Blog: Path of my Life
by Karlin

Financial Crisis Solution - declare assets dead

The economic collapse doesn't need to continue, there is a solution, from Dr. Paul Craig Roberts, who was at one time the Assistant Secretary of the US Treasury.

Date:   6/8/2012 11:52:12 PM   ( 9 y ) ... viewed 3682 times

Financial Crisis Solution - declare assets dead

  We watch the financial crisis unfolding, and we wonder what would happen "if the economy collapsed", or what that even means. We are not financial experts, and the whole thing is just too complex for us to understand.

  Such a situation would make it easy for "them" to pull the wool over our eyes, and so some of us are wondering if there are solutions that we are not being told about, that are not being considered, because those solutions risk the Elite Wealthy people's money.

  Would they really risk the "entire economy", where all currencies lose all their value, where all money becomes worthless and we have to start all over again, instead of the ultra-wealthy and bankers, the financial industry players, taking a loss?

  Well, finally a financial expert has spoken out, and he is saying that exact thing - there is a solution that would set things right so we are not burdened by the huge debts that threaten everyone's money, and where Greece and Italy and Ireland's huge debts would be erased and things would be good again!!
  Here it is, from Dr. Paul Craig Roberts, who was Assistant Secretary of the US Treasury, Associate Editor of the Wall Street Journal, columnist for Business Week, and professor of economics.


The solution to the financial crisis threatening the global economy:

  The US government should simply cancel the $230 trillion in derivative bets, declaring them null and void.  As no real  assets are involved, merely gambling on notional values, the only major effect of closing out or netting all the swaps (mostly over-the-counter contracts between counter-parties) would be to take $230 trillion of leveraged risk out of the financial system. 

 The financial gangsters who want to continue enjoying betting gains while the public underwrites their losses would scream and yell about the sanctity of contracts. However, a government that can murder its own citizens or throw them into dungeons without due process can abolish all the contracts it wants in the name of national security.  And most certainly, unlike the war on terror, purging the financial system of the gambling derivatives would vastly improve national security.


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