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marmar
marmar's Journal
marmar's Journal
June 30, 2015
from In These Times:
The NYT Is Wrong: Greece Shouldn’t Accept Endless Depression Because Default Might Be Painful
The paper of record says Greeks should look to the example of Argentina’s 2001 default. But that default actually seems to have tremendously benefited the country.
BY DEAN BAKER
James Stewart had a piece in the New York Times telling readers that if Greece were to leave the euro, it would face a disaster. The headline warns readers, “Imagine Argentina, but Much Worse.” The article includes several assertions that are misleading or false.
First, it is difficult to describe the default in Argentina as a disaster. The economy had been plummeting prior to the default, which occurred at the end of the year in 2001. The country’s GDP had actually fallen more before the default than it did after the default. (This is not entirely clear on the graph, since the data is annual. At the point where the default took place in December of 2001, Argentina’s GDP was already well below the year-round average.) While the economy did fall more sharply after the default, it soon rebounded, and by the end of 2003 it had regained all the ground lost following the default.
Argentina’s economy continued to grow rapidly for several more years, rising above pre-recession levels in 2004. Given the fuller picture, it is difficult to see the default as an especially disastrous event, even if it did lead to several months of uncertainty for the people of Argentina.
In this respect, it is worth noting that Paul Volcker is widely praised in policy circles for bringing down the U.S. inflation rate. To accomplish this goal, he induced a recession that pushed the unemployment rate to almost 11 percent. So the idea that short-term pain might be a price worth paying for a longer-term benefit is widely accepted in policy circles. ...............(more)
http://inthesetimes.com/article/18124/nyt-warns-greece-to-accept-endless-depressionbecause-default-might-be-painf
The NYT Is Wrong: Greece Shouldn’t Accept Endless Depression Because Default Might Be Painful
from In These Times:
The NYT Is Wrong: Greece Shouldn’t Accept Endless Depression Because Default Might Be Painful
The paper of record says Greeks should look to the example of Argentina’s 2001 default. But that default actually seems to have tremendously benefited the country.
BY DEAN BAKER
James Stewart had a piece in the New York Times telling readers that if Greece were to leave the euro, it would face a disaster. The headline warns readers, “Imagine Argentina, but Much Worse.” The article includes several assertions that are misleading or false.
First, it is difficult to describe the default in Argentina as a disaster. The economy had been plummeting prior to the default, which occurred at the end of the year in 2001. The country’s GDP had actually fallen more before the default than it did after the default. (This is not entirely clear on the graph, since the data is annual. At the point where the default took place in December of 2001, Argentina’s GDP was already well below the year-round average.) While the economy did fall more sharply after the default, it soon rebounded, and by the end of 2003 it had regained all the ground lost following the default.
Argentina’s economy continued to grow rapidly for several more years, rising above pre-recession levels in 2004. Given the fuller picture, it is difficult to see the default as an especially disastrous event, even if it did lead to several months of uncertainty for the people of Argentina.
In this respect, it is worth noting that Paul Volcker is widely praised in policy circles for bringing down the U.S. inflation rate. To accomplish this goal, he induced a recession that pushed the unemployment rate to almost 11 percent. So the idea that short-term pain might be a price worth paying for a longer-term benefit is widely accepted in policy circles. ...............(more)
http://inthesetimes.com/article/18124/nyt-warns-greece-to-accept-endless-depressionbecause-default-might-be-painf
June 30, 2015
Pulitzer Prize winner and Truthdig columnist Chris Hedges received the top award in the Activism Journalism category Sunday night at the 2015 Southern California Journalism Awards.
Hedges won for his column “The Last Days of Tomas Young,” about which the judges wrote: “Great journalism should move the reader. Great activist journalism should move the reader to act. Hedges’ piece does just that through the compelling and heartbreaking story of a pain-riddled vet let down by the very country he ultimately gave his life to protect. It’s a cynical piece, and it could devolve into simple antiwar rhetoric—but instead it sharply skewers a VA system that failed to aid the very people it’s meant to serve.”
Young was the author of “The Last Letter,” a message to George W. Bush and Dick Cheney, published by Truthdig, in which he stated his intention to die.
“There’s tremendous profundity to Chris’ work so well illustrated by this piece,” said Truthdig publisher Zuade Kaufman. “He gives voice to Tomas Young, allowing the Army veteran to speak to so many of the horrors of war, as well as inspiring others to take action.”
