As fighting in Ukraine continues to intensify, today former U.S. Treasury official, Dr. Paul Craig Roberts, spoke with King World News about Putin's ultimate move to crush the EU and NATO. He also warned that the West may be handing the keys to victory to China and Russia.
Dr. Roberts: “Eric,
right now there are a great many things in the financial system that
can blow up but the real blow up is going to require flight from the
dollar and the euro. Once that happens, they can’t bail out the banks,
the derivatives or the sovereign bonds.
In the short-term, while they
can still print money, they can keep this rigged system standing. But
the minute the value of both the dollar and the euro start collapsing,
that’s when the game is over. Both of these currencies have increased
in quantity far beyond the ability of the underlying economies to
provide goods and services. When the flight comes there will be no way
to stave off the instabilities that currently exist in the system.…
“There
is the potential for a massive black swan to develop because of the
Greek crisis and the election of the new government. This will unfold
if the German banks, the creditors of Greece and the EU politicians
refuse to accommodate the legitimate needs of the Greek government.
The Greeks must renegotiate the
harsh conditions that have been put on their country in order to solve
their sovereign debt problem. The current agreement as it exists is
intolerable to the Greeks and it can’t stand. But if the Germans and
the other Greek creditors don’t agree, you could see an alliance between
the Greeks and the Russians.
BRICS $100 Billion Bank
The BRICS now have this IMF-type
bank and they have funded it with $100 billion. Putin now sees that he
has the opportunity to break the Greeks off from the EU and from NATO.
The BRICS bank would step in and help the Greeks with their
debt-servicing problems. That could be the beginning of the unraveling
of the European Union and NATO.
You have to remember, Eric, that
Italy, Spain and Portugal will be watching this situation with Greece
very carefully. These countries still face the same kind of threats
that are being applied to Greece. And of course the Irish have suffered
dramatically under the austerity imposed on them.
So if these countries see that
Europe will not ameliorate the hardships that have been imposed on them
by these austerity programs, and these countries turn to Russia, China
and India — the BRICS — you would then see a total breakdown in the EU
system. This is a system where the banks get countries in debt and then
they send in the IMF to impose austerity.
The Ultimate Black Swan As Countries Are Looted
The bank's clients then buy the
premier assets of these countries for pennies on the dollar. It’s a
looting process. That’s what happened to Greece. It also happened to
Ireland. So if these European countries realize that all they are just
being looted, they will then accept Putin’s offer and turn to the
Russians and the Chinese. The BRICS can easily assist the Greeks.
These countries would then
abandon Germany, Washington and the IMF, who are imposing all these
hardships on them and also looting their countries. So there is the
potential for the ultimate disaster here if the West is stupid and
arrogant enough not to bend. That would mean the unraveling of the
European Union and of NATO — the ultimate black swan.”
Putin's Aggressive Move Into Europe
Eric
King: “Dr. Roberts, what we are seeing unfold right now has
ramifications far beyond Greece. You are talking about an aggressive
chess move by Putin and a massive sweep by the Russians and the Chinese
into Europe — through the back door of Greece, and then eventually into
Spain, Italy, Portugal, and possibly even Ireland. You are talking here
about the total destruction of the EU and the euro.”
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