A Quote by Max Keiser
Low interest rates wipe out savers and devastate middle-class workers. The banksters have orchestrated this wealth transference of trillions, from the poor to the very wealthy. At the expense of everybody who isn't at the top.
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What's happening is there's transfer of wealth from the poor and the middle class to the wealthy. This comes about because of the monetary system that we have. When you inflate a currency or destroy a currency, the middle class gets wiped out, so the people who get to use the money first, which is created by the Federal Reserve System, benefit, so the money gravitates to the banks and to Wall Street. That's why you have more billionaires than ever before.
American democracy in the past has always been known for its large middle class and its relatively few very wealthy people and very few very poor people, but that is gone to today and the middle class is shrinking.
Very deliberately, the central bankers have punished savers, pushing interest rates so low that any truly safe investment - and older people are always advised to play it safe - yields a negative return when inflation is factored in.
New York is for everybody; it's for the poor, it's for the middle-class, it's for the wealthy. We can't punish any one group and chase them away.
And so Fannie Mae produces very strong results for investors in - when interest rates are high and when interest rates are low, in recession and during booms.
My premise is not to tax to destroy the wealth of the wealthy; it's to increase the wealth of the bottom and the middle class.
For 40 years, the American middle class has been disappearing. Millions of people are working longer hours for lower wages despite a huge increase in technology and productivity. And what we have seen during that period is a massive transfer of trillions of dollars from the middle class to the top one-tenth of 1 percent of America
The reality is that we have one of lowest voter turnouts of any major country on earth because so many people have given up on the political process. The reality is that there has been trillions of dollars of wealth going from the middle class in the last 30 years to the top 1/10th of 1 percent.
Interest rates are to asset prices what gravity is to the apple. When there are low interest rates, there is a very low gravitational pull on asset prices.
a great deal of the wealth at the top is built on the low-wage labor of the poor. Take Wal-Mart, our largest private employer and premiere exploiter of the working class. ... You think it's a coincidence that this union-busting low-wage retail empire happens to have generated a $65 billion family fortune?
Low class men desire wealth;middle class men both wealth and respect; but the noble, honour only; hence honour is the noble man's true wealth.
You can't define what's middle class, what is wealthy, what is poor.
The fact that global savers accommodate U.S. consumers by keeping U.S. interest rates lower than they otherwise would be and the dollar stronger than it otherwise would be is simply a manifestation of America's comparative advantage at supplying wealth storage facilities.
By default, we have created a "system" of nursing-home care for the aged in which middle-class people pay exorbitant rates to for-profit nursing-home entrepreneurs - and then when private resources are consumed and the patient qualifies as a pauper, the nursing home begins billing Medicaid. This is precisely the antithesis of social citizenship; instead of the poor being accorded the dignity associated with the middle class, equality of treatment is achieved by making the middle class undergo pauperization.
I do think that there is both a very powerful sense of entitlement and a kind of bubble of wealth which makes it hard for the people at the very top to understand the travails of the middle class.
What we have to be careful is that if we drop interest rates where the rate of interest is lower than inflation, then savers will not put money in financial savings and move it to gold and real estate, which is bad for India.
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