This talk by Catherine Austin Fitts, who served as assistant secretary of housing and federal housing during the George H.W. Bush administration, is being circulated around the web. She calls the $12 trillion of unsecured debt issued by the financial sector during the 1990s a “leveraged buyout of a country.”
She says that we are witnessing the “end of sovereign governments and the rise of corporations. We’re literally changing the governance structure on planet Earth so that we are no longer governed by countries . . . but we’re literally governed by private corporations.”
She says “liabilities are being shifted into sovereign governments and assets being shifted into corporations so the corporations are getting the assets and governments getting the liabilities.”
She said that all that’s left in Social Security are worthless promises on worthless paper.
Being paranoid doesn’t mean they aren’t out to get you.
Hat tip to my old friend Tom Flocco.
Ms. Fitts also makes good observations about the benefits of keeping money close to home in community banks rather than large national ones.
The talk is 46 minutes long despite being sped up. Don’t feel obliged to watch the whole thing but you won’t be wasting your time if you do.
Here it is: