Elizabeth Warren: Collapse of America's Middle Class
UC Berkeley Graduate Council presents the 2007 Jefferson Memorial Lectures. In this talk, Elizabeth Warren, Leo Gottlieb Professor of Law, Harvard University, speaks of the "Coming Collapse of the Middle Class: Higher Risk, Lower Rewards and a Shrinking Safety Net". Professor Warren starts this lecture at 06:30. Total time: 58 minutes. Recorded 8 March 2007.
Professor Warren doesn't touch the source of the problem: the Federal Reserve System that is destroying America through its money as debt system, fractional reserve lending*. Money today throughout the world isn't value-based; it is debt-based. Bankers don't lend anything of value. They sell only slavery that you pay interest on top of. The principal created is always less than the principal and interest owed. There is never enough in the money supply to pay off total debt. Bankers need to keep making debt-money out of nothing to keep the system going on. Without debt there is no money. The Federal Reserve has generally increased the money supply since its 1913 creation. Inflation is a hidden tax. The destruction of the middle classes and poor is deliberate and calculated just as today's dollar is worth about 2 cents of a 1913 dollar.
Aside from Professor Warren's ignoring the role of the Fed in destroying America's middle class (as well as the country as a whole), this is an excellent presentation. The Brady Bunch assumptions of a generation ago are collapsing like the Twin Towers and Building Seven did on 9/11. In 1970 dad just worked usually and saved money for the family. If he got sick mom worked and you still had a chance. Today, both dad and mom work, yet families in this category don't save; they go further into debt. If one of them gets sick the family is screwed and faces ignominious bankruptcy. Speaking of which, there are more kids today experiencing their families facing bankruptcy than kids experiencing their parents divorcing. But at least there's a decent retirement to look forward to, right? Just another Brady Bunch assumption gone up in smoke.
The Fed is deliberately destroying America. This is an emergency. This once great country is now quickly turning into a clone of China. How many of the candidates for the White House are talking about the need for financial reform aside from Ron Paul? Do you want the puppet on the left or the puppet on the right? Will that be Diet Pepsi or Diet Coke along with your increased risk, diminished rewards and disappearing safety net?
*The online sensation Money as Debt http://video.google.com/videoplay?docid=-446781510928242771&hl=en explains fractional reserve lending in 47 minutes. The Money Masters http://video.google.com/videoplay?docid=-515319560256183936&q=the+money+masters+&ei=18AiSOSYJpb0qgOX9JXCAQ&hl=en
is a 3 hour 35 presentation explaining the history of banking in America. Aside from the narrator, Bill Still, waving his pencil all the time, this is a must see. These two videos explain what Professor Warren ignores.
