‘US, Wall Street causing economic crisis’‎ ~ Rodney Shakespeare, professor of binary economics

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From: Press TV ‘US, Wall Street causing economic crisis’‎ Sun Jan 29, 2012 11:14AM GMT An interview with ‘US, Wall Street causing economic crisis’‎ Sun Jan 29, 2012 11:14AM GMT An interview with Rodney Shakespeare, professor of binary economics, from London , from London A prominent economist says that Wall Street and the United States are deeply involved in causing the problems which plague the global economic crisis. Press TV has conducted an interview with Rodney Shakespeare, professor of binary economics, from London, to further discuss the interview. The following is a transcription of the interview. Press TV: What’s your take on the Japanese Prime Minister’s [Yoshihiko Noda] comment about the eurozone debt crisis being the biggest threat to the world economy? Shakespeare: The Japanese Prime Minister is right in as much that Europe is in a serious condition. We have continuing downgrades: Belgium, Cyprus, Portugal, Spain, France, and there are many more to come. But before the Japanese Prime Minister self-righteously points his finger at Europe, he should remember that the total debt – I’m talking government debt, corporation debt and private debt – in Japan is somewhere around over 400 percent of the gross domestic product. And that has happened because the Japanese Prime Minister, like the European Prime Ministers, do not understand that we’re now living in a flawed situation in which debt at compound interest is created by the banks out of nothing and is not put


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