Tuesday, June 12, 2012
ECONOMIC CRISIS - SOLUTION
Reportedly, the world economic crisis has been caused by five US banks.
(Geithner's 'Dirty Little Secret' by historian F. William Engdahl)
Under President Clinton, it was made easier for banks to 'gamble', using things called 'derivatives'.
Most 'derivatives' are bets on interest rates.
If the bets go badly wrong, the banks are in trouble.
Bank of America has $38 trillion in derivatives.
Citibank has $32 trillion.
Goldman Sachs has $30 trillion.
Wells Fargo-Wachovia Bank has $5 trillion.
Taxpayers' money has been poured into US banks to shore them up.
Dr. Paul Craig Roberts, former Assistant Secretary of the US Treasury, has a solution.
"The US government should simply cancel the $230 trillion in derivative bets, declaring them null and void...
"No real assets are involved, merely gambling...
"The financial gangsters who want to continue enjoying betting gains while the public underwrites their losses would scream and yell about the sanctity of contracts.
"However, a government that can murder its own citizens or throw them into dungeons without due process can abolish all the contracts it wants in the name of national security.
"And most certainly, unlike the war on terror, purging the financial system of the gambling derivatives would vastly improve national security."