[KR49] Keiser Report – Markets! Finance! And Michael Hudson!

Stacy Summary: In this episode, we look at the scandals of financial wiseguys that ‘know nothing,’ including famed ‘value investor,’ Warren Buffett who says he knows nothing about his investments and nothing about how ratings contributed to the housing bubble. In the second half of the show, Max interviews economist Michael Hudson about the Latvian economy and real liberal economics.

179 thoughts on “[KR49] Keiser Report – Markets! Finance! And Michael Hudson!”

  2. Pez

    It amazes me why these Bankster Ass-clowns aren’t paraded though every village and town and horse-whipped as WE HAVE THE NUMBERS! Start with Buffett for his “everybody was committing fraud” so Moody’s made some mistakes testimony. We are leaving the graft-sticken politicians/judges to hand out Bhopal type sentences. Humanity has evolved to nothing but chicken-shit. Let the carnage begin!

    http://www.youtube.com/watch?v=nGHhqV_QhzE

  6. Mr Unemployed

    @Max&Stacy – Thank you so much for having Dr Hudson on again. I could listen to him for hours.

  8. Tom

    @Youri

    Gullible?

    Now son,

    I read Bill Cooper long before you ever thought of snappin’ your carrot, so let’s put that “gullible” BS to rest. I know how bad they are, and at this point try to figure out what I can. But I try not to overreach. I think this is a genuine f@#$%p. The militaiy needs fuel, why would they f$%f that up when war is on the horizon. It is possible to be evil and practical.

  9. Tom

    @Youri again,

    Isn’t BP half owned by UK sheeple? Bankruptcy would put a lot of wealth into different hands. But I still think this is an afterthought. Honestly the meme of “they sabotaged it and are staging a show (which I initially suspected) is, in its’ own way more comforting than “it blew up and they have no clue what to do”. Just like the “flash crash” fat fingers, or Goldfinger finagling. Isn’t it more scary to think that every trader that day had one foot out the door?

  10. Mike/Liverpool

    Norway to stop Deep water rigs in the Northsea…………….& GOLD getting killed
    Mike

  12. Youri Carma

    @Tom

    Oh yeah, Oil gas blowing all over the world is just normal and Goldman Sachs are honest psychics with pure crystal balls.

  13. Youri Carma

    Oh yeah, The blast about 270 miles northeast of Lubbock is the second natural gas line explosion in Texas in as many days. A line exploded in Cleburne, south of Dallas, on Monday as utility workers were digging in the area. One worker was killed in that blast.

  17. Tom

    @Youri

    I am still not convinced. All the failing infrastructure may be of the same vintage. Back to the car metaphor. When something goes, something else is not far behind. Maybe the Illumino-masonic-zionelder-romanchurch-commie (did I miss anyone?) have started to pack in the US, but I doubt it. We are the force for maintaining the bankistocracy. Random mischief is counterproductive. The time to worry is if the citizens actually stand up, then we will get Billy’s vaccine to sort us out.

  18. Mini US

    Great show too.

    Lots in there guys.
    Max really wrapped that up at the end nicely ;)

    I think this little test of human nature to see how much they will take is interesting.
    They are toying with the human race.
    “What will it take for them to react” they must be saying.

    I posted this ages ago, but its seems like two rich guys having a bet on another human beings.

    Maybe it all ends like this….

    Trading Places final scene.

    http://www.youtube.com/watch?v=_gekaEzqj5g&feature=related

  19. frances snoot

    http://www.polishmarket.com.pl/document/:23208?p=%2Flate%2F

    Nobel prize winner in the economy Professor Robert Mundell of Columbia University spoke about the need to create a stable exchange rate band between the euro and the US dollar, which would work as an anchor stabilizing the international monetary system. In his opinion the current weakening of the euro is the result of a speculative attack on the European currency.

