In this edition of the show Max interviews J.S Kim from SmartKnowledgeU.com.
He talks about how countries and banks are evolving towards gold as money, even though they publicly may say it's not but they know it's an asset that they hold which is worth something.
Saturday, July 2, 2011
Moscow has raised concern over France supplying weapons to Libyan rebels and over ambigious interpretations of the UN Security Council resolution on Libya. Foreign Minister Sergey Lavrov has also once again said that the sides in the Syrian conflict should resolve their differences through dialogue only. Investigative journalist Webster Tarpley, who's in Tripoli, shared his views with RT.
The former Federal Reserve Chairman stated in a CNBC interview that the Fed’s quantitative easing programs under Ben Bernanke have done little to increase lending and stimulate the U.S. economy. ”There is no evidence that huge inflow of money into the system basically worked. It obviously had some effect on the exchange rate and the exchange rate was a critical issue in export expansion. Aside from that, I am ill-aware of anything that really worked. Not only QE2 but QE1.”
Going forward, Greenspan said he “would be surprised if there was a QE3″ due to the damaging effects it could have on the value of the U.S. dollar.
Greenspan went on to discuss the sovereign debt crisis in Greece, noting that a Greek default is eventually likely. A default would substantially weaken the profitability of U.S. companies, because of their large economic commitments to Europe, which holds a significant portion of Greek debt.
The former Fed Chairman also talked about the U.S. deficit, predicting that Congress will not reach an agreement on raising the debt ceiling by the August 2 deadline.