Max Keiser: The poor have no defense against the Fed. Their standards of living
continue to drop as the Fed's zero-percent money rolls into the bank
accounts of its plutocrat sponsors who in turn make 1 percent of that
money available to non-plutocrats at exorbitant interest rates. I'm
against having a Fed. It's socialism in its worst form. But until the
Fed is gotten rid of the only economic variable the poor have to
counteract the injustices of the Fed is the minimum wage law.
By tying minimum wage to money supply the poor's income would rise
and fall with the rise and fall in money supply. Had this policy been in
effect over the past 40 years, the minimum wage in America would be
closer to $100 now, instead of $10. Companies could easily absorb this
wage rate and be competitive. In the restaurant industry Starbucks, for
example, could have a minimum wage of $100 and still make handsome
profits. (Remember, the Starbucks model is to rip off the intellectual
property rights of African and Brazilian farmers, so a rise in wages
doesn't hit their core model). In the call processing business, paying a
minimum wage to call processors of $100 an hour would not stop these
companies from making huge profits. And the list goes on... including
Apple with over $130 billion in the bank as cash, sitting there doing
nothing.
As long as companies can borrow money at virtually zero cost and as long as companies get bailed out whenever they make a business mistake than labor needs to get their ass in the game and demand a minimum wage tied to money supply and start taking home $100 an hour.
This new minimum wage law would kick-in for the Fortune 500 first for
any company with huge cash positions or huge credit lines. As the size
of the company shrank; heading to companies with 50 or less employees,
this is where the connection and relationship to the Fed is key. At
first blush, paying $100 an hour for employees might seem onerous but
not if you can borrow money from the Fed at zero percent interest like
the Fortune 500 can it works.
Minimum wage law is the 'People's Fed.' Tie minimum wage to money supply. If there is push back against this idea then shut down the Fed and its ability to distort the economy; penalizing labor; or make the Fed's distortions available to all businesses and all workers. But having a selective Fed that lends money to supporters at zero percent and bails them out whenever they get into trouble while forcing all others to borrow at extortionist rates without a 'get out of jail free card' is unacceptable. Source
Max Keiser and Stacy Herbert discuss HFT and QE3 rat-bots chasing and bullying the world into a Great Depression. They also discuss the dangerous situation of France once again becoming a peripheral country to German. In the second half of the show, Max Keiser talks to Pierre Jovanovic, French radio talk show host and author of Blythe Masters, about the smell of not napalm but revolution in the air in France where unemployment is worsening, suicides by jumping in front of a train are up drastically and Goldman Sachs says workers need to cut their pay by 30%. They also discuss history repeating itself as Germany once again finds itself looking for its gold as in Wagner's Das Rheingold.
Source
By tying minimum wage to money supply the poor's income would rise
and fall with the rise and fall in money supply. Had this policy been in
effect over the past 40 years, the minimum wage in America would be
closer to $100 now, instead of $10. Companies could easily absorb this
wage rate and be competitive. In the restaurant industry Starbucks, for
example, could have a minimum wage of $100 and still make handsome
profits. (Remember, the Starbucks model is to rip off the intellectual
property rights of African and Brazilian farmers, so a rise in wages
doesn't hit their core model). In the call processing business, paying a
minimum wage to call processors of $100 an hour would not stop these
companies from making huge profits. And the list goes on... including
Apple with over $130 billion in the bank as cash, sitting there doing
nothing. As long as companies can borrow money at virtually zero cost and as long as companies get bailed out whenever they make a business mistake than labor needs to get their ass in the game and demand a minimum wage tied to money supply and start taking home $100 an hour.
This new minimum wage law would kick-in for the Fortune 500 first for
any company with huge cash positions or huge credit lines. As the size
of the company shrank; heading to companies with 50 or less employees,
this is where the connection and relationship to the Fed is key. At
first blush, paying $100 an hour for employees might seem onerous but
not if you can borrow money from the Fed at zero percent interest like
the Fortune 500 can it works. Minimum wage law is the 'People's Fed.' Tie minimum wage to money supply. If there is push back against this idea then shut down the Fed and its ability to distort the economy; penalizing labor; or make the Fed's distortions available to all businesses and all workers. But having a selective Fed that lends money to supporters at zero percent and bails them out whenever they get into trouble while forcing all others to borrow at extortionist rates without a 'get out of jail free card' is unacceptable. Source
Chase, Bully & Attack!
Source
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