Tuesday, May 5, 2009

Max Keiser on the economic crisis

As for the economic crisis, I take the long view, which is:
If you go back to the 1350 period during feudalism, the only thing that gave rise to the middle class, the only thing that gave rise to the ability of non nobility to negotiate a wage was the black plague in Europe. This wiped out virtually 1/2 the population.
It was only after this that you had the rise of a middle class.

Because the Kings and Lords now needed people to work on their estates. They were willing to pay a higher wage. That was the beginning of what we call the middle class.

But the nobility wasn't happy about this. The aristocrats and nobility didn't want a middle class. They don't want people with social mobility. They don't want democracy..
It's inconvenient for them!

They want everything back... and they are back in force!

And our bankers create what i call a financial hologram.
It's just flickering images in the context of some one's ledger...but there is no value there.

Unemployment is skyrocketing in America.
People don't have any net worth.
There's no benefits left in America.
Their home value has been eviscerated.
Where's the value?
Where's the people wealth? What happened to it"
It's been stolen, that's what happened to it!

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