rt. Ten years ago, a global financial crisis was looming caused by problems on the US mortgage market. Thousands of US citizens lost labor and home. This was the beginning of the financial crisis in 2008. As a result, one of the world’s largest banks, Lehman Brothers Bank, disappeared from the scene. It could no longer meet the outstanding liabilities. Other global player banks, in Europe as well, were now facing bankruptcy. All over the world they were “supported” by the concerned governments in unprecedented actions to bail out the global economy from a crisis like the one of the thirties.
In unprecedented dimensions, Central banks, such as the US Federal Reserve Bank Fed FED, or the European Central Bank ECB, began buying up shares or sovereign bonds with “self-made” money for injecting “liquidity into the market” as it is called in the financial world’s downplaying language – in order to “boost” the economy. This led subsequently to a flight into the safe haven currency Swiss franc, because the citizens in the surrounding euro countries feared inflation. The Swiss National Bank SNB as well was forced to work with fiat money to buy foreign currencies (mainly euro), so that the exchange rate remained stable and the export industry remained competitive on the international market.
The gigantic amount of inflationary token money, having emerged and still emerging, became and becomes bigger and bigger and for almost 10 years, it is hanging over us like the Sword of Damocles. “In the future”, after economic recovery, the money supply was to be “withdrawn” from the market. How and when exactly this should happen, remains a mystery even for the experts.
In the meantime, for the prevention of future financial crises useful measures have been suggested and reflected on their implementation:
Today, a quick look in the world of money tells us that barely one specification was seriously implemented and that the central banks continue to produce fiat money. Exercising restraint for thinking about the ethical foundation has only partially found its way into practice.
In the short and long term, it is important to take precautions locally as also globally, and to take a “surprising” economic crisis into one’s own and into general considerations. •
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