In times of universal deceit, telling
the truth is a revolutionary act.
         - George Orwell


Napoleon once observed that "history" is a set of lies agreed upon. In an era of ubiquitous fake news and information warfare, this has never been more true. The very concept of objective truth in history is fading out of our world. Pure propaganda and outright lies are passing into our history textbooks as unquestioned truth, condemning future generations to false views about historical reality. But the task of sifting through the lies and propaganda is overwhelming, limited by the ambition and time constraints of most observors. Only those who have dedicated their lives to sorting reality from falsehood are qualified to rewrite "consensus" history as a duty to humanity. The contributors to this site endeavor to do just that.

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Monday, January 22, 2018

World Finance Now More Dangerous Than in 2008, Warns Central Bank Guru

 By Ambrose Evans-Pritchard (in Davos), appearing in The Telegraph, Jan 22, 2018 

       The world financial system is as dangerously stretched today as it was at the peak of the last bubble but this time the authorities are caught in a ‘policy trap’ with few defenses left, a veteran central banker has warned.
       Nine years of emergency money has had a string of perverse effects and lured emerging markets into debt dependency, without addressing the structural causes of the global disorder.  “All the market indicators right now look very similar to what we saw before the Lehman crisis, but the lesson has somehow been forgotten,” said William White, the Swiss-based head of the OECD’s review board and ex-chief economist for the Bank for International Settlements.
       William White is the ex-chief economist for the Bank for International Settlements. Prof White said disturbing evidence of credit degradation is emerging almost daily. The latest horror is the revelation that distressed UK construction group Carilion quietly raised £112m through German Schuldschein bonds....

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