Nassim Haramein interview on Coast to Coast AM: August 18, 2009

Nassim Haramein has a promising theory, which unifies the fundamental forces of physics and shows the universe as being a fractal of a 64 tetrahedron grid. This means that the universe is not only infinitely large, but it is also infinitely small; because the 65 tetrahedron grid is a recursive geometric structure which you can go into or out of infinitely.

There is a great deal of background behind Dr. Haramein’s theory. For further research, listen to the Coast to Coast interview below, or check out his foundation’s site The Resonance Project. read full article »

Barack Obama: Pied Piper of the Plethos

Source: Allegiance and Duty Betrayed

Ignorance, illiteracy, stupidity always have been relevant social factors. This has been the case in any historical human social organization one cares to name — from clan to nation-state.

In every civilization, there is a very thin upper stratum of the people who are concerned with questions of truth, justice, the good — in other words, with the life of reason, or of the human spirit if you prefer. Historically, such people have tended to believe these ultimate values have a claim on every man in terms of the constitution of the good order of his soul, and on the direction of his actions as they translate into the social sphere.

Such people are surrounded by a vastly larger mass of “stupid people” who simply do not see the world that way, generally because they are ignorant, thus personally disordered/disorderly, thus irresponsible — and (thus) ever needy. This mass of “stupid people” has been called: “slaves by nature.”

In Aristotle, we find the distinction between the mass of the people, the plethos — who basically function on the “stupid level” — and the spoudaioi — the prudent, virtuous, public-minded “mature men.” It is the latter class that actually maintains the civilization.

Nowadays, however, progressive educrats like Barack Obama’s old friend, Bill Ayers, teaches teachers to teach their pupils that these spoudaios characters are really nothing but a reactionary, usually male, usually white gang of fascist thugs who are selfishly trying to preserve their own interests against the just claims of disadvantaged people, who are usually either women or “people of color.” The spoudaioi are oppressors you see. read full article »

It’s all Bollocks

David Icke | Infinite Love is the Only Truth: Everything Else is Illusion

The play was a great success, but the audience was a disaster
-Oscar Wilde

The most effective way to disconnect from the manipulations of the Matrix is to laugh in its face. Once we take it seriously we become attached to the game through mind, emotion and fear. The Matrix only exists because we believe its illusions are real, but we don’t have to.

The mind-game has such a grip on reality that people get angry, obsessive or outraged about the most irrelevant bollocks and this myopia cements their arses to the web. In fact, it’s all bollocks. There is nothing, except Infinite Love, that isn’t bollocks. But oh, my – how we get caught. For example, I made the point in I am me, I am free, about the word fuck. Oh my God, did he really say that? ‘Ethel, he’s just said that rude word, it’s outrageous.’ I love it how newspapers, moral guardians that they are, always write the word as f***. What the fuck is that all about? When vou see f*** what goes through your mind? Fuck, exactlyfuck, but not to say it. What bollocks!

Nothing encapsulates how deeply the Matrix has control of the human psyche than our attitudes to the word fuck. It may not be the most beautiful of sounds, but if you hit your thumb with a hammer I challenge you to find a better one to sum up your feelings. Like all words it can be said with venom, matter-of-factly, or in humour and it is the energy and intent behind a word that has the effect, not the word itself. Fuck is just a sound that can produce a disruptive or harmonious resonance depending on the intent. So what’s the big deal about this word when the same is true of all the others? Once again it’s programming. We are told from childhood that the word is taboo and this imprint dictates the lifetime reaction in most people when they hear the dreaded four letters. To say sexual intercourse is fine, though not encouraged because even that’s embarrassing to many, but its one syllable stablemate is definitely persona non grata. Yet imagine if fuck meant something else, say sandwich.

