'Banks are dead' – Keiser
“People have to stand up and realize that no one’s going to help them but themselves”, Max Kaiser told RT from the International Economic Forum in St. PetersburgThe credit ratings agency Moody's has downgraded 15 global banks and financial institutions, among them the Royal Bank of Scotland, Barclays and HSBC, Bank of America and Citigroup. The banks said Moody’s decision was backward looking.“There’s a huge problem in the global banking sector” Keiser said.” In their core they [banks] are as dead as a corpse”.Keiser also said banks would see massive defaults across Europe and the World, adding that major banks are already “technically insolvent.” “Deutsche bank is insolvent, BNP is insolvent, Societie General is insolvent and Goldman Sachs is also insolvent” Keiser said.Leaders of EU’s four biggest economies meet in Rome to try to save the eurozone, that according to Italian Prime Minister Mario Monti has only one week left. “How many times are we going to hear this high jacking scenario? asks Keiser. “When some technocrat like Mario Monti has put a gun to the people’s head- either give us all your money or we’re going to take all your assets. They are going to do that anyway.” Keiser has said the downgrade of the banks could not only raise their borrowing costs but would also help politicians use this to put forward the agenda of the global financial governance.