Global Recession Looms as Euro Crisis Deepens

[bennyt23]

Money makes the world go round?

[TheGodlessGuitarist]

end globalization now! fucking warmongers and theives the lot of them.

[JohnnyHorton]

Bring the collapse. The banks have to go.

[boumar19721972]

@JohnnyHorton The system has to go. /watch?v=4Z9WVZddH9w

[AudiROCKS]

@JohnnyHorton sure you start by putting your money under your pillow. See how that works out for you.

[bugsz1]

Good.

[Danny8Wilson]

Globalization/Free Markets are tied to the diverse social conditions various societies manifest. The question = do societies serve economies, or do economies serve societies? That is, when we say ‘freedom’, is it best served by individual defining components or ‘the greater good’, defined by shared defining components that recognize the individual nature of expressed communities? Individualism lacks the inescapable truth of community. Just sayin'....

[donnyforte2]

Interesting. People are still talking about "true capitalism" in the comment section. I dread the idea of free market globalism. All it does is pit worker against worker for the lowest wage possible. A big win for multinataional corporations.

[sailfished]

There is nothing wrong with true capitalism,. Can't wait to try it here in the U.S.

[hyperboreean]

@sailfished But there's something wrong with a True Scotsman

[iszoj]

We need to change the "creation of money" out of thin air, hence no credit system. Also we need to embrace and adopt free energy technology. Then we don't have to be slaving 10-12 hours a day working....

[ronmamita]

When the government incorporates and become a corporation for profit and control while still (falsely) claiming to be public and representing the people and the common good as is the case in the USA. Then something unusual must take place. The people have to defy government and reclaim full authority or said differently revoke government authority.

End The FED and Fractional Reserve Banking.

[shaithesm0ck]

why does this channel have so little views?

[chi8cago]

1,017 hits for the truth when this guy should be on TV. It's hard to have coffee shop conversation when the masses are so ignorant. They call me crazy when I talk about the information in this video.

[iknownothingnow]

Pressure on German bonds, France’s credit rating to be downgraded, Portugal’s debt crisis, Ireland demands Greek like concessions, Dexia unravels & other banks are stressed watching liquidity dry up.

Where are the bond vigilantes focusing next? The focus shifts as the UK is in the cross hairs. PIIGS, France, UK.

The plan. Overthrow governments, install bankster puppets & demand more austerity from innocent citizens to pay back the debts. No voting allowed for slaves. Pay your taxes!

[sailfished]

@iknownothingnow Hey , leave Iceland out of it ,lol

[iknownothingnow]

@sailfished Ah, you're right! Iceland did the right thing!

[Hkepfer]

Quantity of regulation is not enough, the public must take over the financial system.

It's not the quantity of regulation but the effectiveness of regulation to pre-decided upon standards.

When a standard is not met, via executive agencies and more so "the courts", do we "the people" in effect take over the financial systems.

23 official cheeses is not what makes "Europe" a hard to self-regulate entity but the view of government as the all powerful utility to all (even its own) problems.

[MarkoKraguljac]

Great commentary to the very end. Disappointing end. Revealing end. Employment and jobs mantra again? We are surrounded by products and services we need but we lack money to buy them. In turn that is choking that same production.

We dont need more stupefying jooobs, we need radical shift of values and understanding.

[wtfbroskie]

how is this a crisis when america is in a twice as bad position

[brianestoll]

wipe out the main creditors and "reset"

[sirellyn]

@brianestoll If you are talking about wiping out creditor countries you are talking about world war 3. If you are talking about letting defunct banks actually fail, the debt would not go away, but it would be bought at discount by others.

[brianestoll]

@sirellyn i meant the banks.. force them to forgive the debt then dissolve them

[sirellyn]

@brianestoll Something similar would happen if you just let them fail.

"Forgiving debt" doesn't actually help anyone. The spending habits of people/countries don't change. Actually it encourages them.

So even forgiving all debt, if people are spending more than they earn, day 1 they'll be accumulating debt again to survive. And given that debt was just wiped away, any creditors would be very unlikely to lend again.

