So, is anything in
the financial sector actually fixed? Former top Wall Street banker Nomi
Prins contends, “We have many trillions of dollars and government policy
trying to basically cover up the holes in the entire financial system
that could create another Lehman or multiple Lehmans. So, we have a
white wash or a hole in the wall that’s been plastered over many, many,
many times. The hole is still there. The danger is still there. The
co-dependency is still there. The leverage is still there. . . .It all
look like there has been this cosmetic shift supporting these banking
institutions rather than supporting, from the bottom up, the economies
of these countries. That has the effect of creating deterioration in any
of the assets that these banks are still financing. . . . “Buying
securities does not help people get jobs. It does not help industries to
continue to innovate. It does absolutely nothing for spreading a
foundation of solid economics throughout the population. All it does is
make banks look better and cover these holes. Even with all that, holes
continue to pop up and be visible, and that indicates a much larger
problem. . . . People don’t have money. Even if the headline
unemployment looks good, the reality is the jobs being created do not
pay well. So, people don’t have any money.”
In closing, Prins paints a grim picture by saying, “When there is no
artificial external buyer for debt, that’s when things will fall apart.”Join Greg Hunter as he goes One-on-One with Nomi Prins, best-selling author of “All the Presidents’ Bankers.”
http://usawatchdog.com/when-artificia…
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