A tipping point approaches. Only its timeframe is unknown.
Money power runs world economies. Wall Street and giant European banks run Western societies.
"Financial deregulation converted the financial system (into) a gambling casino....," says Roberts. Zero interest rates destroy household savings. Media scoundrels suppress ugly truths.
Western governments letting banking crooks scam the system for profits "is a system that is headed for catastrophic failure."
Bad news keeps getting worse. Public acknowledgement arrives late. Moody's June 21 downgrade of 15 major banks conceded what's been known for years.
Giant Western banks are zombies. They're insolvent. Taxpayer funded bailouts alone keep them operating. Moody's warned last winter than downgrades were coming. So-called stress tests suppress more than they revealed.
Ellen Brown calls the "derivatives casino....a last-ditch attempt to prop up a private pyramid scheme." It's slowly crumbling under its own weight.
JPMorgan Chase is considered America's most stable bank. Brown calls it bankrupt. Evidence, she says, shows it's acknowledged $2 billion loss perhaps exceeds $30 billion.
Roberts explained that America's five largest banks hold $226 trillion in derivative bets. For example, JPMorgan's total assets approach $2 trillion. Its derivatives holdings exceed $70 trillion. Its risk capital is about $136 billion. Read more.....