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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....


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




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“Unless these derivatives all net-out in some way, the bank (JP Morgan) has no way of covering its exposure ... When you have your top policymakers so utterly incompetent, well, then you are going to be in a huge mess ... So they’ve gone from one crisis to putting in place the foundation of a much bigger crisis.


There is no way for them to avoid it unless people think that dollars can be printed indefinitely without any effect on the value of the dollar.  But of course the demand for dollars is not growing in keeping with the supply.  So we have a potential massive crisis waiting to happen, but you can never predict what sets something like that off.”


Eric King:  “Why are you coming out and speaking like this?  It seems a very dangerous time and place in history to be so vocal.”


Dr. Roberts: “I don’t want everything to go to ruin.  What kind of social or political stability would you have if you have large numbers of people out of work and rising prices?  You are talking about massive problems.


Nothing and no one would be safe anywhere.  This type of situation is extremely dangerous.  The world has never seen it before.  There are no economic policy solutions.  You can’t deal with it by cutting spending because you already have high unemployment.


How are you (the Fed) going to contain the inflation?  Are you going to jack interest rates up and wreck what little is left of the economy?  The whole thing is a disaster waiting to happen.   And they (mainstream media and government officials) avoid it.  There is no talk about it.  It’s so obvious.  How can you not see it?  And yet they never mention it.  So I just feel compelled.  It’s my responsibility to mention it.”


Here is the link to Part I of the extraordinary Dr. Paul Craig Roberts written interview.


This is second and final in a series of interviews with former Assistant Secretary of the US Treasury Roberts which has been released that reveals the increasingly desperate situation that Western central planners face going forward.  The written portion above is just a small part of this extraordinary interview with Dr. Roberts. 


Dr. Roberts discusses the Fed’s manipulation in the gold market, and a coming financial collapse.  In addition to the written interviews which have now been released, the KWN audio interview with Dr. Roberts is available now and you can listen to it by CLICKING HERE.


IMPORTANT:  Jim Sinclair is holding a meeting in New York this coming Wednesday, March 20th at 2 PM EST.  For details and to sign up to attend this event CLICK HERE.


The interviews with Eric Sprott, Dr. Paul Craig Roberts, Egon von Greyerz, Rob Arnott, James Turk, Jim Sinclair, John Embry, Gerald Celente, Rick Rule, Ben Davies and Andrew Maguire are available now.  Also, be sure to listen to the other recent KWN interviews which included Marc Faber, Felix Zulauf and Art Cashin by CLICKING HERE.


© 2013 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

KingWorldNews.com

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