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Greg Hunter, Paul Craig Roberts: “Debt Based System Running Out of Steam”

Wednesday, April 5, 2017 10:17
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(Before It's News)

“Debt Based System Running Out of Steam”
By Greg Hunter’s

“Former Assistant Treasury Secretary in the Reagan Administration, Dr. Paul Craig Roberts, sees trouble for the economy. Dr. Roberts explains, “This image of a strong stock market is based essentially on debt, borrowing and debt, money creation and debt. It’s a false signal that shows prosperity, and it’s not really there. So, during a period of time when there has been no interest income on peoples’ savings in the form of bonds or CDs, there has also been no growth in Social Security income. So, the elderly, or the largest block of them, are hard pressed. The young come out of school with student debt and no good jobs. A large percentage can’t find sufficient employment to support an independent existence. They can’t possibly pay off the loans. So, wherever you look, you see a debt based system that’s running out of steam.”

Dr. Roberts, who holds a PhD in economics, says this is why retail is getting killed. Dr. Roberts contends, “A lot of people blame this on internet shopping and that people don’t want to be bothered to go to a mall. The mall experience is old and outdated, and they would rather sit in front of a computer and order online. This is the explanation people give who don’t want to see a problem. An alternative explanation is that people have run out of any discretionary income with which to purchase things. When you consider mortgage payments, car payments, credit card payments and food, there’s no money left to drive consumer discretionary spending.”

Dr. Roberts says the Federal Reserve basically prints money and intervenes in all markets to prop them up or, as in the case of gold and silver, hold prices down. Dr. Roberts says, “It looks like the whole system is rigged.  People don’t understand this, and you can’t find any discussion about this in the financial press or in the economic profession. Since the Fed has unlimited amounts of money, it can create endless amounts of money by pushing a computer button. They don’t have to worry about losses. So, they can support or rig all markets.”

Dr. Roberts, formerly a top editor at the Wall Street Journal, says nuclear war is the most dire problem Americans face. This comes at a time when trust between Russia and America is at all-time lows. Dr. Roberts says, “The danger is both warning systems, ours and the Soviets (Russians). During the period of the cold war, there were many false alarms of incoming missiles. Both sides would see incoming missiles, and yet no one believed it, and the reason they didn’t believe it was that the governments were working together to defuse tensions. You had Kennedy with Khrushchev. You had Nixon who gave us SALT-1, an anti-ballistic missile treaty. You had Carter who gave us SALT-2. You had Reagan and Gorbachev who ended the cold war. So, all during these periods when false information of incoming missiles came in, no one believed it, but if you have distrust between the two powers as we now have, and Putin has said on a number of occasions we can no longer trust the Americans, if you can’t trust and you get incoming missile alerts, you are much more inclined to believe it.  So, the prospect of nuclear war is more likely.  Washington and the media are creating distrust among their populations with Russia with this constant anti-Russian propaganda.  With all this bogus and false allegations about Russia the chances of all this going poof are very high.” (There is much more in the video interview.)

“Join Greg Hunter as he goes One-on-one with Dr. Paul Craig Roberts.”


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