“It is a good sign for journalism that Truthdig’s most provocative and courageous columnist is so frequently honored by other members of the profession,” Truthdig Editor-in-Chief Robert Scheer added. ............(more)
http://www.truthdig.com/eartotheground/item/chris_hedges_wins_la_press_clubs_top_award_for_activism_journalism_201506
Chris Hedges Wins L.A. Press Club’s Top Award for Activism Journalism
Pulitzer Prize winner and Truthdig columnist Chris Hedges received the top award in the Activism Journalism category Sunday night at the 2015 Southern California Journalism Awards.
Hedges won for his column “The Last Days of Tomas Young,” about which the judges wrote: “Great journalism should move the reader. Great activist journalism should move the reader to act. Hedges’ piece does just that through the compelling and heartbreaking story of a pain-riddled vet let down by the very country he ultimately gave his life to protect. It’s a cynical piece, and it could devolve into simple antiwar rhetoric—but instead it sharply skewers a VA system that failed to aid the very people it’s meant to serve.”
Young was the author of “The Last Letter,” a message to George W. Bush and Dick Cheney, published by Truthdig, in which he stated his intention to die.
“There’s tremendous profundity to Chris’ work so well illustrated by this piece,” said Truthdig publisher Zuade Kaufman. “He gives voice to Tomas Young, allowing the Army veteran to speak to so many of the horrors of war, as well as inspiring others to take action.”
“It is a good sign for journalism that Truthdig’s most provocative and courageous columnist is so frequently honored by other members of the profession,” Truthdig Editor-in-Chief Robert Scheer added. ............(more)
http://www.truthdig.com/eartotheground/item/chris_hedges_wins_la_press_clubs_top_award_for_activism_journalism_201506
June 29, 2015
Sixth Great Mass Extinction Event Begins; 2015 on Pace to Become Hottest Year on Record
Monday, 29 June 2015 00:00
By Dahr Jamail, Truthout | Report
At the end of May, a few friends and I opted to climb a couple of the larger volcanoes in Washington State. We started on Mount Adams, a 12,280-foot peak in the southern part of the state.
We were able to drive to the Cold Springs Campground at 5,600 feet, where the climb would begin. This itself was an anomaly for late May, when the dirt road tended to still be covered with snowpack. But not this year, one in which Washington's Gov. Jay Inslee has already declared a statewide drought emergency, given this year's record-low snowpack.
In fact, we hiked up bare earth until around 7,500 feet before we even had to don our crampons (metal spikes that attach to climbing boots to improve traction), itself another anomaly. During a short visit to the Forest Service ranger station the day before, the ranger had informed us that we were already experiencing mid- to late-August conditions, though it wasn't yet June.
A few days later and much further north on Mount Baker, a 10,781-foot glacial-clad volcano not far from the border of Canada, we experienced the same thing. We camped on terra firma at around 5,500 feet, in an area that normally would have found us camping on several feet of snowpack. When we headed up the peak, the route was already in late season (August) conditions. We found ourselves having to navigate around several large open crevasses where snow bridges that had offered access had already collapsed due to rising temperatures and melting snow. ................(more)
http://www.truth-out.org/news/item/31612-sixth-great-mass-extinction-event-begins-2015-on-pace-to-become-hottest-year-on-record
Sixth Great Mass Extinction Event Begins; 2015 on Pace to Become Hottest Year on Record
Sixth Great Mass Extinction Event Begins; 2015 on Pace to Become Hottest Year on Record
Monday, 29 June 2015 00:00
By Dahr Jamail, Truthout | Report
At the end of May, a few friends and I opted to climb a couple of the larger volcanoes in Washington State. We started on Mount Adams, a 12,280-foot peak in the southern part of the state.
We were able to drive to the Cold Springs Campground at 5,600 feet, where the climb would begin. This itself was an anomaly for late May, when the dirt road tended to still be covered with snowpack. But not this year, one in which Washington's Gov. Jay Inslee has already declared a statewide drought emergency, given this year's record-low snowpack.
In fact, we hiked up bare earth until around 7,500 feet before we even had to don our crampons (metal spikes that attach to climbing boots to improve traction), itself another anomaly. During a short visit to the Forest Service ranger station the day before, the ranger had informed us that we were already experiencing mid- to late-August conditions, though it wasn't yet June.
