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#343#344#345#346 Episode #347 - A Perfect Storm
(Is the Pillar of Capitalism Crumbling?)



Sun 25 February 2007  David Chapman (reading), Smithy, Jeff Faux, Sasha Lilley, Paul Craig Roberts (reading)
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Download Hour1 Download Hour2This week we look at how global capitalism is actually crumbling, even as people continue to talk of a boom. The sub-prime loan market has more than doubled since 2000, and consumer credit is also booming. Now that the housing boom has crashed, more serious problems are manifesting. Will defaulted loans lead to soaring rates of foreclosures and bank failures? After examine the basics of money by replaying the first episode of Wizards of Money from episode 66. In our second hour, an interview with economist Jeff Faux, who predicts that the US trade deficit and credit bubble will mean a collapse of living standards for the US population. We conclude by reading "Dump The Dollar" by Paul Craig Roberts.
Quotes-66.gif From March 21, 2007 Iran will no longer officially accept US dollars for any transactions. Iran has entered into discussions with Russia to form a gas cartel. Russia and Iran are the world's number 1 and number 5 gas producers, and they are numbers 1 and 2 in natural gas reserves (holding possibly half of the world's natural gas reserves). The currency moves threaten the US dollar's position as the world's reserve currency, and a cartel would be anathema to US interests in the regionQuotes-99.gif

— "A Gathering perfect storm" by David Chapman, who is a director of a Canadian investment fund in precious metals, 2007-02-24

This episode rebroadcasts content from 66.
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