This is must-see video from Representative Paul Kanjorski, the Capital Markets Subcommitee Chair. He says that back in September, we were literally 24 hours away from a complete meltdown in our economic and political system.
Some truly amazing quotes in here. Just a piece of it …
“Here’s the facts. And we don’t even talk about these things. On Thursday, at about 11:00 in the morning, the Federal Reserve noticed a tremendous drawdown of money market accounts in the United States to the tune of 550 Billion dollars was being drawn out in an hour or two. The treasury opened up its window to help. They pumped 105 billion dollars into the system and quickly realized that they could not stem the tide. We were having an electronic run on the banks. They decided to close down the money market accounts and announce a guarantee of $250,000 per account so there wouldn’t be further panic.
If they had not done that, their estimation was that by 2:00 that afternoon, 5.5 Trillion dollars would have been drawn out of the money market system of the United States, would have collapsed the entire economy of the United States, and within 24 hours, the world economy would have collapsed. We talked at that time about what would have happened had that happened. It would have been the end of our economic system and our political system as we know it.”
Now, Congressman Kanjorski says that was the truth as Secretary Paulson told it to him. You’ll note, however, that this threat of a global meltdown was left out of official stories at the time.
Was Paulson telling Kanjorski the truth?
If so, what are the chances that it could happen again?
If it could happen again — if we are still at risk of the global economy and political system melting down – what should gold and silver be priced at now?
Watch the interview HERE.
Related posts:
- Wednesday News Roundup I’m Dreaming of a Blue Christmas … Source: Calculatedrisk.blogspot.com From the LA Times… Retailers cutting back on holiday hiring...
- News You Can Use for Tuesday Waiting for Gustav Hurricane Gustav grew stronger as it moved on a path projected to take it over Haiti...
- Wednesday News Roundup The US government is bankrupting our economy by burning through hundreds of billions of taxpayer dollars in the form...
{ 5 trackbacks }
{ 1 comment… read it below or add one }
In late September 2008 I heard about Kanjorski’s comments while listening to a talk radio program. I have searched the web for this info and have only come up empty until today…thanks to you. But now when I hoped I could see the video, the screen says….”This video has been removed by the user.” WHY?