Two pieces of bread with something in the middle is believed to be named after the fourth Earl of Sandwich because, it is said, in about 1762 he asked for meat to be served between slices of bread to avoid interrupting a gambling game. He had originally intended to take the title of Earl of Portsmouth and, if he had, we would now be eating portsmouths. It is also quite possible that if the earl had left his gambling game to have sex with a maid the word sandwich might now be slang for sexual intercourse. It would certainly give new meaning to ‘Im going for a sandwich’. How different it would be if the roles were reversed & by some quirk of events a sandwich was called a fuck. It would be fine to ask for a cheese & tomato fuck, heavy on the mayo but moral outrage would ensue if you asked for a sandwiching fuck. I can say buck & that’s OK. I can say duck & that’s OK. But when I say fuck, there are knickers twisting in every direction. It’s so pathetic & if we can get uptight about a single word, what chance have we got of extricating ourselves from the trillions of far more powerful ways the illusion attaches itself to our sense of reality? It’s the same with nudity. They say a perfect god created the human body and then condemn you for showing it. For goodness sake, they are just illusory willies and illusory breasts. If the taboo programming was not there in the first place no one would give a toss about nudity.

People talk about wanting to be free and yet they can’t get past first base by not being outraged by a bare bum or a single word. Deep breath … Fuuuuuuuuuck. There, see, did anyone die? No one’s been hit by a lighting strike or a cruise missile?
It’s just a fucking word and we are Infinite Consciousness – All Possibility. Jeeeez. I saw a notice outside the studios at a Los Angeles radio station listing all the words a government agency decreed could not be used on air. It said the fine for doing so was $500,000. One of these words was … shit. You can say excrement and pay nothing, but use the word shit for the same substance and you are threatened with a fine of half a million dollars. Give me a shove will you? I’m ready to wake up now. We are so focused on the twigs, like fuck and shit, that we can’t see the trees, let alone the forest. I am not saying everyone should go round swearing if that’s not their choice, but if someone else does, so what?

Sex is another of the moral stickies that keeps people attached to the illusion. I saw an American right-wing Christian say that he was worried about gay marriage and wanted Bush elected to stop it. He was worried about gay marriage? Well, I think I see a way out of this: don’t marry a gay, then. There, simple, what shall we do now? I am tempted to start an Internet advice column and call it noneofyourbloodybusiness.com. What right has anyone to decide if a gay marries a gay? It’s their business and what the hell are we doing moralising about relationships never mind legislating for them? Whether you are gay or what they call ‘straight’ it is only a software program transmitted from and through the DNA/RNA. Infinite Consciousness is All Possibility, the balance of everything, and it doesn’t have our version of ‘sex’ in its non-Matrix form. The super-hologram is where ‘physical’ sex takes place and gay or straight it doesn’t matter. They are both expressions of duality, as is all that male-female stuff. It only happens in the realms of illusion and division. From the perspective we are discussing here, the sexual act, whether between ‘straights’ or ‘gays’, involves inserting a holographic illusion into a holographic illusion and our central processing unit telling us if we are enjoying it or not.
read full article »

On the Narcissism of Obama’s Most Fanatical Supporters

One of the attributes shared by many of Barrack Obama’s more fanatical supporters, is an acute form of Narcissism. It seems as if they enjoy Obama’s presidency so much, because he reflects the same kinds of personality disorders that are endemic in the supporters’ own minds.

The problem these individuals face, is the fact that neither Obama, nor his supporters, seem to realize what the administration’s policies may do to the country, if fully implemented. For the most part, they are not genuinely interested in hearing what anyone else has to say either, if it isn’t directly supporting the administration’s stance.

In fact, many of these supporters are unaware of the details of Obama’s policies; often they may not know more than the title of the bill, the abstract or some sound bytes they heard via the media. As anyone who has actually read bills knows, these tidbits rarely convey the true nature of the meaning and scope of a proposed bill.

It seems as if one of the main attractions to Obama is his rhetoric and his personality. Certain types of people are attracted to him like a magnet, regardless of the implications of his policy agenda. Some of them even admit that his policies don’t matter, and all that really matters is his “leadership.” This is one of the most fatally flawed viewpoints I can imagine driving an executive’s support base. read full article »

Top 25 Comercial Banks have $201 Trillion in Derivatives but only $7.7 Trillion in Assets

You rarely hear about the true nature of the dilemmas our financial system faces. Only recently, as the real economy begins to implode, do the financial media talking heads even discuss such matters.  Judging by the lack of concern amongst most of the people out there; they probably do not realize just what kinds of sums we are dealing with.

