Distrust in Government Is Powering Gold
Proof of the growing loss of faith in financial systems is everywhere.
US Democratic Representative from Ohio, Marcy Kaptur, is talking to Bill Moyers about the state of the economy. She claims it's a Financial Coup D'Etat.
It's a lengthy interview, about 20 minutes, but well worth a listen in its entirety. The site has a complete transcript for those with limited time. Here's a partial transcript.
Michael Moore: We're here to get the money back for the American People. Do you think it's too harsh to call what has happened here a coup d'état? A financial coup d'état?
Marcy Kaptur: That's, no. Because I think that's what's happened. Um, a financial coup d'état?
Bill Moyers: That's the progressive Representative from Ohio, Marcy Kaptur, she's with me now. She has a Masters from the University of Michigan, did graduate study at MIT, and still lives in the same house in the Toledo working class neighborhood where she grew up.
She's in her fourteenth term in Congress, the longest-serving Democratic woman in the history of the House, and she's an outspoken financial watchdog on three important Committees: Appropriations, Budget and Oversight, and Government Reform.
Also with me is a familiar face to viewers of this broadcast. Simon Johnson is the former Chief Economist at the International Monetary Fund. He now teaches Global Economics and Management at MIT's Sloan School of Management. He's one of the founders of the website Baselinescenario.com. I check it out daily for Simon's take on the economic and financial crisis.
It's been a year since the great collapse and both my guests are well equipped to assess what's happened since then. Welcome to you both.
Marcy Kaptur: Thank you.
Bill Moyers: Let's look at this story that I just read from the Associated Press this week about how Treasury Secretary Geithner is on the phone several times a day with a select group of very powerful Wall Street bankers, especially Citigroup (C), JPMorgan (JPM), Goldman Sachs (GS). He will talk to them when Members of Congress have to leave a message on the answering machine. And these are the bankers who helped bring on this calamity and who are now benefiting from it. What does that say to you? ...
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