Financialization of economy has bankrupted US, EU: Analyst

Press TV has interviewed Robert David Steele, CEO of the Earth Intelligence Network in Virginia, about Standard and Poor's cutting the credit rating of the European Union.

A rough transcription of the interview appears below.

Press TV: First the UK and now the EU credit ratings getting slashed. What is your prediction for the economic fallout of the Brexit?

Steele: Let me open by saying that Standard and Poor’s is a co-conspirator and whatever credit rating Standard and Poor’s assigns, you should reduce that by at least two to get to the actual credit rating.

Europe is bankrupt. Brexit did not cause this bankruptcy. The financialization of the European economy and the American economy are what have bankrupted both regions. This two trillion that disappeared was digital false wealth. There is absolutely no obstacle to investing in Europe as long as you are investing in tangible assets. George Soros is a smart man. He bet short on Europe and he is betting short on gold now because he knows that not only in Europe but in the United States the economies are too dependent on banks and very unjust toward people and land.

Press TV: If there is enough pressure put on the EU to make it unattractive for investment in the future and if you are saying this inflated digital number is revealed for what it really stands for, and this causes the borrowing cause for the EU to rise, could this contribute to further chances of more EU disintegration?

Steele: Absolutely. I mean decentralization is in the air. There are 5,000 secessionist movements in the world, 27 of them in the United States. What has happened here, and you have to remember that the European Union was never a community, it was a cartel, it was a steel economic cartel that was formed in order to protect the interest of the elite. It has never, ever focused on the people of Europe as the primary benefactors of the European Union.

I have to say this again. All of this is a rigged system. All of this disaster news is a rigged system. People are making money on bad news. Nothing has changed about the value of the good people in Europe or the value of the land in Europe or the value of the natural resources in Europe such as natural gas in the Netherlands. This is all about financial fraud.

Press TV: And at this point, is there anything in your view the EU can do as far as damage control goes to stop further economic woes or is this just the beginning of much tougher times ahead?

Steele: It is certainly the beginning of tougher times ahead. I mean Thom Hartmann, one of my favorite American authors, has written a book and he talks about how we are going to have a crash. Obama is desperately trying to stop the American crash from happening until after the election but an American crash is coming. George Soros has said so and on this I agree with him, a European crash is also coming. Gold is overleveraged by 600 to one and the Americans watered down a lot of the gold they sold with titanium.

So yes, we are going to have a major crash but I really want to emphasize that Iceland is the example of what good people with good government can do. Put the bankers in jail, end of problem.

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