A few days later and much further north on Mount Baker, a 10,781-foot glacial-clad volcano not far from the border of Canada, we experienced the same thing. We camped on terra firma at around 5,500 feet, in an area that normally would have found us camping on several feet of snowpack. When we headed up the peak, the route was already in late season (August) conditions. We found ourselves having to navigate around several large open crevasses where snow bridges that had offered access had already collapsed due to rising temperatures and melting snow. ................(more)
http://www.truth-out.org/news/item/31612-sixth-great-mass-extinction-event-begins-2015-on-pace-to-become-hottest-year-on-record
June 29, 2015
Recession time bomb ticking faster, louder
Published: June 29, 2015 10:07 a.m. ET
by Paul B. Farrell
(MarketWatch) Yes, the clock’s ticking louder, louder, warns the Economist, “only a matter of time before the next recession strikes.” Unfortunately, the “rich world is not ready.” America’s not prepared. You are not ready.
Get it? America’s 95 million investors are at huge risk. Remember the $10 trillion losses in the crash and recession of 2007-2009? The $8 trillion lost after the dot-com technology crash and recession of 2000-2003? This is the third big recession of the century. Yes, America will lose trillions again.
Especially with dead-ahead predictions like Mark Cook’s 4,000-point Dow correction. And Jeremy Grantham’s warning of a 50% crash around election time, with negative stock returns through the first term of the next president, beyond 2020. Starting soon.
Why is America so vulnerable when the next recession hits? Simple: The Fed’s cheap-money giveaway is killing America. When the downturn, correction, crash hits, it will compare to the 2008 crash. The Economist warns: “the world will be in a rotten position to do much about it. Rarely have so many large economies been so ill-equipped to manage a recession,” whatever the trigger.
With today’s near-zero interest rates, our Fed and central banks worldwide have little “wiggle room” to add more monetary stimulus. And even if Congress decided to act on the much needed, highly effective “growth boosting investment in infrastructure,” today’s zero interest makes it impossible “to launch a big fiscal stimulus.” ................(more)
http://www.marketwatch.com/story/recession-time-bomb-ticking-faster-louder-2015-06-26?link=mw_home_kiosk
Recession time bomb ticking faster, louder
Recession time bomb ticking faster, louder
Published: June 29, 2015 10:07 a.m. ET
Americans are unprepared for the trillions they will lose again
by Paul B. Farrell
(MarketWatch) Yes, the clock’s ticking louder, louder, warns the Economist, “only a matter of time before the next recession strikes.” Unfortunately, the “rich world is not ready.” America’s not prepared. You are not ready.
Get it? America’s 95 million investors are at huge risk. Remember the $10 trillion losses in the crash and recession of 2007-2009? The $8 trillion lost after the dot-com technology crash and recession of 2000-2003? This is the third big recession of the century. Yes, America will lose trillions again.
Especially with dead-ahead predictions like Mark Cook’s 4,000-point Dow correction. And Jeremy Grantham’s warning of a 50% crash around election time, with negative stock returns through the first term of the next president, beyond 2020. Starting soon.
Why is America so vulnerable when the next recession hits? Simple: The Fed’s cheap-money giveaway is killing America. When the downturn, correction, crash hits, it will compare to the 2008 crash. The Economist warns: “the world will be in a rotten position to do much about it. Rarely have so many large economies been so ill-equipped to manage a recession,” whatever the trigger.
With today’s near-zero interest rates, our Fed and central banks worldwide have little “wiggle room” to add more monetary stimulus. And even if Congress decided to act on the much needed, highly effective “growth boosting investment in infrastructure,” today’s zero interest makes it impossible “to launch a big fiscal stimulus.” ................(more)
http://www.marketwatch.com/story/recession-time-bomb-ticking-faster-louder-2015-06-26?link=mw_home_kiosk
June 29, 2015
from the Guardian UK:
The moral crusade against Greece must be opposed
Zoe Williams
‘This is our political alternative to neoliberalism and to the neoliberal process of European integration: democracy, more democracy and even deeper democracy,” said Alexis Tsipras on 18 January 2014 in a debate organised by the Dutch Socialist party in Amersfoort. Now the moment of deepest democracy looms, as the Greek people go to the polls on Sunday to vote for or against the next round of austerity.
Unfortunately, Sunday’s choice will be between endless austerity and immediate chaos. As comfortable as it is to argue from the sidelines that maybe Grexit in the medium term won’t hurt as much as 30 years’ drag on GDP from swingeing repayments, no sane person wants either. The vision that Syriza swept to power on was that if you spoke truth to the troika plainly and in broad daylight, they would have to acknowledge that austerity was suffocating Greece.
