European Bank Runs Could Come to America-Laurence Kotlikoff
By Greg Hunter’s USAWatchdog.com (Early Sunday Release)
Boston University Economics Professor Laurence Kotlikoff says Greece is, once again, in financial trouble and that could set off another global financial calamity. Dr. Kotlikoff contends, “So, you have the same problem. You have a country that is fiscally unsustainable, and they haven’t really been able to get out from under that situation. . . . It sets up a situation where you could have runs on other banks like in Italy, Spain, Portugal, and that could spread to other banks in other countries, including France and Germany. Remember, the big to do about the Cypriot banks that failed and said they weren’t going to pay off the depositors? That led to a major international panic. It was a small country with two relatively small banks.”
So, a daisy chain of defaults and bank runs could happen in Europe. Could it also come to America? Dr. Kotlikoff says, “Yes, it could also come to the U.S. If everybody believes the banks are going to be solvent and they can get their money out, that’s fine. But if everybody starts to run on the banks, you want to run before they do because you want to get you money out before it’s all gone.”
With the price of oil plunging, Russian banks are also at risk. Dr. Kotlikoff says, “There are questions about the sustainability of Russia’s fiscal policy now that oil prices have dropped so much. About 40% of the revenues for Russia come from the oil sector. So, now you see what you say in 1998, which is the concern about Russian banks failing. They did fail in ’98, and there were concerns about the government printing money.” Dr. Kotlikoff goes on to say, “Demand deposit insurance, in the United States it’s FDIC insurance, is not real insurance if everybody is concerned about inflation. If I know prices are going to skyrocket . . . and I think prices are going to be rising rapidly, first thing I want to do is go get that money and buy something real. So, money starts becoming a hot potato. That’s what happens in hyperinflation. . . . We have the basis for hyperinflation given the policies the Fed has been running.”
Dr. Kotlikoff, who was also a top economist in the Reagan Administration, thinks if things get out of control, we’ll get hyperinflation–not deflation. Dr. Kotlikoff warns, “I think it’s already gotten out of control because of the amount of money that has been printed. I don’t think anything fundamental has been done in the U.S. or Europe to address the structural issues. The banking system is in riskier shape than it was. There is nothing in the Dodd-Frank legislation that I see in terms of keeping us from anther meltdown or another run on the banks that we had before. I do worry about that, and I worry that in the U.S. we have no adult leadership in either party. . . . Social security is 33% under-financed, according to its own trustees report. . . . Our entire fiscal enterprise is about 58% under-financed, meaning we need a 58% immediate increase in our taxes to cover all the spending that we have. . . . So, the country is really broke.”
Join Greg Hunter as he goes One-on-One with renowned economist Dr. Laurence Kotlikoff.
(There is much more in the video interview.)
After the Interview:
Dr. Kotlikoff has articles and information on his website called Kotlikoff.com. He also sells advice you can buy on Social Security and financial planning. If you want to take a look, please follow this link. (USAWatchdog.com receives zero compensation from Dr. Kotlikoff or his company.)
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Greg Hunter
Greg is the producer and creator of USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.
0:53 “I am not anti socialist” Laurence Kotlikoff I still listened to the rest of the interview.
Communist, socialist free market capitalist, no matter what your politics, it’s not hard to understand that if Greek defaults there is a ripple effect on the entire financial system
Smaulgld, Greg
I have to say Greg that under the circumstances you did a great job with this interview. However I too found Mr Kotlikoff, as scholarly as he is no doubt….. well….. decidedly underwhelming to say the least.
Just my 2 cents worth but to me it is has to be pure pantomime when a man of this intellect can sit there and blather on about the financial crises and pretend that their is not a gigantic rotting elephant carcasse [DA FED] smack in the middle of the room. There are only a few logical explanations for his appalling eyesight and his apparent complete lack of sense of smell.
I will list two of them that spring immediately to mind.
#1 I will put this one bluntly….. Fear of getting his brains blown out if he identifies the root cause of the financial chaos.
#2 Not living in the real world but residing in the fairy tale land of ‘Academia’ where you can actually almost entirely lose track of reality and conveniently follow a prescribed narrative because that is the only way you will keep your job. These types will stick their necks out just enough to sound like they challenge the establishment but not enough to risk their career and their cosy existence.
I will make no apology for not buying into everything that highly qualified people such as Kotlikoff serve us up. After all Helicopter Ben was ‘highly qualified’ too and it certainly sounds like LK and H.Ben and ‘Janet off the planet’ are on pretty good terms.
I will list just a few of H. Ben’s gems from bygone years;
Bernanke in July 2005: “We’ve never had a decline in house prices on a nationwide basis”.
Bernanke in November 2005: “With respect to their safety, derivatives, for the most part, are traded among very sophisticated financial institutions and individuals who have considerable incentive to understand them and to use them properly.”
Bernanke in March 2007: “All that said, given the fundamental factors in place that should support the demand for housing, we believe the effect of the troubles in the subprime sector on the broader housing market will likely be limited, and we do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.
Bernanke in October 2007: “It is not the responsibility of the Federal Reserve – nor would it be appropriate – to protect lenders and investors from the consequences of their financial decisions.”
Bernanke in January 2008: “The U.S. economy has a strong labor force, excellent productivity and technology, and a deep and liquid financial market that is in the process of repairing itself.”
And last but definitely not least when it comes to misleading and dangerous dribble;
Bernanke in January 2008: “The Federal Reserve is not currently forecasting a recession.”
To give some small measure of encouragement to some WD commenters who like myself are not in the same academic league as LK and ‘H. Ben’ and ‘Janet OTP’ I will quote these wonderful words from Ross Ashcroft;
“Dedicating oneself to a great cause, taking responsibility and gaining self-knowledge is the essence of being human. A predatory capitalist’s truest enemy and humanities greatest ally is the self educated individual who has read, understood, delays there gratification, and walks around with their eyes open.”
Cheers
Col
Colin you nailed it once again my friend!
He lost me at “we just had a good jobs report”….clueless!
Thanks for having Lawrence “Mr. Charisma” Kotlikoff on again. Too true that there is no meaningful adult leadership in Washington anymore. Or adult supervision for that matter. The past few days I’ve been wondering how many still view the US government as having any legitimacy. For me, the US government’s legitimacy ended on Sept. 11, 2001. Since then the media has been about spin and deceit. And as Lao Tzu said in the Tao Te Ching, ‘When the leadership of a people is lawless, the citizenry will in turn be lawless as well.’ Any of you out there still pay taxes to the IRS? Me neither…
I
I’m not paying anymore. Lawless is correct. Both parties are bought and paid for- nothing but Lies.
And that the tip of the ice burg. Google Nibiru- Bob Fletcher. He didn’t believe until he realized that the US government had lost $9 trillion. He found where it went.- Underground cities-100+ of them and thousands around the world. massive seed banks.
Look it up and realize, Nibiru will be here within 2 years. Planet earth will be a waste land. I’ve done the research, and a CIA scientist has varified it’s coming!!
Not much you can do now to prepare- but be “right with your maker”.
As the brown dwarf star (Nibiru) and its five planets gets closer to our Solar System it is only logical that all the planets in our Solar System will begin to get a bit warmer (because two stars generate more heat then one). The criminal Cabal (to deflect peoples attention from the real truth) that we live in a binary star system lie and say they must impose carbon taxes because mankind is heating up all the planets … and lie they are preparing for martial law because of terrorists !!
Free of their lies the truth is we live in a “binary” star system … the Sun and the brown dwarf star (Nibiru) orbit around one another … it takes Nibiru about 3600 years to complete one revolution around the Sun … the closest Nibiru ever gets to the Sun in its orbit is millions of miles out beyond Pluto … the problem however (that humanity must worry about) is those five(5) planets circling around Nibiru that can come in very close to planet Earth … many scientists believe the asteroid belt between Mars and Jupiter was created long ago when one of Nibiru’s planets collided with one of the Sun’s planets (that once existed between Mars and Jupiter) … the collision of the two worlds created a “rain of meteorites and ice” that bombarded all the inner planets … the telltale craters due to the planetary collision can still be seen on the face of the Moon today … but most of Earth’s craters weathered away … during the “rain of meteorite and ice debris” from the collision of the two worlds most “large life forms” on Earth were killed off … while the smaller creatures (like rats) that lived under the earth’s surface survived.
The Cabal knows all about what is coming … but won’t tell the people … they are preparing underground cities for themselves (with our tax money) … they expect about 8.5 billion people to be killed if one of Nibiru’s planets creates some serious havoc here … the worst part is that the DNA of humanities most greedy and immoral rats will be saved and they are probably already selling condo’s in their underground cities right now (if you own enough gold coins perhaps you can buy an underground condo for you and your family).
The Cabal should as a matter of logic provide a few “free condo’s” to people with good DNA to protect the gene pool … remember you are going to need some good innocent people to (fleece) and do your bidding again when the time comes for you to come up out of your underground hiding places to rebuild cities on Earth’s surface again.
Paul you are not two fare wrong there I like what you are saying
Yes … and as the time grows near and everyone can see what is happening in the sky right above them … martial law will be declared as the Cabal moves into their underground cities.
Like artificial intelligence robots military special forces and the police (who are currently under mind control) will make sure you and your families stay on the surface … don’t try to reason with these men [https://www.youtube.com/watch?v=qkWI5-2d7M0] as taking your chances on the surface may actually be a better strategy!
What the Cabal doesn’t realize is that as the Earth goes into upheaval their underground cities will more then likely be permanently entombed in lava or covered by oceans … the people on the surface simply hiding in caves may actually have a better chance at survival.
In some sick way I am glad I don’t make enough to pay taxes anymore.
The guys at the Alamo did indeed pay the ulitmate price, willingly, without salary (my allusion to “for free”), which was intended to counter Jerry’s claims that soldiers won’t fight without pay. It depends on whether the soldiers are patriots or mercenaries. Count me in the “patriot” group. Best always. PM
Why do we need a carbon tax or a cap and trade agreement when we have insignificant global warming?
http://kingworldnews.com/lord-christopher-monckton-broadcast-interview-available-now/
This is a compelling interview. Christopher Monckton is a leader figure who argues against climate change.
If I find an email contact, I’ll pass it along, Greg.
Please do and I’ll try to book him.