Here is what 1 Trillion dollars would look like, in hundred dollar bills, on forklift pallets double stacked:

1 Trillion Dollars in Hundred Dollar Bills on Forklift Pallets

Imagine $201 Trillion Dollars on forklift pallets; because that is the number that our top commercial banks are toying around with on a daily basis. read full article »

Give Me Liberty Or Give Me Death

Patrick Henry, March 23, 1775.

No man thinks more highly than I do of the patriotism, as well as abilities, of the very worthy gentlemen who have just addressed the House. But different men often see the same subject in different lights; and, therefore, I hope it will not be thought disrespectful to those gentlemen if, entertaining as I do opinions of a character very opposite to theirs, I shall speak forth my sentiments freely and without reserve. This is no time for ceremony. The questing before the House is one of awful moment to this country. For my own part, I consider it as nothing less than a question of freedom or slavery; and in proportion to the magnitude of the subject ought to be the freedom of the debate. It is only in this way that we can hope to arrive at truth, and fulfill the great responsibility which we hold to God and our country. Should I keep back my opinions at such a time, through fear of giving offense, I should consider myself as guilty of treason towards my country, and of an act of disloyalty toward the Majesty of Heaven, which I revere above all earthly kings.

Mr. President, it is natural to man to indulge in the illusions of hope. We are apt to shut our eyes against a painful truth, and listen to the song of that siren till she transforms us into beasts. Is this the part of wise men, engaged in a great and arduous struggle for liberty? Are we disposed to be of the number of those who, having eyes, see not, and, having ears, hear not, the things which so nearly concern their temporal salvation? For my part, whatever anguish of spirit it may cost, I am willing to know the whole truth; to know the worst, and to provide for it.

I have but one lamp by which my feet are guided, and that is the lamp of experience. I know of no way of judging of the future but by the past. And judging by the past, I wish to know what there has been in the conduct of the British ministry for the last ten years to justify those hopes with which gentlemen have been pleased to solace themselves and the House. Is it that insidious smile with which our petition has been lately received? Trust it not, sir; it will prove a snare to your feet. Suffer not yourselves to be betrayed with a kiss. Ask yourselves how this gracious reception of our petition comports with those warlike preparations which cover our waters and darken our land. Are fleets and armies necessary to a work of love and reconciliation? Have we shown ourselves so unwilling to be reconciled that force must be called in to win back our love? Let us not deceive ourselves, sir. These are the implements of war and subjugation; the last arguments to which kings resort. I ask gentlemen, sir, what means this martial array, if its purpose be not to force us to submission? Can gentlemen assign any other possible motive for it? Has Great Britain any enemy, in this quarter of the world, to call for all this accumulation of navies and armies? No, sir, she has none. They are meant for us: they can be meant for no other. They are sent over to bind and rivet upon us those chains which the British ministry have been so long forging. And what have we to oppose to them? Shall we try argument? Sir, we have been trying that for the last ten years. Have we anything new to offer upon the subject? Nothing. We have held the subject up in every light of which it is capable; but it has been all in vain. Shall we resort to entreaty and humble supplication? What terms shall we find which have not been already exhausted? Let us not, I beseech you, sir, deceive ourselves. Sir, we have done everything that could be done to avert the storm which is now coming on. We have petitioned; we have remonstrated; we have supplicated; we have prostrated ourselves before the throne, and have implored its interposition to arrest the tyrannical hands of the ministry and Parliament. Our petitions have been slighted; our remonstrances have produced additional violence and insult; our supplications have been disregarded; and we have been spurned, with contempt, from the foot of the throne! In vain, after these things, may we indulge the fond hope of peace and reconciliation. There is no longer any room for hope. If we wish to be free– if we mean to preserve inviolate those inestimable privileges for which we have been so long contending–if we mean not basely to abandon the noble struggle in which we have been so long engaged, and which we have pledged ourselves never to abandon until the glorious object of our contest shall be obtained–we must fight! I repeat it, sir, we must fight! An appeal to arms and to the God of hosts is all that is left us!

