When investing becomes gambling, bad endings follow. The next credit crunch could make 2008-09 look mild by comparison. Bank of International Settlements(BIS) data show around $700 trillion in global derivatives. Along with credit default swaps and other exotic instruments, the total notional derivatives value is about $1.5 quadrillion – about 20% more than in 2008, beyond what anyone can conceive, let alone control if unexpected turmoil strikes. The late Bob Chapman predicted it. So does Paul Craig Roberts. It could “destroy Western civilization,” he believes. Financial deregulation turned Wall Street into a casino with no rules except unrestrained making money. Catastrophic failure awaits. It’s just a matter of time. Ellen Brown calls the “derivatives casino…a last-ditch attempt to prop up a private pyramid scheme” – slowly crumbling under its own weight. For years, Warren Buffett called derivatives “financial time bombs” – for economies and ordinary people. Read
It isn’t just the Greeks, or the Cypriots, or the Irish, or the Icelanders suffering the price of financial terrorism – the extractive demands of global central banks on display in Greece are actively draining the marrow of impoverished communities the world over. Ellen speaks with author and expert Stephen Lendman about the financial powers forcibly overruling Greek democracy, and their intentions to do so everywhere. Co-host Walt McRee speaks with an official of one California county government pushing back against convicted bank felons, and later discusses new human evolutionary awareness about our relationship with money with philosopher Robert Bows. And Matt Stannard discusses our myths about “the Great American Entrepreneur” on the Public Banking Report.
Mickey Huff and Peter Phillips present a theme on the Risks of Global War— US State Department Propaganda and the US/NATO agenda: They interview Author/activist Steve Lendman about his book Flashpoints in Ukraine and how the US Drive for Hegemony risks World Wart III . Additionally, they talk with Eric Draitser regarding the how the civil war in Syria is now turning into a much larger regional war. Eric Draitser teaches at Hunter College, and is the founder of www.stopimperialism.org
This week's feature guest is Author, blogger and radio journalist Stephen Lendman. He discusses American Presidential politics, his lack of faith in the system, the US-backed agendas in Cuba, Venezuela, Yemen, Syria, Iran and Ukraine, and his fears of another major war being triggered in coming months.