Greg
Greg … if you do book him ask him about the Global Warming taking place on Mars! http://news.nationalgeographic.com/news/2007/02/070228-mars-warming.html
The extra heat “all the planets in the Solar System” are getting is from the infrared radiation being given off by the brown dwarf star now nearing our Solar System!
Paul,
Talk about a major story that got buried!!! Good one. Thank you.
Greg
Reading this story through to its conclusion…..
We see that the SUN is purported to in fact be losing its irradiance over the course of the next 15-20 years.
This suggests a dramatic cooling of the Earth’s climate….which is counter to the Global Warming Extremists.
Now that is also running in tandem with the Dwarf Star theory nearing our Solar System …causing extra Solar Radiation.
One would tend to conclude perhaps that a decrease from our Sun would offset the increase from the other one ???
Net effect….not too hot…not too cold….but just Right !! 😉
Lord Monckton debates a Greenpeace advocate:
https://www.youtube.com/watch?v=AB6Ts5qhlT8
Al Hall Re underground cities . Whats the point of them unless your prepared to live in them for 1000 years . The world will be unihabitable after a nuclear war.for thousands of years if at all .It is folly to think there will be survivors no what protection you think you have. You simply delay the inevitable and in any case human nature suggests they will start fighting amongst them selves anyway. Existing in artificial light sounds like torture to me .
Actually that’s not true. While it would be horrible, you can survive a nuclear explosion by being as little as five miles away from the explosion. Yes there would be deadly fallout, but if you shelter the fallout dissipates in about a month. For your own proof you can visit the Trinity Site, Hiroshima and Nagasaki today.
The official excuse the Cabal will use to begin moving into their underground cities is a DEVCON 4 Alert issued “because of a supposed threat from Russia” … while the real reason for going underground would more likely be the imminent threat posed by that brown dwarf star entering our Solar System!
Once the Cabal are all safely locked inside their underground cities and their massive doors closed and sealed … perhaps the Main Stream Media Reporters “left to die with the rest of humanity on the surface” will begin to report the truth to the people.
However … don’t think the Cabal (who are not engineers or scientists) will be safe in their underground hideouts … perhaps it is God’s will … but I saw a picture of the fans they are using for their air supply at their Denver Airport site … it’s almost laughable … these “financial wizard’s” don’t even have common sense … don’t they realize that ash from erupting volcano’s (can be up to 10 feet thick) and will clog off their air supply and suffocate them all to death? … They will probably be the first to die!!
You know … the last time our “binary” brown dwarf star was in the neighborhood of our Solar System was 3600 years ago … simply go back to the historical records at that time (1630 BC) to see the damage that was created here on Earth … http://phys.org/news/2012-02-atlantis-volcano-mega-eruptions.html
Here is a link of a more complete account of a dwarf star encounter…….
http://exopolitics.blogs.com/exopolitics/2013/08/planet-xnibiru-may-be-catalyst-for-positive-change-2016-23.html
He wants a carbon tax! Did someone hit him over the head with Al Gore’s hockey stick?
Yes. please invite Lord Monckton for an interview, and invite Mr. Kotlikoff to listen to it!
Well, Thomas 1, it is all about “redistribution”, the primary plank of the liberal agenda and was Obama’s mission as president, thus a carbon tax where the beneficiaries would be the LDC’s (Lesser Developed Countries) such as South Africa nations. But the agenda has run into a big snag such as “there isn’t any global warming”.
Greg,
Carbon Tax? Energy Tax (gasoline?) 38% UNDER-FUNDED GOVERNMENT?!??
How about reducing the SIZE of government by 40% – across the board: starting with Congress and all the Branches, leading the way. It’s like government are people crawling into a life-boat, that can only handle so-much: and it is at the point to capsize!
Kotlikoff makes some good points and observations – but he has one foot in each camp. Return to Limited Government – that’s the ticket. Raising taxes? Sorry, but most Americans can’t afford or withstand to be continually taxed more and more.
Amen brother Charles.
Greg
Greg, why do I feel so many quests merely repeat what the MSM says ? Dr. Kotlikoff says ” With the price of oil plunging, Russian banks are also at risk……… Yes but not nearly the exposure of US banks (so why bring it up ?) continuing…. “There are questions about the sustainability of Russia’s fiscal policy now that oil prices have dropped so much. About 40% of the revenues for Russia come from the oil sector……….. Russia has a fiscal SURPLUS we don’t. Our oil industry/economy is far more susceptible to low oil prices. In fact, Russia can be profitable below $40. We need $80 so again, why point out Russia shortcomings instead of ours ? Then……..So, now you see what you say in 1998, which is the concern about Russian banks failing. They did fail in ’98, “……………. Were do I begin ? It would be easier to challenge Mt Kotlikott to tell me ONE thing similar to Russia then and now……………. Finally ……”and there were concerns about the government printing money.”……… Now that’s the pot calling the kettle black….. I might as well be listening to Brian Williams (NBC).
Excerpt…… nothing new (or nothing we shouldn’t all know by now)………..[ Now that prices have crashed, investors are avoiding energy-related junk bonds like the plague which is making it impossible for the smaller companies to roll over their debt or attract fresh capital. When these companies start to default en masse, as they certainly will if prices don’t rebound, the blowback will be felt on bank balance sheets across the country creating the possibility of another financial meltdown. (Now we ARE talking about a financial crisis.)
The basic problem is that the banks have bundled a lot of their dodgy debt into financially-engineered products like Collateralized Loan Obligations (CLOs) and Collateralized Debt Obligations (CDOs) that will inevitably fail when borrowers are no longer able to service the loans. The rot can be concealed for a while, but eventually, if prices don’t recover, a significant number of these companies are going to go under which will push the perennially-undercapitalized banking system to the brink once again. ]
Jeff,
I don’t thin Brian Williams and NBC would book Dr. Kotlikoff to say bank runs are coming and the U.S. is broke.
Greg
“Our entire fiscal enterprise is about 58% under-financed, meaning we need a 58% immediate increase in our taxes to cover all the spending that we have. . . . So, the country is really broke.”
…and just as luck would have it, I don’t have 58% more to pay in taxes to my irresponsible and thoroughly corrupt federal government. Wait a second, let me check… no my ‘give a damn’ is still busted too!
greg;
Had to leave to work on my sons car, just now got to the interview; good interview, he seemed docile, laid back, but informed.
here is a snipit from his last interview.
Dr. Kotlikoff estimates the long term debt and liabilities of America are more than $200 trillion! He is spearheading a bill in Congress called The Inform Act. It is an attempt to wake up the nation to our dire financial situation so something can be done to fix this enormous problem. Dr. Kotlikoff explains, “The bill has been endorsed by over 1,000 economists, including 15 Nobel Prize winners in economics . . .Never in the history of this country have this many top economists from all political persuasions endorsed a piece of legislation like this.” Dr. Kotlikoff and his fellow economists all contend, “The country needs to do honest accounting.” The professor charges the government is “disguising the true problem.” Dr. Kotlikoff says, “The government is printing mountains of money to pay its bills. The Fed is printing 29 cents of every dollar that Uncle Sam is spending.” What happens if this continues? Dr. Kotlikoff says, “Eventually somebody recognizes this and starts dumping the bonds, and interest rates go up, and inflation takes off, and were off to the races.” In closing, Dr. Kotlikoff warns, “This is going to crash, but there are different ways for cancer to kill you. It can be very gradual . . . or it can attack some organ and you can die overnight. Either of those outcomes can happen.”
Allen Ols Sometimes I feel like someone has dumped my fishing worms all over the yard. My mind is exploding in ten directions. I see why you like Dr. Kotlikoff so much. Just wish he had more fire in his voice to keep me awake threw his interviews. Greg It is all in the mind frame when you have the security of currency, but when one realizes there currency is not usable panic is the least of worries. Good interview.
Greg:
The good ‘doctor’ was not doing so poorly until he declared that all of the world citizenry should give more of their labor to governments to be wasted in the form of “Cap & Trade” taxes on the use of oil “to save the environment”. The root cause of the most of the world problems is the debt based economies created and directed by the international Shylock Banksters and this useful idiot “thinks” that it is a great idea to steal more labor from hard working people to aid in their enslavement. BOO! BOO! Thumbs down!
I recommend another interview with Brandon Smith OR a new fellow by the name of J.C. Collins the author of the Philosophy of Metric website.
I don’t understand why he says the economy is improving, unemployment improving…..then he admits labor participation is lowest, everything else is failing, expect bank runs…..? Heh heh “Mr Charisma” funny.
You did a great job of attempting to pull the truth out of Mr. Kotlikoff.
Hi Greg, You mentioned many times about the US unemployment is 93 Million people. I assume that is just for adults of working age. Does it include people who have reached retirement age ? Does it include Children ?
Dale,
There are not 93 million workers in the U.S. that are unemployed as many wrongly state. That would be about a 38% unemployment rate. According to Michael Snyder and others there are 93 million unemployed workers that are in the G20 nations.
http://theeconomiccollapseblog.com/archives/worldwide-unemployment-crisis-there-are-93-million-unemployed-workers-in-g20-nations
JMiller, it’s “93 million Americans now not in the labour force” [i.e. not looking for work/given up looking for (non-existent) work]. Refer http://sgtreport.com/2015/01/record-93-million-americans-now-not-in-the-labor-force/ I am sure there will be other similar reports around on the internet, with the same numbers. Just have a look.
That report you quote is 18 months old. Nice try, but no cigar.
Sorry but those that are “not in the labor force” category also includes retired persons, students, those taking care of children or other family members. Not just people who are neither working nor seeking work as you seem to believe.
http://www.bls.gov/cps/lfcharacteristics.htm#nlf
JMiller – I DO NOT believe what you think I believe. The measure is “not in the labor force”, and is EXACTLY what it says. Your 18 month old link was nothing to do with this measure, hence totally misleading. Many of the people in the “not in the labor force” are either supported by those who are in the labor force (i.e. are on some kind of benefit) or have given up looking for work, since there’s no work to be found. In any case, they are “not in the labor force”, thus are not adding to the community good, or are costing the community through welfare. And please do not assume what I believe.
