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Martin Armstrong continues:
“Corzine went down (to the SEC), met with Mary Schapiro, she personally revoked it. That’s information I have from inside the SEC. So the whole thing is a joke. When I speak to people on the (Capitol) Hill, they even say the SEC is bought and paid for. If they (Congress) ask them (the SEC) for documentation, they resist. Just like the Fed resisted opening the books to Ron Paul.
These are unelected government agencies. They do not play ball with the elected side of government. It’s a contentious relationship. This is not one government and we should understand what the structure really is.”
When asked about a communication he received regarding the MF Global situation, Armstrong stated, “Largely because of my comments on this subject, I received an email (from the CME) saying that the CME is now considering ponying up $550 million to help the investors to bring them back up to at least an 88% level instead of the 72% level from the court.
Legally the CME should bring it up to 100% and then they become the creditor against the banks. They probably don’t have the money. But the banks should be giving back all of the money they took from MF Global. They know what the deal is, they know it was client’s assets....
Continue reading the Martin Armstrong interview below...
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“So I think the CME is between a rock and a hard place, but if they don’t do something you are talking about the entire US financial system is something equivalent to some third world entity.”
When asked why the CME was communicating with him, Armstrong replied, “Apparently our influence is still very huge and there were some members (of the CME) that came to the conference. Our conferences tend to be well attended and like mini UN’s.
The question (at the conference) was, ‘Is money safe in the United States?’ The response was, ‘Unless you get some sort of written authority from whoever you are dealing with that they are not going to engage in this kind of activity, you are going to have to go to some other place where it’s not allowed.’ At least in London they have to have a signed agreement. They don’t in New York.
They (investors) have been moving money dramatically from New York. You don’t want your money at a place that’s trading right now...It’s just crazy. What’s going on around the world, everybody is really concerned at practically every level and now we have MF Global, which is bringing into question the validity of the US financial system.”
© 2011 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. However, linking directly to the blog page is permitted and encouraged.
Eric King
KWN Special - Money is Fleeing the US Financial System
With growing concerns about the safety of the US financial system, today King World News interviewed internationally followed Martin Armstrong, founder and former head of Princeton Economics International Ltd.. At one point Armstrong’s firm rose to be perhaps the largest multinational corporate advisor in the world. Armstrong had this to say about corruption in the system: “Given the corruption in the legal system, the regulators...The SEC, the CFTC, they’ve never prevented a single thing, nothing. Madoff, MF Global, you name it they haven’t done it. So I don’t know what we are paying these people for. Corzine, I know from (an) inside source at the SEC, there were going to be rules to prevent them from doing exactly what they are doing.”
© 2011 by King World News®. All Rights Reserved. This material may not be published, broadcast,
rewritten, or redistributed. However, linking directly to the blog page is permitted and encouraged.
December 13, 2011
