Russia Today Network Features Paul Craig Roberts On The Economy

RT regularly does amazing stuff on economics—such an interesting fact, given that it’s coming out of Russia, with her recent history.

In today’s headline story, all eyes were fixed on Fed Chairwoman Janet Yellen, who delivered her first public remarks to the US House Financial-Services Committee. In addition, in a lawsuit filed on Monday, the non-profit group Better Markets has challenged the constitutionality of the $13 billion JPMorgan Chase mortgage settlement with the US Justice Department. And in Washington, Republican leaders in the House of Representatives agreed to advance legislation, raising Washington’s borrowing authority without conditions. Erin Ade reports.

Then, Erin conducts a wide-ranging interview with economist Paul Craig Roberts, an Assistant Secretary of the Treasury in the Reagan Administration and a co-founder of Reaganomics. He has voiced his concerns about the strength of the US economy, US politics, and US civil liberties. Roberts also believes the US is playing fast and loose with the monetary system and the value of the dollar. He speculates that, as the German Bundesbank has begun repatriating its gold from overseas out of storage in places like the Federal Reserve, the Fed will not be able to make delivery because it doesn’t physically possess the gold. Similarly, Roberts does not believe Gold ETF funds have enough physical gold to back their exchange traded fund shares.

Highlights: Around the 8:00 mark, former Assistant Secretary of the U.S. Treasury, Paul Craig Roberts, talks about the real unemployment rate—how about over 23%, instead of the government’s rigged 6.7% number? Seems closer to anecdotal reality, given all of the financial pain I’m seeing around the nation. But how many politicians do you think would get reelected, if they told the truth?

Also, if you trusted someone to hold assets for you, but instead of keeping them safe (as promised) that person sold your assets to profit from the sale, and from the investment of the proceeds, would that be OK with you? How about if they couldn’t give you your assets back, when you asked for a portion of them?

16:15-20:00 Roberts makes the startling and compelling claim that although the Federal Reserve was asked to keep Germany’s gold safe and available for transactions, recent events demonstrate that the Fed actually sold what they didn’t own, and now they can’t answer Germany’s request to send 1/5 of those assets back to them.

What do you call someone who sells what belongs to you, and then obviously can’t replace what they sold? And… what do you think eventually happens to a nation that steals what belongs to others, profits from it, and then still refuses to return what they stole?