They tell us, sir, that we are weak; unable to cope with so formidable an adversary. But when shall we be stronger? Will it be the next week, or the next year? Will it be when we are totally disarmed, and when a British guard shall be stationed in every house? Shall we gather strength by irresolution and inaction? Shall we acquire the means of effectual resistance by lying supinely on our backs and hugging the delusive phantom of hope, until our enemies shall have bound us hand and foot? Sir, we are not weak if we make a proper use of those means which the God of nature hath placed in our power. The millions of people, armed in the holy cause of liberty, and in such a country as that which we possess, are invincible by any force which our enemy can send against us. Besides, sir, we shall not fight our battles alone. There is a just God who presides over the destinies of nations, and who will raise up friends to fight our battles for us. The battle, sir, is not to the strong alone; it is to the vigilant, the active, the brave. Besides, sir, we have no election. If we were base enough to desire it, it is now too late to retire from the contest. There is no retreat but in submission and slavery! Our chains are forged! Their clanking may be heard on the plains of Boston! The war is inevitable–and let it come! I repeat it, sir, let it come.

It is in vain, sir, to extenuate the matter. Gentlemen may cry, Peace, Peace– but there is no peace. The war is actually begun! The next gale that sweeps from the north will bring to our ears the clash of resounding arms! Our brethren are already in the field! Why stand we here idle? What is it that gentlemen wish? What would they have? Is life so dear, or peace so sweet, as to be purchased at the price of chains and slavery? Forbid it, Almighty God! I know not what course others may take; but as for me, give me liberty or give me death!

The Wormhole at the “Process Event Horizon”

Ever since the beginnings of fiat money, economies have pulsated between polar opposites: paper and tangibles. The Romans started out with pure gold and silver coins; but with the decline of their economy, they diluted the precious metal content until there was virtually no precious metals in the coins.

There comes a point where it becomes painfully obvious that a society cannot function without economic discipline; meaning there must be controls on the issuance of money. The most reliable method known of today is to make all paper money backed by precious metals, or to use precious metal coins themselves for commerce.

We are in the final phases of the paper-promise-based economy; the point at which perceptions can no-longer be papered over to continue this fiat game. Confidence is lost, without which you cannot operate a system of paper-promises. This is where natural law re-asserts itself and real value overtakes fantasy value in the minds of people everywhere.

It happens quickly, when the game is finally up; there are many examples of hyper-inflation throughout history to give you an idea of how it turns out. The velocity of money increases dramatically when hyperinflation hits, meaning people quickly spend the money they have while it still has value; this causes prices to further escalate in a vicious cycle. In Weimar Germany, when all of the chickens came home to roost, their Papiermark was 1 Trillion to a single US Dollar.

Just imagine what would happen if a significant number of the trillions upon trillions of US Dollars in the system today were mobilized to purchase tangible assets. When you factor in the tremendous amount of money creation taking place throughout the world, the prices of these tangible assets will necessarily go up tremendously when the money hits the real economy.

Reliable sources indicate that the MOPE (Management of Perception Economics) cannot last much longer. The game is likely up in late 2009, going into 2010. We are likely to see a year of perilous decline in the value of the US Dollar. It will be an incredibly bad year for the ill-prepared.

The Final Definition of Inflation According To the Law of Relativity

Jim Sinclair | Jim Sinclair’s Mine Set

Inflation equals money squared.

Eventually no speed of creation of money can maintain the economic stabilizing graviton and according to the law of physics we all fall into the Weimar black hyperinflation hole.

The wormhole at the “process event horizon” (the fall of Lehman Brother and the pending fall of CIT) is from commodity money to commodity money.

The wormhole travels through economic pain and suffering.

YOUR SAFE SHIP IS GOLD BULLION for the transitional trip from commodity money through Weimar hyperinflation and back to commodity money.

