An economist and banking analyst says that the only solution to end the current financial crisis in the US as well as other parts of the West is to legally arrest all those illegitimate financial criminals within the US government.
The comment comes as France unveiled what President Francois Hollande has called the country’s “toughest budget in 30 years,” including some 20 billion Euros in new taxes on the wealthy and big businesses.
The 2013 budget, presented on Friday, included a 75 percent tax rate on those earning over one million Euros a year in a bid to avoid spending cuts.
This is while the public debt had stood at 89.3 percent of the GDP at the end of the first quarter, which was still far above the eurozone limit of 60 percent.
Europe plunged into financial crisis in early 2008. Insolvency now threatens heavily debt-ridden countries such as Greece, Spain, Portugal, Italy, and Ireland.
The worsening debt crisis has forced the EU governments to adopt harsh austerity measures and tough economic reforms, which have triggered incidents of social unrest and massive protests in many European countries.
Press TV has conducted an interview with economic and banking analyst Chris Dorsey from Dallas to further discuss the issue at hand.
What follows is an approximate transcription of the interview.
It seems like the institutions making the lending , they are the ones making out on this and expand for us, I’d like to concentrate on the IMF [International Monetary Fund] for example and the World Bank.
What role are they playing? Do they want this perpetual state of the countries being indebt to, actually, keep going? Since they make their money that way and at the same time, obviously they have influence in one way or another, perhaps on the politics of that country; overall speaking.
Tell us is their role a positive one in the long-term especially? Especially when we are talking about interest rates?
Absolutely! It is not a positive influence for the vast majority of the population of the planet and the IMF and the World Bank, they are the same institutions as the Federal Reserve Bank and the European Central Bank [ECB].
They have the same ownership, they have the same end goals and they are just one arm that creates money out of thin air and charges interests.
I hear people talking about the credit card industry getting free money from the Federal Reserve Bank. But what authority does the Federal Reserve Bank or the European Central Bank [ECB] have to create money out of nothing for the purpose of enslaving citizens of former sovereign nations to keep their operation going?
That is than only that they do, is create perpetual debt, create perpetual debt and occasionally they will leverage multinational military forces and of course they leverage the nuclear arsenal of the world.
But the American people and the people of Europe they do not really benefit. We have a very low standard of living in comparison to a lot of countries here in the United States and the people who are making this so, the Federal Reserve Bank, which owns the government, both Republicans and Democrats; they control the media.
They do not have any legitimacy so…, I am solutions-oriented; I see demonstrations all around the world and I participated in my fair share of demonstrations but the institutions that control the government, the Federal Reserve Bank and the Bank for International Settlements, they are illegitimate; they exist in violation of article one, section A of the constitution and many other parts of the constitution but that especially.
They are illegitimate, they are committing treason. The solution is not demonstrations on the street and clashes with the police.
The solution is lawful arrest of the criminals and illegitimate actors that control the US government and control the Spanish government and control the Italian government, because it is just going to be musical chairs between Italy and Spain and Portugal and it is just a diversion to keep people from seeing who the real criminals are, who is pulling the strings on all of it.
It’s not sovereign nations; it’s one tenth or one hundredth of the one percent of the banking elite that will leverage all of these natural assets that the earth has to offer and they are violating the law in the United States. I can assume it’s other places. But I am running for sheriff and my intention is to begin arresting the criminals that control the US government.