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June 28th, 2012 
FAKE NEWS for the Zionist agenda Press TV has conducted an interview with Edward Spannaus, the editor of the Executive Intelligence Review to further discuss the issue.
The show offers the opinions of two additional guests: financial journalist Max Keiser and also Simon Dixon, author of the ‘Bank to the Future.’ What follows is an approximate transcript of the interview.
Press TV: Edward Spannaus, Germany has reacted angrily to the US president’s criticism of their handling of the eurozone debt crisis. The finance minister of Germany said, before giving advice to Europe, that Barack Obama should concentrate on resolving America’s own deficit which is higher than the eurozone debt. Does he have a valid point?
Spannaus: No they are both wrong, this financial system is beyond salvation. You are dealing with five to six trillion dollars of unpayable debt in the European banking System and wanted two additional trillions dollars of unpayable debt in the US banking system but you can not really talk that way because it is a globalized system and it is really centralized out of the city of London.
Obama got his talking points from Cameron, the British prime minister, and Mervin King of the Bank of England, who basically told him what to say to Germany and of course Britain has had no love for Germany for about a hundred years, since Germany became an industrial power.
But alternatively the idea that the US should deal with its deficit, as the previous speaker [Max Keiser] alluded to, trying to cut a deficit in the absence of any real economic growth, gets you nowhere.
You are dealing with trillions of dollars of unpayable debt and the only answer to this is to write this debt off in an orderly way which means a re-imposition of the Glass-Steagall standard, the Glass- Steagall law in the US which separated speculative side of banking from the legitimate commercial side, but there are also similar rules in effect in most European countries and when those rules were abolished, the commercial banking system was essentially taken over by the gambling casino and the whole thing is just one giant gambling casino at this point and it has to be shut down but shut down in an orderly fashion, so you do not cause massive suffering for the populations of these countries.
Press TV: Edward Spannaus, if you want to look at some of the indicators in the United States, there are still very grim.
I was trying to figure out how the housing market is doing? One report indicating that the US, in terms of its mortgage applications, has fallen for the second consecutive quarter, another saying that it has actually grown.
I mean what is going on, regarding for example the housing market in the United States? News is varied in terms of the reports coming out of that.
Spannaus: Sure, it is still in collapse and you are going to have these temporary upside downs but that tells you nothing.
What I would like to expand on that discussion is, to look at the physical side of the industrial economy because that is what we are really dealing with.
You can not understand this simply by looking at the financial side and from the stand point of the US economy, which I know the best, you are looking at about of forty year process of the takedown of the industrial economy [which] goes back to the assassination of Kennedy and then in the 1970’s the Nixon taking the dollar off gold, ending the Bretton Woods fixed exchange rate system that opened up the globalization and the destruction, certainly of the US economy and really of all economies of the world.
Secondly, you had something going on, called Controlled Disintegration, a project that the Council of the Foreign Relations called the 1980’s project, which was implemented then when the Paul Volcker came in, to head the Federal Reserve and raised these interest rates to 20 percent which caused around 1980, a 50 percent collapse of key industrial sectors and auto, machine tools and so forth in the US, from which we have never recovered over the past 30 years.
On top of that you have the Green Policy, the environmentalist policy, which came in around 1970; again we are looking at forty years ago which was also a takedown of our industrial economy by educating and teaching and propagandizing generations to say that science is bad, technology is bad for you, industry is bad, doing anything, building anything is bad, and you have had a couple of generations now raised on this in the United States.
So you are looking at about a 30-40 year collapse of our industrial economy and then so you have to basically look at two things: the industrial economy is going down and the financial side, all these crazy financial instruments, derivatives, Sub-Prime mortgages, you name it, are skyrocketing.
So we reached the breaking point, and that breaking point was actually reached about five years ago, 2007-2008, and since then it has just been a patchwork of one type of bailout after another which can only result in a hyperinflation. It can not stimulate the industrial economy because the financial system is too far gone.
The financial system is sucking credit out, that could possibly go into the industrial side.
So that is why we say do a Glass-Steagall reform of this system, just let the unpayable debts go, they are gone, shutdown the casino and then you can get to extending credit for an actual industrial revival.
But you will never get the industrial revival until we pop the bubble and shut down the casino.
Press TV: Edward Spannaus, Max Keiser [other guest of the show] touched on the shrinking economy, if we want to look at the economy shrinking globally, is that a valid point at this point, when we look at, for example, how the Chinese factory output is really not growing as much; you have powerful European manufacturing countries, for example like the UK decreasing their output and of course we see how the US economy is stuttering. Is it because there is shrinkage in the global economy?
Spannaus: Well, there is but you have to make a distinction here, you referred to China. China is perhaps the most insulated from this because when everybody else was going to austerity, they were continuing to invest in infrastructure and therefore somewhat both China and Russia are somewhat protected from this collapse.
They are all subject to it and they are all vulnerable to it but what you have going on in the US and the Europe is that there is only one banking system, you can not say that there is a US banking system or a European system, it is one system, it is centered in the city of London.
And the British objective, now and always is the destruction of the national sovereignty and what is being done right now, with the demand for a super European bailout fund and a super authority means the end of national sovereignty in Europe.
The Maastricht Treaty and the Euro was already a big step in that direction and you have to say that Germany is correct for its own reasons in resisting this, I mean they know something about the hyperinflation but the British game right now is to blame Germany for all this and of course Obama was right there behind Cameron, saying the same thing.
But it is the end of the sovereignty, it is a globalized system, it can not be solved in one place and Russia and China have somewhat kept at distance from this system which is why they are in relatively better shape but they will not be isolated from a complete financial disintegration which could happen literally any day now.
MY/GHN
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