As sure as E=MC squared rules in physics, hyperinflation, the black hole of the Bernanke electric money printing press, is here and now accelerating to the speed of light that even at that speed must fall into the black hole in the distorted (by Bernanke) of the financial space – time continuum.

There is no escape from the hyperinflationary result of the infinite quantity of money being created to fill the void of value in the now more than one quadrillion dollars worth of value-less OTC derivatives created from 1991 to 2009.

Alternatives to Empiricism: Experiencing Beyond the “Five Senses”

In this western empiricism “box” that we often put ourselves in, we are resigned to acknowledging only the images that enter our minds through the visual cortex. There are, however, other ways of seeing and experiencing which neither involve the eyes, nor objects that the eyes have seen.

This reliance on the so-called “five senses,” as the only valid form of experience, tends to blind us. Because of it, we often fail to experience the deeper aspects of our being. Indeed there is a kind of circular reasoning behind empiricism; there is this implicitly accepted idea that I cannot know anything beyond what the “five senses” experience of the material realm.

Is there really any basis for the belief that there is nothing beyond the “five senses”?

There are a number of experiences one can have, be it shamanic or meditative, which provide a glimpse of realms of being which are altogether alien to the material world.

Intuition: Delusion or Perception?

Toward a Scientific Explanation of the Akashic Experience

Irvin Laszlo | New Dawn Magazine

The intuitions reported by mystics, poets, artists, ordinary people, even scientists, often go beyond the range of sensory perception. In the reductionist culture inspired by classical science, they are dismissed as mere delusion – classical empiricism claims that there is nothing in the mind that was not first in the eye. However, the classical tenet is not universally upheld. It is exceptional in the annals of history, and even in the context of contemporary cultures. read full article »

Alaska Governor Palin Asserts Sovreignty Under Tenth Amendment

If you watched the post-election interview with Greta Van Susteren, you’ve seen that Sarah Palin is actually nothing like the scripted persona often smeared by the media. In my view, this image of Palin was carefully cultivated to throw the election towards Barrack Obama.

What we have here, is an example of a growing trend of states re-asserting their Tenth Amendment Constitutional rights. Despite Washington DC’s effort to be the dictators of our everyday lives, their efforts will ultimately flounder.

They will fail because they cannot finance their spending spree, in any practical sense. Their lack of foresight will cause the dollar to fail. Once the dollar is finally demolished, I forsee the Federal Empire crumbling and a fracture into smaller centers of power; perhaps it will be the states who absorb the governing authorities.

In my view, a Tenth Amendment revolution is the best possible outcome. We don’t need these out of control dictators in the District of Columbia anymore than I need a hole in my head.

Palin to feds: Alaska is sovereign state

Constitutional rights reasserted in growing resistance to Washington

By Chelsea Schilling | World Net Daily

Gov. Sarah Palin has signed a joint resolution declaring Alaska’s sovereignty under the Tenth Amendment to the Constitution – and now 36 other states have introduced similar resolutions as part of a growing resistance to the federal government.

Just weeks before she plans to step down from her position as Alaska governor, Palin signed House Joint Resolution 27, sponsored by state Rep. Mike Kelly on July 10, according to a Tenth Amendment Center report. The resolution “claims sovereignty for the state under the Tenth Amendment to the Constitution of the United States over all powers not otherwise enumerated and granted to the federal government by the Constitution of the United States.”

Alaska’s House passed HJR 27 by a vote of 37-0, and the Senate passed it by a vote of 40-0.

According to the report, the joint resolution does not carry with it the force of law, but supporters say it is a significant move toward getting their message out to other lawmakers, the media and grassroots movements.

Alaska’s resolution states:

Be it resolved that the Alaska State Legislature hereby claims sovereignty for the state under the Tenth Amendment to the Constitution of the United States over all powers not otherwise enumerated and granted to the federal government by the Constitution of the United States.

Be it further resolved that this resolution serves as Notice and Demand to the federal government to cease and desist, effective immediately, mandates that are beyond the scope of these constitutionally delegated powers.

