"Wipe Out" by The Surfaris was a hit in 1963. The song left it's mark then and seems fitting for us now as we clear a path for the New Paradigm. Enjoy! -- CindyKay
Two days ago, a former Assistant Secretary of the US Treasury told King World News (KWN) that the Federal Reserve and other central planners are facing a wipeout. Former Assistant of the US Treasury, Dr. Paul Craig Roberts, also cautioned KWN that the Fed is trying to do all they can to prolong the coming financial destruction. Below is some of what Dr. Roberts had to say.
Eric King: “Now that central planners have made it known they will steal bank deposits when countries are in trouble, does that help relieve QE going forward to some extent? Or is this just another lie they are trying to sell to people right now?”
Dr. Roberts: “It doesn’t relieve it, but it’s an alternative when they can’t do QE. When the dollar starts declining or collapses, and they keep printing it will drive it down even faster. So when the dollar really starts plunging they have to give up QE.
“So the fallback position when they can’t print money is to grab bank deposits. And not just bank deposits but also pensions. They will grab both.”
Eric King: “The desperate actions we are seeing on the part of governments and central planners right now, what does that tell you about how close we are to the end game?”
Dr. Roberts: “The whole point is if the bond market collapses, interest rates explode. When interest rates explode, stocks collapse. That has always been the tradition. So I think they (the Fed and central planners) are facing a wipeout, and they are doing what they can to prolong this.
That is where they are, they are running out of time and means. I think they feel they are close to the end game. They are trying to stave it off. Look, if you can pass the sinking ship to the next watch, if Bernanke can get out of there before it happens, that’s what they will do.
And we don’t know what the Fed is telling the Congress. They may be telling them it’s better to get rid of social security in order to save the budget. I mean you don’t know what they are saying. But in the meantime they don’t want the dollar to go before they can achieve a deal. If people get hopeful, sometimes they get unrealistic (laughter ensues).”
Eric King: “If a friend comes to you and he has millions or tens of millions of dollars in the bank, and he asks you, ‘What do I do here Dr. Roberts?’ What do you say to a guy like that?”
Dr. Roberts: “I would say if he’s got millions or tens of millions, he’s probably got the capability of getting it out of the country. Move it to Hong Kong. Find some investment firm in Hong Kong.
There are some strong, smaller or regional type banks in Hong Kong that have no derivatives. You could just deposit the money there. You are then stuck with all of the reporting requirements, but at least your currency and wealth is out of the country.
Right now of course the Hong Kong dollar is pegged to the US dollar, but I think when the dollar starts sliding they will quickly remove that peg. The Chinese will make them do that. So there are alternatives, and if you are not too scared about what they are doing to gold and silver, it’s cheap now compared to where it was.”