Minnesota 'under banker occupation'
Mon Jul 4, 2011 11:46AM
The state of Minnesota is “under banker occupation” which has led the state into financial debt and forced state officials to increase the budget deficit, an economic analyst says.
Minnesota “is under banker occupation... a tiny financial elite, [who] are essentially sucking up wealth from the mouth of the population,” Rodney Shakespeare, professor of Binary Economics in London, told Press TV.
He described the “elite bankers” as a “parasite” which has financial and political control and has caused the current situation, which he said will get worse.
The Minnesota state government runs a USD 5 billion deficit and an agreement on a budget increase was to be reached by Thursday midnight.
However, the state government was shut down after lawmakers failed to reach an agreement due to a dispute over taxes and spending between Democrats and Republicans.
“Until there is an uprising against those elite and its practices, and its control over politics, there will be no solution [for the debt crisis],” Shakespeare said.
As a result of the budget dispute, some 23,000 of roughly 36,000 state employees have been laid off without a pay for the near future.
Similar disputes are predicted to take place in other state capitals as well if the debt ceiling is not raised on August 2 as the US officially hit its USD 14.3 trillion debt ceiling on May 16.
Congress has already voted 10 times to raise the debt limit since 2001.
Moreover, public debt now stands at USD 14.3 trillion, up from USD 10.6 trillion when Obama took office in 2009.
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