Ellen Brown: Interest rate swaps are now over 80 percent of the massive derivatives market, and JPMorgan holds about $57.5 trillion of them.
Ellen Brown: The Goldman Sachs coup that failed in America has nearly succeeded in Europe—a permanent, irrevocable, unchallengeable bailout for the banks underwritten by the taxpayers.
Ellen Brown: The creation of credit has too long been delegated to a cadre of private middlemen who have flagrantly abused the privilege. We can avoid the derivatives trap by cutting out the middlemen and creating our own credit.
Ellen Brown: As Aristotle told this ancient Greek tale, Midas died of hunger as a result of his vain prayer for the golden touch. Today, the Greek people are going hungry to protect a rigged $32 trillion Wall Street casino.
Iwan Morgan: the current crisis shows that unity in the face of economic and financial crisis is far more difficult for a 17-member club of nations than for a union of 50 states under one government.
Steven Hill: When the true size of Greece’s deficit was revealed to the world, the bonds markets went berserk. The interest rates on Greece’s sovereign debt spiked to unheard of proportions, threatening the solvency of the government, and the rest is history.