Ex-Financial Regulator William Black — Austerity is Sinking Economies From Europe to U.S.

Ex-Financial Regulator William Black -- Austerity is Sinking Economies From Europe to U.S.

Ex-Financial Regulator William Black — Austerity is Sinking Economies From Europe to U.S.

White-collar criminologist and former senior financial regulator William Black addresses the grassroots reaction to austerity measures in Europe — from the “Indignados” movement in Spain to the anti-bailout elections in France and Greece — as well as in the United States, where the Occupy movement is re-emerging as the presidential campaign gets into full gear. “Finance is supposed to simply be a middleman to help the real economy,” Black says. “It in fact now completely dominates and is a parasite on the real economy. German austerity has pushed the entire Eurozone into recession, and the periphery into [a] Great Depression-level of unemployment. The same arguments are being made in the United States and are used as a pretext to try to destroy a Social Security, Medicare, and Medicaid. It is economically illiterate, but politically attractive.” [Transcript to come. Check back soon.]

Filed under  Financial Meltdown
 
Guest:

William Black, author of the book, “The Best Way to Rob a Bank is to Own One.” He is Associate Professor of Economics and Law at the University of Missouri-Kansas City. He is also a white-collar criminologist and former senior financial regulator.

2 responses to “Ex-Financial Regulator William Black — Austerity is Sinking Economies From Europe to U.S.

  1. I don’t know about Europe, but here in America, we should be living under the guidelines of our Constitution, which does not allow for private bankers to run the show. If we indeed followed our Constitution, the Federal Reserve, and the IRS would not exist. We would not be in wars that have not been declared (therefore saving Trillions of Dollars) and our money would have real backing, thus it would be next to impossible to counterfeit our way out of debt. I assume the European banking system is similar to our Federal Reserve system and probably comprised of many of the same players through the IMF.

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