Moving on from stories about trumpets in the clouds that may have some serious biblical implications, Glenn moved onto happier topics. Like a call for expanding global governance under the guise of sustainability and the possibility of digital-only currency tied to a government-controlled bank.
Ugh, the news is just terrible sometimes.
Glenn read from Zerohedge:
The UN plans to launch a brand new plan for managing the entire globe at the Sustainable Development Summit that it will be hosting from September 25th to September 27th. Some of the biggest names on the planet, including Pope Francis, will be speaking at this summit. This new sustainable agenda focuses on climate change of course, but it also specifically addresses topics such as economics, agriculture, education and gender equality. For those wishing to expand the scope of “global governance”, sustainable development is the perfect umbrella because just about all human activity affects the environment in some way. The phrase “for the good of the planet” can be used as an excuse to micromanage virtually every aspect of our lives.
"This is literally a framework for managing the entire globe for one global government," Glenn said. " That's a blade being sharpened."
But that's not all. Glenn then read another story from Zerohedge, this one focusing on the failure of conventional monetary policy to reinvigorate the economy after the Great Recession.
"In sum, the collective actions of the world’s most influential central banks have done wonders when it comes to inflating asset bubbles but have done very little to revive robust economic growth. In fact, far from smoothing out the business cycle and resuscitating DM demand, post-crisis monetary policy has actually had the exact opposite effect: it has set the stage for an even more spectacular collapse while simultaneously creating a worldwide deflationary supply glut," blogger Tyler Durden writes.
Durden writes that some, including German economist Peter Bofinger, are suggesting the elimination of physical cash and a shift towards digital currency controlled by a government-controlled bank. The bank could then immediately take action based on the decisions of central planners, like taxing excess income so people go out and spend.
"If you're not willing to spend the money that you have in your bank account, then they will tax your cash in the bank account," Glenn said,
"You know, 20 years ago, you couldn't imagine that. In today's society, it would be so easy to go cashless," Pat said.
"I have heard this now from several sources, and I have heard that the next step is the IMF bailing out the central banks. That means the World Bank and the International Monetary Fund become the world's central bank. So everything is kicked up from -- first it was Wall Street. Then it was kicked up to the banks. Then it was kicked up to the fed. Now it's going to be kicked up to the global level, which would give it global government access and control of all of our dollars," Glenn said.
"When that happens, I have been told, that we are looking -- people are seriously considering now a global haircut. So whatever you have in your bank would get a global haircut from ten to 50 percent which is what they did in Cyprus. Then they would control -- they would close all the banks and they would control how much you have to spend. So everybody basically would get an allowance until we figure out how to stabilize the world economy," Glenn said.
"An allowance is the perfect way to put it too," Stu said. "As these people tend to think of everything as theirs that they lend to you. You're allowed to use this much of our money."