Former US President Bill Clinton information confirms John Key New Zealand Prime Minister played a large part in the Global Financial Crisis.

From John Key Key and international finance researcher Iain Parker’s site Public credit or Bust!

John Key claims he was long gone from the financial quackery sector when all the international financial deregulation of 1999 or lack of regulating new high risk derivative products occurred that went on to cause the global financial crisis. But the following irrefutable proof from his very mouth and that of the highest sources proves he in-fact played a big part in the global financial crisis that afflicted the globe.

Financial markets: Derivative dilemmas

By Aline van Duyn

Published: August 11 2010 London Financial Times

“In the wake of the recent financial crisis, over-the-counter derivatives have been blamed for increasing systemic risk,” said Federal Reserve Bank of New York staff in a paper earlier this year. “OTC derivatives serve a vital role in financial markets but deficiencies in the market design and infrastructure allowed for misuse of these instruments, exacerbating the recent financial meltdown.”

Derivatives

Bill Clinton admits choosing not to regulate derivatives 1999 caused the Global Financial Crisis.

Jake Tapper ABC interview April 2010

In an interview on This Week with Jake Tapper, President Bill Clinton said he made a mistake listening to Bob Rubin and Larry Summers on derivatives, and said he should have tried to regulate them, despite Republican opposition:

TAPPER: One of the things that President Obama is pushing for is regulation of derivatives, and also with a thing called the Volcker rule, he’s trying to separate commercial banking interests from investment banking interests. These were things that were the opposite policies of Treasury Security Rubin and Summers at that time, do you think in retrospect they gave you bad advice on these issues?

CLINTON: Well, I think on the derivatives – before the Glass-Steagall Act was repealed(1999), it had been breached. There was already a total merger practically of commercial and investment banking, and really the main thing that the Glass-Steagall Act did was to give us some power to regulate it – the repeal. And also to give old fashion traditional banks in all over America the right to take an investment interest if they wanted to forestall bankruptcy. Sadly none of them did that. Mostly it was just the continued blurring of the lines, but only about a third of all the money loaned today is loaned through traditional banking channels and that was well underway before that legislation was signed. So I don’t feel the same way about that.

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2 thoughts on “Former US President Bill Clinton information confirms John Key New Zealand Prime Minister played a large part in the Global Financial Crisis.

    • You want to check out Iains blog. much underrated and needs more exposure. It’s full of treasures on John Key and the banking scam.

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