Unbelievable interview on Max Keiser’s show with Warren Pollock. In it is a discussion that MF Global wealth confiscation by JP Morgan is a trial run to be used globally. With the massive amount of derivatives out there that need to be covered on the balance sheet, then customer accounts have to be tapped to cover the losses. Hence the trial run by JP Morgan.
According to Warren Pollock , the empire(wetern financial system) is broken down and will have a bank holiday in Europe first then the US.
Personally I think the best way to look at things is like double entry book keeping. Every debt needs to be accounted for. We have massive derivatives losses worldwide. Somebody has to cover it. Guess who that somebody is ?
For further info on outstanding derivatives, click here for an earlier post.
The clip below is from the second half of the show.