Former US Treasury Official – Gold, Silver, The Fed & Bank Runs
Today a former US Treasury Official spoke with King World News about gold, silver, the fragility of the banking system, and how the Fed views the current situation. Dr. Paul Craig Roberts also spoke about the difficulties investors face going forward. Below is what Dr. Roberts had to say in part II of his extraordinary three part exclusive series of written interviews that will be released today.
Eric King: “We had a final outcome in Cyprus with regards to depositors’ money. It looks like up to 75% or more will ultimately be stolen. You mentioned if that was the template going forward it would collapse the banking system. They are going to deny this is the template going forward but it’s being written into law in countries like the United States, Canada, England, New Zealand, etc. If they start to implement this in other countries, talk about what you think will happen.”
Dr. Roberts: “What it means is that anyone who is alert will simply not have money in excess of the insured amount in a bank account. This makes it hard for people who have a certain amount of wealth, don’t trust the stock and bond markets, and try to sit in cash.
They would have to spread it around into different banks in order to avoid the confiscation. I think the confiscation in the United States would come when the Fed can’t print dollars anymore….
