Keiser Report: Greece Resistance Special (E158)

[stockholmer]

Run time: 25:55 https://www.youtube.com/watch?v=_Tu2uiV1lps   Posted on YouTube: June 23, 2011 By YouTube Member: RussiaToday Views on YouTube: 19372   Posted on DU: June 24, 2011 By DU Member: stockholmer Views on DU: 1747

 
This time Max Keiser and co-host, Stacy Herbert, report on IMF dowgrades, zombie consumers and a financial circus. In the second half of the show, Max talks to Professor Steve Keen about the Greek debt crisis and Minsky's moment.

[Pharaoh]

1. kicking for later n/t

[mckara]

2. You Must Watch his Interview of Steve Keen

Raise WAGES!!!!!!!!

[MrMickeysMom]

5. In fact... you must watch this more than once!!!

If you are like me, you listen to Max Keiser and his guests and sicdkicks, like Stacy Hurbert the first time as a "wow" shock mentally kicks your brain. Then, at least once more for meaning... then perhaps a third time, as you pause and take notes... notes which carry terminology that you later look up and research.

Then, you begin (too slowly, but ah, what the hell... I'm still young enough) to understand.

Steve Keen and Keiser are spot on, and I will keep listening.

K&R

[stockholmer]

6. absolutely!! Keen's analysis is superb

[bbgrunt]

3. great question! Why aren't those concerned

with the unemployment and gov't debt making the argument that what is really needed is an increase in wages?

[stockholmer]

7. because they are too busy consolidating all the tangible wealth in the world, and then enforcing a

chattel debt slavery system on the populations via a track-trace-database technetronic police state grid of control.

And if you or anyone doesn't like it in the US, they have plenty of these little toys scattered about to ensure your compliance.


Willowbrook, Illinois

[DeSwiss]

4. K&R n/t

[stockholmer]

8. Neoclassical Wage Restraint Madness by Steve Keen

http://www.debtdeflation.com/blogs/2009/01/03/neoclassical-wage-restraint-madness/

It had to happen: neoclassical economists are now advising that the anticipated recession will be much milder if only workers would accept wage cuts.

When I saw this crisis was imminent in December 2005, one major factor that motivated me to go public with my analysis was the certainty that, when the crisis hit, neoclassical economists would either blame it on wages being too high (”the abolition of Work Choices caused the Depression!”), or would suggest that wages should be cut to reduce the imbalance between the supply of and demand for labour.

The crisis hit too early, and was far too global, for the abolition of Work Choices to “cop it sweet”. But yesterday, in an OpEd in the Sydney Morning Herald, Mark Davis reported that “Economic modellers” had concluded that 1% cut in the rate of growth of wages will boost employment growth by half a percent:

Economic modellers reckon cutting aggregate wages growth by a percentage point boosts employment growth by half a percentage point. Some think it boosts employment more. In the current environment that could save more than 50,000 jobs.


snip

Reducing real wages–and thus reducing the capacity of workers to purchase output–may boost profits in real terms by skewing the distribution of real income further in favour of capital. But it will undoubtedly impact on some capitalists badly–not makers of sports cars perhaps, but certainly those who run supermarket chains–and the aggregate effect is a toss-up.

But as Keynes argued in the General Theory, a cut in money wages is highly unlikely to affect real wages in the same direction. Since labour is an input to the production of literally everything, a general cut in money wages is likely to lead to a general fall in prices as well. Again, whether wages will fall more or less than prices becomes a toss-up.

Here Keynes made one of the few acknowledgements of what I regard as the real cause of the Great Depression–the unwinding of the debt bubble built up during the speculative mania of the 1920s (an issue that Irving Fisher was far better on with his Debt Deflation Theory of Great Depressions). Since Keynes accepted the neoclassical notion about real wages and the demand for labour, he agreed with his conservative opponents that real wages had to be cut to increase employment. But he said there were two ways to attempt achieve this–directly by cutting money wages, or indirectly by causing inflation.



snip

[bbgrunt]

10. thanks for the link. nt

[JDPriestly]

9. I must repeat what I said in earlier comments about the Greek

financial crisis.

In graduate school, I was taught that loans and investments are almost the same thing.

If you loan money to your drunkard uncle, you are investing in whatever he does with the money. You probably know that you will never see the money again.

Intelligent people, therefore only loan what they can afford to give away to their drunkard uncle. You write off the loan as soon as you hand over the money. Collecting is a lost cause from the get-go.

The onus of determining whether to lend is on the lender.

The lender is responsible for making sure that he or she gets enough collateral or security with enough value or interest terms to justify the loan.

Institutional lenders are presumably in a particularly good positions and even, we assume, have the education and training to make intelligent decisions about the risks they accept when they loan money.

For many years, lenders were irresponsibly loaning money in huge quantities to people, countries and businesses without getting good collateral (or an interest rate appropriate for the risk) which, in a country means the tax revenue to repay the loan.

If the lender were to go to court to collect the bill from, let's say a defaulting business owner, he would probably win a judgment against the business owner. But, the judgment would only be as good as the collateral agreed to when the loan was given or, more generally, to the amount and quality of the assets held by the business.

Often, the lender just writes off the loan after many unsuccessful attempts to collect it. The better alternative for many lenders when they lose their bet on a loan is to try to bargain with the debtor, the borrower. The lender gets pennies on the dollar in many cases, but if the lender calculated the risk intelligently from the get-go, the loss should be one the lender can handle.

Those who lent to Greece took a big risk. They should now share in taking the loss.

I do not believe that Greece's creditors should be able to go into Greece and grab assets at low prices or cause suffering to Greek people who did not negotiate the loans themselves that were never proposed as the collateral for the loans.