They have acknowledged no such thing. Whatever else one could say about the handling of the crisis, and whatever becomes of the euro, Sunday will be the moment that unstoppable democracy meets immovable supra-democracy. The Eurogroup has already won: the Greek people can vote any way they like – but what they want, they cannot have.
On Saturday the Eurogroup broke with its tradition of unanimity, issuing a petulant statement “supported by all members except the Greek member”. Yanis Varoufakis, the Greek finance minister, sought legal advice on whether the group was allowed to exclude him, and received the extraordinary reply: “The Eurogroup is an informal group. Thus it is not bound by treaties or written regulations. While unanimity is conventionally adhered to, the Eurogroup president is not bound to explicit rules.” Or, to put it another way: “We never had any accountability in the first place, sucker.” ............(more)
http://www.theguardian.com/commentisfree/2015/jun/28/greece-europe-imf-democracy
'The idea that Greece partly deserves its fate reflects an order in which wealth trumps democracy'
from the Guardian UK:
The moral crusade against Greece must be opposed
Zoe Williams
[font size="3"]The idea that Greece partly deserves its fate reflects an order in which wealth trumps democracy. We should fight a narrative that enfeebles us all[/font]
‘This is our political alternative to neoliberalism and to the neoliberal process of European integration: democracy, more democracy and even deeper democracy,” said Alexis Tsipras on 18 January 2014 in a debate organised by the Dutch Socialist party in Amersfoort. Now the moment of deepest democracy looms, as the Greek people go to the polls on Sunday to vote for or against the next round of austerity.
Unfortunately, Sunday’s choice will be between endless austerity and immediate chaos. As comfortable as it is to argue from the sidelines that maybe Grexit in the medium term won’t hurt as much as 30 years’ drag on GDP from swingeing repayments, no sane person wants either. The vision that Syriza swept to power on was that if you spoke truth to the troika plainly and in broad daylight, they would have to acknowledge that austerity was suffocating Greece.
They have acknowledged no such thing. Whatever else one could say about the handling of the crisis, and whatever becomes of the euro, Sunday will be the moment that unstoppable democracy meets immovable supra-democracy. The Eurogroup has already won: the Greek people can vote any way they like – but what they want, they cannot have.
On Saturday the Eurogroup broke with its tradition of unanimity, issuing a petulant statement “supported by all members except the Greek member”. Yanis Varoufakis, the Greek finance minister, sought legal advice on whether the group was allowed to exclude him, and received the extraordinary reply: “The Eurogroup is an informal group. Thus it is not bound by treaties or written regulations. While unanimity is conventionally adhered to, the Eurogroup president is not bound to explicit rules.” Or, to put it another way: “We never had any accountability in the first place, sucker.” ............(more)
http://www.theguardian.com/commentisfree/2015/jun/28/greece-europe-imf-democracy
June 29, 2015
Recession time bomb ticking faster, louder
Published: June 29, 2015 10:07 a.m. ET
by Paul B. Farrell
(MarketWatch) Yes, the clock’s ticking louder, louder, warns the Economist, “only a matter of time before the next recession strikes.” Unfortunately, the “rich world is not ready.” America’s not prepared. You are not ready.
Get it? America’s 95 million investors are at huge risk. Remember the $10 trillion losses in the crash and recession of 2007-2009? The $8 trillion lost after the dot-com technology crash and recession of 2000-2003? This is the third big recession of the century. Yes, America will lose trillions again.
Especially with dead-ahead predictions like Mark Cook’s 4,000-point Dow correction. And Jeremy Grantham’s warning of a 50% crash around election time, with negative stock returns through the first term of the next president, beyond 2020. Starting soon.
Why is America so vulnerable when the next recession hits? Simple: The Fed’s cheap-money giveaway is killing America. When the downturn, correction, crash hits, it will compare to the 2008 crash. The Economist warns: “the world will be in a rotten position to do much about it. Rarely have so many large economies been so ill-equipped to manage a recession,” whatever the trigger.
