Via RT Business

The global markets’ current implosion was 100 percent guaranteed, former Wall Street stockbroker Max Keiser told RT. According to him, the financial markets are best described as a “quadrillion-dollar Ponzi scheme.”

“Central banks’ policy of allowing governments and corporations to borrow, at virtually no cost, against decades of future consumption to consume now, hollowed out the global economy and made it extremely fragile,” said Keiser.

He explained that industries and companies that destroyed themselves buying back their own stock (airlines, for example) are “rightfully being wiped off the face of the map.”

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According to Keiser, their behavior was reprehensible and “we are better off without these crooks.” However, since Warren Buffett owns such huge stakes in these companies, they will get bailed out.

“The US is a crony capitalist swamp and Warren is the chief toad,” said Keiser.

He explained that although many companies will be saved by government bailouts, it won’t matter because “the US dollar is about to get completely destroyed as non-dollar countries set up a competing world reserve currency backed by gold.”

“The world economy today – like in the second decade of the last century after WWI – is being completely redrawn. The US – like when Britain lost its superpower status after WWI – will lose its superpower status to make room for China and Russia, who will lead this century,” added Keiser.

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