Friday, 31 October 2008
Reflections of Fidel -- The Worst Variant
TODAY I read that the U.S. 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 will receive funds in exchange for hard currency reserves from these countries, which have sustained considerable losses due to the financial and trade crisis.
This consolidates the economic power of the U.S. currency, a privilege granted at Bretton Woods.
The International Monetary Fund, which is the same dog with a different collar, has announced the injection of large sums of money into its Eastern European clients. Hungary will be receiving the equivalent of 20 billion euros, a large part of which are dollars from the United States. Their machines keep printing bills and the IMF keeps granting its leonine loans.
For its part, the World Wildlife Fund (WWF) stated in Geneva yesterday that, at the current rate of spending, by the year 2030, humanity will need the resources of two planets to maintain its lifestyle.
The WWF is a serious institution. There is no need to be a University graduate in Mathematics, Economics or Political Science to understand what this means. It is the worst variant. Developed capitalism hopes to continue plundering the world as if the world were still able to sustain it.
Fidel Castro Ruz, October 30, 2008