Jim Willie: Derivatives Casino Is Wobbling Tower

from WallStForMainSt

Jason Burack of Wall St for Main St had on as a first time guest investor, PhD statistician, former corporate executive and editor of the Hat Trick newsletter for the last 10 years at Golden Jackass http://www.goldenjackass.com/main5.html, Jim Willie.

Jim has had a very long list of accurate predictions come true in the long term in financial markets since he started writing his newsletters including correctly predicting bank failures, zero interest rate policy (ZIRP), and many more. His accurate predictions list is on his website here:
http://www.goldenjackass.com/forecast…

During this hour+ in depth interview, Jim Willie talks about the origins of many over the counter (OTC) derivatives and how these OTC derivatives are used as a phony foundation (bad collateral) for banks to invest/speculate/loan with the rest of their businesses.

Jim traces many of these large, opaque zero sum game derivatives casino type bets/games back to the early 1990s.

Jim talks about a lot of the fraud at many large banks in the US and in Europe.

Next, Jim explains the main types of OTC derivatives, credit default swaps and interest rate swaps. Jim thinks based on his research and Rob Kirby’s research that the US can never fully leave ZIRP without everything collapsing again worse than 2008.

Jim talks about the problems with bank balance sheets, frauds at banks, recent murders of middle managers at banks and the Exchange Stabilization Fund. Jim thinks all of these events are connected.

Jason and Jim discuss inflation, Keynesian Economics, why so many longtime Wall St and financial professionals have no clue about what’s really going on and whether the next monetary/financial system will be centered around the Special Drawing Right (SDR) of the IMF or whether China, Russia, BRICs and other G20 countries in the developing world will will out and institute a gold backed trade system.

Many important and exciting financial and macroeconomic topics are discussed in this interview and this brief summary is only a small taste of what you will get if you listen to the entire interview!

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