Fall Of The Republic: The Presidency Of Barack H, Obama Page #4

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once the dollar starts to go,

there's nothing to stop it.

There's no useful way you that can stop it

once it begins to gather momentum.

So I think we're facing the probability

of some form of dollar panic

combined with hyperinflation

some time during the Obama presidency.

They're now pulling the rug away

from under the feet of the people.

They're becoming rapidly a non-manufacturing country.

Any country that can't manufacture its own goods

even for self-defense, therefore is no...

no longer sovereign, independent and

is able to sustain itself;

which tells you that this is all part of their plan.

It started with the very

beginning when you establish that there was

a Federal Reserve system given the power of the state

to create money out of nothing and

to do so without any regard to

will of the people, without any regard

to what's behind the money system;

in other words, strictly political and economic motives

for the bankers and the politicians.

Once you've granted that power to a group

-- the Federal Reserve system --

the economic crisis was inevitable.

This has happened before.

Every time in history when the government was given the power

-- or a group of banks in conjunction with the government --

was given the power to expand the money supply at will,

those economic systems always wound up in crisis

and always collapsed.

So there's no reason to believe that the United States

was given some kind of a "get out of jail free" card,

an exemption from the processes of history.

So the economic crisis began at the very beginning and,

as a matter of fact, when the founders of

the Federal Reserve system met on Jekyll Island

back in 1910, and were drafting the...

the Federal Reserve Act,

one of the things they discussed was

how to pass on the inevitable losses to the taxpayers.

They knew that inevitably something like this would happen

and they knew that there had to be some way to...

to get out of it without destroying the banks, of course,

because they were the banks, and they said,

"Aha, we'll go into partnership with the government.

We'll take our cartel agreement and pass it into law

-- call it the Federal Reserve Act --

and we'll make the taxpayer come online and be responsible

to bail us out if and when, when the failure finally comes."

Who's gonna soak up the derivatives.

Who's gonna soak up the debt,

and who's gonna be penalized.

And right now it looks like Wall Street's

getting bailed out and the little guy

in the middle of Main Street America

are all going to, pay... pay the penalty.

Can the economy be turning around here?

Are happy days here again?

And can we actually have growth without jobs?

Is this an oxymoron: jobless recovery?

We're going into the greatest depression.

There will be no job growth.

Unemployment will continue to escalate.

Along with it so too will crime,

poverty, kidnappings, boss-nappings.

And the more things spin out of control,

the harder the hammer's going to come down

by the federal government to keep everyone in control.

Power is much, much more important to them than money is.

Money is only a ways to the means.

Power is the end result.

The elites' main goal

is to destroy national sovereignty

and individual independence.

To consolidate their grip on power,

the banksters create artificial debt bubbles

that are mathematically impossible to pay back.

These are those sinister toxic assets,

the complex financial instruments that they talk about,

but never really name.

They're paper based on paper. They're credit default swaps,

collateralized debt obligations, mortgaged-backed securities,

asset-backed securities, structured investment vehicles,

auction rate securities, and so on down the line.

It's an immense mass of cancerous, fictitious,

speculative paper, bloated in value, impossible to bail out.

Triage the derivatives on their books.

There's no way to bail out a 1.5 quadrillion dollar

black hole of derivatives, but nevertheless they tried.

The Wall Street cronies are crooks.

If you leave the vault to the bank open,

these people are gonna help themselves.

The job of the government is to make sure

there's somebody there to make sure the vault

is closed and very few people have the combination.

I'm William K. Black,

Associate Professor of Economics and Law

at the University of Missouri, Kansas City.

I was a senior regulator in a number of different positions

during the heart of the savings and loan crisis.

On a staff level, I led the re-regulation

of the savings and loan industry.

The purpose of regulation and effective criminal prosecution

is to make sure that cheaters don't prosper,

that honest manufacturers win in competition.

The primary driver of the current crisis

is accounting control fraud.

These are frauds led by the CEOs

of the major lending institutions

and major banks and institutional

buyers of toxic waste product.

How did it start?

It started with mortgages, particularly non-prime mortgages.

In September of 2004, the FBI warned

that there was an epidemic of mortgage fraud

-- their words --

and that this epidemic of mortgage fraud

would cause an economic crisis

at least as large as the savings and loan debacle,

if it wasn't stopped.

The FBI found that 80% of the mortgage fraud

was being induced by the lenders, not by the borrowers.

You know, much of the rage has been...

been against the borrowers.

But if you want rage, it should be at the CEOs

who became fabulously wealthy

by following a strategy based on fraud.

The Wall Street people and their

friends here at the Federal Reserve

and at the US Treasury and down...

down the Washington Mall here at the US Capitol,

that's where the damage was done;

and if people want to vent their anger,

they need to vent it against these people.

Between the Bush-Paulson administration

and the Obama-Summers-Geithner-Volker administration,

there's really a total continuity of

economic and financial policy.

Geithner was on board at the Fed, the New York Fed,

dealing with all these institutions. He didn't get it.

And then we had this fellow

who came up afterward, Mr. Friedman.

He was on the Goldman Sachs Board and

he didn't last too long as a Fed Chairman.

Why? Because he had a conflict of interest.

Is it possible that there's so much conflict of interest here

that all you folks don't even realize that

you're helping people that you're associated with and

you should be recusing yourself for America's, ethics?

I, you know, I behaved with the... with the...

You don't think you should have recused yourself

when you asked Lehman to go into bankruptcy

you didn't put Bear Stearns in bankruptcy

and then you folded Merrill Lynch?

And, I mean, isn't there some point where you gotta say,

"Hey, I gotta conflict of interest here?"

You don't feel any kind of scintilla of

ethics on this thing at all?

Totally. I... I operated very consistently

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