with Michael Hudson
October 4, 2012
Oct 4, 2012 by RussiaToday
In this episode, Max Keiser and Stacy Herbert bring a bankster rat onto set to discuss the civil suit against JP Morgan’s mortgage fraud. We revisit episode 97 of the Keiser Report on which journalist Teri Buhl had first warned you about the residential mortgage back security fraud issue on JP Morgan’s balance sheet – thanks to their purchase of Bear Stearns.
In the second half of the show, Max Keiser talks to Dr. Michael Hudson, author of The Bubble and Beyond: Fictitious Capital, Debt Deflation and Global Crisis, about Timothy Geithner’s role in facilitating the takeover of the banking system by the Wall Street mafia and about the oligarchic counter revolution against democracy in Europe.
Keiser Report: Cadavers Collateralized Debt (E349)
Michael Hudson is a former Wall Street economist. A Distinguished Research Professor at University of Missouri, Kansas City (UMKC), he is the author of many books, including Super Imperialism: The Economic Strategy of American Empire (new ed., Pluto Press, 2002) and Trade, Development and Foreign Debt: A History of Theories of Polarization v. Convergence in the World Economy. His new book summarizing his economic theories, The Bubble and Beyond, is now available. He can be reached via his website, email@example.com.
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Max and Stacy always deliver some light relief, so at least we can laugh ~ but not laugh it off, as it’s just too serious. The real issue is the nature of capitalism itself. This is about a self-fulfilling totalitarian monopoly. It’s a massive shell game, the operator must win or be out of “business” ~ but the business always goes on. The law itself is rigged, escamotage is the rule not the exception. How can a system change that cannot “arrest itself?” The institutionalised legal mechanism is so flawed, the only solution is to create new institutions that can superannuate the redundant corruption that is “naturally” endemic ~ from cradle to grave. Throwing the money changers out of the temple is a futile recourse, if the temple itself is, and always has been, the engine-room of wealth orchestration. A new temple, new laws, new ethos ~ that’s what we need.
Thanks, David. Great points. Capitalism is the problem.