I will assume what I want based on what you said. My link is not eighteen months old. It comes right from the BLS. You said “93 million Americans now not in the labour force” [i.e. not looking for work/given up looking for (non-existent) work].” You make it sound as if there are 93 million Americans who are not working but are looking for work and can’t find it and that some of them have given up. It is no where near that number. There are tens of millions of students in that 93 million number which you forgot to mention. And many of them have part-time jobs while going to school. And yes there are available jobs out there even if they are mostly lower paying jobs. They are not non-existent.
Are we bank to the economy is “not that bad” J? Really??? Target just closed ALL their stores in Canada. Oil and gas companies are laying people off by the thousands. JC Penny’s is closing 40 stores in the U.S. and Macy’s is also closing stores. These are just a few negative employment stories off the top of my head.
Greg
Your ORIGINAL link, trying to confuse Americans not in work with the 93 million G20 nations unemployed is dated 19 July 2013. Sounds like 18 months to me, but I could be wrong.
The labor participation rate is around 62%, so 38% of working age people are not working, for one reason or another.
I don’t believe that 93 million is correct for the G20. That would be extremely low.
Dale,
According to recent date 92.9 million are no longer counted in the workforce in the U.S. It’s called the “Labor Participation Rate.”
Greg
No wonder the number is 92.9 million. They include retired persons, students and stay at home parents.
jMiller,
That number is at fresh 38 year lows. That is a lot of people depending on someone else to survive.
Greg
Does this sound better? “One in five households have no family members in the work force, depending on government assistance and retirement income for their survival.”
Is the insurance on money in the credit unions better than the insurance on our bank deposits? Locally deposits are insured by other than FDIC for 250k. Are credit unions exposed to the pitfalls of economic problems in the same way Our US banks seem? Looking for comparisons and contrasts between the two.
Jim,
The FDIC is the insurer and the Fed is the regulator of both credit unions and banks. Credit unions are usually in much better shape with very low derivative exposure. That said, it is the currency that is your biggest worry.
Greg
It’s been said the FDIC only keeps a few million dollars on hand to cover accounts. Should a systemic failure occur, they will have to print more money, and there will still be restrictions (when available and how much one can withdrawl) placed on the access to your accounts. You’ll need to get it out before a crisis if you intend to have it for a crisis.
Thnx for providing us with the Kotlikoff interview, Greg. Kotlikoff doesn’t get too loud or overly-emotional and I appreciate that quality in a guest. What was it that Yogi Berra was reported to have said? “Predicting things is hard. Especially when you’re talking about the future.” Ha ha …
Having said that, I have been studying/investing in this debt-based economy for longer than I care to mention (I am 60+ years old) and I have never seen anything like it. I think it is terribly sad that many baby-boomers have not saved enough for retirement (or got wiped out in 1987, 2000, and 2008 stock market crashes). Coupled with that are 0% interest rates on savings, so what little they have saved will provide zero-return. I think this whole global mess comes apart this year on a grand scale with an even more accelerated transfer of wealth. Oh, well, we have front-row seats to this show … break out the popcorn!
Since when is it such a bad thing if Greece can’t pay back the immoral bankers who lied and cheated Greece into the European Union. The bankers just have to write-off all the fiat paper they printed out of thin air. Now if the bankers made additional bets based on these loans … that’s their problem not ours … but they want to put their hands into our private bank accounts and steal the money from us.
What we need is a “Champion of the People” who has the kahoona’s to stand up to this evil Cabal … and guess who this Champion turned out to be … Putin of Russia.
Look what Russia is now doing … it has ordered the Cabal’s in all European nations to immediately close down their “Torture Prisons” … this is a very moral thing to do for humanity’s sake … and if the Cabal does not comply … he will cut off their oil and gas supplies.
What is next on Russia’s agenda to help humanity? … perhaps it will be to order the Cabal’s in all European nations to immediately stop facilitating the transport of heroin from Afghanistan or else have their oil and gas supplies cut off!
We need a “Champion of the People” to go after the evil Cabal worldwide and get them not only “off our backs” but out of “our children’s lives”. How many children in the world are addicted to heroin? And, why is the US Military “protecting” the Cabal’s heroin fields in Afghanistan? … it would be so easy for the US Military to simply burn all the poppy fields down … don’t military people have families and children “addicted” to heroin?? … Other farmers around the world survive very well growing wheat , corn, rice, etc. , etc. the Afghan farmers can do the same … why can’t we do the moral thing and change their heroin crop to something more humane and beneficial to humanity!
I wasn’t aware that the German government could print money…
Laurence is 100% correct.
Hyper Inflation in the US will be like inflation we never seen before.
With so many dollars spread out all over the world if they all start dumping them at the same time we would have the fastest drop in value any currency has ever seen.
There are those that say deflation will happen.
That will not happen.
If the markets start to drop the Fed will print.
If housing drops the Fed will print.
If a fly or two drops the Fed will print.
Only inflation will stop them from printing!
How can you have deflation when the Central Bank is doing all it can to counter deflation by issuing as much money as is needed to prevent it?
You can’t have deflation under those conditions.
If the only tool is printing currency how then can they stop inflation should it start to run away.
There is nothing they can do!
Bottom line is first you will see the stock market crash.
What happens next depends on if this crash will cause a run on the dollar.
If not then a bank crisis will happen.
If it does happen then we will see the dollar crash.
A dollar crash will close all the banks.
All laws that were written in the past 100 plus years were to favor banks.
When you try to make banks the engine of the economy you have a really bad design.
Greg… Perhaps we do not need to hear from the ‘good doctor’ in the future… there were blips of cognizant thought but he lost me at “I have nothing against socialists” …??? and he lost my wife at ” I am a good friend of Ben Bernaki” I just continued to get the gut feeling that he is more agent provocateur than truth teller and I want to thank you for pushing him on the salient points such as the “improving economy” !!
So Greg Thank you again for broadening our views Yours in Liberty … D&L
DB,
I posted this once but it’s worth posting again: My take is you have to understand who he knows. I guarantee you he is not making them happy warning about coming bank runs. You won’t find him booked on CNBC to say what he said here, and for that I thank him. Let’s read between the lines and take this for what it is–a warning from a connected guy. By the way, Dr. Kotlikoff tried to spearhead a bill through Congress called the Inform Act. He and 10 Nobel economics winners along with 1,000 top economists wanted Congress to at least admit the size of the problem. The US of A has a stunning $200 trillion in debts and commitments. Congress and leaders on both sides largely ignored him. His group took out a full page add in the NYT in October of 2013 and not a single MSM outlet picked up the story. More than $200 trillion in un-repayable debt and that’s not a story??? I am sure he wasn’t making any friends with that little project either. You can see that interview here https://usawatchdog.com/america-in-worse-fiscal-shape-than-detroit-professor-laurence-kotlikoff/ I disagree with Kotlikoff about carbon taxes and Janet Yellen doing a good job, but he is spot on about giving warnings about the size and scope of the coming problems. I am not giving you a hard time, just adding a little counter-perspective. Thank you very much for your comment and for considering mine.”
Greg
Bravo Greg…
that is the message in his talk. Yes, he is boring as hell. Yes he is a poor public speaker. However, he is connected and for the most part he is not towing the line.. to say that Bank Runs are coming to a neighbourhood near you is HUGE.
The ranks are beginning to falter and the truth is beginning to emerge.
Time is short and Greg it is obvious to me that your followers are getting your message.
Just keep doing what you are doing.
Greg,
That is exacally why we recommend this site to anyone willing to listen. You have a healthy, well-ballanced
view and are open to hearing all sides of the story-not just the ones you agree with.
Thank you.
Greg
i agree with you greg, it’s easy to start making rash judgements about the doc or other interviews. i did it with this interview and i’ve done it with some past interviews. after this reply you made, makes a little more sense. read between the lines. you get it or you don’t!
Thank you Bob.
Greg
Thanks for the add’l info about your guest. He’s apparently very knowledgeable
Well Greg, he has to be speak well of at least some of the fraudulent schemes his “friends” are getting fat off of (ie carbon credits)….or else he might one day decide to shoot himself 8 times in the back of the head and throw himself off of a rooftop.
With all do respect Mr. Hunter……”Carbon Tax”?, really. On one hand this fellow speaks of bank runs and inflation and then mentions the a carbon tax. This is proof that too much formalized education can be an impediment. As Thomas Jefferson once said, ” Do not let education get in the way of your learning.
Thanks
I agree. Chummy with ex-Fed people? Worried about offending fellow Boston Libtards by being ‘anti-socialist’?!? Interview was valuable in that we get to see how this breed of tax-extorting fox (in sheep’s pj’s) has discovered there is now a lack of chickens in the hen house, duh!
Suggestion – next time this individual is invited back, can we have Jim Willie commenting on the other line?
Here’s adult leadership for you. John McCain is running again. Barbara Boxer saw the light on her future potential for doing good (for herself) and announced retirement finally. Diane Feinstein is 81 years old and sill clinging like a barnacle.
This country was over when John Kennedy died. We just hadn’t pieced that reality together at that time. Yes, I pay fed taxes, very nominally compared to what I used to. I used to earn 3x as much as currently. That all went up in smoke thanks to our helpful, mindful politicians.
I limped into Phoenix like Ward Bond’s “Wagon Train” in 1982 after the Carter years. I drove across country with my dad who was cancer riddled at that time. He simply tagged along so I would not be alone and looking vulnerable on the trip out here. I had no plan except to join my spouse. I had no skills, no job, no support system to speak of, no relatives in the area.
The thing that was different then was that I had work almost immediately. My first job was at the Attorney General’s office as a temp. A local hospital was screening for people who had a good working knowledge of English structure. I not only had that, I had several years of Latin (and Spanish) which dovetailed nicely with the medical terminology that they were about to teach me. I found a home.
I am grateful. I made good money when it counted. I am one of the few who got to spend most of my adult working life in the same field. Today, I have no opportunity even in this field for getting ahead. I cannot begin to imagine what type of work will keep a 20-year-old occupied to age 66.
