Posted on 12/17/2014 12:58:34 PM PST by GilGil
On the teetering economy and possible economic collapse, Dr. Roberts says, “We know something serious is wrong. The only provision of Dodd-Frank that has any teeth is the provision that says if the big banks are going to be casinos and gamble on derivatives, they cannot do that in the depository institution where depositors have their accounts. They have to farm it out into subsidiaries. So, if the subsidiaries get into trouble, the subsidiaries have no access to depositors’ money. This is the only real reform part of Dodd-Frank. Citigroup got put into the recent spending bill, the repeal of this, so they can gamble on derivatives, and taxpayers and depositors are on the hook for the losses. Why would you do that unless you had a lot of derivatives trouble. It could easily be the oil derivatives. . . . The banks can gamble all they want and they are covered by the FDIC, which has no money. . . . This gives the banks access to depositors’ money. . . . This is sick, and it shows the United States government is the most corrupt government on earth, far more corrupt than Russia or China.”
(Excerpt) Read more at usawatchdog.com ...
“Citigroup got put into the recent spending bill, the repeal of this, so they can gamble on derivatives, and taxpayers and depositors are on the hook for the losses.”
If this is true then we are in deeper than I thought. Somebody say it ain’t so.
Putin is the same loser he’s always been. His incompetence has run his country into the ditch again.
You touched on a subject I thought about many years ago.
First a little background -MPC is Military Payment Certificate money it looks like monopoly money.
Upon arriving in Korea you had to turn in all your greenbacks and get the equivalent in MPC.
When I was in Korea for months, all of a sudden they told us to turn in all our MPC money immediately, like, by noon the next day.
The Army then reimbursed you with the equivalent of the new MPC.
This had the effect of defrauding anyone outside of the military that had large amounts of old MPC. The old MPC became worthless, and could never be turned back in for Greenbacks.
So I got to wonder what if a country decides to default and has its citizens turn in their money for a new currency issue and the outsiders get stuck with useless money.
I realize it gets messy and there are a lot of considerations like letting selected friendly countries, or countries you depend on, off the hook.
Pretty complicated, and probably a straight up default on selected debts is the easiest option.
But the way the world is going, nothing can be ruled out.
Just wondering. - Tom
Wasn’t Bush supposed to nuke an East Coast city to excuse an attack on Iran?
Paul Craig Roberts, formerly of the editorial board of the WSJ and assistant secy of the treasury, has morphed into a full-on crank in his old age. He still has a few interesting insights, but largely comes across as a lip-smacking doddering old fool.
Didn’t Soros try this once before? Has anybody seen him in the last month?
Going by the Title
Act of War...
Does this clown realize what type of fire he is messing with by breaching that idea publicly?
By the mere mention of it, he gives the idea credence on the public stage.
That is a massive mistake. All Putin needs to do is think he is justified by taking military action.
Good grief this is idiotic.
Folks, oil has taken a massive hit. Russia relies on oil exports. Roberts doesn’t seem to grasp the significance of this.
If you as a person or your nation as an entity loses over a third of your income for your leading commodity, you’re going to have problems.
This has caused the Ruble to experience downward pressure.
Further, sanctions of the West over Putin’s invasion of a neighbor nation may not be heaven sent, but they are rational. They are measures short of military action, and get the point across that treachery is not without it’s pitfalls.
Roberts raising the ‘Act of War’ specter here, is unforgivable. Moron...
The US produces more oil. The price of oil comes down. How is that an attack?
I’ll wager this is all over the Russian “media.”
First RATIONAL assessment that I’ve seen of this insanity.
If I were a leader in trouble in Russia, I’d make sure it was.
If he uses the excuse of oil price lowering being behind Russia's troubles then he indirectly admits it is not his genius, but an oil price rising that was behind recent well being of Russians.
He came to power in 2000 and this is what the oil price has done since.
>> Somebody say it ain’t so. <<
If said by Paul Craig Roberts, noted apologist for Putin, it probably ain’t so.
I think he may be at least partially write. I found this after I read your post.
I know Putin is a rotten person but how is he that much less corrupt and dictatorial than President Obama? How much worse is the present Russian government compared to Obama’s control of our federal government?
Think of Putin, the bare-chested one, as Obama on steroids . . . and you will get the picture.
~Stupidity in matters financial = war?
IMHO, Russia worked long and hard to achieve its present financial problems.~
You certainly make sense right now, but starting a trade war on Russia is the biggest gift for its politicians they can imagine to explain their voters that it is not actually their fault.
Also keep in mind that the Chinese economy is grinding to a abrupt halt right now.
It’s so....
Presenting The $303 Trillion In Derivatives That US Taxpayers Are Now On The Hook For
http://www.freerepublic.com/focus/f-news/3236486/posts
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