I recently came across an article written by +Paul Craig Roberts that I am compelled to share. Mr. Roberts was an Assistant Secretary of the Treasury during the Regan Administration. He has also edited and written for The Wall Street Journal and Business Week.
When you look back over the past 4-5 years of continuous economic strife, and you connect the dots, these dots clearly demonstrate to anyone that’s been paying attention during this time frame, that “something ain’t right”. The thinking man asks “what’s up with that”.
In this article Mr. Roberts states, “the entire economic policy of the United States is dedicated to saving four banks that are too large to fail”. He also states, “according to the Office of the Comptroller of the Currency’s fourth quarter report for 2011, about 95% of the $230 Trillion in US derivative exposure was held by four US financial institutions; JP Morgan Chase Bank, Bank of America, Citibank, and Goldman Sachs.”
He further states, “With the repeal of Glass-Steagall these honest commercial banks became gambling casinos, like the investment bank, Goldman Sachs, betting not only their own money but also depositors money on uncovered bets on interest rates, currency exchange rates, mortgages, and prices of commodities and equities.
These bets soon exceeded many times not only US GDP but world GDP. Indeed, the gambling bets of JP Morgan Chase Bank alone are equal to world Gross Domestic Product”.
In other words, they have created about as much aggregate debt as 25% of all the stars in the universe. Astronomers estimate that there are somewhere between 1000 Trillion and 4000 Trillion stars in the universe. $230 Trillion dollars (that’s like 19 zeros) equals almost 25% of the low end projection of the star count. After reading this, I will never look up at the stars at night the same way again!
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