Peter Joseph interview by The Young Turks. This enlightening back and forth discussion sheds some lights on human development and sustainability topics such as the unproductive nature of the financial system, the unfairness of the free market, the fallacies of capitalism and democracy, the deep inter-mesh of interests between government, business and war, the transition to a resource-based economic system and a short description of this new system. A sure stride into changing the world and human coexistence for better.
Cenk Uyguy, co-founder of the Internet and talk-radio show The Young Turks (TYT) breaks down the case for the impending financial collapse of the modern economic system, due to the absence of governmental market regulation, neglectful and inconsiderate high-risk operations by the private banking system and a massive US debt of 639 trillion dollars in the derivatives market – a value equal to ten times the size of the world economy. As if this wasn’t enough, in the near future the market regulations will further decrease and it’s estimated that the trade operations will reach new heights of risk, putting us nowhere but on the highway to an inevitable total global financial collapse.
“A crucial change in the way financial derivatives are packaged and sold on Wall Street is enabling traders to bypass new regulations aimed at limiting reckless speculation, enhancing the prospect of another derivatives crisis, warn some market participants.”
The Dodd-Frank financial reform law came into effect in 2007 in response to the financial crisis – it required safeguards for investors to cover losses on their derivatives trades. But what if investors found another, risky, way around that? That’s what’s happening now. Is it time to start the financial armageddon clock?”
(source: The Young Turks Youtube Channel)
See the original video on Youtube explained in Cenk Uyguy’s unique charisma: