Want to know what is happening in the EU. Well in an interview on Russia Today’s program Capital Account with Paul Craig Roberts an economist (former Assistant Secretary of the Treasury in the Reagan Administration) breaks it down.

Private bankers such as Goldman Sachs sold CDS (Credit Default Swaps) to buyers of bonds. These CDS are like an insurance policy that pays out if the bonds are defaulted on. Of course, these private banks can’t afford to pay out (no surprise there). So they want the ECB to print money, buy the sovereign bonds to cover these defaults and let the European people pick up the tab.  This might explain the spate of Goldman Sachs men taking over all around EU in last few weeks.

Mario Draghi (former vice chairman and managing director of Goldman Sachs) in charge of the ECB. They have Mario Monti(international advisor to Goldman Sachs) in Italy and Lucas Papademos was head of Greece’s Central Bank when Goldman Sachs were helping “the Greek government to mask the true extent of its deficit with the help of a derivatives deal that legally circumvented the EU Maastricht deficit rules“.

The only fly in the ointment according to Paul Craig Roberts is that Germany are steadfastly against using the ECB to print. Hence the failed German Bund auction during the week, which Roberts says was engineering by the ECB, US, EU Commission and private bankers to give Germany the message. Shortly after the auction the German Finance minister backed off getting the private banks sharing the debt.

Check out the interview below. Forward to 17:40 into the program.