Max Keiser: 'Banks Lend Money into existence as Debt' [PressTV]

Max Keiser: "...most people assume that a Bank takes in a deposit and then they loan that deposit out and this creates liquidity in the system, that's false, in today's banking system Banks first lend money into existence that's where money comes from it is loaned into existence as debt, a small fraction of that ends up in another bank's balance sheet that they then call collateral but it is just debt, there is no hard collateral ...that's why at this time around the world there is a mad scramble to try to reclassify gold as a tier one asset because that's the only intangible collateral that you can have at this point to solve the fact that none of these banks have any collateral that's worth anything in the resale market, they are all technically bankrupt .... this is what they discovered in Island ....."
- Gerald Celente -

A new report by the International Labor Organization (ILO) says the eurozone is in danger of losing 4.5 million jobs over the next four years, unless it changes its current economic policies.