[brianestoll]

@sirellyn there will always be someone to lend... nations used to default on debt all the time.. the jews were willing to take that risk then.. why are the banks coddled now

[sirellyn]

@brianestoll Thats about as ignorant a view as someone in the 80's thinking they could never go broke because someone new would offer them a credit card. So they continued spending more. And although 80s credit was fast and lose, reality always catches up.

If you were paying attention you'd notice China is lending 60% less every year to the US since 2008. While the US deficit is increases by more than that every year.

Borrowers return, but only after spending is reigned in.

[Alexopolux]

I wonder why when it comes to policy proposals I feel (almost) always dissapointed. The RNN should invite by now less Keynsians and Marxist economists and more Austrian School and Ecological Economists. The first ones have a lot to tell us about money, debt and banks; and the second ones about resources, energy and ecology, that is, REAL wealth.

[zauzari]

The world - bancrupt! Not only Europe...

[brianestoll]

@zauzari which essentially means that it's all (in some sense) imaginary and that the money wasn't even "real" to begin with

[slobomotion]

It's hard for people such as Americans to understand that economies in Western Europe have been stagnant for decades but that the people tend to be calm, thrifty & frugal. There really isn't panic here, just their usual neurosis, which in Paris, France, where I live, is legendary. Wages are flat here & we're used to it. Workers are diligent & productive. We still produce a lot of stuff here for local consumption & export -- unlike my home in the USA, where I had to leave to get healthcare.

[plalelal]

@slobomotion Can an American move to France and get health care?

[slobomotion]

@plalelal I do consulting work for expatriation, if you want to reach me on my web site.

[JanRichardus]

Bond holders/buyer finally waking up: that anything "paper" is worthless.

Buy physical gold and silver delivered to your home. If you dont hold it you dont own it.

[r0ll0t0masi]

Time to dig some mass graves...

[TheGreatAfricanGuru]

i was a first year economics student back in 1991 and even I could tell that the euro would not work when it had to serve such hugely different economies in europe.

this was not done by mistake, it was always meant to fail in the way it has!

[edmack4me]

Not 'might' but 'will.'

[donques]

Banking reforms will not help; even nationalization is not enough. The organization of labor and capital must be completely changed to include and stress social and environmental accountability.

[AceObrin]

@donques Yes! The key is to enact a social method rather than a social ideology. Derive the parameters of civilization and develop methodologies to enhance and sustain said parameters. I think we can all agree that at least some of these are: a higher standard of living (vs primitivism), increased social opportunity and responsibility and to do it as economically as possible. This means using a resource-based method of accounting rather than an ordinal system based on ancient ideology.

[JanRichardus]

@donques Re-instating the Glass-Stegal Act, (stop the looting) and start prosecuting the frauds immediately may save the day but I am afraid we have reached a point of no return, hence blatant top down banker and politician corruption continue. Its gonna blow (up). Be save!

[sirellyn]

@donques That sounds dangerously like centralized planning. And no that would make the situation even worse. You are seeing a version of this right now with the Euro and Brussels.

[donques]

@sirellyn nothing dangerous about it. We have the technology to nano-trade; let's use some of that technical genius to set up a resource-based economy. Capitalism is structurally unsound and has turned the world into a population of hagglers as a way of life. Free markets are an impossible myth.

[sirellyn]

@donques There's nothing mythical about free markets, they happen naturally in any small community.

The Venus proj resource based economy is VERY dangerous. It makes some insane assumptions. Aside from omniscient central planning, assured abundance (we can't even assure water for everyone), to ignoring any sort of scope in transition time (meanwhile you.. die?), decent (right now you can protest capitalism & practice RB, but the reverse would not be true in a RB economy.)

It would be hell.

[donques]

@sirellyn - tell Wal-Mart or any large corporation (many who have economies larger than most countries) that central planning is bad. at least ours could be democratically controlled.

[sirellyn]

No one wants to hear wages are a byproduct.

The height of wage rates is determined on the market in the same way in which the prices of all commodities are determined. In this sense we may say that labor is a commodity. Employers deal with labor as they do with commodities because the conduct of the consumers forces them to proceed in this way.