Donna, I assess the “end” (more accurately, beginning of the end) with Kennedy’s ELECTION, bringing on all that CAMELOT razz, turning the President, his family, and his high-society wife into royalty, all of which were symptoms of Americans somehow believing we had “arrived”. Kennedy’s death exposed our pretense; that’s all. Pride goeth before the fall. Best always. PM
Hey Paul, President Obama is the royal family of America now, the King and Queen if you will, however, in England the Kings & Queens has no authority to do anything. Here, on the other hand, Obama has made the executive branch the only power in Washington & our do nothing, stand for nothing, tax and spend Congress has given up their Constitution authority without even a fight to the executive branch. Obama is not like any former President, anytime the Congress tries to move against him he uses the race card, frankly, he is 4 steps ahead of them at all times, they have been checkmated and too stupid to even know it. Frankly, its kind of interesting watching Obama makes fools out of both parties; he will continue to do as he pleases, most want to kiss his ring, I, for one, enjoy watching his chess play, its brilliant, Bobby Fisher would be impressed.
Art, Bobby Fisher figured it out; he left the country years before he died in Iceland. By the time Kennedy (and all his baggage) was thrust upon us, in our arrogance, we believed we were untouchable, that the laws of physics and economics did not apply, and deficit spending for the purpose of political agenda was born. The rest, as they say, is history. Best always. PM
If John McCain gets re-elected the American public deserves everything it gets. How Americans can be so blind just baffles me.
Greg there’s no other way to put it, than to say bail-ins are coming to a bank near you soon………period! Why else would congress attach an amendment to a recent bill that essentially puts American tax payers on the hook for any any banks defaulting on their funds? http://www.huffingtonpost.com/josh-silver/omnibus-budget-deal-2014-5-worst-things_b_6307852.html
If people are that stupid to still have 401-k’s and retirement funds sitting in a bank, then they probably deserve what they’re about to get when the SHTF. You’d have better odds of winning in Las Vegas than getting to keep your money when the derivative market explodes because of plunging oil prices. For Pete’s sake why do think George Soros took his money out of stocks? People they know the system is about collapse. Its not a secret to people that have inside contacts. They can only stall this thing for so long.
Yea, I would say European Bank runs are a distinct possibility!
http://www.bloomberg.com/news/2015-01-10/euro-skid-at-longest-in-4-months-on-stimulus-talk-ruble-tumbles.html
The economic war continues.
http://www.bbc.com/news/business-30775577
This is why the United States will lose the economic war that is going on right now with Russia and China, and why the BRIC nations will soon drop the petrodollar.
http://www.scmp.com/infographics/article/1558829/infographic-silk-road-revival-how-ancient-route-enhancing-chinas-trade
Would believe that Hilary Clinton pledged 5 Billion dollars to help complete this project when she was Secretary of State? If you think I’m wearing a tin hat, check it out for yourself. For those of you who are still delusional about China needing us as consumers for their products, check out where the road ends. India and a host of emerging economic nations can easily replace us. Not mention China has 1.5 Billion people itself.
Jerry, as you know, you and I are in lockstep on this one. I say this only half-jokingly: in order to have a bank run, don’t people actually have to have MONEY in the banks? Plenty of people I know stand to lose all of $200 in the coming “bank run”. And there’s the real problem. Please keep your ear to the rail and share what you learn. Many thanks and best always. PM
PFI
I only have a mortgages and a large overdraft down here….. wonder if they will take those!
Here’s hoping.
Cheers mate
Col
Colin, if you really want to lose everything you have, don’t wait on the Chinese to get there in NZ; just come over here. The fun is about to begin! Seriously, in this topsy-turvy environment, those with title will lose via confiscation, while those with debt (mortgages) will survive, because they will be productive assets, possibly slaves, to the mortgage holder. The American game in my lifetime has been “screw the good guy.” As you say, “cheers”. Best always. PM
Aha !!!
Jerry,
Is that true? Did Soros remove all of his money from stocks?
“If people are that stupid to still have 401-k’s and retirement funds sitting in a bank, then they probably deserve what they’re about to get when the SHTF”.
Jerry, that is (I will be kind here) harsh to say the least. When people have been saving all their life and the penalties for cashing out are so high not even the most pessimistic money managers would recommend anyone taking that hit. God forbid anyone here would have you in such high regard that they took your advice. Would you want that on your conscience since “Money Manager” is not on your resume’ so far ? I have looked at every angle of 401k laws and there is no way to avoid the damage of 40% to 50% penalties.
While common sense does dictate that we keep an eye on all things financial in regards to current events stupid is not the correct description of those with substantial holdings in 401k.
How much did you cash out and what was you hit?
Be careful.
Greg, great interview
We seem to continue focusing on the consequences of the problem and not the root which is non productive jobs. The majority of jobs that do exist are confiscatory. They rely on taxes/premiums, printing presses and debt. Health care, education, government, law, insurance finance and construction account for about 90 million jobs out of 139 million total. These jobs would not survive without taxes/premiums, printing presses and debt. And this is just in the US. The scary thing is population explosion was enabled by the fraudulent fiat economic system. When it fails, as it mathematically must, what happens to these fiat produced population numbers?
If facts were known by the masses, maybe they would humble themselves, repent and call on God for help. Unfortunately, media does everything possible to hide the truth.
At this point, we are doomed without a return to God. My thoughts are we are experiencing divine wrath that is being dispensed because we refuse. It will get much much worse. The fact that God never comes up in our discourse is a damning indictment.
Our predicament is nothing new. Its just another cleansing cycle we learn about in history, the only difference being we now have 7 billion people on the planet. To restore justice and economic reality will require tribulation the world has never before witnessed.
“…population explosion was enabled by the fraudulent fiat economic system. When it fails, as it mathematically must, what happens to these fiat produced population numbers?”
Perhaps the “population explosion” is a manufactured twin brother of “global warming”, or, what’s is he called now?… oh yeah, “climate change”
http://journal-neo.org/2015/01/01/world-overpopulation-hold-on-buddy/
In reply I would point out what Gregory Mannarino has told us and this is that the model used in every aspect in the world today is FRAUD!! Everywhere you turn people say that this doesn’t make sense and that doesn’t make sense but I believe our job is to take a step back; view a bigger picture and figure out what does make sense . We can stand in one place in our world and see things that are fundamentally screwed-up… this is no accident. God’s Law Requires honest weights and measures, Jesus taught us honesty in all things… Yes I believe we are due for the fecal matter to hit the oscillator. Yours in Liberty, DB
The poop has started to take wing!
The penalty is 10%, not 40-50%. Combined with taxes it gets up to 40-50% but you have to pay those anyway whenever you withdraw. Most people have no choice but to leave the 401k in the financial system.
Being self employed I changed our plan to allow holding outside the financial system once I saw the light but 99% of savers aren’t so lucky as to be able to do that. It’s a shame and a scam and once I figured it out I quit contributing but under most plans early withdrawal is simply not an option if you can’t show hardship. If you lose your job it’s a different story. You can also borrow the greater of 1/2 your 401k or $50k and stick it in gold etc if you want , but again only if the plan allows it.
What is happening to America is the end result of over 80 years of the welfare/warfare State and the complete ignoring of what our founding fathers warned us about and,at the same time,was was written into our Constitution to protect future generations from the economic catastrophe that is befalling modern America today. Our Constitution,and its bulwarks against Federal function and Federal spending has either been amended,ignored or twisted to the point of being meaningless. No direct taxation,gold and silver money,limited Federal functions,the warnings against central banks and foreign entanglements,etc.,etc. Who to blame? The culprits are many. But the real villain is a majority of the American voting population who believed that the government was there to solve their social/economic problems. And in the end gave up their morality,their self responsibility and their liberty in exchange for security. And,as the adage goes,in the end they will have neither.
LJ, I can’t let this go without a major “thumbs-up” for you. Excellent insight. We Americans wanted to believe we could do anything with impunity. Same mindset that produces the “it can’t happen here” belief. Best always. PM
I lost a lot of interest when he said that he was good buddies with the Bernank. Shocked me away from my game of hearts when he suggested that the US government should raise taxes to try and balance the budget. Good job for suggesting that they cut spending.
My Sunday evening would not be complete without catching the interview.
TJ,
My take is you have to understand who he knows. I guarantee you he is not making them happy warning about coming bank runs. You won’t find him booked on CNBC to say what he said here, and for that I thank him. Let’s read between the lines and take this for what it is–a warning from a connected guy. By the way, Dr. Kotlikoff tried to spearhead a bill through Congress called the Inform Act. He and 10 Nobel economics winners along with 1,000 top economists wanted Congress to at least admit the size of the problem. The US of A has a stunning $200 trillion in debts and commitments. Congress and leaders on both sides largely ignored him. His group took out a full page add in the NYT in October of 2013 and not a single MSM outlet picked up the story. More than $200 trillion in un-repayable debt and that’s not a story??? I am sure he wasn’t making any friends with that little project either. You can see that interview here https://usawatchdog.com/america-in-worse-fiscal-shape-than-detroit-professor-laurence-kotlikoff/ I disagree with Kotlikoff about carbon taxes and Janet Yellen doing a good job, but he is spot on about giving warnings about the size and scope of the coming problems. I am not giving you a hard time, just adding a little counter-perspective. Thank you very much for your comment and for considering mine.
Greg
You forgot the $303tn in derivatives that were added to that $200tn in unfunded liabilities Greg.
What $500tn between friends.
Good point!!
Greg
The average Greek has suffered terribly under austerity and it’s probably time for the bankers to take a haircut in order to resolve this issue in a peaceable manner. Any default and repercussions with banks can be papered over with some QE as per the Portuguese bank Spiritus de Santos which failed a while back.Heck, in 2008 and the immediate afterwards the total bill for bail outs around Planet Debt was an estimated 27 trillion with a “T”, so anything Greek would likely be pocket change compared.
Brad, how do the bankers take a “haircut” without the people taking a beheading? Greece is the micro-version of the US: BIG government, big taxes, big control, big regulation, big liberalism, overspending, debt, and shrinking productivity. The Greece lab experiment in default shous that austerity (cutting back on welfare of all sorts) produces riots. And did you like what we saw in Ferguson? The law (the PO-lice) and the army were already in place but turned not even a finger! Just stood by, doing what they were told: show up but don’t do anything. If you know the cop (aka tax collector) on the interstate where the speed limit suddenly drops to 55 isn’t going to turn on his lights and come after you, will you slow down? Be careful what you wish for, as the saying goes. Best always. PM
I just came across this video this evening and I am not laughing. Russia is taking steps to deal with the drop in oil prices. Just think about who is poking the Russian bear, it seems almost deliberate. Please see https://www.youtube.com/watch?v=UEOnKYGhNVs
Thank you Randall for the posting.