While seven states – Tennessee, Idaho, North Dakota, South Dakota, Oklahoma, Alaska and Louisiana – have had both houses of their legislatures pass similar decrees, Alaska Gov. Palin and Tennessee Gov. Phil Bredesen are currently the only governors to have signed their states’ sovereignty resolutions.

The resolutions all address the Tenth Amendment that says: “powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.”

The Tenth Amendment Center also reported that Florida State Sen. Carey Baker, R-Eustis, introduced a memorial earlier this month urging “Congress to honor the provisions of the Constitution of the United States and United States Supreme Court case law which limit the scope and exercise of federal power.”

“Now more than ever, state governments must exercise their Constitutional right to say no to the expansion of the federal government’s reckless deficit spending and abuse of power,” Sen. Baker said. “With this resolution, our Legislature can send a message to Washington that our state’s rights must be respected.”

The full text of Florida’s memorial is available on the Tenth Amendment Center website.

As WND reported, South Carolina’s proposal, S. 424, is titled: “To affirm South Carolina’s sovereignty under the Tenth Amendment to the United States Constitution over all powers not enumerated and granted to the federal government by the United States Constitution.”

Essentially it’s a reminder that the United States is made up of individual states; it’s not a federal authority broken up into political subdivisions.

In South Carolina, the proposals remains pending in the state Senate, where Sen. Lee Bright said he still hopes that it will be adopted this year.

The proposal there notes specifically that the “federal government was created by the states … to be an agent of the states,” and the states currently “are treated as agents of the federal government,” many times in violation of the Constitution.

Bright told WND the movement is spreading from state to state as fast as lawmakers discover it.

Michael Boldin, a spokesman for the Tenth Amendment Center, said his organization has created a posting for all such proposals to be tracked.

Among the states where such proposals at least have been considered are Louisiana, Colorado, Wisconsin, Florida, Illinois, West Virginia, North Carolina, North Dakota, Ohio, Nevada, Oregon, Alabama, Mississippi, Pennsylvania, Idaho, New Mexico, South Dakota, Virginia, Kentucky, Alaska, Indiana, Tennessee, Arkansas, Minnesota, South Carolina, Georgia, Kansas, Texas, New Hampshire, Massachusetts, Missouri, Iowa, Montana, Michigan, Arizona, Washington and Oklahoma.

In Louisiana, it passed the Senate in May and the House in June.

In Idaho, it passed the House in March and the Senate in April.

In North Dakota, it passed the House and Senate both in April, with the House a short time later adopting changes made by the Senate.

In South Dakota, it was approved by both houses of the Legislature and under that state’s rules does not need the governor’s signature.

In May, Rep. M.J. “Manny” Steele, a Republican in South Dakota, wrote that he believes up to $11 trillion is being wasted in the coming years by Washington’s efforts “to duplicate and micromanage our states’ affairs.”

He said states should manage their own affairs and not be dependent on a federal cash cow to make ends meet. Likewise with industries, he said, citing federal cash dumps on the banking, insurance and automobile industries.

Steele told WND his dollar estimate was based on what President Obama himself has allocated in the coming years to spend on stimulus packages, industry bailouts and the like.

“If we would just let the market take care of these things,” he said.

His letter noted that Alaska, Georgia, Idaho, Missouri, North Dakota, Oklahoma and South Carolina legislatures joined South Dakota’s in passing some statement on the Tenth Amendment this year. The results vary based on state procedures, however. In Oklahoma, the governor vetoed the plan and it was launched on its second trip through the legislature and has been passed by the House.

“Over the course of decades, there have been increasing federal mandates and acts designed to effectively step in and legislate the affairs of our various states from Washington D.C.,” Steele said. “Federal usurpation into state affairs severely limits the ability of state governments to operate according to their citizens’ wishes.”

Fiscal ruin of the Western world beckons

For a glimpse of what awaits Britain, Europe, and America as budget deficits spiral to war-time levels, look at what is happening to the Irish welfare state.

