Hullabaloo

Tuesday, September 23, 2008

 
The Horror, The Horror

by digby

I don't know who this guy is, but you have to admit that he's got at least some of it right. And he does have a way with a phrase:

Press TV interviewed Paris-based financial analyst Max Keiser on the US financial meltdown on September 20. What follows are his free-wheeling comments on the US government bailout of Wall Street and the potential consequences for America:

• • •

"We have a treasury secretary in America - Hank Paulson. I'm afraid he's gone insane. He's become like the Colonel Kurtz of Treasury Secretaries. He's gone native. He's co-opted trillions of dollars of American taxpayers' money and he's playing hedge fund like a rogue trader. We have got a rogue trader in the Treasury Secretary's office. He's being aided and abetted by Ben Bernanke who's been discredited as the entire Federal Reserve Bank has been utterly discredited. We're looking at a possible inflationary depression in America and the worse is yet to come, much worse is yet to come."

"To pay for all this insanity from Hank Paulson, they have two options. They can either raise taxes or they can inflate the money supply. They can destroy these things US dollars [waves a dollar bill at the camera]. Dollars 30 years ago used to be backed by this stuff - gold [waves a gold coin at the camera]. Now thanks to Hank Paulson and Ben Bernanke US dollars are backed by these - bananas [waves a banana at the camera]. They're absolutely worthless. Anyone buying US dollars today is going to lose money."

"For the average American, this is what they will experience. The price of food and oil are going to skyrocket due to hyperinflation. The only way they can possibly pay for all these bailouts is to inflate the money supply. This means hyperinflation in America like you had in Germany in the 1920s. This is what the average American will experience: destitution, poverty, social unrest due to flagrant bank mismanagement - and it could have been avoided. But unfortunately the banks in the USA are run by greedy, insane private marketeers and this is the result."

[...]

"Unfortunately the fear at this point is that is that the laws have been changed. Hank Paulson has done a power grab. When George Bush came into office he did a power grab. When 9-11 happened they did another power grab. They have dictatorial powers now. So now you've got this lunatic, Hank Paulson with a multi-trillion dollar hedge fund who's basically running the economy like a rogue trader."

"Hank Paulson has a multi-trillion dollar hedge fund and he doesn't appear to be in control of his own mental faculties. He appears to have gone insane."

[...]

"The problems are here but the people who created this nightmare are gone. Cheney has already got his Halliburton corporation headquartered in Dubai. He's already out of the picture. All these crooks are going to be leaving this country. They're not going to stay for all of the rioting there's going to be in America."

Nah. We don't riot in America. We shop. Of course this time, some people may call it looting, but it's still shopping to us. We'll just be packaging our debt and selling it to someone else to worry about. Nothing wrong with that.



And Paulson does have some resemblance to the Col. Kurtz so memorably portrayed by Marlon Brando in Apocalypse Now.



H/t JBF
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digby 9/23/2008 05:30:00 PM |