In a discussion with independent financial newscaster Max Keiser, outspoken economics professor Dr. Michael Hudson, author of a new book on the pervasive, systematic, criminal, fraudulent accounting that he calls "fictitious capital," catalogs the financial frauds, crimes and economic sabotage, of not only the criminal bankers... but also of the complicit Barack Obama presidency, and Obama's insanely corrupt Eric Holder 'Justice' department and Obama's Mary Schapiro run SEC....
Rachel Maddow, Ed Schultz, Bill Press, Thom Hartman, & any and ALL so called 'liberal' defenders of the Barack Obama presidency are nothing more than deluded, propagandized "USEFUL IDIOTS" for the criminal, elite oligarchs and kleptocrats who are Mr. Obama's real constituents.
We will try to transcribe more of this video over the next few days, but for now... listen for yourself to Dr. Hudson, in his dry, professorial (if slightly excited and fast paced) tone explain that Barack Obama's so-called "liberal" presidency is actually a "NEO-LIBERAL" administration...
..."neo-liberal" as in the RADICAL RIGHT-WING 'free market', laissez-faire, SABOTAGE & DESTROY UNIONS, monopoly control and extortion of markets ideology of such classic right-wing Republican ideologues as Milton Friedman, Leo Strauss, Ayn Rand, Alan Greenspan, George W. Bush, Dick Cheney, Phil Gramm, Newt Gingrich, Dick Armey... and Ben Bernanke.
BARACK OBAMA is running a RADICAL RIGHT-WING "kill the unions, DESTROY Social Security, TAX THE POOR to ENRICH THE RICH" presidency, and those "Democratic" or 'liberal' persons in the news media who fail to see, fail to understand, or fail to point these dismal facts out, are nothing more than USEFUL IDIOTS for the radical right-wing oligarchs and kleptocrats.
"Fictitious capital... is capital that is valued at a price that is way out of line with reality."
The banks "are backed by INSUFFICIENT COLLATERAL... [only] 2% collateral to 20% collateral."
"There has been SO MUCH FRAUD as a result of 'deregulation' that nobody has any idea of how much collateral is there, because economic reporting, and seemingly empirical statistics, have become fictitious." "You've let the credit rating agencies FAKE THINGS. [They] found that Arthur Andersen engaged in ENRON type of accounting - completely fictitious - and they were closed down for fraud, [but] the government then said, 'Wait a minute... EVERY accounting firm is engaged in FRAUDULENT CAPITAL,' it's called 'MARK TO MODEL,' in other words, marked to one's imagination, marked to the 'model,' NOT TO THE REALITY."
"So that's what's happening now, banks are all sort of pretending that they have enough assets to back the savings and [people's] deposits, and they really don't. And the government is afraid of introducing a note of realism, because if you introduce realism, and stop the fiction, THE WHOLE SYSTEM WILL COLLAPSE, because there is an enormous CLAIM FOR DEBT that CAN NOT BE PAID."
"And so the government and the banks are actually saying, 'This is a wonderful opportunity. As long as we can make the public BELIEVE THIS FICTION, as long as we can make the public BELIEVE they can pay the debts, WE CAN BREAK THE LABOR UNIONS, we can INCREASE TAXES ON THE CONSUMERS, we can... use this crisis, as [Rahm] Emanuel said... as an OPPORTUNITY to put the CLASS WAR BACK IN BUSINESS, and we can INDEBT the BOTTOM 99%, to the wealthiest 1%, as long as they believe the fiction that the DEBTS CAN BE PAID."
"If only we can hurt labor enough, If only we can ABOLISH SOCIAL SPENDING.... If only we can GET RID OF SOCIAL SECURITY. If we can CANCEL THE DEBTS that companies and governments OWE TO WORKERS. If we can CANCEL THE PENSION FUND DEBTS. If we can CANCEL SOCIAL SECURITY. If we can cancel Medicare and other social programs, THEN WE CAN GIVE ALL THIS MONEY to our constituency.... the 1%."
"What you're seeing is THE GREATEST RIP-OFF IN HISTORY, all wrapped in the fiction that the debt [the ODIOUS DEBT imposed on American working families, citizens, and taxpayers by the blatantly fraudulent 'bailouts' and 2 decades of serial financial crimes] can be paid."
"What is called the SHADOW BANKING SYSTEM, you have banks lending money to each other [with bank executives taking a slice of 'profits' out of each and every fictitious transaction], very much like what happened to Iceland, before the Icelandic crash."
"Mr. Bernanke...is trying to 'help' labor. [NOT!] He believes you can 'help' labor be employed by cutting its wages by 30%. THAT IS the Obama administration's 'plan.' IF you can CUT LABOR's WAGES by THIRTY PERCENT [30%!], if you can TAKE AWAY [labor's] SOCIAL SECURITY, if you can CANCEL its PENSION FUNDS, then you are going to help it [labor, working Americans] by IMPOVERISHING IT [them]"!!!
"THAT IS the 'Neo-liberal" thought, essentially, in a nutshell." [note: "Neo-Liberal" is a RADICAL RIGHT-WING, 'laissez-faire,' enable the financial monopolists ideology. The term, "Neo-Liberal" is intentionally confusing, because at all times the elites who own and run the universities, colleges, press/media, academic system, 'think tanks' and most government officials first want to DISCREDIT their opponents... in this case "liberalism" and genuine 'liberals,' as a prelude to DESTROYING them.]
"Regarding inflation... when people talk about money and prices, they're referring to consumer prices, and not asset prices. In reality, the last 30 years, since 1980, has seen THE GREATEST INFLATION IN HISTORY. But what's been inflated is not wages, not living standards, not consumer goods, it's been the price of housing, it's been the price of EVERYTHING that is FINANCED ON CREDIT. Housing, the price of an education, anything that the bank will lend money for. So this is sort of pretending that it doesn't exist. So that's part of the FICTION." [that these ARTIFICIALLY INFLATED by FIAT 'Fed' money DEBTS, owed to bankers, are 'real' prices, 'real' debt; when in fact they were created, out of thin air by the Fed lending near-free 'money' to its member/owner banks, 'money' that is STUCK AS DEBT on people who will never be able to pay it back, in the economic wreckage that the banks have foisted on America.]
question by interview host Max Keiser: "...Some of these banking scandals. In the past month alone, we've sen not only Libor crime, but the municipal bond market rigging, energy market rigging, HSBC terrorist and drug-money laundering. Still nothing seems to be enough to persuade the Department of 'Justice' to DO ANYTHING ABOUT FINANCIAL CRIME..."
Dr. Hudson: "Well that's why the Obama administration has been able to raise so much money FROM the major FINANCIAL CRIMINALS.
Eric Holder has promised that NO RICH CAMPAIGN CONTRIBUTOR WILL GO TO JAIL. NO BANKER will go to jail, only the small fry. As my colleague at the University of Missouri at Kansas City Bill Black has said, the only real person arrested financially, walked into police headquarters with his hands up and said 'I surrender,' and that was Bernie Madoff. BUT IF YOU [a criminal banker] DON'T GO AND SURRENDER, THEY'RE NOT GOING TO GO ANYWHERE NEAR YOU. THAT's THE DEAL that the [criminal, law-breaking!] Obama administration has made with its donors." (video comments cont'd)