Forced higher wages means forced higher living costs for everyone, by an overall greater percentage.

[hyperboreean]

@sirellyn "The height of wage rates is determined on the market in the same way in which the prices of all commodities are determined."

That's BS. You ignore the fact that markets are shaped by Govt. policies.

When a worker has to compete with essentially slave-labour, it's downright obscene to claim that his wages are determined by some virtuous exchange mechanism.

[sirellyn]

@hyperboreean You have it right, but in reverse. Because governments intervene they actually make prices and wages worse for everyone.

They lift up the wage which makes the end cost to the consumer higher. Since there's far more consumers than there are workers it pushes up the cost of living. Which in turn makes you think the new wages are too low, which perpetuates the cycle of pushing up the cost of living.

[hyperboreean]

@sirellyn "You have it right, but in reverse. Because governments intervene they actually make prices and wages worse for everyone."

Tell it to ppl on minimum wage douchebag.They would starve WHILE holding a job, as to wage-slaves.

.

"They lift up the wage which makes the end cost to the consumer higher."

Higher wages also mean better productivity, increased economic activity (spending), investment opportunities (savings).

Spare me the corporate neo-lib spiel.

[sirellyn]

@hyperboreean "starve WHILE holding a job" - You continue to ignore that they choose to work there as opposed to not at all / somewhere else. People generally try to find best living conditions for themselves.

Again, people don't really determine wages. They happen as a result of a balance of factors. I gave you a direct example. If factories in China had equal wages to US, they would go out of business which means instead of a raise, everyone would be earning zero. + higher prices.

[sirellyn]

As for higher wages giving better productivity, there is a small psychological effect of earning more for your position than others around you yes. This is negated when everyone gets a raise though. Also its a very loose translation at best.

If it were direct you would see goldman sachs CEOs working incredibly productively, as well as military contractors, government senators after giving themselves a raise etc.

[hyperboreean]

@sirellyn More anarcho-capitalist straw-men?

The higher wages I'm referring to are those of average workers.

Apparently, you are ignorant of the benefits to productivity (and profit) brought by better wages, profit sharing and other measures that raise worker living standard.

.

If you get right down to it, right wing economic extremists' ideal world would be one in which people were used just as tools.

Fortunately, most ppl are sane, slavery's illegal and wage-slavery will eventually be too.

[sirellyn]

@hyperboreean I'm taking it, you've never had employees of your own. If simply paying more meant more productivity and profit it would be a very quick and easy method to success. Alas it does not work that way.

Like I keep telling you, you are fixated on the idea that employers simply need to pay more wages, assuming they are all greedy. This exceeds "freedom fries" levels of ignorance. Wages are more a matter of circumstance.

Don't believe me. But try a business, and see for yourself.

[hyperboreean]

@sirellyn "I'm taking it, you've never had employees of your own" Don't tell me, you've seen it in a crystal ball.

Paying a living wage instead of minimum wage incentivizes workers more than the threat of getting fired.

.

You keep beating on the same tired straw-man. Nowhere did I imply that ALL employers are greedy.

However, like a $ fundie, you ignore the role of Govt. in the labour market

.

"Don't believe me. But try a business, and see for yourself."

Seen it idiot. From both sides.

[sirellyn]

@hyperboreean Lower wages is a form of competition, quality is still a factor, you the consumer get to choose.

When you deny someone the ability to work at a lower wage (willingly) you end up enforcing a monopoly. For some people a lower wage is the only way they'll earn any wage. They're quality may be less, but still good enough for that product for a large amount of people. (Why dollars stores are so popular)

All of this doesn't excuse any sort of criminal conduct (abuse, extortion, etc)

[hyperboreean]

@sirellyn "Lower wages is a form of competition"

If allowed it would be taken to inhumane extremes (as it happens in the third world), but you don't seem to give a damn

.

"When you deny someone the ability to work at a lower wage( willingly) you end up enforcing a monopoly."

Using the word monopoly to describe a wage floor meant to prevent exploitation is silly.

