“At this point, we have a banking system that is sick. I mean, it’s just crippled,” says Peter St. Onge, a former MBA professor and Ph.D. economist. In an exclusive interview with Daniela Cambone, St. Onge delivers a stark warning about the fragility of the US banking system, revealing the alarming dependence on the Treasury and Federal Reserve for financial survival. Without their support, he asserts, “the entire US banking system for sure would be bankrupt.”
St. Onge also criticizes politicians for being woefully out of touch with the real issues facing ordinary Americans. “They don’t even appear to be paying attention to what the people want. They’re going after farmers for cow farts when the issue is that the median voter can’t afford to go to McDonald’s. I mean, they’re just almost comically out of touch,” he remarks. Watch the interview to learn more about his views.
*0:35 Peter St Onge is an Economist at The Heritage Foundation
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39 Comments
Good video wow peter is great
Bitcoin
I have asked this question several times with no response. I'll try again. I have an IRA in the u.s. at a credit union. Should I get it out of the u.s. and when. I live in Mexico and moved one here months ago. I hate to be taxed on both but rather than lose it I will transfer now while the exchange rate is high. Been moving other funds for a couple of years. What do you think. Other responses welcomed.
Relax people. Biden is plenty capable of fixing thskanbah aniodbwho.
Quit complaining
Can we write-in Peter for JPow's replacement? 😂
If inflation has been 25% and layoffs caused 40% reduction in income (in my case), that means we are living on 35% of what we did previously.
@itmtrading & @PeterstOnge What can you forecast for those on fixed income? People living off of government payouts like pensions and the like; people who live on such slim margins that investing in gold or bitcoin is not an option. What should those people – and there are a lot of those people now – do? How do they prepare? What is a reasonable fear to hold? Bullets? Beans? Internet get-rich-quick Schemes? Or are they going to be fine. How will these old pensioned off veterans manage with inflation given their meagre means? Not a soul is talking to this growing population of the public Would you care to address this in a podcast or Youtube video, please?
O guess this fellow is still riding on the fed reserve trains of misinformation to thr public. End the Fraudulent Reserve Charter. We reestablish a better banking. Its their system. Its their debt note.. Its just Fibered material with inks and pictures etc. Real sound money is backed . So, ask why is the Reserve criminal syndicate stacking Gold since 2009..? And buying up now…To back stop..Their assets. When it hoes upside down..
Just observe what and whom are buying Gold and Silver.. Those contracts are just toilet paper..The big bsnks had some major losses last several months..Yeah…Their sound..No.. FDIC cant secure the publics assets. Unless..U.S Treasury secures them through Central banking syndicate. BIS… Their running the show.. The inflation game has runamuck..Decade after decade they run the monopoly board..Recessions, Inflations..Etc.
What does Big bank do..Pushes credit card apps. Gives Johnny a credit line.. Giving Johnny a chance to use it to a boat.. Johnny buys boat..Johnny looses job. gets really sick.. And they big bank..Yells I want our money etc. The game of chance.. Our country is being operated by criminals ..
❤❤❤ #Clowns running The #DumpsterFire #USA 🇺🇸
thank you for confirming that the FED is politicized
Please increase your sound recording level
Daniela you are so beautiful 😊
For having a PhD I don't think he's spent much time thinking about bitcoin because once you buy into the system, you are trapped. Can such a system be the future of finance? The mining cartel regularly charges 500 dollar transaction fees. For instance, in block 848607, transaction 845852d5716229fa6c6670619a149abb4e161dfa8cce8728d2de677d564e1bbf was charged $590. This happened 5 minutes ago. People think they have self custody of their own bitcoin, but the mining cartel is the custodian and ultimate authority when it comes to deciding who gets to transact and how much they will pay. They already censor over 99% of transactions due to insufficient fee. I expect a PhD economist to be able to discuss this topic with more depth and creativity than to simply re-state the generic bullet points.
Please start asking tougher questions about bitcoin like "if you have self custody and full authority over your own tokens, then why don't zero fee transactions get processed? And who prevents them from getting processed if you already fully signed and authorized them?
I think a lot of people just adopt the generic talking points of crypto without really digging deeper and thinking critically about whether they are true or false.
What is there NOT to like about these two great people 😍
We are middle middle class, I’m retired & hubby just lost his 30 yr job over dei, tho I noticed I _ M is being sued by several over this very issue.
