The Congressional Budget Office said on Friday that there was a “significant risk” that the federal government could run out of cash sometime in the first two weeks of June, setting the United States up for a default. The warning came as the White House and congressional leaders spent the week in negotiations over how to raise the $31.4 trillion borrowing cap. Here’s more from Chris Martenson on Peak Prosperity.
Ellen Brown, chair of the Public Banking Institute, rejoins the program to discuss the very real vulnerabilities within the entire monetary system: The potential for bank runs, the warning signs of a system collapse within the shadow banking system, and the risks this has to everyday people.
We also discuss the FDIC, their November meeting and the inherent flaws with the banking insurance programs. Lastly, we discuss the big elephant in the room, derivatives, and how we can redesign our system for We the People with the reality that the BRICS nations are moving towards a new currency system for most of the world. More from Sarah Westall on this edition of Business Game Changers.