By Ambrose Evans-Pritchard | UK Telegraph

Events have already forced Premier Brian Cowen to carry out the harshest assault yet seen on the public services of a modern Western state. He has passed two emergency budgets to stop the deficit soaring to 15pc of GDP. They have not been enough. The expert An Bord Snip report said last week that Dublin must cut deeper, or risk a disastrous debt compound trap.

A further 17,000 state jobs must go (equal to 1.25m in the US), though unemployment is already 12pc and heading for 16pc next year.

Education must be cut 8pc. Scores of rural schools must close, and 6,900 teachers must go. “The attacks outlined in this report would represent an education disaster and light a short fuse on a social timebomb”, said the Teachers Union of Ireland.

Nobody is spared. Social welfare payments must be cut 5pc, child benefit by 20pc. The Garda (police), already smarting from a 7pc pay cut, may have to buy their own uniforms. Hospital visits could cost £107 a day, etc, etc.

“Something has to give,” said Professor Colm McCarthy, the report’s author. “We’re borrowing €400m (£345m) a week at a penalty interest.”

No doubt Ireland has been the victim of a savagely tight monetary policy – given its specific needs. But the deeper truth is that Britain, Spain, France, Germany, Italy, the US, and Japan are in varying states of fiscal ruin, and those tipping into demographic decline (unlike young Ireland) have an underlying cancer that is even more deadly. The West cannot support its gold-plated state structures from an aging workforce and depleted tax base.

As the International Monetary Fund made clear last week, Britain is lucky that markets have not yet imposed a “penalty interest” on British Gilts, given the trajectory of UK national debt – now vaulting towards 100pc of GDP – and the scandalous refusal of this Government to map out any path back to solvency.

“The UK has been getting the benefit of the doubt, both in the Government bond market and also the foreign exchange market. This benefit of the doubt is not going to last forever,” said the Fund.

France and Italy have been less abject, but they began with higher borrowing needs. Italy’s debt is expected to reach the danger level of 120pc next year, according to leaked Treasury documents. France’s debt will near 90pc next year if President Nicolas Sarkozy goes ahead with his “Grand Emprunt”, a fiscal blitz masquerading as investment.

There was a case for an emergency boost last winter to cushion the blow as global industry crashed. That moment has passed. While I agree with Nomura’s Richard Koo that the US, Britain, and Europe risk a deflationary slump along the lines of Japan’s Lost Decade (two decades really), I am ever more wary of his calls for Keynesian spending a l’outrance.

Such policies have crippled Japan. A string of make-work stimulus plans – famously building bridges to nowhere in Hokkaido – has ensured that the day of reckoning will be worse, when it comes. The IMF says Japan’s gross public debt will reach 240pc of GDP by 2014 – beyond the point of recovery for a nation with a contracting workforce. Sooner or later, Japan’s bond market will blow up.

Error One was to permit a bubble in the 1980s. Error Two was to wait a decade before opting for monetary “shock and awe” through quantitative easing.

The US Federal Reserve has moved faster but already seems to think the job is done. “Quantitative tightening” has begun. Its balance sheet has contracted by almost $200bn (£122bn) from the peak. The M2 money supply has stagnated since January. The Fed is talking of “exit strategies”.

Is this a replay of mid-2008 when the Fed lost its nerve, bristling over criticism that it had cut rates too low (then 2pc)? Remember what happened. Fed hawks in Dallas, St Louis, and Atlanta talked of rate rises. That had consequences. Markets tightened in anticipation, and arguably triggered the collapse of Lehman Brothers, AIG, Fannie and Freddie that Autumn.

The Fed’s doctrine – New Keynesian Synthesis – has let it down time and again in this long saga, and there is scant evidence that Fed officials recognise the fact. As for the European Central Bank, it has let private loan growth contract this summer.

The imperative for the debt-bloated West is to cut spending systematically for year after year, off-setting the deflationary effect with monetary stimulus. This is the only mix that can save us.

My awful fear is that we will do exactly the opposite, incubating yet another crisis this autumn, to which we will respond with yet further spending. This is the road to ruin.