Former US Treasury Official - America’s Ultimate Collapse

Dr. Paul Craig Roberts:  “We are rolling toward a collapse of the dollar, and with it will collapse American power.  The reason a country is a superpower is because it can pay its bills in its own currency.  That’s what it means to be the world’s reserve currency.... 

“When you lose that ability but you have massive bills, how do you pay them?  You can’t.  That’s the dilemma.  I think it’s just so dishonest that the (mainstream) media hides the real problems from people, and that the government policymakers either hide them or haven’t the wits to understand them. 

And I think it’s dishonest when the Federal Reserve, instead of stating the real problem, pretends that it’s working on a solution.  The banks should have been allowed to fail.  It would not have been very costly.  The FDIC would have saved the deposits.  The amount of money they needed to print to save the deposits was miniscule compared to what they’ve spent trying to save the banks -- and to the damage they’ve done to the dollar, and to the economy.  They should have let them fail and be reorganized. 

They desperately need to re-regulate the financial system.  The notion that derivatives shouldn’t be regulated is insane.  The notion that commercial and investment banks should be the same entity is insane.  These were terrible mistakes, and they had short-term profit implications, but we can see now what the long-term consequence is -- it’s the problems we’ve been discussing today. 

When you have total denial, and everybody is working full-time, including the financial media, to obscure what the real situation is, the whole thing is just one dishonesty piled on another.  And the truth is so far buried in all of the dishonesty, and fake discussions, that it just can’t find its way out.”

Source/audio interview at KWN