PCR: Yeah, well...I think the major problem is that the political elites have made such a mess, I don't think it can hold together. And therefore if it doesn't hold together, they will be discredited in a big way. You have to remember the reason we got the reforms in the 1930s was because of the Great Depression...and the elites couldn't find an answer. And the elites were in power in Wall Street, the banks, and in the Republican party, and all that got discredited. And up came Roosevelt -- not that they were very clever or successful, but some of the things they did worked and persisted until the Clinton administration. For example, the Glass Steagall Act, which was probably the best thing that ever happened to give financial stability...it was Clinton, or it was his regime, that gave that up.
So I think when elites are perceived as having failed publicly, that's when you get changes...but it'll be harder now because then there were still some independence in the media -- the media wasn't concentrated into 5 or 6 hands. There was still some media independence -- a lot of newspapers had been owned by families, they were independent, they weren't part of a conglomerate. And so there were different voices. See today the media is almost one voice, isn't it? I mean you can turn on FOX News, you turn on CNN, you turn on ABC, CBS, NBC, whatever...you turn it on, it's all the same. It's the government lying, Wall Street lying, it's the Federal Reserve lying...investigative reporting has just about disappeared in the United States. The newspapers can't afford it. And then you have the problem when they all get close to bankruptcy, and then the CIA subsidies become ever more appealing. CIA has always had assets in the media, but now they can have practically any asset they want because of the pressure of profitability on the print media...and I think also TV. So it's easier for them now to produce and maintain false stories that create in the public, illusions or that create a reality that's not the real reality. And so that can make the kinds of change that catastrophe makes possible -- that can make that kind of change harder to actually do even though you have the opportunity, because they can still control perception. And because you know, not too many people...
Rob: Well this is what you said in your recent article about gold...
PCR: What?
Rob: That, basically...you said you wrote this your last article about gold, how, after the Great Depression the collapse was allowed to happen. The wealthy people were allowed to lose all their...everything, and this time Obama and Bush, they saved them. So I think what you're saying is they were able to save face too?
PCR: Yeah. Yeah, I mean, the whole purpose of quantitative easing was to save five banks.
Rob: Save who?
PCR: Five banks....five mega-banks: Goldman Sachs, JP Morgan Chase, Citibank, Bank of America...these were the focus -- this has been the only focus of American economic policy since 2008. So that's now 6 years. Our economic policy based entirely on saving 4 or 5 mega-banks. And these mega banks are the Treasury Sec...their former CEOs are... have been the Treasury Secretaries, their executives run the federal regulatory...financial regulatory agencies, such as the Commodity Futures Trading Corporation, which is supposed to regulate derivatives. The person running that is a former Goldman Sachs executive. This is why there are no prosecutions of the fraud because the banks control the regulatory agencies, their executives are the top officials. The New York Fed...the New York Federal Reserve Bank, which is the main money center bank, their trustees or board of directors...I don't know which is the title, I've forgotten at the moment...but they're all the big mega-banks.
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