Published on Dec 16, 2014
On the teetering economy and possible economic
collapse, former Assistant Treasury Secretary Dr. Paul Craig 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 depositor’s money.
This is the only real reform part of Dodd-Frank. Citigroup got put into
the recent spending bill, the repeal of this, so banks 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 depositor’s 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.”
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with economist Dr. Paul Craig Roberts.http://usawatchdog.com/is-ruble-colla…
