Political Perspectives on 04/02/09
Host Per Fagereng interviews Ellen Hodgson Brown, author of "The Web of Debt: The Shocking Truth about Our Money System and How We Can Break Free." Ellen Brown says the banking system has been contrived so that big banks always get bailed out by the taxpayers from their risky ventures, but the scheme has reached its mathematical limits. There isn't enough money in the entire global economy to bail out the banks from a massive derivatives default today. When the investors realize that the "insurance" against catastrophe that they have purchased in the form of derivatives is worthless, they are liable to jump ship and bring the whole shaky edifice crashing down.