El Greco, The Vision of Saint John (1608-1614)

di Enrico Furia

Dear readers, this is not a macabre joke, but a logical reasoning about current finance and its concerning with our lives, supported by authoritative witnesses.

A few days ago William White, Chairman of the OECD’s Review Committee, and former economist at IBS (International Bank of Settlements), launched the alarm in an interview at The Telegraph in the eve of the annual meeting of the World Economic Forum in Davos (CH).

The alarm on The Telegraph by William White, states:



This alarm followed the previous one launched to their clients by the analysts of The Royal Bank of Scotland


where in a short note the bank warned their clients about a “terrific financial year” coming in 2016, with the fall of all financial listings of more that 20%, and oil price going down up to 13 $ per barrel.

Strong definitions even by Albert Edwards and Andrew Lapthorn from Societe’ General.


Well, please give a short look on what finance is, before going on further.


In effect, what really capitalism is?


Why Islamic capitalism is different than the one we use in the Western World?


because Islamic capitalism foresees no interest rate, therefore is not oriented to monetary profit, but to real wealth increase.

Sumerian and other old philosophies had the good habit of remission of debts.



Universal Banks have the bad habit of generating money by means of financial tricks and gimmicks, without generating at the same time new real wealth. They are basically at fault for the current financial drama. Their greediness has generated a huge debt each other and now they are trying to compensate this debt without generating the destruction of the whole financial system. Any attempt to fraud savers and bank shareholders by means of bail in rules is against any general principles of law, therefore illegal.

Now, is the coming financial crisis to be considered as a momentary negative conjuncture, or what else?

To our humble opinion next crisis will be determined by a structural default of current finance, i.e. the beginning of the end of financial capitalism based on frauds and tricks.

As already said before, the continuous explosions of financial bubbles, due to the fact that banks can generate money from nothing, have generated a huge amount of debts of banks each other, and now this debt is no more under control, and will generate a sequence of defaults, which will destroy all banks and the whole financial system.


For the English version, please use the translator included in the page..

Our suspicious is comforted by an authoritative expert such as J. K. Galbraith.


(Short History of Financial-Euphoria by . J. K. Galbraith).

In his aphorisms Galbraith gives a clear vision of what humanity is,


(Aphorisms by J. K. Galbraith)

and in his clever “History of Financial Euphoria he forecasts as the explosion of the last financial bubble will generate more damages than the worst plague we have ever had in the history of humankind.

The plague of the XVII century generated some 80 million dead, i.e. 50% of the whole population in Europe. If the default of the current financial system could generate 50% of world population death in the world, then we could assist to the death of some 3.5 billion people.


The great depression of 1929 was solved with a military economic policy, i.e. with the creation and advent of World War II.


Please give a look to this link and you will see how a stupid and greedy financial euphoria generated the most stupid and dramatic war in the world.

Modern capitalism is not based on scientific assumptions, but on the assert that monetary profit has to be prominent to any social, or ethical profit.


What scientific capitalism (because logic, therefore true) has to be is clearly stated in the writings of Prof. Giancarlo Auriti with whom I had the pleasure of discussing at Caffe’ Euclide in Rome, enjoying together cornetto and cappuccino.



Optimistic prevision

a) Political and financial authorities will be able to avoid panic, and with a strong currencies devaluation will generate a strong price inflation, which will decrease the value of financial debts.

b) People will still trust in authorities and will calm their desire of withdrawing money from their banks; they believe governments will be able to solve the problem and will live their life in the standard way.

c) This can be only a momentary measure that will just defer for a while the apocalypse.

Pessimistic prevision

1) Panic will be generalized and people will urge recovering their money from the whole financial system. Banks and any other financial institution will close their cash dispensers, and money shall be available only on fix quota determined by governments.

2) Commerce will reduce dramatically and the financial crisis will generate a real good production crisis.

3) Unemployment will raise to incredible level, and most income will satisfy not even primary needs.

4) People will be plagued with money worries.

4) Crime will supply the media for surviving to their adherents.

5) Criminal organizations will dominate the scene.

6) Rubbery and homicides will be the easiest way to survive.

7) Nervous diseases, infectious diseases, viruses, and other illnesses will wipe out a huge amount of people.

7) Suicide can become the easiest way to end pain.

8) Total mortality in the world could reach some 3.5 billion people. There will be no opportunity of taking care of all dead bodies and infections will complete killings


1) Become as more as possible self-sufficient

2) Activate as soon as possible a barter trading with reliable people

3) Create alternative reliable currencies, and withdraw all your deposits from any financial organization.

4) Generate a new reliable financial system

– we need treasuries for money transfer, not banks

– credit shall be only in the form of “crowd credit” based on the reliability, and deep knowledge of the debtor

– money shall be ownership of citizen, not banks

– no company shall be anonymous or limited liability

– in a global economic system to settle disputes arbitrate is much more efficient than any judicial system

5) Re-think the concept itself of State, either local, national, or supranational.


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