kingworldnews.com / March 16, 2013
Today a former Assistant Secretary of the US Treasury warned King World News, “This type of situation is extremely dangerous. The world has never seen it before.” Former Assistant of the US Treasury, Dr. Paul Craig Roberts, also told King World News that JP Morgan now threatens the stability of the entire global financial system. And if the Fed loses control and we collapse, “Nothing and no one would be safe anywhere.”
Here is what Dr. Roberts had to say in the second and final part of this extraordinary interview: “I can point out three giant bubbles that threaten the remains of the American economy … When these bubbles pop, the consequence is obvious: The wipeout of the remaining wealth from bond and stock collapses, and a very strong domestic inflation from the rise in the import prices.”
Dr. Paul Craig Roberts continues…
“The United States is now an import dependent country. It doesn’t produce its own manufactured products, clothes, shoes. These import items dwarf the import of oil or energy. So what is the potential for happening when these bubbles burst is widespread unemployment, and a rapid increase in inflation, before which the economic policy has no known solution.
… It is frightening, and it shows the extent to which the economic policy of the United States is misused in support of four or five big banks that are ‘too big to fail’ … We now have one bank, JP Morgan, which has derivative exposure equal to the (entire) world’s GDP….
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