Greg
In all likelihood the West is behind the drop in oil prices to undermine Russia. Critics will counter that why would the US do such a thing since it hurts the energy sector? The answer is, maintaining the dollar as a world reserve currency that keeps printing press gears greased is more important to the federal government than oil patches.
Randall, Greg, Fellow WD commenters,
I will say it again!
PLEASE AMERICA COME TO YOUR SENSES – GET RID OF OBAMA, KERRY, AND NULAND BEFORE THEY TAKE THE WORLD TO MILITARY WAR
AND WHILE YOU ARE AT IT FOR THE SAKE OF HUMANITY GET RID OF THE FED TOO.
Cheers
Col
Yeah, the great Muslim-in-Chief will poke the Russian Bear, but he won’t show up in solidarity with the Free World in protest of Islamic extremism? Best always. PM
Randall.
The game is on. Putin came up through the ranks of the KGB.
Do not think for one second that the Russian ruble take down
was not part of a larger strategy by globalist. Its is. How to make one look good, while chopping the arm off your opponent. That’s Russian protocol.
Watched the video. I don’t know who is pushing oil prices down. Saudis to destroy shale production? Obama was criticizing the Ruble falling. Well, at least Russia actually COULD raise rates (and did17%) Reason being, Russia has no debt. Now, what would happen to the US if we raised rates….oh, maybe uh, 1%? How about a CRASH! I’m ashamed of Obama as our president. He seems to get worse by the day. He didn’t want the US in the Paris rally because he wants terrorism –Islamic—-swept under the rug so he can relish in his own fantasy of being the hero who took out bin laden. All this ‘terrorism stuff’ is just cramping his style! Of course, he’d gladly leave a golf game if a black youth is killed by a non black, because lecturing Americans on racism is REALLY his passion.
“We’re not taking any steps to fix the banking system, the social security system, the health care system…the education system has not been fixed…”
While Mr. Kotlikoff recognizes these problems, he seems to suggest that the solution is more of the government meddling that created them all, more taxes (“we should be looking at this as a time to put on an energy tax”) and better management by his friends and colleagues–the central bankers, bureaucrats and politicians who are responsible for creating and/or enabling these conditions. He seems to be saying that what’s been done has been disastrous, so lets have the same people do more of it and see if that helps.
The entire banking system and government structure are rotten to the core, built on a foundation of theft and violence. A fundamentally fraudulent and coercive system must ultimately fail, as this one is doing. It’s too corrupt to be reformed; it can only be replaced. I hope the system that replaces it will be built on sound money, free markets, personal liberty and responsibility, and with the rule of law where government and banks are held to the same standards of honest dealing as everyone else, but I fear that the same crooks who have engineered and exploited the current system to benefit themselves and their cronies will still be in charge and will simply start the cycle of exploitation and destruction all over again.
Carbon Tax? Carbon Tax?? Carbon Tax??? Shove your carbon tax up where the sun doesn’t shine. Maybe instead the government should tax ugly people like yourself, or boring speakers like yourself. Or, maybe we should just tax rich, old guys like you. Please quit trying to milk the poor, working class people just to feed our out of control government.
Frankly, I’m surprised this guy didn’t say the government should tax the air we breathe! I wouldn’t put it past him.
He was clearly not liking the fact that Obama admitted oil price being manipulated (at least in some way).
How can a world economist who makes speeches in Europe not keep up with news like that? Think he was just playing ignorant.
Global warming tax = total scam
Greg,
You should ask him how great he thinks Obama Care is when he’s on next. I bet he’s a big supporter of it!
http://www.bloombergview.com/articles/2015-01-05/whining-harvard-professors-discover-obamacare
It drives me crazy every time I hear people parrot the main stream hype about how great it is that people can spend the money they are now “saving” with cheap oil
No, these 92 Million people without jobs never had that “extra” money and were probably going in debt trying to pay those higher prices.
Absolutely amazing article that EVERYONE should read….
Here’s what Lord Christopher Monckton has to say about the say about the global carbon tax ….
http://kingworldnews.com/now-months-away-totalitarian-one-world-government/
If you scroll down, you can listen to the audio, and also find some biographical information on Lord Monckton. Should be read/listened to by all who love freedom!
It being a great video will not change a thing. We will get carbon tax because king nobama says so. We will lose 2nd amendment via his UN agreement……. See anyone stopping the illegals he invited in ? See anything come of the DOZENS of unconstitutional actions he’s made. We couldn’t even stop the funding of Nobama care…………… I’ve said it many times and will repeat it again………… Martial law…..no elections…..King Nobama…..any questions ?
Thank you for some very informative interviews. Without sites like yours we’d have no chance of knowing what is going on in the world. It does worry me, now that the media is just about totally controlled, how long before the Internet follows?
Greg, your interviews are focused on warning us about what is to come. Is it possible to occasionally interview people you can trust on the best way to protect our savings and how to prepare in general?
Searching the net it would appear the most common advice is to buy a gun and make sure you have a dozen tins of baked beans in the cupboard!
Finally some lucid recommendation regarding building sustainable future through carbon tax restraint. They let cap and trade fall by the wayside, but We have needed the carbon tax for so long in order to reign in climate change but noone has really taken the lead. Kotlikoff is a God send. Thank You sir! It would be nice to have this achieved ahead of socialism, but if socialism is the only way to protect our families and children, I endorse it coming in sooner rather than later.
Climate tax and global warming are Both frauds.
Greg
Which form of collectivism would you prefer… that which gains absolute to power by fomenting hatred through racial conflict, a la Hitler, or that which establishes it by fomenting hatred through class conflict, a la Stalin?
jerry, sig, pfi etc;
I tried to keep the list of reasons why the Fed will take your gold to ten, but actually I have listed 12 and there are many more
Gold Will Be Seized! Ten Reasons Why The Fed Will Take Your Gold
Gold dealers recommend gold and what would you expect?
If they tell you the truth about the likelihood of a Federal Reserve confiscation of privately held gold, you might buy silver, instead
If the Fed takes your gold, they will take your silver too
When there’s a government gun in your face, you’ll give up your gold! What else can you do?
Don’t expect gold dealers to tell you what I’m going to tell you today
The Fed will take your gold and I have ten good reasons for feeling this way
When the government… or rather the Fed… takes your privately held gold, you’ll be singing the blues
I have ten good reasons why I think they will take it and you won’t hear any of this on the Nazi Nightly News
The first reason that I think they will take the gold is what they did in Iraq, where oil was the prize
and if Saddam had oil, he also had gold, some of you realize
The invaders took Iraq’s gold and who might these invaders be?
They are the ones who own this nation and have total control of you and me!
When they invaded Libya, using NATO, this tyrannical, ‘war criminal’ bunch
told the world that it was about freedom, but some were thinking gold and oil. That was just their hunch
I do recall that our own gold was taken from Ft. Knox, many years ago
The Federal Reserve took it, we were told, for ‘safe keeping’, you know?
What lies will we be told next, by the totali
Read more at http://investmentwatchblog.com/gold-will-be-seized-ten-reasons-why-the-fed-will-take-your-gold/#KXCToUz8Tl69p8G4.99
Allen. They may come for food to. Have a backup plan.
Sorry no bank run will be allowed! –
CYBER ATTACK COMMING
-CLOSING BANKS
-CAPITAL CONTROLL
THIS HOW YOU CONTROLL BANK RUNS
Greg I have a question for you. If King Abdulla should die, who do think the royal family will embrace, the United States or China?
https://www.middleeastmonitor.com/articles/middle-east/16268-saudi-arabia-kings-illness-ignites-conflict-among-royal-factions
First time I’ve heard of this guy, but I stopped listening after carbon tax… Sounds like he’s a member of the club and spouts their propaganda by habit, but has a deep down ethical battle going on. Keep him on MSM.
Larry,
I am sure he’s not making any friends with the “powers” by saying bank runs are coming and America id broke.
Greg
Isn’t it amazing how correct that ‘kook’ Ron Paul continues to be as time plays out. One of the few men in our government who for years was pointing out where we were headed was made to look as if he didn’t know what he was talking about while all along he knew exactly what he was talking about.
From our unconstitutional monetary policies to our unconstitutional foreign policies and the never ending phony war on terror which true objective is to to fill the pockets of the military industrial complex and the war profiteers, it’s all a giant scam or as Smedley Butler stated “a racket.” The racket will continue until the people’s money is completely dried up and what has it gotten us? Nothing but deservedly hated internationally by innocent people who have done nothing to us as our ‘leaders’ have destroyed lives around the world in our name.
The ignorance of the American people in our faith in an undeserving government is as huge as it is shameful.
Listening to Kotlikoff’s hesitant speech pattern speaks volumes as he attempts to carefully tiptoe through the minefields. This is why I prefer listening to people like Rob Kirby who will come right out and call the criminals out for their crimes against humanity. When it’s all said and done, I hope the people hold the media as responsible for their part in the lies and propaganda as they do those in charge of everything.
Love Ron Paul!
Greg
Greg I absolutely agree with you.
IMHO Ron Paul is the greatest and most courageous American since JFK.
Because he possesses truckloads of commonsense, integrity and great wisdom, he was never going to be allowed to become President by TPTB. With all the tools they have in their arsenal including computer controlled election rigging this was unlikely ever to happen.
If by some miracle he had got through to office in spite of all these hurdles he probably would have been murdered before making many real reforms anyway.
What a tragedy for main street that the Bankism establishment, that reigns supreme in the US, precludes great people like Ron Paul from the white house and seeks out and instals reckless and mindless psychopaths like Obama and Bush.
This will be the status quo until the root cause of Bankism [DA FED] is completely disemboweled.
Cheer
Col
Before I watched this interview I read the comments- Your audience is a wise group.
Thus I won’t hear this college elitist. Won’t waste my time hereon him!
