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Eric King:  “Dr. Roberts, is there any chance of the US defaulting here?”


Dr. Roberts:  “No.  If the United States were to default, it would be the end of the US as a superpower.  No one in Washington wants to lose that kind of power, so I fully expect that at the last minute a deal will be reached.  Now, in the event that both sides play a game of ‘chicken’ to the very end, and we are down to the last hours, and fears of a default escalate dramatically, I think one of two things will happen....


Continue reading the Dr. Paul Craig Roberts interview below...




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“The first would be the Federal Reserve, on its own initiative, would simply lend the US Treasury whatever money it would need.  You have to remember that the Federal Reserve lent to US and European banks more than $16 trillion in order to enable them to avoid default, or outright failure. 


Remember, the banks were considered too-big-to-fail.  So it was not just the TARP Bailout, which was a very small part, it was the lending by the Federal Reserve, which exceeded $16 trillion, that kept the system afloat.   So if the banks are ‘too-big-to-fail,’ clearly the US government is too-big-to-fail.  Like I said, the Fed would simply lend the Treasury the money. 


The second possibility would be that President Obama, because of laws that are already on the books, would have the power to declare a ‘national catastrophe’ and simply assume the leadership of the government.  This gets Congress and the courts out of the picture.  At that point there are no limits on the power of the President if he calls for a ‘national catastrophe.’


This would mean that the President, on his own authority, could raise the debt ceiling.  So, either of those two events would happen if it looked like no deal was forthcoming from the Congress.  It could be that President Obama, or others in the Executive Branch, are planning to use this crisis to invoke that Executive Order.”


Eric King:  “This further concentration of power in the US that you just described is extremely dangerous.”


Dr. Roberts:  “Of course.  It means that essentially the President would become a ‘Caesar.’  That would also mean that the Congress had become like the Roman Senate, which lost its power and simply became a collection of notable figureheads.  Generally when democratically regimes fail you end up with a Caesar, and a shutdown is of course the epitome of a democratic failure.  So this would give President Obama all of the justification for exercising the Executive Order so that the President can rule independently of Congress and the courts.”


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The audio interviews with Bill Fleckenstein, David Stockman, Robin Griffiths, Jim Grant, Gerald Celente, William Kaye, Dr. Paul Craig Roberts, Chris Powell, Michael Pento, Eric Sprott, Andrew Maguire and Grant Williams are available now. Also, other recent KWN interviews include Marc Faber and Felix Zulauf to listen CLICKING HERE.


Eric King

KingWorldNews.com

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