP 的一半。这些债务中约有1600亿美元必须在未来几个月内偿还。与美国、日本或欧洲不同，土耳其不能简单地将这些义务隐藏起来。这个陷阱可能是故意的，因为正如一般读者可能记得的那样，阴谋集团现在可以没收土耳其的商品。
Russia bought gold
俄罗斯购买黄金
Once central banks promised price stability, and were prepared to raise interest rates to 5, 6, 7, and even 8 per cent to keep prices stable. Now they say stable prices are dangerous! This makes the world the best place ever for gold.
曾几何时，各国央行承诺维持物价稳定，并准备将利率上调至5% 、6% 、7% 甚至8% ，以保持物价稳定。现在他们说稳定的价格是危险的！这使得世界成为有史以来最好的黄金产地。
More than that, the days the US-dollar is the world’s reserve currency are numbered. When the dollar is no longer accepted as a reserve currency, which is slowly happening, now, as Russia and the BRICS move away from US dollars and into currencies backed by gold. – Eventually everything will be gold backed!
不仅如此，美元作为全球储备货币的日子屈指可数。当美元不再被接受为储备货币的时候，这种情况正在缓慢发生，现在，俄罗斯和金砖国家正在放弃美元，转而使用以黄金为支撑的货币。最终所有东西都会变成金子做的！
Russia’s gold purchases in 2014 were 59% of central bank purchases in the third quarter of 2014. Russia and China have now converted their foreign exchange dollars into gold. In contrast to western economies, Russia has accumulated only a small national debt over the years, implying that this will not be a drag on future growth, as is likely to be the case in the US, EU and Japan. Russia also has an advantageous tax system, with maximum income tax of up to 13%.
俄罗斯2014年的黄金购买量占央行2014年第三季度购买量的59% 。俄罗斯和中国现在已经把他们的外汇美元兑换成了黄金。与西方经济体不同，俄罗斯多年来只积累了少量国家债务，这意味着这不会拖累未来的增长，美国、欧盟和日本很可能就是这种情况。俄罗斯还有一个有利的税收制度，最高所得税率为13% 。
Now, Putin has decided to back his currency with gold, this has become painful for the US dollar, as now the USD faces competition from a credible gold-backed currency; it is likely that other central banks are diversifying their dollar reserves into interest-bearing, gold-backed roubles.
现在，普京已经决定用黄金支持他的货币，这对美元来说已经变得很痛苦，因为现在美元面临着来自一个可靠的黄金支持货币的竞争; 很可能其他央行正在将他们的美元储备多样化到有利息的，黄金支持的卢布。
Countries that import oil and gas from Russia should have an additional incentive to follow suit in order to pay for Russian oil/gas imports in roubles and avoid sanctions.
从俄罗斯进口石油和天然气的国家应该有额外的动力效仿，以便用卢布支付俄罗斯进口的石油/天然气，并避免制裁。
The indirect upward pressure on interest rates in the US is small at the moment, but the current rise in interest rates in the US means future problems for the American economy that relies on low interest rates.
目前美国利率的间接上行压力不大，但美国目前的利率上升意味着，依赖于低利率的美国经济未来将面临问题。
Growth will slow down. The Fed may try to compensate by re-introducing QE but that will add fuel to the fire, resulting in aggressive selling of US dollars on foreign exchange markets. In an extreme but hardly impossible scenario, the US dollar could lose its reserve status, something that would be devastating for the US economy.
增长将放缓。美联储可能试图通过重新推出量化宽松来弥补，但这将火上浇油，导致美元在外汇市场上大举抛售。在一种极端但并非不可能的情况下，美元可能失去其储备货币地位，这将对美国经济造成毁灭性打击。
Gold is the ideal way for countries to settle their trade imbalances in a world where there is no confidence in the stability of currencies, and gold obviates the need for a reserve currency.
在一个对货币稳定缺乏信心的世界里，黄金是各国解决贸易失衡问题的理想方式，而且黄金不再需要储备货币。
Building up reserves that can be immediately devalued by trading partners in a currency war is not a rational policy. Yet something must act as a reserve currency if trade is to take place at all. Gold is that “something”, if the quantity is kept stable, a currency cannot be devalued arbitrarily. And it is the QFS money system that fulfils all these requirements.
在货币战争中积累可以被贸易伙伴立即贬值的储备，不是一项理性的政策。然而，如果要进行贸易，就必须有某种东西充当储备货币。黄金就是“某物”，如果数量保持稳定，一种货币就不能随意贬值。正是 QFS 货币体系满足了所有这些要求。
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来源：https://finalwakeupcall.info/en/2022/07/05/giant-credit-bubble-about-to-burst/