Hello, Is it possible we are looking at a Rope a Dope here with the Oil plunge being a possible catalyst which may bring down the US shale complex and the derivative heavy western banks, thus damaging the petro dollar and by association reserve dollar integrity. We hear that Saudi, Russia and China have met in the recent past to discuss possibly gulf and energy security. If Saudi got the ball rolling to push the oil markets to bias dowmward, the Wallstreet Algos will take over with mindless HFT to the downside. Certainly the paper oil markets are the real cause of lower oil price methedology. This in turn may trigger loss of petro dollar and bank loans and derivatives crash. With the west looking to hurt Putin, if Putin can plan the method of Washingtons attack, he can regulate his downside hurt while appearing to be a Washington economic attack victim. Yet the Oil is plunging in price threatening the Shale and wests energy complex. Why should we believe the east is really actually selling their oil, they might as well save their production, let the west deplete their reserves and force out of business our shale energy complex. Once we destroy our own energy and banking due to an energy price collapse fallout. The east still has their energy and banks. Perhaps Putin is using the Hubris of Obamas Claim of Oil price as a anti russian weapon was expected by the Saudi, Russian and China trio, so rather than be victims , they enabled the oil price drop to Rope a Dope a surprise outcome.
I’m sorry Greg but for some reason, I smell a rat with this guy. I mean, I could be wrong but, he kinda threw off some hints. First he said, he’s not anti socialist, then he said he was a friend to one of the most crooked central bankers ever, Ben Bernanke, then he said he believes in the carbon tax. Sounds like a globalist shill to me. Am I way off base here?
Paul,
My take is you have to understand who he knows. I guarantee you he is not making them happy warning about coming bank runs. You won’t find him booked on CNBC to say what he said here, and for that I thank him. Let’s read between the lines and take this for what it is–a warning from a connected guy. By the way, Dr. Kotlikoff tried to spearhead a bill through Congress called the Inform Act. He and 10 Nobel economics winners along with 1,000 top economists wanted Congress to at least admit the size of the problem. The US of A has a stunning $200 trillion in debts and commitments. Congress and leaders on both sides largely ignored him. His group took out a full page add in the NYT in October of 2013 and not a single MSM outlet picked up the story. More than $200 trillion in un-repayable debt and that’s not a story??? I am sure he wasn’t making any friends with that little project either. You can see that interview here https://usawatchdog.com/america-in-worse-fiscal-shape-than-detroit-professor-laurence-kotlikoff/ I disagree with Kotlikoff about carbon taxes and Janet Yellen doing a good job, but he is spot on about giving warnings about the size and scope of the coming problems. I am not giving you a hard time, just adding a little counter-perspective. Thank you very much for your comment and for considering mine.
Greg
Your guest may be sounding the alarm now, but I consider him to be a wolf in sheep’s clothing.
I’m absolutely certain that, after our monetary system collapses, this gentleman will be an loud and vocal advocate for the reestablishment of the exact same reckless monetary policies that led to the hopeless financial mess we currently find ourselves in. After all, it’s difficult to fund a socialist government without fiat money and central banks.
I like Kotlikoff but he hedged way too much for absolute credibility. He pulled punches with Bernanke there out of personal friendship, but the fact of the matter is Bernanke may have destroyed the US financial system beyond repair, which in time will lead to civilization breakdown on a small, medium, or wide scale.
Secondly, how he can look at the data and actually say the economy is ‘good’ or ‘getting better’ means he buys into the mainstream rhetoric and BLS manipulated reports. I notice he was quick to acknowledge when you mentioned historic lows on participation, wages, and those on welfare Greg, but while i believe he is right on the eventual hyper-inflation, he misses the boat on the fact that corporate numbers arent about increased production, but manipulating their EPS by buying back their own stock.
He makes a lot of predictions. It’s odd, but one fact gets proven over and over: With respect to markets, most publicly-expressed predictions turn out to be incorrect. A man can be smart, he can be schooled in reputable theory, his imagination can be strong and clear, and still something else happens instead. Most people who make predictions do not understand market dynamics as well as they think they do.
A Greece default/leaving the Euro would be a great excuse for all for the banks to reset. Who could have seen it (right)? It’s their fault (everything was going so well). Look at the market (the economy is/was booming till this happened)………….Crash……… btw I’ve been meaning to mention here…. notice gold is going up WITH the dollar lately ?
The only game in town was the Dollar and the US Stock Market…until they woke up and re-found Gold.
Greg, this guy is out in left field imo. “We need a carbon tax to deal with global warming”? Really? I know you don’t buy that. That would be the most oppressive and destructive thing we could do to our econmomy, for craps sake! Has this guy ever been to El Paso and seen the smog in Juarez? Or China? None of these countries will EVER go along with that crap. You can have an idiot one world whatever and Mexico and China will tell you where to go and what you can do with yourself. So will I, in fact I’m gonna go do some huge smoking burnouts in my 700hp Mustang that has no catalytic converters. Tell Mr. Kitlicoff for me:)
Thanks for the insightful interview Greg.
Bank runs in Europe? I doubt that one in the near future. Main street is not aware of the fraudulent fiat currency creation system, and no signs of a change in that, so confidence is holding up since 2008 so far. The Dutch total savings in banks grew, as people started to save more as they are uncertain about their economic future. People feel confident with deposit insurance, 100.000 euro per bank. Jim Rickards recently stated he could see a possible oil derivatives blow up at the end of 2015, the beginning of 2016, as they could keep the party going longer than we might think. All countries run on funny money currencies which prolongs the game. Merkel stated that a Grexit is very bearable at this point, as she is massaging the Greek for the coming elections. If she is bluffing, or not, time will tell.
European GDP is some 17 trillion usd, combined European debt is some 11,5 trillion usd. Banks and central banks are the manipulated instruments of the unknown behind the scenes, within any circle there is always duality, which adds to all the unknown factors in so many possible combinations. A Russian debt default isn’t likely as their dollar reserves equal their external debt. Vladimir Putin having a card behind his sleeve, or not, all adding to all the variables in the three dimensional game of chess, as poker bluff is a crucial factor too.
USA Congress produced legislation wherein the taxpayer is on the hook for a derivatives blow up, which didn’t lead to a bank run. In the near term I can’t see
a big risk on an European bank run, as they kept confidence in place so far. In Europe since 2008 if you make a significant withdrawal they subtle try to learn what you are going to do with the currency, to temperature continuously the chance on a bank run.
Obama admitting they manipulated the oil price down to get at Russia is peculiar. Russia is some 13% of world production, so they could cut down production as well to support the price. When the Russians could do that, I then wonder the western system could be under attack, and not the USA the attacking party like Obama suggested. When the USA is the attacking party you wonder if they ran the computers on a simulation regarding the oil derivatives, as far they have the necessary data.
The system will implode, but to predict it time wise seems a guessing game like Russian Roulette with maybe two rounds in the (prediction)gun instead of one.
JFK advised to learn from mistakes, https://www.youtube.com/watch?v=k2n32lr93S4
Let’s hope that current future history, and all the mistakes everybody made, will be taught at schools, but history so far is just in the replay mode. The financial system is trembling, colliding religions shaking the world. Let’s hope when everything together leads to a Grand Collapse, the world will rethink her systems, admitting all the mistakes she made, teaching them to the children, then The Grand Collapse served a very good cause. On the other hand the game of the pot calling the kettle black will start on all levels, until the witnesses died, as the same game will go into a replay. Divide and rule still the prevailing tactics, especially in times of chaos.
The airwaves are burning with the question, why did the president not go to the anti Muslim extremist rally in Paris or at least send somebody important? Well we know why, IS. or ISIL., as the president likes to call them, is Obama’s and McCains baby. Were in a religious war! Don’t believe me, just ask Vicky Nuland, her lip’s sink ship’s and countries!
To what end……
Debt will be the circumstance that brings the system down.
The East knows that when the dust settles only those owning GOLD will have the power to re-position.
The West has been lulled to sleep by their television sets, bought from the East with borrowed money.
Now the West has little to no gold in relation to the East and thus the reason why they will soon have to give up their position of power.
Those that rely on MSM for their understanding of what goes on will be ill prepared for what is soon to come.
jerry, jc, pfi, sig,
GLOBAL ECONOMY IS IN A FAST FURIOUS TAILSPIN… IN JUST THE LAST MONTH, THE JOB CUTS AND CORPORATE BUSINESS SEGMENT SHUTDOWNS HAVE BEEN ASTONISHING, ALARMING, AND ENORMOUS.
Regardless of what the mainstream media keeps telling us that the economy, GDP, unemployment rate etc are improving. It is simply not true, purely based on the facts! Just in the last few days since Jan 1, 2015 and in some very stressful cases of the oil and energy sector since late Dec 2014, thousands of employees have been laid off, hundreds of stores have been closed worldwide. Dozens of companies have come out swinging in the first week of 2015 to lay off thousands of employees worldwide as per below. In the oil sector, the stress started in Nov 2014 when the third largest bunker fuel supplier in the world, OW Bunker went bankrupt and laid off 622 highly paid traders/employees globally.
Most of what you are about to see below, with very few exceptions, is not appearing in the mainstream media or major newspapers and is definitely not being widely disseminated to paint the truthful picture to all of us. Bear in mind that much of this has happened just in the last one month or so. In about 75% of the examples above are just in the last 12 days since New Year. Expect demand of almost everything to drop further and consequently more businesses to weaken and the impact on all the US, Japanese and European banks will be even more dramatic due to defaults and loan losses in the energy sector aside from the impact on lending due to job cuts etc. Retail sector is also expected to remain weak and only the strongest with the lowest debt will be able to hang in there. Not make money, but just hang in there..
13 Nov 2014
OW Bunker Files U.S. Bankruptcy Days After Fraud Report
http://www.bloomberg.com/news/2014-11-13/ow-bunker-s-u-s-units-seek-bankruptcy-protection-correct-.html
2 Dec 2014
Schlumberger to retire seismic vessels, take $800M impairment
http://fuelfix.com/blog/2014/12/02/schlumberger-to-retire-seismic-vessels-take-800m-impairment/
10 Dec 2014
BP to Cut Jobs as Price of Oil Falls
http://www.nytimes.com/2014/12/11/business/bp-to-cut-jobs-as-price-of-oil-falls.html?_r=0
11 Dec 2014
Halliburton lays off 1,000 employees in Eastern Hemisphere
http://fuelfix.com/blog/2014/12/11/halliburton-lays-off-1000-employees-in-eastern-hemisphere/
12 Dec 2014
Not a very large company but with 2-3 dozen employees from Australia was the first one to go bankrupt in Australia who was drilling the famous shale oil in Texas, USA.
