On the Edge with Max Keiser- US economy & Occupy Wall Street w/ Jeff Berwick

[stockholmer]

Run time: 23:01 https://www.youtube.com/watch?v=cGNM0ZnkeA0   Posted on YouTube: October 15, 2011 By YouTube Member: PressTVGlobalNews Views on YouTube: 329   Posted on DU: October 15, 2011 By DU Member: stockholmer Views on DU: 836

 
In this edition of the show Max interviews Jeff Berwick from www.dollarvigilante.com .

He will talk about the latest on the US dollar devaluation and US economic outlook in general.

He also talks about the Occupy Wall Street and Occupy the Fed movements which are spreading across America.

We also discuss Congressman Kucinich's effort to bring the US Federal Reserve under the control of the Treasury Department.

[truedelphi]

1. One point that Jefff Berwick is missing - and it' s important

Can't remember if it was in 1943 or '44 when the USA had over a 100 percent of GDP as its debt (think the actual figure was 144%) - now that amount of government outflow is FINE, as long as the money is used, as the money was in 43-44, to create jobs. (The rationale the government was using was not job creation, but the need for the nation to build planes, tanks, missiles and big aircraft carrier ships, but that still resulted in huge numbers of people being put to work.)

But the picture today is quite different. When the money is basically the Trillions of dollars that have been "loaned" out to the Largest Firms on Wall Street, and their counterparts across the world, and those firms hoard it, shower themselves with bonuses, et al, then the job creation is nil, and then there is no growth in the economy.

And please don't bother telling me these trillions of dollars have been paid back - they were given US dollars, and they paid back with their investment papers of dubious value.

So I think that it is important to mention what the "debt" is used for.

[dixiegrrrrl]

2. I hear ya.