Interview with Prof. Richard Wolff | Prepare for Massive Bank Crashes, U.S. Economic Downturn Is Accelerating (Part 1)
This is Part 1 of the interview with Professor Richard D. Wolff
In Part 1 of the interview, we discuss the rapid decline in the U.S. economy. Professor Wolff explains the reasons for a looming banking crisis.
Professor Wolff concludes that even though it is clear that the United States will face a severe banking crisis and bank consolidations, the "plan" is to let it collapse in hopes of another government bailout.
Part 2 of the interview, where we discuss the BRICS and geoeconomics!) will go live on Friday, July 12 at 10am CT.
Watch the video on YouTube or Rumble:
Can't wait for part 2!
After SVB collapsed, Yellen said during Senate Financial Committee hearing that essentially the big banks will get preferential treatment and bailouts, while the little banks can go eat dirt.
She said at the time: "A bank only gets that treatment if a super-majority of the Fed board, and I, in consultation with the President conclude that failure to protect uninsured depositors would create systemic risk to the banking system."
To Mr. Wolff's point, the "too-big-to-fails" will be made 'safe' to the tune of multibillions and trillions; and the medium and small regionals will be allowed to crash, consolidated, or bailed-in, or a combination of those three. It's a big club, and you ain't in it! 2025 is going to be such a calamity of a year.
Great interview Lena, Professor Wolfe's insight alone is worth the price of the ticket. His genuine understanding of the subjects he covered is readily apparent not only by his words but also the confident tone in his voice. He clearly has given a lot of thought to everything he talked about yet is humble enough to admit he does not know what he doesn't know, I really respect that. Looking forward to part two. Speaking of humble, it was me who was humbled last week, not you, in case you did not see my last comment a few days ago.