Keiser: US Facing Economic Tsunami

In an interview with PressTv correspondent financial analyst, Max Keiser says that US is broke, and the bail out plan is nothing more than printing fresh money.

When asked by our correspondent about congressional agreement on the bailout plan and the element of over-sight that were discussed in the Congress, Keiser replied that Treasury Secretary Henry Paulson wants impunity, he is getting ready to print money without any real backup.

Keiser said that America is broke and people have no savings, so in order to pay back the bail out, US has to borrow money, or to print fresh money, and that amounts to a rising tsunami for the US economy.

Regarding oversight on the economy, the iconoclastic analyst said that this Congress is corrupt and not working for the interest of American citizens and indicated that most congressional members, including Rep. Nancy Pelosi and Sen. John Kerry, are huge stock owners with clearly vested interests [how many members of congress aren't?].

Keiser also noted that there are rumors that China may want to divert its investment from the US economy because of the mountain of bad debt and if that happens the US is heading toward an economic catastrophe.

When asked about the constitutionality of the bailout scheme he replied that it seems that Congress does not have enough stamina to face George Bush's monarchial rule.

When the PressTv correspondent drew a parallel between nationalization of investment giants with the former era of the Soviet Union, Keiser retorted that the US has gone through a capitalistic period, skipped socialism and gone right into state communism, and predicted that President Bush may declare a state of emergency to postpone the upcoming US presidential election.

source

P.S. If Bush actually cancels the elections, how many Americans will cheer it? Just look at your neighbors with the McCain signs. That'll give you a good idea.