With today’s near-zero interest rates, our Fed and central banks worldwide have little “wiggle room” to add more monetary stimulus. And even if Congress decided to act on the much needed, highly effective “growth boosting investment in infrastructure,” today’s zero interest makes it impossible “to launch a big fiscal stimulus.” ................(more)
http://www.marketwatch.com/story/recession-time-bomb-ticking-faster-louder-2015-06-26?link=mw_home_kiosk
Recession time bomb ticking faster, louder
Recession time bomb ticking faster, louder
Published: June 29, 2015 10:07 a.m. ET
Americans are unprepared for the trillions they will lose again
by Paul B. Farrell
(MarketWatch) Yes, the clock’s ticking louder, louder, warns the Economist, “only a matter of time before the next recession strikes.” Unfortunately, the “rich world is not ready.” America’s not prepared. You are not ready.
Get it? America’s 95 million investors are at huge risk. Remember the $10 trillion losses in the crash and recession of 2007-2009? The $8 trillion lost after the dot-com technology crash and recession of 2000-2003? This is the third big recession of the century. Yes, America will lose trillions again.
Especially with dead-ahead predictions like Mark Cook’s 4,000-point Dow correction. And Jeremy Grantham’s warning of a 50% crash around election time, with negative stock returns through the first term of the next president, beyond 2020. Starting soon.
Why is America so vulnerable when the next recession hits? Simple: The Fed’s cheap-money giveaway is killing America. When the downturn, correction, crash hits, it will compare to the 2008 crash. The Economist warns: “the world will be in a rotten position to do much about it. Rarely have so many large economies been so ill-equipped to manage a recession,” whatever the trigger.
With today’s near-zero interest rates, our Fed and central banks worldwide have little “wiggle room” to add more monetary stimulus. And even if Congress decided to act on the much needed, highly effective “growth boosting investment in infrastructure,” today’s zero interest makes it impossible “to launch a big fiscal stimulus.” ................(more)
http://www.marketwatch.com/story/recession-time-bomb-ticking-faster-louder-2015-06-26?link=mw_home_kiosk
June 29, 2015
http://www.marketwatch.com/story/puerto-rico-governor-says-debts-not-payable-report-2015-06-28?dist=lcountdown
Puerto Rico Gov. Alejandro García Padilla said that the commonwealth cannot pay its roughly $72 billion in debts, the New York Times reported Sunday. "The debt is not payable," it quoted the governor as saying in an interview. "There is no other option. I would love to have an easier option. This is not politics, this is math." The report said Puerto Rico would "probably seek significant concessions from as many as all of the island's creditors," including up to five years of deferred payments.
Athens in the Caribbean?
http://www.marketwatch.com/story/puerto-rico-governor-says-debts-not-payable-report-2015-06-28?dist=lcountdown
Puerto Rico Gov. Alejandro García Padilla said that the commonwealth cannot pay its roughly $72 billion in debts, the New York Times reported Sunday. "The debt is not payable," it quoted the governor as saying in an interview. "There is no other option. I would love to have an easier option. This is not politics, this is math." The report said Puerto Rico would "probably seek significant concessions from as many as all of the island's creditors," including up to five years of deferred payments.
June 29, 2015
from TomDispatch:
America’s Got War
Poverty, Drugs, Afghanistan, Iraq, Terror, or How to Make War on Everything
By William J. Astore
War on drugs. War on poverty. War in Afghanistan. War in Iraq. War on terror. The biggest mistake in American policy, foreign and domestic, is looking at everything as war. When a war mentality takes over, it chooses the weapons and tactics for you. It limits the terms of debate before you even begin. It answers questions before they’re even asked.
When you define something as war, it dictates the use of the military (or militarized police forces, prisons, and other forms of coercion) as the primary instruments of policy. Violence becomes the means of decision, total victory the goal. Anyone who suggests otherwise is labeled a dreamer, an appeaser, or even a traitor.
War, in short, is the great simplifier -- and it may even work when you’re fighting existential military threats (as in World War II). But it doesn’t work when you define every problem as an existential one and then make war on complex societal problems (crime, poverty, drugs) or ideas and religious beliefs (radical Islam).
America’s Omnipresent War Ethos
Consider the Afghan War -- not the one in the 1980s when Washington funneled money and arms to the fundamentalist Mujahideen to inflict on the Soviet Union a Vietnam-style quagmire, but the more recent phase that began soon after 9/11. Keep in mind that what launched it were those attacks by 19 hijackers (15 of whom were Saudi nationals) representing a modest-sized organization lacking the slightest resemblance to a nation, state, or government. There was as well, of course, the fundamentalist Taliban movement that then controlled much of Afghanistan. It had emerged from the rubble of our previous war there and had provided support and sanctuary, though somewhat grudgingly, to Osama bin Laden.
