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March 2nd, 2012 
FAKE NEWS for the Zionist agenda Press TV has conducted an interview with Max Keiser, a journalist and broadcaster in Paris, to further discuss the issue.
The video offers the opinions of two additional guests: Robert Oulds, an economic expert in London, and Ian Williams who is with the Foreign Policy in Focus.
What follows is a rough transcription of the interview.
Press TV: Does unemployment at almost 11 percent, which is the highest since the introduction of the common currency (single currency) mean, well one of the meanings is that the 17-member eurozone is in a recession and that’s just one of the consequences now?
Keiser: The employment picture is bad pretty much everywhere and the reason is common amongst all these various countries. Money is being printed but it does not flow to wages or savings and pensions. It flows to asset price inflation and to bonuses for corrupt bankers.
And this has been going on for a number of years now and there is nothing in the pipeline that is going to stop this trend. There seems to be very little recourse for anyone to push back against this phenomenon of a –what I would call– a “sterilized inflation” that is to say that inflation only for assets that are owned by the bankers but everyone else is suffering massive deflation wages falling apart and no return on savings or pensions.
Press TV: And what about factory output which was just reported that the manufacturing output has actually contracted; it has decreased? Doesn’t that also have a bearing on the unemployment as we are seeing the highest at almost 11 percent across the eurozone?
Keiser: Factory output is an anachronism. The economy runs on financial engineering now and currency speculation financed by ultra-low rates, near zero percent interest rates and the economy is not run on manufacturing.
It is run on financial speculation and whenever any one of these guys makes a losing bet of course, then they print more money; they get bailed out; the assets that they own go up on price but it continues and widens the wealth and income gaps and is flaming the global unrest.
Press TV: Max, a senior European commission official said that the EU loses some 600 million Euros to suspected fraud every year. That is the European Commissioner Directorate-General for Justice Francoise Le Bail. How is that possible for the EU to lose 600 million Euros to fraud every year?
Keiser: Well, that is not that hard to do really. When you consider for example the US, when they invaded Iraq, they lost 8 billion dollars in cash that they were trying to fly in on a military transport somehow went missing. But the level of graft and larceny in the IMF, the World Bank, Deutsche Bank, Goldman Sachs, J.P. Morgan, to name a few, is enormous.
When you pay out a hundred and forty billion dollars in bonuses, as they do on Wall Street or at the various banks in Europe, that is just a tip of a multi-hundred billion, multi-trillion dollar money laundering scam that goes on, as your previous guest just mentioned, the Central Banks lend money out to these banks at 1 percent; they in turn reinvest it with the Central Bank at 3 percent. So they make 2 percent carry. It is a carry trade to do absolutely nothing.
They are not incentivized to put that money to work in the economy. They are making free 2 percent on their cash or more and when you have that kind of moral hazard, when you have that kind of sloppiness in the Central Banking system to the tune of many trillions of dollars, of course you are going to lose a few hundred million there and a few hundred million there.
It ends up after a time but there is no accountability; there is no regulatory authority of any note; there is no deterrent to committing financial fraud. Look at MF Global in the United States. Jamie Dimon and J.P. Morgan have been caught stealing a billion dollars from customers. It is now not refuted, fully documented; there is no investigation.
They simply say you know you win some; you lose some, tough luck. And of course J.P. Morgan has recently said that no account with less than a hundred thousand dollars; they have no interest of those accounts because they do not make any money on them and they are introducing a new credit card for accounts of 25 thousand million dollars and above where they get to trade on a Forex market without being raped everyday by Jamie Dimon. That is the benefit.
Who pays for that? Everybody else through austerity measures. So you very much have feudalism, is alive and well. You have got a few feudal lords like the bankers in Europe and on Wall Street and everyone else is basically an indentured servant. There is already trillions of dollars in bad student loans in America. That is the next bubble to pop. That is another huge wave of youths about to be thrown into the streets with trillion dollars of debts and told go to a concentration camp and die you pig; we don’t care about you.
That is the message from Jamie Dimon today and Chase Manhattan. Go die in a concentration camp. The biggest gross industry in America is the prison industry. Why is that? It is the only growing industry in America is the prison industry; that is the most profitable industry and the bankers are aiding and abating the entrapment of folks with forcing debt down their throats and forcing them to go to prison and that is the economy.
Press TV: Max Keiser, we know that this has been said also that this is not the situation where you can get a quick fix regarding the eurozone. Combined, I think some countries have on paper 10 trillion dollars in debt. So if we can talk in terms of the general 17-nation bloc eurozone, what is going to lead to a path that we can see some improvements in terms of the respective economies? Is what Angela Merkel suggested in terms of having what an official in every governmental financial institution in each country the solution to go on her way of tackling this?
Keiser: No, I mean the problem is that a country like Greece cannot defend itself against financial terrorists like Goldman Sachs. So they have no way to defend themselves and that is the problem. So much of the crime has been committed from rating agencies who have come in with ratings that were bought and paid for by the banks and the hedge funds that were selling short these countries like Greece as a way to facilitate for the destruction of Greece.
I would suggest that Greece open their own rating agency and they start putting a rating out on US treasury debt or British treasury debt or Israeli treasury debt and call it what it is, junk. America is triple C rated and they should get the focus of the global tension on the junk status of the US treasury bond because the Greek treasury paper is backed up by real assets. They have got hundreds of billions of dollars of assets.
Those assets are being stolen by foreign bankers for pennies. The troika, of course the three members of ECP, IMF, EU, they just got Greece to sign up 111 tons of gold. That is one of their assets. Greece should not be forced to scourge their gold reserve. The Germans already stole a lot of their gold during World War II. Now the Germans are going to steal the rest of their gold. So there has to be a way to fight back for Greece.
They can create their own rating agency, number one. Number two, they should arrest Goldman Sachs bankers immediately, take them to The Hague, try them for human rights abuses and hang them. I think that would be too good for Goldman Sachs and they should then go right down the list, fine these bankers, prosecute them. They are war criminals; they are human rights violators. They should be hung.
MSK/SZH/AZ
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