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Paul Craig Roberts: Without the restoration of Glass/Steagal, the US will collapse

 
 
Reply Sun 11 Jun, 2017 09:46 pm
This is a long article and a dire warning which must be read. Roberts expresses it in stark terms: without the restoration of the Roosevelt-era Glass/Steagal law and the separation of commercial from investment banking, the United States will collapse. That is also the way the LaRouche group views it and the way I view it.

http://www.paulcraigroberts.org/2017/06/09/without-glass-steagall-america-will-fail/

Roberts was Ronald Reagan's Treasury Secretary. Aside from everything else, he notes that"

Quote:
Not only must Glass-Steagall be restored, but also the large banks must be reduced in size. That any corporation is too big to fail is a contradiction of the justification of capitalism. Capitalism’s justification is that those corporations that misuse resources and make losses go out of business, thus releasing the misused resources to those who can use them profitably. Capitalism is supposed to benefit society, not be dependent on society to bail it out.

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rosborne979
 
  1  
Reply Mon 12 Jun, 2017 04:19 am
@gungasnake,
I hate it when I even partially agree with you because it's bad for my reputation, but in this case I agree that Glass-Steagle, or something like it, needs to be put back in place.
camlok
 
  1  
Reply Mon 12 Jun, 2017 04:31 pm
He also thinks that the US can be saved if Americans grow some balls and a degree of honesty and hold their criminal politicians to account.

He makes a lot of sense, doesn't he, gunga and rosborne?


Quote:

9/11: 15 Years Of A Transparent Lie

Paul Craig Roberts

There are many conspiracy theories about 9/11. The US government’s own expanation of 9/11 is a conspiracy theory in which a few Saudi Arabians outwitted the American national security state. Little doubt that many of the more imaginative conspiracy theories were created for the purpose of stigmatizing any skepticism, no matter how well reasoned and supported, of the official story.

When thinking about 9/11, it is important to differentiate expert opinion from improbable explanations.

Among the expert opinion are 2,600 structural engineers and high-rise architects who comprise Architects & Engineers for 9/11 truth and have written to Congress asking for a real investigation, Firefighters for 9/11 truth, Pilots for 9/11 truth, physicists and chemists who analyzed the dust from the twin towers and report finding reacted and unreacted materials used in controlled demolitions, and former government officials who understand that a security failure as great as 9/11 would have produced an immediate and exacting investigation.

These groups of qualified and experienced people say that the official story of 9/11 is false.

http://www.paulcraigroberts.org/2016/09/10/911-15-years-of-a-transparent-lie-paul-craig-roberts/

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roger
 
  1  
Reply Mon 12 Jun, 2017 04:55 pm
@rosborne979,
I also agree.
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gungasnake
 
  -1  
Reply Mon 12 Jun, 2017 08:33 pm
In the late part of 2015 there was a sort of an interesting contrast between the law which American needed and the law which America got... The law we needed was the restoration of the Roosevelt era Glass/Steagall law; below we got was called Cromnibus, that is, Continuing Resolution, Omnibus Spending. Real countries have budgets; banana republics have continuing resolutions...

As I have heard it, Cromnibus involved parking something like $30 trillion worth of oil derivatives under FDIC which is a sick joke, at least as an intellectual exercise. I asked friends who follow these things what they thought they were doing since FDIC can't even cover you and me much less 30 trillion in oil derivatives and the reply I got was sort of stunning. The idea appears to be that the bankers wanted to be able to tell their customers that there was no risk in those instruments because they were covered by FDIC!!!!! Kopasetic!!!! In other words, they view their most major customers as total idiots.

Of course, Bork Obunga and Jamie Dimon were out there ringing everybody's arms on that one.
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rosborne979
 
  1  
Reply Tue 13 Jun, 2017 07:53 am
The influence of money on congress is the root of the problem. Until that can be fixed, nothing else can be fixed and very little else is even relevant in comparison.
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