Question: This question is about the current global economic situation. Saint Germain has commented on the economy and finance several times previously. When I look at various indicators of the current global economy, the situation is getting more difficult. At the time of the financial crisis in 2008, financial elites solve the crisis for temporary measure, such as applying ultra-low interest rates and excessive liquidity expansion rather than working on the fundamental problem. As a result, the price of real estate and stocks have gone up and household and corporate debt has grown tremendously. Moreover, economic imbalances are deepening as the top 1% accounts for half of the total wealth. I believe that true democratization must be accompanied with economic democratization primarily with income redistribution. As Saint Germain said before, it is imperative that many people realize the reality of the financial elite to control and build a monetary system based on the real economy and a system that solves income inequality problems. Would you comment on what we should do about the current global financial and economic situation?
Answer from the Ascended Master Saint Germain through Kim Michaels. This answer was given at a conference in Korea in 2019.
Well, what we should do depends on who we are, in the sense that if you’re asking about what ascended masters students should do, it would be to use the invocations that we have given you on the economy. And also, of course, to take appropriate measures so that you protect yourself and do not invest your money in these various corporations and financial institutions that could be exposed to a breakdown.
I’ve said before that, as you correctly pointed out, there was not really a fundamental change made after the 2008 crisis. And so, unless there is a willingness to create systemic changes, then it is just a matter of time before the next crisis happens. Now, there are certain measures that have been put in place that will make it more difficult for a new crisis. But still, there is that potential that a new crisis could happen. There could also be milder versions of the crisis. In terms of the democratization of the economy, I have already commented on what needs to happen with corporations.
But let us talk about debt also. It’s clear that the current model, where you have a debt-based economy is not sustainable, and certainly will not survive in the Golden Age. So there will, given that the depth keeps increasing both for nations and for individuals and corporations, there will come a point where it will become obvious to everybody that the only way out of the debt is to simply cancel out the debt, to simply turn the clock to zero and say, “We are canceling all debt”. You can even see in a Bible how this has happened in ancient times when the economy was much smaller. And it’s simply because when you allow money to be created as debt, the interest payment on the debt will create various problems, including inflationary pressures. And there comes a point where this is no longer sustainable.
In terms of a redistribution of wealth, yes, this can partly happen, as I explained with the corporations that more aware consumers do not spend their money in these corporations that are owned by, or that funnel money to the top elite. There can, as you see already, be various levels of economy. Right now, for example, you have a so-called underground economy that is fueled by drug money, for example, or other forms of crime. I am not, of course approving of this, I’m simply stating the fact that right now you have one level of economy, and then you have the more official, legal level of the economy.
But there’s already beginning to emerge a new level of economy, where people who are more aware, more conscious, are not spending their money with the large corporations. Now, it is of course, also possible that you can come to a point where societies realize that not only is debt a problem because it creates barriers, issues, including inequality, but the concentration of wealth in the hands of a few people is also a problem.
So this can be dealt with in different ways. It can, of course, as you see in some nations, for example, in Europe, where you have extra taxation on those with very high incomes or high profits. But it can also be happening by making it illegal to have certain forms of speculation certain of what you want a neutral word called financial instruments, but which are really just speculation. There will also come a point where nations will see that maintaining the current economy, that is really, what I have called a perception-based gambling economy also, is not sustainable. And that means that these financial instruments that can so easily be manipulated by the elite will be made illegal. And once you do this, then it will become more difficult for the rich, to use the money they have to make more money.
There will of course, as I’ve talked about before, come that point where societies will realize that making money off of money simply cannot be allowed in a democratic—a truly democratic nation because it gives an unfair advantage to those who already have accumulated money, often by using force or deception to accumulate the money. And therefore, you cannot actually have a truly free democratic society, as long as you allow people to manipulate markets in order to maximize profits. You as spiritual people can make the calls for this. We already have invocations for this purpose. More will be released in the future. But even the invocations based on this conference will be useful for that purpose.
Copyright © 2019 Kim Michaels