Wage-slavery is immoral, socially damaging and macro-economically stupid. It is abuse and extortion, on (inter)national level.

[sirellyn]

@hyperboreean I care when people are mistreated. I said you don't allow criminal conduct, things like abuse, theft, extortion and fraud don't become magically legal when someone is paid (willingly) less than a certain dollar amount. You still prosecute these things, against individuals and companies.

So yes, I care more about giving people a free choice to do these things (which allows them to complete) than I do banning because something *might* happen.

Iraq *might* have WMDs. Lets invade.

[hyperboreean]

@sirellyn This is getting tiresome. Apparently you can't bring yourself to compare your zealot-like belief in the magic of the market with the realities on the ground.

Might happen? You are deluded Mr. teabagger.

[sirellyn]

@hyperboreean The same "might happen" scenario has been happening for a lot of things if you haven't noticed.

The feelings of "we're powerless" is a result of options being sealed off "for our own good". You only think this applies to "certain" actions making you blind to evaluating simple psychological arithmetic:

If the chance of something bad outweighs anything good. You'll never see anything good again.

As for constant name calling. I hoped you were better than that.

[sirellyn]

@hyperboreean You make so many assumptions on that worker too. First many have gone from starvation to having a job. They've CHOSEN the job. And they can leave any time. The reason they don't is there is nothing better for them. Earning zero and starving is worse. The only reason they have a job is because their wages are low. If you pumped up their wages they would all be out of work and starving again, and prices would go a lot.

[donques]

@sirellyn you have nailed the problem; value in our system is contrived in the market rather than by the use value added by labour. as it happens, in the 17 places in the U.S. where minimum wage was raised, employment actually increased and there was no loss in growth. (see Minimum wage hikes don't eliminate jobs" December 2, 2010 By Kathleen Maclay) Capialism is an epoch fail and continues only because it is really a religion.

[noprofitmaximierung]

OKay Comrades! OWS and global protests have broken the ice of dissent, if this crash comes, the Left needs to get active! Talk! Type! Write! Fight! Democratize the Economy, Workers Control over Production! We need to be the loud and Dominant part of society from now on, then we can start communicating ideas, Connect!

[jaba987]

Germany is under attack by the hedge funds for banning naked short selling

[sirellyn]

@jaba987 They were right to ban naked short selling. Short selling is fine. Naked short selling is essentially high fraud and should be illegal.

[RedGaribaldi]

Great analysis, thanks TRNN.

[hankwatt]

Sound money, not fiat. Or introduce competition in US currency. Fractional banking and price fixing by the Fed are key roots of the problem

[videolover61]

Very good interview

[samnyc2]

This video is much better with Benny Hill music as the soundtrack..

[aburashdan]

public ownership of banking is something mohammed yunus, the founder of grameen bank had been talking about. it is about an ethical banking that exists in theory in most of the muslim countries as what is called islamic banking. a profit and loss sharing system that is based on consensus with the borrowers and investors. banks will not automatically transform into socially responsible institutions, what needs to happen is command economy based on ethical practice and public accountability.

[AceObrin]

@aburashdan Yes, but ideology is not enough. It must be based, at every level, on a consistent methodology. A methodology developed to sustain civilization. Thus, a methodology based on the parameters of civilization: increased standard of living with commensurate increases in social opportunity and responsibility to sustain such an arrangement. Also, to be sustained, the economic parameters must be accounted for in a cardinal fashion. That is to say: based on physical resources.

[237Michael]

Well, unfortunately we have to admit that the wonderful experience called Euro ended up in a miserable failure.

[rcguycan]

Thankyou for this video. So nice to hear that I'm not the only one to suggest that nationalizing key banking institutions is a must-do. Sorry all you neo-cons, but your system of cowboy economics and casino banks is a total fail.

[IronicallyVague]

You're supposed to do the scary stuff on Halloween

[Shisho2k]

Sounds like the OWS movement is about to get much bigger very soon.

[purpurpledog8]

Holy crap, here we go..hold onto your butts!!!

[GuildF40]

Surely with Xmas round the corner the masses can be kept focused the other way !