Confidential and restricted sources have been revealed in the past by ex-chief economist and dissenter of the World Bank, Joseph Stiglitz. Financial disintegration was explained by Stiglitz using a four step process. Greg Palast, an investigative reporter was told of that very process.
Joseph Stiglitz is the author of The Price of Inequality: How Today’s Divided Society Endangers Our Future
Financial Disintegration Defined In A Four Step Process:
1. Privatisation — The process of transferring ownership of a business, enterprise, agency, public service or public property from the public sector (a government) to the private sector, either to a business that operate for a profit or to a non-profit organization. It may also mean government outsourcing of services or functions to private firms, e.g. revenue collection, law enforcement, and prison management.
2. Capital Market Liberalization — Although economic liberalization is often associated with privatization, the two can be quite separate processes. For example, the European Union has liberalized gas and electricity markets, instituting a system of competition; but some of the leading European energy companies (such as EDF and Vattenfall) remain partially or completely in government ownership.
Liberalized and privatized public services may be dominated by just a few big companies particularly in sectors with high capital costs, or high such as water, gas and electricity. In some cases they may remain legal monopoly at least for some part of the market (e.g. small consumers).
Liberalization is one of three focal points (the others being privatization and stabilization) of the Washington Consensus’s trinity strategy for economies in transition. An example of Liberalization is the Washington Consensus which was a set of policies created and used by Argentina.
3. Market-Based Pricing — A fancy term for raising prices on food, water and cooking gas. It leads to what is called an IMF Riot. This is where frustrated citizens take to the streets in protest, often after losing access to precious commodities, such as food, water, etc.
4. Free Trade — Free trade is a policy by which a government does not discriminate against imports or interfere with exports by applying tariffs (to imports) or subsidies (to exports) or quotas.
In reality, this is absolutely the opposite of what it initially sounds like. The official story supposes that we’ve reached a new era in which free markets are being opened up and mutual agreements will fairly benefit both sides of that agreement. This is rarely what occurs and trade usually becomes a one-sided affair.
Troika
The tripartite committee led by the European Commission with the European Central Bank and the International Monetary Fund, that organised loans to the governments of Greece, Ireland and Portugal and Cyprus.
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