The creditors should take the entire loss or share the loss with Greece on Greece's terms. Lender, beware.

[Dokkie]

11. Its the fraud Max Keiser

He is the one that told us to buy silver to rash JP Morgan, that if only we could push the price to $47 an ouch, JP Morgan would go bankrupt. Anyne know what happened when silver hit $48 and JP Morgan had a record quarter. Did Max the scammer come out to apologize for it? Nope He just goes on like nothing happened while many hard working people took a hit.

I will be posting this info on every Max Keiser's video until he makes a public apology.

[stockholmer]

12. you have got to be kidding (& also financially illiterate)silver was forced down by an unprecedented

number of margin requirement raises, after soaring to 47 to 49/oz. YTD it is still up close to 20% at $35/oz AFTER the pullback! If you had bought silver just a little over one year ago, you would have doubled you money at todays prices. Compare that to DOW and NASDAQ, ffs.

As for JP Morgan:



enough said on those terrorists



If you had been buying gold from the end of 1997 up until 2005, you would have seen huge profits of over 300 to 600 percent already, just in gold. Silver is even more dramatic in its rate of return, even with the very recent pullback from $47/$49 an ounce to $35/$$37 an ounce.

Gold has increased by double digits as a percentage gained for the last 10 years in a row. Can you say the same of the NASDAQ? The Dow? The S&P? The US dollar? US Treasuries? The average US IRA? LOL! How about your paycheck? How about the value of the average American house? Not so funny, now, eh?


I have been long gold AND silver since 1998 (in physically-held, allocated non-bank secure vault accounts), when the US trashed the Glass–Steagall Act and legalized derivatives under the Clinton/Rubin/Greenspan troika. I have an average gain of over well over 300%, whilst the Dow is utterly stagnant from the tech bubble crash of early 2001 till now. In fact, it is off greatly, due to inflation, and many were crushed in the stock crash of 2008-2009, and pulled out, locking in huge losses that they could have somewhat recovered in the QE 1 and QE 2 fueled bubble that is now unraveling. Check back with me in 3 or 4 years when those 300% figures are closing in on 1000% profits.

In 1970, the average US car cost $3900 and it took 114 ounces of gold to buy. In 2011, that same car is around $29,000 yet takes less than 19 ounces of gold to buy. Hello dollar debasement!

SILVER












GOLD

[Dokkie]

13. my post is all about JP Morgan

He said that he got info from Andrew McGuire (a man who nobody has ever seen or heard his voice) that silver at $47 dollars was going to bankrupt JP Morgan. Silver hit $48/oz and JP Morgan saw record profits. This is not about being a financial literate or making money, its about pumping trying to pump up silver so he and his crony friends (Keiser silver) can turn around and dump it on his sucker listeners.

Max Keiser, Andrew McGuire = Frauds

[stockholmer]

14. you make no sense, have no point, and simply use ad hominen and inference instead of logic

Sounds like you bought in at 47/oz and now are having buyers remorse.

In short measure, 47/oz will seem like the steal of the century.

As for JPM, they are holding HUGE amounts of naked shorts in the silver space, and will get torched. Doubt me? Look into who Jim Rogers is shorting. Or will you say Rogers is a pump and dumper too? How about Eric Sprott, the worlds biggest private silver trader, multi-billionaire, and long long long silver for well over 20 years.

As for the comment that no one has ever heard of Andrew Maguire (you even say no one has heard his voice)
here is a VOICE interview with him

http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/3/30_Andrew_Maguire_%26_Adrian_Douglass.html

http://kingworldnews.com/kingworldnews/G+_Articles/Entries/2010/3/30_A_LONDON_TRADER_WALKS_THE_CFTC_THROUGH_A_SILVER_MANIPULATION_IN_ADVANCEBy_Andrew_Maguire.html

http://www.nypost.com/p/news/business/jpmorgan_chase_story_in_uk_DsMN4PnXFoQG5KdevIsQ7N

As for JPM's manipulation in silver

http://opinionator.blogs.nytimes.com/2011/03/02/a-conspiracy-with-a-silver-lining/

http://www.gata.org/

http://www.nypost.com/p/news/business/feds_probing_jpmorgan_trades_in_gZzMvWBqOJpB55M7Rh9vwM?sms_ss=email


I would love to hear a financial analyst that you consider legit, something tells you will trot out Jim Cramer, lolololololol.

Keiser has been long long long silver back from the 4 to 5 dollar range, he is not a pump and dumper, and is worth more (without one penny profit from metals trading) than you would make in 50 lifetimes. He never said that the simple event of their stock going under the price of sliver would be the immediate and sole cause of JPM crashing, that is just asinine.

go toss your spew on the Fox Business Channel or CNBC chatboards

[Dokkie]

15. ad hominem attack? not making sense?

Why dont you give my short post a few mins to try and comprehend what I am trying to say. Your last post totally avoided the main point of my problem with Max Keiser.

What about Andrew McGuire? the so called insider who exposed JP Morgan, the so called insider who was supposedly a target of JP Morgan assassination, an assassination he reported on his short even though theres no other documentation of the car crash or pictures to verify it, a man Max Keiser announced was to appear on his show for a bombshell interview which I might add never happened.

The man made up a character out of thin air with tantalizing stories just to pump up the price of silver. So I hope you understand this, but until I see a picture of Andrew McGuire, the pictures of the cra crash assassination attempt of Andrew McGuire in Paris, Max is a liar and a fraud.

[stockholmer]

16. one more time, here is a podcast of an actual interview with McGuire

http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/3/30_Andrew_Maguire_%26_Adrian_Douglass.html

cheers