  23. frances snoot

    http://www.unctad.org/en/docs/presspb20085_en.pdf

    “… As in the Asian and Latin American crises,
    this policy response suggests that developed countries have
    failed to address the most pressing issue in international
    finance and trade. That issue is the need for an exchange rate
    regime that provides a stable international value of money and
    helps minimize the cost of adjusting the nominal exchange
    rate to differences in the cost levels of trading partners – an
    adjustment that is as indispensable as it is unavoidable.
    In a well-designed global monetary system, the advantages
    of currency depreciation in one country would have to be
    balanced against the disadvantages in another…
    Multilateral or even global exchange rate arrangements are
    clearly necessary to achieve and maintain global monetary
    and financial stability and to combine such stability efficiently
    with an open trading system. The idea of a cooperative global
    financial and monetary system would be to ensure, on a
    multilateral basis, the same rules of the game for all parties, just
    as multilateral trade rules apply to all trading partners. The main
    idea behind the creation of the International Monetary Fund
    was precisely to avoid destructive competitive devaluations.
    In a well-designed global monetary system, the advantages
    of currency depreciation in one country would have to be
    balanced against the disadvantages in another. Since changes
    in the exchange rate that deviate from purchasing power parity
    affect international trade in a very similar way to changes in
    tariffs and export duties, such changes should be governed
    by multilateral regulations. A multilateral regime would, among
    other things, require countries to specify the reasons for real
    devaluations and the dimension of the necessary changes. If
    such rules were applied strictly, the real exchange rate of all
    parties would tend to remain more or less constant, since the
    creation of competitive advantages for specific countries or
    groups of countries would not likely be accepted.”

    This is where we are headed.

  24. Youri Carma

    @Mini US

    Clinton will be pleased cause street value of his South-American coke will go up.

    They should legalize it. Do the police realy think they’re hero’s catching some smack? Nobody gives a damn. They’re waisting tax money on shit while the government is shipping the smack in. It’s one big phony dog and pony show. They’re phatetic losers, all of them.

  26. frances snoot

    But don’t take MY word for it!

    http://www.project-syndicate.org/commentary/barroso3/English

    Multilateral engagement is essential for dealing with these threats. The EU has multilateralism in its DNA. Others too can benefit from its experience. Europeans are long-standing champions of the UN and international cooperation, and continually seeks to ensure that stability, freedom, democracy, and justice prevail as cornerstones of international relations. It is also doing its share of the heavy lifting. It has nearly 100,000 peacekeepers, police and combat troops on the ground, helping to consolidate peace in the world’s hot spots….

    The European Union’s commitment to the multilateral system of global governance through the UN and other bodies is clear. We already speak with conviction and clarity on the major challenges that face us. The Lisbon Treaty allows us to achieve a greater coherence and gives us a much greater capacity to act. It will allow diplomacy, crisis management and an emerging European defence capability to be used hand in hand with more traditional policies such as trade and development.”

  28. norcalkid

    I stayed up late last night and watched all three segments of “The Trap.” It explains a great deal of why the neo-cons/neo-”liberals”/bankers are really just a bunch of psychopaths. Wow. So it all goes back to the Cold War, game systems and von Heyek. Viewing all humans as one-dimensional automatons, who only act in their own interest, has certainly been short sighted.

    http://www.archive.org/details/AdamCurtis_TheTrap

    (I think someone else here suggested viewing this. Thank you.)

  31. frances snoot

    “On the other hand this final end has supreme right against the individual, whose supreme duty is to be a member of the state.”

    aka

    work is freedom

  32. dan valley

    Frances……how many do you think will need to die…..conservative estimate please.

  33. frances snoot

    @Dan:
    I don’t understand your question.

    Why do people NEED to die?

    We die as a spontaneous result of life renewing itself.

    Are you wondering about murder or insurrection?

  35. Mini US

    World Governance.

    Well, the people of the world all seemed to suck up ‘Privatisation’, ‘Globalisation’ and so called ‘Free Trade’ without questioning it, so why would they care when the next stage comes to town?

    …and I don’t mean stage-coach ;)

  36. dan valley

    @Frances…frances snoot says at Jun 9, 2010 at 1:45 am ….blah blah blah…Short answer…..sounds like a job for gold.

