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Paul Craig Roberts: Without restoring Glass/Steagal, the US will collapse

 
Icebear
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06/12/2017 12:56 AM
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Paul Craig Roberts: Without restoring Glass/Steagal, the US will collapse
This is a long article and a dire warning which must be read. Roberts expresses it in stark terms: without the restoration of the Roosevelt-era Glass/Steagal law and the separation of commercial from investment banking, the United States will collapse. That is also the way the LaRouche group views it and the way I view it.

[link to www.paulcraigroberts.org]

Roberts was Ronald Reagan's Treasury Secretary. Aside from everything else, he notes that"

Quote:
Not only must Glass-Steagall be restored, but also the large banks must be reduced in size. That any corporation is too big to fail is a contradiction of the justification of capitalism. Capitalismís justification is that those corporations that misuse resources and make losses go out of business, thus releasing the misused resources to those who can use them profitably. Capitalism is supposed to benefit society, not be dependent on society to bail it out.
'If the wankers do not now come to their senses and clean up their stupid act, they may anticipate a rain of ruin from the sky, the like of which has never been seen on this Earth,,,'
Anonymous Coward
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06/12/2017 01:19 AM
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Re: Paul Craig Roberts: Without restoring Glass/Steagal, the US will collapse
This is a long article and a dire warning which must be read. Roberts expresses it in stark terms: without the restoration of the Roosevelt-era Glass/Steagal law and the separation of commercial from investment banking, the United States will collapse. That is also the way the LaRouche group views it and the way I view it.

[link to www.paulcraigroberts.org]

Roberts was Ronald Reagan's Treasury Secretary. Aside from everything else, he notes that"

Quote:
Not only must Glass-Steagall be restored, but also the large banks must be reduced in size. That any corporation is too big to fail is a contradiction of the justification of capitalism. Capitalismís justification is that those corporations that misuse resources and make losses go out of business, thus releasing the misused resources to those who can use them profitably. Capitalism is supposed to benefit society, not be dependent on society to bail it out.
 Quoting: Icebear


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brassbat

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06/12/2017 04:29 AM
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Re: Paul Craig Roberts: Without restoring Glass/Steagal, the US will collapse
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06/12/2017 04:41 AM
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Re: Paul Craig Roberts: Without restoring Glass/Steagal, the US will collapse
Everything is twisted as long as corporations are being treated as individuals.

We need to re-instate the charter system. A licence that needs to be renewed every few years.





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