'Criminal network running EU economy'

A prominent professor of economics says that the EU economic system is run by the criminal “one percent” cabal group which is holding the “99 percent” accountable to pay.

European leaders have met in another bid to solve the persistent Euro zone debt crisis which has so far defied any workable solution.

Press TV has conducted an interview with professor of binary economics Rodney Shakespeare to further open up the issue.

Press TV: Tell us exactly how did we get here, what are the underlying reasons for this current economic crisis in Europe?

Shakespeare: The underlying reason is a system which has become profoundly corrupted. It is run by criminal cabal of roughly one percent, and its purpose is to suck up wealth to that one percent.

And it works by increasing the debt and compound interest. And it has no concern at all about the needs of ordinary people and their income and their necessities. The physical ability is still there in the economy, in the farms, in the factories, and in the people who want to work. But this criminal system prevents the solution for ordinary people.

And please don’t talk just about Euro zone, the bigger one in all this is the USA. Their doctrines and their practices, for example, their corrupt computer practices where Goldman Sachs makes a cool [USD] 100 million every day, they are at the core of this, just as much as the Europeans are.

So there is going to be no solutions, they’re going to making it worse, because at the end of the day, they are only serving the purposes of the corrupt, criminal elite.

Press TV: Rodney, the capitalist economic system is nothing new, the process of what they have been doing is nothing new, so why at this time, though, has it reached such a critical point?

Shakespeare: What is happening is in fact a development. They got rid of the Glass-Steagall [Act]; in other words, they got rid of key constrains. They then developed this extraordinary business of derivatives, which is betting on an astronomical scale; some say it’s 10 times the world economy’s gross amount, while others say it is twice that, 20 times the world’s economy.

And then on top of that, the computers have been used. So, the Goldman Sachs actually front runs the orders all the time, thousands of contracts per second, and so you no longer have any sort of a market.

Lastly, there is this doctrine that whatever the financially elite does is for the good of everybody. It’s not! It is for the good of the elite, it is not for the good of the real economy, and the spreading of the real economy.

They have no conception of the spreading of the real economy to everybody. In the USA for example, they’ve exported all of their jobs, and they think this is a good thing.

Yes, capitalism has been there for a long time, but capitalism has in fact being corrupted profoundly in such way that there is no way of going back to it. They have got to go to a new solution, a new paradigm.

Press TV: Rodney Shakespeare, Nicolas Sarkozy has said that a “broad agreement” has been reached on Sunday to ramp up the firepower of the Euro zone rescue fund. And saying that firepower is the “440-billion-euro in ramping that up, would that be successful, is that enough?

Shakespeare: No, that money alone will only, in fact, work for Greece for a temporary period. And the more money they have to put up, it hits Germany. So, even Germany is one of the countries whose national debt is creeping up and creeping up.

They’re in it together, and nothing that this meeting does in two days time will actually solve it.

On solutions, they have to open up an interest free loan supply for public capital projects, for small businesses, for small farms, for the spreading of ownership. They have to use that mechanism for getting rid of their national debt which they can do in a responsible way over time.

It is not just politicians. It is the economists, it is the universities, it is the politicians, and it is that criminal one percent cabal. All of whom their minds are affected by this idea that the banks can endlessly create money, do it for any purpose, add compound interest, and then after that everything would work. It doesn’t.

All it does it ends up sucking up wealth for that one percent. We have to have a new thinking all across the board, in Europe, and in the USA, perhaps particularly in the USA.

Press TV: I am just about out of time, Rodney Shakespeare, one minute, your prediction, where do you see this going?

Shakespeare: I see the summit failing to come up with anything substantially new. They are part of this one percent. Unemployment will get worse, and the social disorders will get worse.

And I regret to say, the thuggish behavior of the police and the governments is also going to get worse. And this will continue until there is a very new, completely radical new thinking.

MH/GMA/JR

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