Only thing saving us is NO DEBT, & small pension. So now we have to learn to live under a quarter of what we’re used to, so YES Fast Food is now a luxury. Thank goodness we know how to do that until things turn, but I have no starry eyed confidence that will happen as I see things going from bad to worse in the world & I think America is in their crosshairs.
Get what you need now, while you still can!
Thanks Daniella , hope I spelled that right. Love your shows & guests!❤
If you needed another reason beyond the multitude of health reasons to avoid fast food, the value that they provide is nilch. Get off your a$$ and make a sandwich or a salad at home. Bunch of lazy a$$es
Privatize profits, socialize losses. that is NOT capitalism. That's like heaven without hell
The fed has been flying BLIND since their inception!
when you have taxpayers that are willing to just bend over and take it up the wazoo…..wouldn't you take advantage of them also? only when taxpayers say enough is enough will things MAYBE change….. it's like a kid (taxpayers) being bullied…. as long as he doesn't fight back, he continue to be bullied
Ss agent will probably be fired now too
Banks got money for 0% and made 30 year loans at 4%.
Banks must refinance their 'loan' from the fed every 2 years… and the Federal Reserve wants 5% now.
They have to pay 1% of those loans for the next 25 years… true, nothing changed.
Are you trying to be funny?
Your guest is right on point.
Concerning fast food joints…..here in CA, many smaller ones are closing their doors. SO SAD!!!!
Cilantro is a luxury!
So does the mafia or the elites run the country or combination
Awesome Show! Thank you!
Great interview, thank you
You are on crack. Banks are in big trouble with your pretty fdic
We produce 850 million ozs of silver annually. If I were Buffett I'd buy all the planets silver for next 12 months for 30 billion dollars. This would help Berkshire. Elon could sell Twitter and buy all the silver. The us debt clock shows silver at 1200 an ounce. Silver at 30 is much better than gold at 2300. Buy low sell high
Exter's Pyramid
Daniella, the segment around 13:00 of fast food prices … there is a group of economic analysts who use "Big Mac" and "Starbucks" prices to ascertain real inflation and relative currency values around the world. So that pricing evaluation can uncover the US (and Canadian) true inflation rates over the last four years. The insidious problem with inflation is that it compounds on itself. And using the Rule of 72, you can divide 72 by the inflation rate to figure out when the value of the currency cuts in half or prices double: so a 25% rate = prices doubling in three years; all your savings (retirement) are worth half as much in three years unless you tread water with investment returns higher than 25% (and where are those?).
Would
If fiat currency is Not backed with Gold it is worthless
Daniela the professional doomsdayer for years you have been spreading fear and angst for your own profit and nothing has happened You are a Clown
In the long run which isnt far off now we will be using Blockchain and DLT, at least the banks will, gold is and has been tokenized and will back the NEW MONETARY SYSTEM of the world. Countries have been amassing gold since 2001 especially. They plan for decades and knew the Petro dollar deal wasn't forever. IMO the demise of the dollar was known the day Nixon took the world off the gold standard. The WEF was also started under his administration and Henry Kissinger (nixons top advisor was klause Schwab mentor while he attended college in America). Open your eyes to whats been planned all along. Actually go back to the creation of the federal reserve banking cartel in 1913. Hmm think of that the fed getting demolished in the divine year of 111 years in existence. No coincidence my friends. Gold silver and digital assets to preserve and grow your wealth through Defi ☮️💜🌞🎶🎶 XRP the standard
The fiat Ponzi scheme is done. Real assets will back real money. Silver is still the biggest shorted metal. Only 400:1, paper: physical silver
In your portfolio, you need both litecoin and bitcoin. Litecoin (LTC) is not a security, it is a digital precious metal, a digital commodity which cannot be debased, censured, seized, frozen, or confiscated. LTC is a decentralized digital payment medium and a store of value without intermediaries such as banks. Litecoin (LTC) complements bitcoin, like silver complemented gold under bimetalic monetary system, but litecoin has its advantages which bitcoin doesn't possess. Rarity of litecoin means that there will be only 84 million litecoins in existance. As the second oldest coin on the market, litecoin from its inception in 2011 was designed to be the "digital silver" to bitcoin the "digital gold".
Went to Culver's yesterday 1 double burger, 1chicken sandwich, 2 frys
$ 22.00.
This is crazy