by Jim Willie CB, GoldenJackass.com
The Western central bank franchise system is totally broken, totally insolvent, and totally corrupt. It invites the Gold Standard return. The entire financial system is built upon a debt-based monetary system. The debt saturation process has run its full course. The central bank heads have been covering the sovereign debt for the last five years, having rendered their balance sheets as ruined. Debt is at obscene levels, like $19.7 trillion for the USGovt. No debt limits are in place anymore, a signal that most likely it has already defaulted. A hidden game is underway, with control lost to the creditors, even as they attempt to salvage their debt holdings. The major central banks continue to manage badly the great game, where money is fake phony and a farce. A titanic battle is underway, where the Eastern nations are discarding their USTreasury Bonds, and doing so in tremendous volume while they set up the many platforms and pieces to the Gold Standard.