Friday, July 13, 2012
Jumping Ship
I frequently watch Max Keiser for the latest dirt on the world of finance. Max knows his economics, for one thing, he invented the "Virtual Specialist Technology", a software system used by the Hollywood Stock Exchange. He also hosts several shows on diverse networks around the world. Since graduating from New York University, He's been involved with markets and finance for 25 years.
Now, this isn't supposed to be a biographical account of mr. Keiser, I just want to be clear that he's knows what he's talking about. His shows expose the massive fraud that's been unleashed on the world by, shall I use the term "Banksters"? Now I know that there has always been shysters and dirty deals in high places, but since the repeal of the Glass Steagall act under the Clinton administration, it seems that the floodgates of corruption have opened wide. I was surprised to find that it's repeal happened under Clinton, but i'm sure he was duped into thinking that this would be a good thing for this new economic world order he helped create under NAFTA by his advisors. Either that or he's just another corrupt politician too.
So, My point is that since 1999, the fraud in the corporate finance world has skyrocketed, and it all appears to be aimed at wealth extraction. The toxic assets that were sold around the world to municipalities have done nothing but put them into financial dire straits and even bankruptcy, and increased the coffers of JP Morgan, Goldman Sachs and the rest of their ilk manifold. Max insists that a global collapse is coming and we are simply kicking the can, or trying to ignore it out of existence. Well if that's the case, and many other esteemed economists seem to concur, then maybe the oligarchs are grabbing what they can before the ship goes down to abyss. Not to sound like a conspiracy nut, but it certainly isn't outside the realm of possibility.
Well, this has been my first serious post, any comments? please?
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I love the term "bankster" a combo of banker and gangster - brilliant. I do have one suggestion that I would give anyone - edit, proofread, and edit some more. In the self-serve blogging universe there are no editors usually. One has to be able to edit a piece oneself, or ask someone else to read it before posting. I would come back to read more posts for sure. Your profile is fascinating. My passion and the volunteer work I spend my time on is homelessness. Good luck! It looks like I can't use my Twitter handle so it's me - Financesusane who came to visit.
ReplyDeleteI like Max Keiser, too. Good summary of what he's warning us about. North Dakota Senator Byron Dorgan also gave a speech in 1999 before the repeal of Glass-Steagall, and warned that our economy would collapse within a decade. He was right. But the senators called him old-fashioned and not down with the post-modern global economic world. It's a goddamned shame, and I don't know how we'll escape the coming doom. JP Morgan has $90 trillion in derivative exposure on their books, and that's going to blow up. Not for them, but for us. Bank of America has $77 trillion of the same thing. It's awful and frightening.
ReplyDeleteAnyway, good post.