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By Tony Gosling, RT

If all you ever did was look at economic figures you might be forgiven for thinking the global economy is beginning to pick up after the worst recession in living memory. But the reality is rather different.

The Western world's casino markets have been surviving, ever since the 2008 bailouts, on trillions of dollars of Quantitative Easing (QE) morphine. This week though, the Federal Reserve finally turned the pain-killers off. The consequences of ending QE are only likely to be known to insiders who have paid to find out and are keeping mum, hoping to make a killing.

Back in the real world, the average British worker is, according to the Institute for Policy Research, £5000 a year worse off than in 2008. The ‘them and us’ social divide, which has driven real income for the poorest down 15 percent and into the clutches of destitution, is reaching revolutionary proportions.

When the Euro Dollar zone QE programs began in 2008, there was guarded surprise across the financial world. Why were central banks having to buy bonds and other assets that the market wouldn’t? Was it the end of the free market? Eyebrows inched up even more at the thought that the ‘money’ central banks were using to buy those bonds was, under legal license of course, being spirited up out of nowhere.

It seemed to some a little too much like a bunch of counterfeiters propping up a dead financial system. To stockbroker turned satirist Max Keiser all this rule-bending amounted to 'financial terrorism'! Former Scotland Yard fraud squad detective Rowan Bosworth-Davis pointed out the increasingly ‘laissez-faire' practices of the City of London had begun to fit the international definitions of organized crime.

Slowly but surely, since the post-World War Two Bretton-Woods agreement, the integrity of the Western dominated money system has been undermined. First in 1971, when Republican President Nixon took the dollar off the gold standard to finance the Vietnam war. More recently these massive QE injections of magic funny money have left us with 'faith based currencies'. Little more than arbitrary paper, and electronic digits on a screen, manipulatable at the whim of private banks and drifting ever further from the grasp of our elected politicians.

The spider at the center of the global money web

One bank that Bretton-Woods voted to close down for financing Hitler, Basel's Bank for International Settlements (BIS), has quietly ended up now regulating the global money system. Governors of all the West’s biggest central banks are on the BIS board. Their deregulation caused the 2008 crisis, but they now have the cheek to warn us another may well be on the way.

Just like George Osborne's Bullingdon Club chum Nathan Rothschild’s estate on the Greek island of Corfu, off which despots’ yachts are frequently moored and the annual Bilderberg conferences, Switzerland's BIS is where it really happens.

The Western media rarely intrude, which is a pity as these handful of private interest conclaves out of the media spotlight are where the most important decisions are made about all our futures.

As the BIS has hinted, the Euro-Dollar zone has never been more in danger of a catastrophic collapse. Even in 1929 governments had enough borrowing power to spend their way out of recession. Not now. Analysis is proffered by those who have a vested interest in telling us that everything’s going to be fine. That's what they're paid to say.

The control of money has become the province of an international elite who seem to have no regard whatever for the billions of people who so depend on their system. Gone are all spiritual considerations such as banning usury and forgiveness of debt in a world where the only law for the elite is whatever you can get away with.

Will China let go of its money system too?

Governments who take our taxes can only be said to run their country if they control their money system. As European nations that joined the Euro zone in January 2002 have discovered too late, their currency is their sovereignty, and if the private banking system takes control of your currency you may as well pack your bags and up sticks.

Two years ago, the Chinese government announced it would partially privatize its central bank and just this week they began opening up their state-run electronic payment clearing system to private Western companies like Visa and Mastercard. China too, it seems, is succumbing to the lure of the Western banking elite. After all, they understand the system better than anybody and have unlimited supplies of cash to pay lobbyists and experts to buy their way into power.

Governments’ obsession with economic growth over other social indicators has meant precious resources being put in to turning more and more of what we do into a financial transaction. Childcare, for example, has become a multi-billion pound taxable industry after being done for the love of it, for free, from time immemorial.

The earth and its resources are a free gift to mankind but even life itself now is being ‘patented’ as intellectual property, only available at a price. As the debt burden grows, governments have less and less to spend on public services and taxation ends up doing nothing but simply paying interest on unpayable loans. The 2008 bailouts and ballooning debt has killed off any wishful thinking of ‘balancing the books.’ It is only a matter of time until some nation, somewhere, has the backbone to stand up to their lenders and refuse to pay.

Accountability another casualty in DC's economic war games

When confidence collapses, something which could also be triggered by an international incident splashed across our TV screens, the entire capitalist house of cards could come crashing down. Everything then would depend on whether those who have best prepared for that day have the public’s best interests at heart.

With their limitless resources, we can be sure central bankers at the BIS have thoroughly computer modeled and gamed out the bursting of history’s biggest ever debt bubble. The decisions these wizards of money make on that day could determine whether millions of us live or die.

That’s why we need to know exactly what was being gamed at the Federal Deposit Insurance Commission in Washington on Monday 13th October, because if past events are anything to go by the banksters will simply use the opportunity to bounce both politicians and public further into wage slavery and debt. Osborne's promise to share the results of that 'economic war game' has come to nothing as yet.

Will the ‘Wizard of Oz’ round table central bankers of the BIS act for the benefit of mankind or in their own self-interest? The longer we wait before the politicians, journalists and financial markets acknowledge these debts are unpayable, the more painful and deadly the bursting of the bubble will be.

Political leaders and commentators across the world would do well to take a leaf out of Iceland’s book. Not just to put all 'legalized' counterfeiting banksters behind bars but to say loud and clear, ‘Your money system is enslaving us rather than serving us. So we refuse to pay a penny more.’