Monday, January 12, 2009

The Oracle

Here are the videos from economist Max Keiser's new BBC show The Oracle.

What I found particularly funny and telling was the interview with the guy who has had no job or other source of income for some time but still gets bombarded with credit card offers and approved new credit cards.

That sort of illustrates the whole economic strategy of America at all levels -- unbridled debt spending. Borrowing money, despite having no sources of income, and then spending it as quickly as you can. There's no balance, no wisdom, no sense of the cycles of nature in this type of thinking. It's people who think they've discovered the secret of life and it's just spend, spend, spend and keep spending. And when you run out of money, borrow some and spend it as fast as you can! That's the answer.

The Oracle with Max Keiser - Episode One - part 1

The Oracle with Max Keiser - Episode One - part 2

The Oracle with Max Keiser - Episode One - part 3

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Monday, December 22, 2008

Max Keiser on Madoff case

Max Keiser comments on the Madoff case and compares it to the U.S. social security system.

In both cases, there is a Ponzi or pyramid scheme in which there is no "fund" involved, but dividends were payed by people currently paying into the system. Madoff's empire broke down because the financial crisis impaired the ability of new members to pay sufficient funds to keep the scheme going. Keiser thinks that the economic crisis could last long enough to threaten the multi-trillion Social Security system, which is also unfunded and relies on current workers to pay for current benefits. High and sustained unemployment could dry up the funds bankrupting the Social Security administration.

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Thursday, November 20, 2008

Keiser and Jones on economy

Economist Max Keiser talks on the Alex Jones radio talk show about the most recent economic news.

Some items talked about are Iran's conversion of its reserves to gold, the problems of US auto makers in obtaining overseas parts, a Dow 3000 bottom, Hank Paulson and China.

Max Keiser on Alex Jones (1 of 3)

Max Keiser on Alex Jones (2 of 3)

Max Keiser on Alex Jones (3 of 3)

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