The Wolff of Wall Street
The Digital-Financial Complex
The situation is unique in the history of the world, states German financial journalist Ernst Wolff in an Oct 19, 2019, essay (tinyurl.com/452vj3ry) and an August 2021 lecture on “Uncovering the Corona Narrative” (tinyurl.com/2x6kjwkr). Never before has the entire world been placed under such a coercive regime.
Wolff quotes Franklin Roosevelt, who said that nothing in politics happens by accident; you can bet that it was planned.
Government policies have not contained SARS-CoV-2, but they have wrecked the global economy. Supply chains are broken; harvests are being lost; essential semiconductors are scarce. The constant threat of new restrictions keeps problems from being solved. In China, the third largest port terminal in the world was shut down because of a single positive test in a worker.
Who can benefit from driving small and medium-size businesses to the wall by constant uncertainty and harsher regulation? These are the biggest source of jobs and tax revenue.
The principal profiteer and the most important string-puller, Wolff explains, is the digital-financial complex: the largest information technology (IT) concerns headed by the leading asset managers of our time. These include Apple, Google parent Alphabet, Amazon, Microsoft, and Facebook. The market capitalization of these companies alone is $5.1 trillion; the combined GDP of Germany, France, and Italy is $8.6 trillion. The biggest asset managers—BlackRock, Vanguard, State Street, and Fidelity are significantly involved in all IT companies. Together they manage $220.6 trillion; the combined GDP of all 28 countries of the EU amounted to $15.7 trillion. In addition, IT companies control hundreds of thousands of other companies because they organize the digital systems and thus have a constant overview of their data streams.
“The IT industry is nothing other than a tumor that over past years has metastasized into all other branches of the economy, to make them dependent on it and to completely dominate them,” Wolff states. Also, the asset managers are involved in every large undertaking and are able to influence every popular brand in the world. BlackRock’s Aladdin Data Cloud has the greatest accumulation of financial information that the world has ever seen, which it uses behind the scenes to influence the largest central banks, e.g. the Federal Reserve and the European Central Bank (EZB). So we have a unique historic mix of raw financial power and discretionary power over an unimaginably gigantic data pool. These companies had a huge business upswing in this crisis, gaining the largest profits in their entire history in a single quarter, and their advantage is continuously accelerating.
The digital-financial complex is the global power center, which drives everything. It stands far above all governments, and is in a position at any time to bring every government in the world to its knees, states Wolff. The perception that it is undermining the very system from which it profits misses the reality: the digital-financial complex has no choice but to continue its present course.
The current system can no longer be kept alive. It was very close to death in the world financial crisis of 2007-2008 and would have collapsed had central banks not created massive amounts of money out of nothing. Over the next 12 years, 700 decreases in interest rates have made the system ever more unstable. In March 2020, the threatened collapse was postponed only through the reduction of interest rates to zero and a final injection of billions of fiat currency. What now? Total collapse of the banking system through negative interest rates, or worthless money?
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