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7 Jun, 2020 08:41

Size of America’s permanent underclass grows as Fed continues printing trillions for its ‘overlords’ – bitcoin pioneer Max Keiser

Size of America’s permanent underclass grows as Fed continues printing trillions for its ‘overlords’ – bitcoin pioneer Max Keiser

While US stocks are hovering near a three-month high, millions of people are out of work. RT talked to Max Keiser about the economy’s current situation and the government’s response to that.

The unemployment rate could go to 100 percent and markets would still go higher as “the Fed continues gifting trillions of dollars to America’s overlords who use the money to fund their cartels,” the former Wall Street stockbroker said.

“In the United States, workers aren’t needed. Americans paid $3 trillion in taxes last year while the Federal Reserve Bank, a private bank owned by a few overlords, printed $6 trillion for themselves in a week. And this number is set to jump to more than $20 trillion this year.” 

According to Keiser, “America is becoming Saudi Arabia, a country populated by princes and paupers with no middle class whatsoever.” 

Keiser explained that the market stopped trading on fundamentals in 1987 when the US government under Ronald Reagan started, for the first time, buying stocks and bonds to bail out corrupt bankers. “Every president since has expanded the program, using the free money the Fed prints for them.”

Also on rt.com With US economy dead since 2008, only thing left for Fed is to print trillions of dollars in debt – Keiser Report

At the same time, the US central bank “categorically lies about its intentions,”as it says it’s ‘fighting deflation’ by printing money despite the overwhelming, irrefutable evidence they are causing deflation.”

Keiser explained that “the money printing goes to zombie banks, zombie companies and bank cartels that put it in their pockets. The productive part of the economy is starved of cash and dies.” 

As long as there are stocks and bonds to buy and “the Fed prints trillions for itself to buy them for the benefit of its benefactors, the overlords and the cartels, stock prices will continue to rise and the size of America’s permanent underclass will grow,” he said.

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