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Keiser Report: Great Britain’s Unrest; Don’t Bash Banks, Jail Children… And That’s Only Part One – Then we Go to Bill Black – Oh Yeah!!

16 Aug

Max and Stacy take us back to 2009 when The Economist reported that they expected “Social Unrest due not only to increasing proverty, but exagerated income equalities and lack of social support.”

Yet somehow today everyone is pretending they never saw this coming… and that you cannot understand this – it’s sheer mindless evil – as there have been no auterity mesaures implemented yet…

Ah, but a 5% inflation rate IS austerity…

Otherwise known as Financial Apartheid”

David Cameron wants harsher sentencing for 10 and 11 year olds, but no punishment for bankers… Nice.

Banking looters get different treatment from kids who steal $10 bottles of wine – but bankers can be said to have “gotten drunk and now having a hangover”  While NOTHING happens to them!

Looters who shoplift get six months in jail – she was drunk too – but she is not a bank, so the people want her to get MORE jail time – while the banks get not even a slap on the wrist – and then people wonder why there is social unrest?

Meantime, we’ll just keep moving right along here – high frequency traders increased their trading by THREE FOLD during the rout in the markets last week – taking advantage of strategies that make profits during ‘high volatility’ as the markets lost 2.2 trillion – (wonder where it went?)

As Max says: “I predicted this, Moody’s downgrades the US which creates more volatility – this is the new profit center for Wall Street – Churning and Burning US Sovereign debt and Sovereign debt around the world.”

“High speed looting going on around the world every day – but yet when someone steals an IPOD, then we need to throw them in jail. You can’t have one set of rules for the banks and one for the ghetto kids, while  the crooks are looting the entire system.

“Most of the people critisizing the uprising of kids in the ghetto will be joining the uprising soon enough… that’s what the French revolution taught us…”

And now let’s move right along to Part Two and Bill Black – who starts by noting that Timothy Geithner is claiming they have solved the crisis for LESS than it cost to solve the S & L debacle; which of course is pure nonsense, as the chickens have come home to roost and they’re being slaughtered as we watch…

When Max responds with “Isn’t this the new joke, that America thrives on kleptocracy” Bill says

“It doesn’t thrive. This is the most destructive thing. What thrives is the CEOS, and this is what Nobel Prize winning economist George Akerlof and his co-author Paul Rohmer wrote about in 1993. And their title pretty much says it all: Looting The Economic Underworld of Bankruptcy for Profit. What they said, and I’m quoting them is, that this kind of fraud using accounting is a ‘sure thing’.

“So it’s a sure thing that the CEOs will get rich, the way they get rich, unfortunately, is by deliberately making a lot of bad loans which create a lot of phoney accounting income so it’s also guaranteed that they will ruin the economy. So then the question is, are the prosecutors going to take them on? And we’ve had two administrations, teh Bush and now the Obama administration that have allowed these criminals to act with near total impunity.”

[Can we just say we love hearing someone tell it like it really is? Oh but it gets better...]

“So we have this incredible path from Geithner to financial stability – that is to leave the frauds that caused this crisis in control of our largest banks and then to bail them out and then to seek political contributions from them.”

From here, Max takes it in to the ratings agencies …

All of which gets very interesting indeed…

When Max asks Bill to please address the connection between the looting teenagers in Great Britain and the banks’ looting Bill is eager to respond.

He explains that this is what the famous conservative French economist Bastiat called plundering.  Then, as he said, they will develop a society that doesn’t simply permit plundering but valorizes it. and when that happens the moral structures of a society will inevitably deteriorate...

.Thank you Max. Thank you Bill Black. Thank You. Thank You.

Watch EVERY MINUTE of this video and then pass it on to everyone you know. It’s THAT important.

 

 

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