  39. frances snoot

    Remember Joe Stack? Ahhh, they do have a sense of humour with the names….

  42. Happy Dick

    gas prices @ 2.57/g regular. I would not at all be surprised to see them under 2/g by December. M3 is dried up.

  43. dan valley

    “I don’t stack bodies, Dan, even in my imagination.”….well heres to you getting a good spot on the pile.

  45. dan valley

    @Happy Dick…yes Im aware just wanted to hear a glib memoriam from Frances…

  52. dan valley

    “The Republic was not established by cowards; and cowards will not preserve it.” – Elmer Davis

  55. dan valley

    Top Israeli Navy Officers Slam Government for Blaming Activists

    http://www.haaretz.com/news/diplomacy-defense/israel-navy-re…

    In Tel Aviv more than 6,000 Israelis gathered to protest the Israeli raid on a Gaza-bound aid ship.
    The demonstrators carried banners saying “The government is drowning us all,” “We must stride for peace,” and “A right wing government = clear and immediate danger to state security.”
    http://www.haaretz.com/news/national/leftist-and-rightist-is…

  56. jon

    when are countrys gonna figure out you have to arrest the politicans that set up these phony deals and buisness practices with banksters. And once you have your politicans in you arrest the banksters who created the phony deals of destroying your country. And problem solved.

  57. dan valley

    @jon…sadly not untill its too late and all the pretty words cant hide the smell.

  65. Creative Destruction

    Max and Stacy,

    Dropping knowledge on us again. Thank you.

    Michael Hudson’s site goes on my regular rotation now.

  66. tom

    @Mini US

    I think the journalist in the Gambia story misplaced a 0. Stuff can’t be worth 1bln.

  67. flicks

    I very much hope it is to be deflation – but after Blair and Brown trust no political mouth piece.

    In a recent interview on Newsnight, Nassim Nicholas Taleb and Will Hutton (who was appointed to lead an inquiry into cutting top public sector pay – they have an ‘inquiry’ into the blindingly obvious and then outright threaten those on sickness benefits and the unemployed just because they are the weakest. The UK NOB head Oxbridge class system will make sure it looks after its own BBC et al ) Hutton gave the clearest indication that it was going to be inflation – they stopped the interview ala pronto to go to a non story about ‘ballet’ after Taleb got emotional almost shouting ‘this is my worst nightmare’ Never mind his worst nightmare – everyone’s.

  69. Marc Authier

    Destroy everything (industry, individual taxpayer, agriculture and labor) at the expense of land speculators and real estate owners, that is to say banks, is effectively the best way to exterminate people of a country.

    It’s what that the neo-nazis eugenists have in mind for the USA. UK, Ireland and the rest of the world. Agriculture destruction is dead give away of presences of eugenists neo-nazis in Latvia. It’s about killing labor but more than that. It’s about destroying any means of making food. A gevernment that destroy its agriculture is totalitarian. Las time it was Stalin. Now it’s nazi bankster controlled governments. It”s effectively about killing you, exterminating you.

  70. Seosamh OGallunai

    Stacy et al.
    Nobodody in any society is immune from dispair.We all want to be happy and free from suffering. People keep trying different ways as individuals and socities to achieve this.
    Here in the west we culturally equate financial sucess with a sense of fulness, respectibility and thus happiness. It’s not a put down – it’s just the way we were brought up over a number of generations. Individual liberty is equated with individual wealth and certainly in our society this has a certain amount of truth to it. Does it bring a feeling of happiness -that seems to vary from person to person and how they use all of their resources. Dr. Sonja Lyubomirsky isProfessor of Psychology at the University of California, Riverside with anundergraduate degree with honors from Harvard University and a Ph.D. from Stanford University. This woman is involved in the psychology of happiness and her findings are interesting.[For a short synopsis see http://personaldevelopment.suite101.com/article.cfm/positive_psychology_studies_on_happiness.