With images of those collapsing towers in New York burned into America’s collective consciousness, the idea that the U.S. might respond with an international “policing” action aimed at taking criminals off the global streets was instantly banished from discussion. What arose in the minds of the Bush administration’s top officials instead was vengeance via a full-scale, global, and generational “war on terror.” Its thoroughly militarized goal was not just to eliminate al-Qaeda but any terror outfits anywhere on Earth, even as the U.S. embarked on a full-fledged experiment in violent nation building in Afghanistan. More than 13 dismal years later, that Afghan War-cum-experiment is ongoing at staggering expense and with the most disappointing of results. ...........(more)
http://www.tomdispatch.com/post/176016/tomgram%3A_william_astore%2C_%22hi%2C_i%27m_uncle_sam_and_i%27m_a_war-oholic%22/#more
America’s Got War: Poverty, Drugs, Afghanistan, Iraq, Terror, or How to Make War on Everything
from TomDispatch:
America’s Got War
Poverty, Drugs, Afghanistan, Iraq, Terror, or How to Make War on Everything
By William J. Astore
War on drugs. War on poverty. War in Afghanistan. War in Iraq. War on terror. The biggest mistake in American policy, foreign and domestic, is looking at everything as war. When a war mentality takes over, it chooses the weapons and tactics for you. It limits the terms of debate before you even begin. It answers questions before they’re even asked.
When you define something as war, it dictates the use of the military (or militarized police forces, prisons, and other forms of coercion) as the primary instruments of policy. Violence becomes the means of decision, total victory the goal. Anyone who suggests otherwise is labeled a dreamer, an appeaser, or even a traitor.
War, in short, is the great simplifier -- and it may even work when you’re fighting existential military threats (as in World War II). But it doesn’t work when you define every problem as an existential one and then make war on complex societal problems (crime, poverty, drugs) or ideas and religious beliefs (radical Islam).
America’s Omnipresent War Ethos
Consider the Afghan War -- not the one in the 1980s when Washington funneled money and arms to the fundamentalist Mujahideen to inflict on the Soviet Union a Vietnam-style quagmire, but the more recent phase that began soon after 9/11. Keep in mind that what launched it were those attacks by 19 hijackers (15 of whom were Saudi nationals) representing a modest-sized organization lacking the slightest resemblance to a nation, state, or government. There was as well, of course, the fundamentalist Taliban movement that then controlled much of Afghanistan. It had emerged from the rubble of our previous war there and had provided support and sanctuary, though somewhat grudgingly, to Osama bin Laden.
With images of those collapsing towers in New York burned into America’s collective consciousness, the idea that the U.S. might respond with an international “policing” action aimed at taking criminals off the global streets was instantly banished from discussion. What arose in the minds of the Bush administration’s top officials instead was vengeance via a full-scale, global, and generational “war on terror.” Its thoroughly militarized goal was not just to eliminate al-Qaeda but any terror outfits anywhere on Earth, even as the U.S. embarked on a full-fledged experiment in violent nation building in Afghanistan. More than 13 dismal years later, that Afghan War-cum-experiment is ongoing at staggering expense and with the most disappointing of results. ...........(more)
http://www.tomdispatch.com/post/176016/tomgram%3A_william_astore%2C_%22hi%2C_i%27m_uncle_sam_and_i%27m_a_war-oholic%22/#more
June 29, 2015
Published on Jun 23, 2015
In this episode of the Keiser Report, Max Keiser and Stacy Herbert, in a double header, discuss the evidence emerging that QE is causing deflation as the wealthy delay consumption to participate, instead, in rapidly rising stock, bond and house prices. They also discuss two reports out - one from the IMF and the other from the OECD - that expanding the finance sector is not possible without causing further economic decline. Only austerity for bankers will do and bashing the finance sector into a smaller, more manageable (and profitable) size will save us.
Keiser Report: Bring Austerity to Bankers!
Published on Jun 23, 2015
In this episode of the Keiser Report, Max Keiser and Stacy Herbert, in a double header, discuss the evidence emerging that QE is causing deflation as the wealthy delay consumption to participate, instead, in rapidly rising stock, bond and house prices. They also discuss two reports out - one from the IMF and the other from the OECD - that expanding the finance sector is not possible without causing further economic decline. Only austerity for bankers will do and bashing the finance sector into a smaller, more manageable (and profitable) size will save us.