"Casino Capitalism": Economist Michael Hudson on What’s Behind the Stock Market’s Rollercoaster Ride

[umbertino]

Tuesday, August 25, 2015

 

 

http://www.democracynow.org/2015/8/25/casino_capitalism_economist_michael_hudson_on

[Jim1cor13]

We are seeing the effects of a prolonged monetary policy

that from the very start had consequences that we will likely

begin to feel over the next few years in ways few considered.

 

No one in their right mind would have ever agreed to this

policy, yet, in 2008, we saw the formation of a policy that has

only accomplished making the economy weaker while catering

to the few. Quantitative easing is a fancy term for buying time

before the show can no longer be held together. The public was

once again lied to and told it was a "must". The only reason for

QE was to support the credit default swaps and other derivatives

from imploding. Major banks sit on over 250 Trillion$ worth of them

and they can never cover them.

 

Short sighted action at the time, true financial terrorism GWB agreed

to and Obama continued the ruse. It was a planned event dating back to

1999 when the Glass-Stegal act was dissolved and then banks got into

too much risk using customer funds. Never a good thing.

Edited August 25, 2015 by Jim1cor13