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One of the functions of capitalism is bankruptcy - James Dines

With central planners actively scrambling to address mounting problems facing the United States and Europe, and uncertainty continued uncertainty in global markets, today King World News interviewed legendary James Dines, author of The Dines Letter.  Dines told KWN that “a collapse of Europe’s banking system is inevitable” and “the United States is headed towards a Greek tragedy of its own.”  Here is what Dines had to say about what is taking place:  

The Fed has lowered interest rates to record low levels, and Bernanke has printed unimaginable amounts of money, but it hasn’t worked.  Instead of acknowledging that Keynesian economic theories are bankrupt and at a dead end, Bernanke can only wonder if even more of the same medicine might somehow work.”

Blind repetition of what is not working has been described as insanity, and that is what the Fed is engaged in right now.  For many years I’ve been predicting a coming currency upheaval, and we’re in one now, only they don’t see it that way.  One of my other predictions has been the coming debt liquidating depression, and we’re observing one right now in Europe.

It’s horrifying that they are all trying to bail each other out with the same tired policies of money printing and lower interest rates.  It’s not working, and a collapse of Europe’s banking system is inevitable.... 

The only thing that can postpone it, not fix it, would be liquidating all of these debts through bankruptcy.  One of the functions of capitalism is bankruptcy

To read this article in full pop across to KWN by clicking here.

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