    As for Bhutan unless you live within these societies or have access to living within a cultually steeped environment , it really hard to get any grasp of what GNH and other Himalayan Based Buddhist Philisophical social experience is. Even after studying for 20 odd years with various highly qualified masters of the philosophy it’s hard not to project our ‘ideas’ of what various terms and concepts are as opposed to what they are in their own home context . They believe people are basically kindhearted but obscured from that through suffering and try to find happines in destructive ways. In the west the fundamental concept is that we are basically bad and need to be either controlled or saved and put to order by forces greater than ourseles (celestial or temporal).
    In very basic terms the principal philosophy of that Himalayan region is cause and effect. If i behave in a way that was eloquently described on yesterday’s show as behaving with ‘moral conscience’ then positive outcomes arise and to behave without moral conscience leads to unhappy outcomes on some level of a person’s experience.
    Another pertinent part of the philsophy is that there is no belief system in a Creator God – one’s destiny is one’s own hands. Guidence can be sought from the teachings of those who seem to have attained happiness but thats all it is, guidence and it is really only effective if rigourously tried and tested and questioned. ‘Belief’ in those languages means more that your experience has shown that something appears to be relatively true for now e.g. the bus arrives everyday at 8am and i take it to work. Another would be things change all the time. So these people are all about individual responsibility but by really testing casuse and effect people have found that through kindness they seem to have a happier society. So individual experience and engagement in behaviour that leads to one’s own ultimate/best /neverending happiness is, through cause and effect, inextricably linked to the bringing about of other’s wellbeing.
    I’m sure i’ve got it all wrong but culturally we operate in a very different way to those rare societies.

  71. frances snoot

    DanValley: (in reference to cowards and the republic)

    “I taut I taw a puddy tat! I did, I did taw a puddy tat!”–Tweety Bird

  72. frances snoot

    “any grasp of what GNH and other Himalayan Based Buddhist Philisophical social experience is….”

    GNH was a product of the World Bank Group which came gangbusters on the Bhutan ‘rare social order’ with full approbation of the liberal press.

  73. patrick

    Its very funny that buffet pleads ignorance on moody’s. sooo…how does that jibe with his advice of “never buy a company that you cannot understand.”

  74. Seosamh OGallunai

    People are not beyond corruption nor the corrupting of basically good ideas for a misunderstood way to achieve true happiness. Look at free market cpitalism, democracy, communism etc.
    Government administrative corruption was rife in the early 20th c inTtibet, for example poisining successive Dalai Lamas but it’s important not to confuse a basically useful philosophy with how it has been corrupted or interpreted by those whose misunderstanding of how to achieve happiness tends to seek power.

  75. frances snoot

    “it’s important not to confuse a basically useful philosophy with how it has been corrupted or interpreted by those whose misunderstanding of how to achieve happiness tends to seek power.”

    What basically useful philosophy? The GNH ideal is that the state defines what constitutes happiness and then implements programs in a Keynesian demand-driven-nightmare to see fruition of the real bankers’ agenda. The GNH ideal has nothing to do with Buddhism which teaches a distancing from human attachments. GNH is all about attachments: attachment to a banking governor and to a system rife with corruption and the fornication of human dignity.

    It is being MARKETED as a prophylactic to maintain ongoing and future colonialism by BrettonWoods institutions.

  76. Seosamh OGallunai

    Frances i have the height of respect for you. You are one of the sharpest researchers for uncovering corruption and corrupting influences i have ever come across.

  78. Palantíri

    Wonderful guest that Michael Hudson.
    Well done show, I enjoyed it.

    @Grisu – It doesn’t matter who they are or where they’ve from, Israel will still control and inspect all the ships going to Gaza, with the MV Francop affair of November 2009 in mind, the Israelis will not let anything go by unchecked.

  79. Sylvia Rogier

    Excellent show. Love listening to Michael Hudson. Thank you for posting all your shows on the internet. I appreciate the access. It’s the only way I stay informed.
    Right, the nine people killed aboard the humanitarian aid ships were the victims of a paintball raid…

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