Oil price collapse has claimed its first shale drilling company, and why this may not end well.
http://www.dailykos.com/story/2014/12/12/1351232/-Oil-price-collapse-has-claimed-its-first-shale-drilling-company-and-why-this-may-not-end-well
17 Dec 2014
Subsea 7 Axes Almost 150 Jobs in Norway
http://subseaworldnews.com/2014/12/17/subsea-7-axes-almost-150-jobs-in-norway/
29 Dec 2014
Oilsands camp provider cuts third of staff in Canada, signalling slowdown in Alberta
http://business.financialpost.com/2014/12/29/oilsands-camp-provider-cuts-third-of-its-staff-signalling-slowdown-in-alberta/?__lsa=b795-a443
30 Dec 2014
A small Canadian company in calgary was next to go bankrupt
Junior oilsands producer Southern Pacific Resources Corp to miss debt payment
http://business.financialpost.com/2014/12/30/junior-oilsands-producer-southern-pacific-resources-corp-to-miss-debt-payment/?__lsa=b795-a443
7 Jan 2015
Tiny Texas oil and gas producer files for bankruptcy protection
http://www.reuters.com/article/2015/01/08/wbh-bankruptcy-idUSL1N0UN01Z20150108
9 Jan 2015
Another small bunker fuel supplier went bankrupt in Belgium
http://borsen.dk/nyheder/virksomheder/artikel/1/297239/belgisk_olieselskab_traekkes_ned_af_ow_konkursen.html
Belgian bunker company seeks court protection
http://www.bunkerworld.com/news/Belgian-bunker-company-seeks-court-protection-133991
Oil Slump Slams Mexico With Cuts Causing 10,000 Job Losses
http://www.bloomberg.com/news/2015-01-08/mexico-cuts-10-000-oil-service-jobs-as-pemex-funds-fall.html
Antero Resources to lay off more than 250 contract brokers
http://www.herald-dispatch.com/business/x518624898/Antero-Resources-to-lay-off-more-than-250-contract-brokers
7 Jan 2015
Oil industry facing a year of cuts and job losses, Moody’s says
http://www.smh.com.au/nsw/oil-industry-facing-a-year-of-cuts-and-job-losses-moodys-says-20150106-12j7jq.html
Oil industry is definitely in the doldrums across the Western hemisphere!
However, aside from the oil sector, the rumble and tumble started with various banks in the banking sector in the first few days of 2015:
RBC from Canada and SCB from UK/HK were some of the robust banks until now. even they are in little bit of trouble now.
RBC has announced they will shut down their Swiss private banking operations or sell them. SCB has laid off 4,000 and RBS has announced closure/sale of their Asian operations today! Another Swiss bank, being RBC, will end its business in Switzerland!
Standard Chartered to cut 4000 jobs
http://money.cnn.com/2015/01/08/news/companies/standard-chartered-job-losses/
RBC Said to Hire JPMorgan to Help Sell Swiss Banking Business
http://www.bloomberg.com/news/2015-01-09/rbc-said-to-hire-jpmorgan-to-help-sell-swiss-banking-business.html
RBS Said to Weigh Sale of Asia Corporate Banking Business
http://www.bloomberg.com/news/2015-01-11/rbs-said-to-consider-sale-of-asian-corporate-banking-business.html
By the way, Coutts Private bank has been on sale since June 2014 and has yet to find a buyer which indicates how unprofitable private banks have become that they cannot find a buyer for one of the most esteemed private banking name for about 300 years. http://citywire.co.uk/wealth-manager/news/investec-enters-coutts-race/a791241
However, aside from all the above, some major companies have shut operations in Singapore, US, UK, Hungary, Malaysia, Spain, Australia etc.
Coca-Cola to cut up to 1,800 jobs worldwide
http://www.bbc.com/news/business-30739056
Macy’s, JC Penney’s announce store closings, layoffs (2,250 JCP and 2,200 in Macy’s employees lost jobs)
http://www.ksdk.com/story/news/nation-now/2015/01/08/macys-jc-penneys-announce-store-closings-layoffs-martellaro/21481477/
Tesco may shut 13 smaller stores in Hungary -report
https://uk.finance.yahoo.com/news/tesco-may-shut-13-smaller-091638214.html
TESCO UK: Jobs fear as Tesco axes 43 stores
http://www.freshplaza.com/article/133436/Jobs-fear-as-Tesco-axes-43-stores
TESCO IRELAND: 90 jobs to go at Tesco stores
http://www.rte.ie/news/2015/0108/671197-tesco/
U.S. Steel to idle two oil, gas pipe plants, laying off 756
Read more: http://triblive.com/business/headlines/7508038-74/oil-plant-steel#ixzz3ObLHHrBe
McDonald’s laying off 63 people at its headquarters
http://www.chicagotribune.com/business/breaking/ct-warn-notices-illinois-0108-biz-20150107-story.html
Shell to Cut up to 300 Jobs at Fort Mac Operation
http://www.kelownanow.com/watercooler/news/news/Kelowna/15/01/09/Shell_to_Cut_up_to_300_Jobs_at_Fort_Mac_Operation
CATERPILLAR TO LAY OFF 200 WORKERS IN EAST PEORIA, DECATUR
http://abc7chicago.com/careers/caterpillar-to-lay-off-200-workers-in-east-peoria-decatur/466287/
Boise health care call center to lay off 1,500
http://www.kpvi.com/content/news/story/Boise-health-care-call-center-to-lay-off-1-500/njCOw_dyWk2AGSO2xKj0uQ.cspx
Oil company lays off 700 in Bakersfield
http://www.bakersfieldcalifornian.com/business/kern-gusher/x1494740567/Oil-company-lays-off-700-in-Bakersfield
Companies to lay off hundreds at Patrick AFB
http://www.orlandosentinel.com/business/brinkmann-on-business/os-companies-to-lay-off-hundreds-at-patrick-afb-20150102-post.html
Wet Seal Closing Over 300 Stores; Nearly 3,700 Losing Jobs
http://abcnews.go.com/Business/wireStory/wet-seal-closing-300-stores-3700-losing-jobs-28054168
Bath Iron Works to lay off 48 workers
http://www.pressherald.com/2015/01/06/bath-iron-works-to-lay-off-48-workers/
Bombardier to lay off 40 employees from Thunder Bay plant
http://www.tbnewswatch.com/News/366533/Bombardier_to_lay_off_40_employees_from_Thunder_Bay_plant
AstraZeneca : 250 jobs to be cut as AstraZeneca closes plant
http://www.4-traders.com/ASTRAZENECA-PLC-4000930/news/AstraZeneca–250-jobs-to-be-cut-as-AstraZeneca-closes-plant-19553763/
There you have it.
Lower Oil prices …the Good, the Bad and the UGLY.
Finger on the pulse Al. 😉
Allen.
You have certainly done your homework. What many on Greg’s site don’t get is that what is happening is a carefully orchestrated plan to move the world economies away from the petrodollar to a gold backed Yuan system. All the BRICS needed was a nudge and they got one with the takedown of the petroleum industry by the western banking cabal. Pay close attention over the next 90 days, major events are about to unfold, that will carry us to the next stage of the collapse…which is war in the middle east. I’m not a Biblical expert, but I would say the final battle is fast approaching in the middle east with the powers of the world.
Allen, at first I thoght this post was too long, but ity gives great detail and perspective of the fracturing oil/energy economy ( pardon the pun). Great insight at how deep these tentacles reach and deep.
Thank you
Allen
You have been very a busy commenter!
Thank you for all these links.
Cheers
Col
greg;
Islamberg in NY of course. morons!!
http://headlinedigest.com/2014/09/americas-first-islamic-government-a-muslim-only-city-state-on-american-soil/
Al,
Dearborn, Michigan – becoming a no-go zone.
“Offend a Christian and he is obliged to pray for your salvation. Offend a Muslim and he is obliged to murder you.” So observed conservative journalist Robert Stacy McCain in the wake of this week’s horrific Charlie Hebdo massacre in France. And then…
– 13 mins ago, 12 Jan 15, 12:25pm –
Typical Liberal professor, saying we need a carbon tax. He has no cred after exposing himself imo.
Randall, saw the video. WOW! Should be described as the Bull Disher and the Bear.
I watched a video last night that was titled something like “Communism in the 1960s.” At one point it addressed Communism, Czech style, as a vassal province of Russia. One Czech comment was: “An evil greater than censorship is self-censorship. It robs you of your true persona. You become a phony and a hypocrite, weighing the consequence of every word before it leaves your mouth.” Control accomplished. While we wear our restrainer jackets here in the states, our America haters are determined to “bring it all down, man” throughout the world. Whip Russia and the rest will shut their yap and fall in line.
Watch a You Tube video “Cossacks Never Say Die!” or just watch a video of the Red Army Choir. Would you want to mess with people who look so ferocious even in their celebratory moments? Michael Savage recently remarked: “The Russians will eat wood before they will knuckle under to the West.” They’ve eaten worse.
This is about getting Putin, then Russia, to get them off the play board so they can pick off the rest of us.
From time to time, people bring up Ayn Rand’s “Atlas Shrugged” as a primer for what socialism is all about. I personally feel that her book, “We the Living,” gives you a far better notion of everyday existence once you’ve been taken over lock and stock, once they are secure in the knowledge that, yes, we do finally own you.
You want a more recent wake-up call/scare, listen to the 01/07/2015 Hagmann and Hagmann report — Steve Quayle/Tom Horn. I listen to everything out there like it is Radio Free Europe to counter the sewage served up by MSM.
Donna, at least Cuba has nice weather year ’round. This madness has to run its course, I’m afraid. We’re too far in to stop. Let’s hope we have better sense in the rebuild phase. When the liberals extinguished the flame from under the melting pot, it was only a matter of time. Best always. PM
fwiw …….The tell-tell sign of system breakdown is a breakout in gold (higher) and a breakdown in the market (lower). We have both today………. When you see the moves accelerate we are in trouble (like we already don’t know we’re in trouble ? )
Agreed.
Tell-tale signs of Big Money moving.
The process started in early December.
Moving out of stocks and taking their profits while they can.
Smart Money know ahead of time when a crunch is coming.
When you have metrics of Earnings, Cash Flow, Equity all at all-time highs (on a price basis)…time to turn turtle.
