What follows here is the essence of an article by Matthias Chang who is a frequent contributor at the Global Research web site. The title of Chang's article, which I've summarized and clarified here, is: Global Collapse of the Fiat Money System: Too-Big-To-Fail Global Banks Will Collapse Between Now and First Quarter 2011, When Quantitative Easing Has Run Its Course and Failed
In December 2006, Matthias Chang accurately predicted that global banks would collapse when a Financial Tsunami hit the global economy in 2007. As they say, the rest is history.
For just over a year and a half, Quantitative Easing (QE I), spearheaded by Chairman of Federal Reserve Ben Bernanke, delayed the inevitable demise of our shadow-money banking system. [For Chang's explanation of Quantitative Easing, see item 4) below.]
In November of 2009, Chang wrote that by the end of the first quarter of 2010 at the earliest, or by the second quarter of 2010 at the latest, the global economy would go into a tailspin. The recent alarm that the US economy has slowed down -- in the words of Bernanke "the recent pace of growth is less vigorous than we expected" -- has all but vindicated Chang's analysis. Bernanke warned that the outlook is uncertain and that the economy "remains vulnerable to unexpected developments." Other analysts agree.
It is becoming apparent that Bernanke's words do not reveal the full extent of the fear that has gripped central bankers and the financial elite who recently assembled at Jackson Hole, Wyoming. According to various reports, these men are very afraid.
Why are they afraid? It's because the "unexpected developments" Bernanke referred to refers to the likely collapse of global banks.
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