Renowned Swiss Economist and Investor: Bullish on Bernie
Edelman in depth: Sanders is the Best Fix for America's Economy
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"These same people were the big fans of the mortgage markets in 2005 to 2007," Edelman said to artnet. "They were saying that they were making Wall Street and the world rich again. For a group that is responsible for bringing economic news to the public, their level of economic understanding was limited-to-nonexistent."
Edelman gave CNBC talking heads a Cliff Notes version of Bernie Sanders' famous "real world" questioning of Fed Chair Alan Greenspan.
They ask Edelman, "You say that we’re currently in a recession. Every Fed official who speaks to us tells us that we are not in a recession. What are they missing?"
Edelman was feeling the Bern: "I think it’s pretty straightforward. The average American has not had an increase in pay in 15 years, but things have cost more in the marketplaces. The average American has been in a recession for 15 years. Nothing has changed for him (average American). Up at the top, we’re not in a recession. But 80% of the Americans have been in a recession for at least 15 years."
Who is the best candidate for the economy?
"Bernie Sanders...no question," Edelman replied.
"Well, I think it’s quite simple again if you look at something called velocity of money.
Bernie Sanders had choice words for the Fed Chair in 2003: "Come with me to Vermont. Meet real people. The country clubs and the cocktail parties are not real America." Sanders then rattled off problems with the American economy that elicited indifference from the Fed Chair. Greenspan later admitted to having a flawed worldview in 2008.
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Host: "So how does that translate into investing, into the stock market? Recession? Nobody realizes that we are in one and certainly nobody realizes we’ve been in one for 15 years."
Edelman: "Who is your nobody? I’m talking about money and economics. People can buy less for what they have now than they could 15 years ago. In their lives that’s a recession...
And you are of course aware that we have fewer people as a percentage of the population employed today than we did in 2007?"
"And you are, of course, are aware that we have fewer people as a percentage of the population employed today than we did in 2007? And then if you take into account the people who are working in McDonalds who used to run a computer for somebody else, it’s even worse than that."
The man who earns $30,000 a year, or right now, nothing, and has some money added to that will spend the money added to that because he needs to spend the money added to that. And that will create velocity of money in the marketplace. And that will create the beginnings of a recovery.
Conceptually, we don't get it. If inflation is 2%, but 60% of the inflation figure has to do with labor, who of course are shrinking in terms of salaries and income, then inflation is actually 6%. If inflation is actually 6% and at the same time, growth is 2%, we are in a recession. We're actually shrinking at 4% in terms of goods and services circulating in the country."
"You should watch very carefully for the possibilities of social unrest in this country unless Washington wakes up."
Terence McKenna: "At the top of the culture, it's profoundly intellectually bankrupt. There is no plan except to keep peddling stuff, basically until the forests are gone and the oceans polluted... it's not malevolent, it's simply... they are clueless. They have run out of steam. And so the answer is to try and keep the game going as long as possible... while the people at the top are saying, sooner or later the shit is gonna hit the fan. Sooner or later, the dam will burst. Well they say, let's be sure that it's later, not sooner, cause I've got 2 kids at the Sorbonne, I'm paying off a Mercedes, and I need to get this taken care of before it all falls apart."