disgruntledgoldbug's blog

Peter Schiff, author of “Crash Proof 2.0” and “The Little Book of Bull Moves in a Bear Market,” was interviewed on CNBC’s “Fast Money” on Friday to discuss the current financial state of China and the reconfirmation of Federal Reserve Chairman Ben Bernanke.

There have been many speculations that China is in a real estate bubble, such as the piece written by Jim Chanos who said China could possibly collapse in 2010 because of its major credit bubble and an economy driven by stimulus. Also the Chinese government may begin to raise interest rates, which has caused commodity stocks to decline slightly.

Goldman Sachs can officially be called Government Scum or just Goldman Scum because it’s apparent that they have taken over the United States Treasury Department, the Federal Reserve System and both the prior Bush administration and the current Obama administration.

One can call this financial terrorist attack a financial coup d’etat by Goldman Sachs because Henry Paulson, the former Treasury Secretary, was a CEO for Goldman Sachs. It was reported in October of last year that Paulson even held a secret meeting with Goldman Sachs in Moscow.

During the wake of the financial crisis, Paulson was in constant contact with Goldman Sachs’ CEO Lloyd Blankfein. There have been reports that Paulson would call Blankfein five times per day.

Last week the World Economic Forum said there is a one-in-five chance of a second financial crisis that could cost the world at least $1 trillion and a sovereign fiscal crisis.

According to the World Economic Forum, there is a more than a one-in-five chance of another asset price bubble crisis, which could cost the global financial system at least $1 trillion. There is also a large chance of a sovereign fiscal crisis whereby a nation may not be able to fund itself on capital markets, reports the London Telegraph.

The Global Risks Report, which is produced together by Citigroup, Marsh & McLennan, Swiss Re, the Wharton School Risk Center and Zurich Financial Services, states that countries around the world are more vulnerable now to future economic difficulties.