One doctor to another last evening: “No insurance, no English, the usual.” This is why you need self-censorship. Never dare state the problem.
Dr. Kotlikoff’s non sequitur remark that we need an energy tax is a good example of the kind of dangerous Big Brother thinking that has been tearing our country to pieces. The American economy is already in recession if not depression when adjusted for inflation, and the debt that keeps on growing will eventually take us straight to a currency collapse and hyperinflation. He got that part right — sort of. But fuzzy things like carbon taxes to protect the environment for our children, right now, make as much sense as it did to enact Obamacare to fix the rising costs in the quasi-private health system that we used to have. We all know what an evil trick that was, as it is actually hastening our own economic demise.
The hope and change promised by our current regime is taking us to a new-world order of even more authoritative laws and thought control. I’m still trying to digest the Paris shooting’s and all those millions of people marching for an end to violence. I earnestly believe that even more war and terror will be coming to the world, not less, despite all these public Kumbaya demonstrations for peace. I never trust what is being televised and reported (and for what hidden purpose), just like I don’t trust the bankers and politicians with my hard-earned money. There will surely be mass food riots and even more widespread violence coming, and our future news events will be twisted to further the cause of the one-world agenda. Can’t help being cynical, but I’m still expecting a nuclear false-flag event on the horizon!
After 9-11 , I think they are willing to sacrifice as many as needed to further their agenda. I would expect a large city in the South or West this time. Where is the Superbowl this year?
I’ve been coming to this site and watching the interviews (thank you for them) for a good year now, it amazes me that 97% of this country has NO IDEA WHAT IS HAPPENING and WHAT WILL HAPPEN. The BIG Question, WHEN? Truthly, I can see this dragging out for years, TPTB (why don’t we know who they are other then Rothchilds) will play this thing to the end, it’s not like it’s really going to affect there lives dramatically. I’m looking to buy some gold, and advice or links would be greatly appreciated. No saying we are done for, but I’d rather prepare then not. Got guns, land, zero debt and cash (gonna pull more out this month) just to be safe. Government in all, total failure.
Thomas,
I used to be 99%, so, we are making some headway.
Greg
thomas,
discount gold and silver, melody cedarstrom, on this site, look below. al
With all due respect to Dr. Kotlikoff, the conversation he is having might have been relevant 40 years ago, but not at this late stage in the game. Its nice to sit around and talk about bloating government budgets, the public’s child like understanding and politicians shrewd and self serving understanding of what money is and where it comes from and unsustainable debt levels, but what is left unsaid and what really needs to be just flat out said is that the core problem here is we have serious criminal activity going completely unaddressed, and so it is going to continue until the effects of this become totally unsustainable and completely destroy society as we know it.
Until enough people face the reality of what is going on here, that being that there is what looks to me to be a total degenerate free for all and f#!k fest going on in the halls of power with no one really in charge and certainly no one trying to maintain some semblance of a foundation upon which a free society can be based upon we can expect things to continue to deteriorate in a predictably unpredictable and unpleasant fashion, all while former insiders come out and lavish us with all this nonsense implying that if only the symptoms can be corrected the problem will go away.
Greg, Obama is full of it. The US Government could do nothing to fix the price of oil lower. We are not Venezuela with a state owned oil industry. We have literally hundreds of producers. This is a world-wide fall in demand driven price drop. Anyone saying anything different is full of it. Not enough cooperation among nations to “engineer” this fall in price …
agreed. if you notice, obama parses his words very carefully. what he is trying to claim is that his sanctions policy was brilliantly designed to make the lower oil prices hit russia extra hard. the lower prices are actually very bad for the u.s. and obama knows it. he’s just trying to spin the fact that the saudis are the people calling the shots here.
Currently the money velocity is at a 55 year low, what the deflationists do not understand is once the MV picks up we will simply have all of these new trillions of dollars which continue to be printed by the Federal Reserve chasing the same amount of goods. And you do not need to be a rocket scientist to figure out what the outcome of that will be..
Yes, Gregory, all you say is true. But what if we get no MV, ever? Best always. PM
Greg M,
How do you engender “Velocity” in money without suffering dire consequences.
The phrase “pushing on a string”…comes to mind with their madness. Expecting a different result every attempt they make….is a true sign of Insanity.
It is clear that their efforts are not to create inflation….NO. They want to alienate the US and in the process kill the Dollar regime. The fact that they have re-capitalised the TBTF’s and assisted them in quarantining all available collateral (including depositors money) supports the theme that the Banksters are again only have self- interest at heart. This, in conjunction with the lack of regulation and exposures to massive Derivatives leads one to surmise that a corrupted system is run by corrupted people and institutions. This destroys the fabric of any society and all economic discipline. They know better and yet they choose to follow the path of annihilation.
The ultimate aim of INflation is real GDP growth.
I would put forward that the world is experiencing real GDP but not through the mechanism as defined under inflation.
Negative Nominal GDP and negative interest rates combine to produce a positive REAL GDP. Sustainable ?
Perhaps when the world recognises that the US doesn’t deserve the Reserve currency status is when the dollars start accelerating through the economy. That becomes as destructive as what is transpiring now for all other participants in the “King Dollar” monetary game.
i have mixed feelings about the inflation/deflation debate. the deflationists are pointing to the capital destruction. if we have a 1930’s style meltdown with bank failures, there will be a tremendous destruction of captital as the derivatives explode. this will lock up the liquidity and cause massive layoffs. with everyone out of work, there will be very little money to buy anything and prices will drop.
I have to say that I didn’t like this interview as much as previous ones with this guest. It seemed as though he didn’t want to face reality. Unemployment down, so that’s good….What? Those are Government manipulated numbers that do not reflect reality. A Carbon Tax? What? Europe has proven what a colosal fraud that has been and are in many cases trying to reverse what has been in place for years since it is killing the ecconomy with no benefit. He also remarked that Mr. Bernanky was his buddy, but didn’t agree with everything he had done. Just another Government shill as far as I am concerned. Every good point you made, you could see him trying to figure out a way to down play your remarks (good one as a matter of fact). Great job again Greg of trying to get real answers to tough questions.
Greg,
I have always taken the view that people who have one foot in each camp as not displaying consistency. In my book…without consistency of thought and argument …you lose strength and integrity.
Whilst he makes valid points about the Bankrupt nature of the country, the Debt and Fiscal Unsustainability and potential for Hyper-Inflation….he counters that with a “an opportune time to introduce a NEW TAX ” with a complete lack of regard to the spendthrift western governments particularly in the US. Whiskey Tango Foxtrot.
He is clearly a supporter of left-wing ideologies through his support for a Carbon Tax (destroys capitalism). His good friend Barak Obama will sell out the US once again when the UN meets later this year. He will give the green light for the US to levy a Carbon Tax.
Is it fair to judge a man by the company he keeps? It has merit in this case.
His associations and contacts (with people of the governing class)….should raise eyebrows. Bernanke is despised by a majority of the population. Go figure ??
SIG
Whiskey Tango Foxtrot….. Love this!
Cheers
Col
Greg,
Given Dr. Kotlikoffs’s position on Bernanke, Yellen and carbon taxes, the term “controlled opposition”, comes to mind. He can “talk” about debt and bank runs until the cows come home, but if no one with power is listening, does it really matter? It might pacify those of us who care about a such things, but it goes no further.
i think the actual term is “loyal opposition.” given prof. kotikoff’s position, it’s actually pretty brave of hime to agree to an interview on a site that also interviews ellen brown or paul craig roberts. a lot of the quests on this site are pariahs in the mainstream so i think you have to give kotikoff credit for being as vocal as he has been. he’s an economics professor at a major university and these people either drink the kool-aid or they get pushed to the sidelines. i have a bachelors degree in economics and it took me years to undue the brain washing these people inflicted on me.
I’ll give you the loyalty part, especially to people like Bernanke and Yellen.
1 million economist will not fix our deficit problem. Not with the best of intentions nor all of congress behind them……… We had our chance to fix things 20 yrs ago and chose the easy path…….. $200Trillion debt is beyond anyone’s grasp. Especially to the math challenged leaders we have…….. Whatever last breath of hope we had disappeared with “hope and change”………..Nobamacare and the carbon tax (it’s coming) is the final nail…….. Really no other way to put it.
Usawatchdog has become my favorite site for honest news and analysis.
But this interview was just plain painful to watch.
I’m sure the guest is knowledgeable, but his slow, meandering, and confused speech not only made me move on after less than 5 minutes, but it caused him to lose credibility.
Yes. The good professor expounds the Keynesian education he received, compliments of the higher halls of learning, which are controlled by the purse strings emanating from the upper echelons of corporate power.
Ludwig von Mises said it best years ago: “There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.”
Obviously the ‘powers-that-be’ have opted for the latter, rather than the sensible!
I Love your site Greg. You consistently do an awesome interview. I have got to say I was frustrated with this one. Not grilling him on the economic recovery issue made me have shaky leg syndrome. Just saying, with his credentials, I would have liked to have heard him wiggle out of his comment. Just the same, love your work. Thanks.
Another great interview. He was honest about what he believes . Not a anti-socialist, he’s for carbon tax and he’s a friend of Ben. So I get it…. you can see that he didn’t want to piss off his friend to much. I’ve been married a long time and I can now read between the lines in my sleep. He believes in big government but he also sees that it’s disaster. He sees that it’s a disaster because they have truly run out of other peoples money and now have to take it from people in the future who haven’t been born yet. Its quite a conundrum for him, he believes in big government but he knows it has never worked. It reminds me of what Einstein said about insanity.
In other words, he has no moral stance on anything…………. Fits right in with the rest of the elitists running (destroying) the country.
unfortunately – I could not bring myself to listen to more than 4 minutes…Rambling does not come close…I wanted to die listening to this…Sorry – you normally have great content. This is a fail.
Although this interview is from 2011 it is extremely timely considering where we are today.
eric sprott and james turk speak to the coming wall that we may be about to collide with soon.
http://www.goldmoney.com/research/research-archive/eric-sprott-talks-to-james-turk-in-munich
well worth the time to re-visit in my view
Did I just hear him say he is in favor of one of the biggest scams ever in history, the carbon tax! Unbelievable. Who is he really beholden to?
http://heartland.org/lord-christopher-monckton
His email address is inset within his photo.
Thank you Thomas1 !
Greg