Heading for another financial crisis and as workers lose their jobs at a faster pace in the Great Depression what can governments do to help and who is falling through the cracks. Counting the cost and how does it. Who will pay for the financial fallout of the coronavirus pandemic governments around the world pledged trillions of dollars try and keep their economies afloat will a massive bailout stop another Global Financial crisis this is inside story. Hello welcome to the program im bernard smith. Most economists agree the coronavirus pandemic has pushed the world into recession trade and business abruptly stopped when billions of people were told to stay at home governments are pledging huge stimulus packages to try and reduce the damage the European Union has agreed a 590000000000. 00 rescue package to prop up the worst hit economies such as spain and italy that includes Unemployment Benefits loans for Small Businesses and Health Care Services but leaders couldnt agree on how to sh
Who will pay for the financial fallout of the coronavirus pandemic governments around the world pledged trillions of dollars try and keep their economies afloat will the massive bailout stop another Global Financial crisis this is inside story. Hello welcome to the program im bernard smith. Most economists agree the coronavirus pandemic has pushed the world into recession trade and business abruptly stopped when billions of people were told to stay at home governments are pledging huge stimulus packages to try and reduce the damage the European Union has agreed a 590000000000. 00 rescue package to prop up the worst hit economies such as spain and italy that includes Unemployment Benefits loans for Small Businesses and Health Care Services but leaders couldnt agree on how to share the cost of the crisis the french finance minister is calling this the most important economic plan of the e. U. s history this response contains bald and b. Shoes proposals that will then be unsinkable in jus
10 year yield and as you see since basically the European Union finally began quantitative easing in earnest theyve gone into negative territory but i tell you whats remarkable is that you know we made a film like 10 years ago about the collapse of iceland we went to iceland about 6 months 9 months before it collapsed and predicted that it would collapse because it was a serious ponzi scheme where the banks were lending. To speculate and the result of that speculation in the Housing Market would be used as collateral at the bank to create more lending so it became a huge ponzi scheme force a collapsed now people talk about these negative Interest Rates they think its the result of some policy by someone in doing some economic bennett benefit but they dont understand is that is the biggest bubble in history the sovereign bond bubble is by far the biggest ponzi scheme bubble its ever been created in the history of the world and when you talk about these sovereign bonds trading in negativ
A settlement in gold and then that was stopped in 71. 00 then you had c. I. Currencies or franc the other feet of currencies and thats how you end up with a global ponzi scheme and you had as nomi prins writes in her excellent book collusion about how the Central Banks then were no longer competing with each other in a mercantile a system but became their coconspirators in a global monitor a system where each bank was simply passing the hot potato around the world and there was never any moment when Interest Rates are not being cut over the past 40 years 45 years thats never happened in one country may have raised a bit but another country would have dropped by considerably more the net result is now the goal of the globe is their debt to g. D. P. For planet earth is approaching 350 percent well some say that the u. S. Dollars back backed by oil so it always has been backed by something hard. Liquid oil the other thing that were seeing however is as Michael Hudson dr Michael Hudson an
Thinkable of course this is the german eels and this is the u. S. 10 year yield and as you see since basically the European Union finally began quantitative easing in earnest they got into negative territory but i tell you whats remarkable is that you know we made a film like 10 years ago about the collapse of iceland we went to iceland about 6 months 9 months before it collapsed and predicted that it would collapse because it was a serious ponzi scheme where the banks were lending. To speculate and the result of that speculation in the Housing Market would be used as collateral at the bank to create more lending so it became a huge ponzi scheme force a collapse now people talk about these negative Interest Rates they think its the result of some policy by someone in doing some economic benolt benefit but they dont understand is that is the biggest bubble in history the sovereign bond bubble is by far the biggest ponzi scheme bubble its ever been created in the history of the world and