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Trader on BBC: 'Governments Don't Rule The World,


Douglas Caddy
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Trader Alessio Rastani To BBC: 'Governments Don't Rule The World, Goldman Sachs Rules The World'

The Huffington Post

by Jillian Berman

First Posted: 9/26/11 03:13 PM ET Updated: 9/26/11 03:16 PM ET

http://www.huffingtonpost.com/2011/09/26/trader-to-bbc-goldman-sachs-goldman-sachs-rules-the-world_n_981658.html

Goldman Sachs rules the world and the Euro zone is poised to crash, according to trader Alessio Rastani.

"This is not a time right now for wishful thinking that governments are going to sort things out," Rastani said on an interview with BBC on Monday morning. "The governments don't rule the world, Goldman Sachs rules the world."

The statement came towards the end of an almost three and a half minute interview in which Rastani warned viewers to "get prepared" for the inevitable: "The savings of millions of people are going to vanish" in less than a year, he said.

"This economic crisis is like a cancer, if you just wait and wait thinking this will go away, just like a cancer it's going to grow and it's going to be too late," he continued.'

Fear over the fragility of the European economy has become pronounced in recent weeks. Prompted in part by concerns that the region could enter recession and affect the global economy, stocks composing the Dow Jones Industrial Average suffered their worst week since 2008 last week, according to Reuters.

In spite of statements like Rastani's, Euro policymakers continue to press ahead with possible reforms. Currently, they are working to bolster their 440 billion-euro rescue fund, after being criticized by leaders from both China and the U.S. for letting Greece's debt crisis already wreak havoc on global stocks, according to Reuters.

But the crash will be good news for traders, Rastani told the stunned BBC anchors.

"For most traders we don't really care about having a fixed economy, having a fixed situation, our job is to make money from it," he said. "Personally, I've been dreaming of this moment for three years. I go to bed every night and I dream of another recession."

Rastani said traders aren't the only ones who can benefit from the crisis.

"When the market crashes... if you know what to do, if you have the right plan set up, you can make a lot of money from this."

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Alessio Rastani said: "The savings of millions of people is going to vanish". The UK government currently guarantees up to £85,000 of personal savings. Does the US do the same?

The US guarantees up to $250,000 per bank for each depositer.

Thus, people tend to try to not keep more than $250,000 in any one bank.

But I don't have any confidence that the US could keep that obligation.

Obviously, it couldn't if there was a systemic run on banks.

The US can't pay the $17 trillion or so that it owes on its T bills, or its Medicare and Social Security obligations, so I don't give much creedence to its FDIC deposit insurance program.

The promise of an insolvent, bankrupt country to pay even more money is kind of laughable.

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Alessio Rastani said: "The savings of millions of people is going to vanish". The UK government currently guarantees up to £85,000 of personal savings. Does the US do the same?

XXXXXXXXXXXXXXXXXXXXXXXXXXooooooooOOOOOOOOXXXXXXXXXXXXXXXXX=

Everything for the banking class ...the rest diddly-squat.

(YOU BRITS MIGHT NOT BE VERY FAMILAR WITH THE TERM)

did·dly-squat also did·dly·squat (ddl-skwt)

n. Slang

A small or worthless amount (Canada/US)

------------------o----------------+

on the economic condition,see below links

LONDON

link http://www.thisislondon.co.uk/lifestyle/article-23992475-forty-and-flatsharing-in-london.do

USA

link http://motherjones.com/mojo/2011/09/recession-induced-homelessness-about-skyrocket

Edited by Steven Gaal
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