On this episode of Conspiracy Theories, host Alex Blumberg is joined by Michael Hoffman, an award-winning historian, to discuss the history of slavery in America, and the role of the New World Order in creating a racial curse.
00:00:01.000Michael Hoffman, former reporter, New York Bureau of Associated Press, other major publications, award-winning historian, highly respected joints.
00:00:31.000I'll tell you about some of his books and his website.
00:00:34.000If you'd like to check it out or learn more, revisionisthistory.org is one of the sites.
00:00:43.000We have links to that up on Infowars.com right now.
00:00:48.000Yeah, being a history buff, because it's so entertaining, I mean, I got into history because it's better than fiction.
00:00:55.000I mean, the slave ships, the beating the people, the killing the white slaves, the white slaves all over the U.S., all over Australia.
00:01:05.000Uh, you were allowed to kill them, but not kill the black slaves.
00:01:08.000But see, they can't allow that out in the news, because then whites and blacks wouldn't hate each other, blacks wouldn't feel especially downtrodden and second class, wouldn't imagine every white person was their slave owner, when really, a few percentage points of whites even own black slaves.
00:01:25.000Going back to Michael Hoffman, finishing up on this subject, then I want to get in to the roots of the New World Order, the occult empire, this amalgamation of groups, what you believe is at the heart of it, sir.
00:01:35.000But anything else you wanted to add about white slaves and bringing it up to modern times?
00:01:40.000Well, I think that you're right about racial reconciliation.
00:01:43.000I believe that the people who are trying to harm blacks in America are the ones who are trying to establish some sort of genetic predisposition for enslavement And being passive in this way, and once you've done that, then you're controlling the minds of black people because you're giving them a permanent subservient status, and a permanent stigma of racial resentment against the white master, when that hasn't been the case.
00:02:09.000The very definition of the word slave comes from the root of the word slav, because it was the slavs of Eastern Europe and Russia who had been hereditary slaves, For various economic and political reasons.
00:02:24.000Well, if you read the Bible, with the Israelites, or the Romans, or anybody else, they were slaves of every color.
00:02:30.000They were slaves of every color, and when we get deeper into this subject, we will also talk about how the Midrash and Rabbi Moses' mammothies caused black people to be associated with ham, And that the curse in Genesis on Ham was made a racial curse.
00:02:47.000And for those who know their Bible, they know, of course, that there is no racial component to the curse on Ham in Genesis.
00:02:53.000And then that was used to kick off the transatlantic slave trade in the mid-1500s and 1600s.
00:03:00.000And provide the justification for it, yes.
00:03:03.000Now, I want to be clear about this, because blacks feel victimized, they feel like a subgroup, and all whiteys must pay.
00:03:11.000Listen to Barack Obama's preacher, the blue-eyed devil.
00:03:15.000And if you look historically in numbers, there have been more white slaves than there have been black slaves.
00:03:20.000Now, again, this is the modern way of thinking.
00:03:22.000That doesn't lessen what happened to them.
00:03:25.000It's just like, again, if there's two bank robbers, you're not saying one's innocent and the other isn't.
00:03:29.000It's saying that this is a button they have installed in the psyche of blacks where the government, the nanny state, can play the part of the provider when really they're carrying out eugenics operations against them.
00:03:41.000Well, you mentioned the elite and how the people who are not elite are mostly concerned with animal appetites, whereas the elite is concerned with control.
00:03:50.000But anyone who aspires to become elite or get into the elite, hopefully for benevolent reasons and not predatory ones, ...understands what maybe a lot of civil rights activists do not understand.
00:04:03.000That if you don't take responsibility for your life, if you don't blame your life on yourself or take credit for your achievements on yourself, you can't get ahead.
00:04:14.000And yet we see this covert mechanism in American society where blacks are told to blame others.
00:04:20.000That's not a way for them to get ahead.
00:04:22.000It's a way to keep them out of the elite.
00:04:24.000Second point here, Alex, when you mentioned Barack Obama's preacher, one of the things that troubles me about all of the negativity that's associated with that is Why is there not a commensurate amount of fury and media angst about John McCain's preacher, John Hagee, who is a man who forms what I call Ku Klux Judaism?
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00:07:49.000one eight seven seven eight eight six three six five three or simply click on the banner at gcn live dot com to order online now big brother mainstream media government cover-ups You want answers?
00:08:47.000Tell folks about some of the books you've written.
00:08:49.000The website, Alex, is revisionisthistory.org.
00:08:54.000And some of the books are, such as the one we've been discussing, They Were White and They Were Slaves, The Untold History of the Enslavement of Whites in Early America and Industrial Britain.
00:09:04.000Secret Societies and Psychological Warfare, and I'm just finishing up a 900-page book, Judaism Discovered.
00:09:16.000Judaism Strange Gods in 2000, which was a groundwork for an introduction to the religion of Judaism.
00:09:23.000This 900-page book, I style an introduction.
00:09:26.000It's a vast subject, so even this large tome is still an introduction.
00:09:30.000Well, I'm going to have you on about that, because people are fascinated with it, and it's important to understand our society and these cultures, how they've grown together.
00:09:38.000Let's continue to get into, you were talking about Pastor Hagee, when we hit the last break.
00:09:43.000Well, I just think that John McCain is getting a free ride here.
00:09:46.000Obama has got to answer and continue to answer for his preacher, as he should.
00:10:13.000I believe that McCain is the candidate of the cryptocracy.
00:10:18.000I think that Hillary is their fallback, and certainly they could deal with Obama if they processed him sufficiently.
00:10:25.000But I'm a long-time student of the Israeli media, and I know from the Israeli media and from my own informants and counterintelligence that we have operating inside Zionism and so forth, that we see that they're very much in favor of John McCain.
00:10:46.000So when you understand that, you understand how the media is treating McCain.
00:10:50.000As far as I'm concerned, he's getting a free ride on Hagee.
00:10:53.000Because Hagee, in my judgment, is a far more sinister character than Obama.
00:10:58.000Well, Hagee is like a cartoon character.
00:11:01.000I mean, statements like he praises God when Palestinian children are shot and Jesus isn't the Messiah.
00:11:07.000I mean, even if you're an atheist, you have to know that that's asinine for a supposed Protestant preacher to be saying Jesus was basically a bad guy and was a rebellious person.
00:11:19.000And then he goes to the different ADL meetings and apologizes for being a Christian.
00:11:54.000Next time we have you on, we'll do two, three hours to really cover all of this, to go back to the roots of a cult.
00:12:00.000Because we can say the roots of the New World Order are in Egypt, we can say Babylon, we can say Solomon's Temple, but that was borrowing from the previous myths.
00:12:07.000We know, I mean, from my studying of the New World Order, reading history books and reading really things that are, you know, Little known, but admitted historical facts that you have this weird obsession with Germanic power.
00:12:22.000You've got then also the royal family of England, the German royal family, believing that they are really Israelites.
00:12:28.000You've then got the supposed mainline Jews who are really Central European or Eastern European.
00:12:37.000You've then got their weird behavior Radiating the Jewish children who were Sephardic.
00:12:42.000It seems there's a war against the brown Jews.
00:12:45.000You've then got weird Zionists supporting Hitler to the degree of not letting Jews get out of the country.
00:12:50.000There's just so many weird similarities.
00:12:53.000We know the Germanic cultures and the Britannic cultures merged with a lot of the Judaic stuff thousands of years ago, but as a historian studying this, I mean, when you get to the end of the day, isn't it a cultist that run it?
00:13:07.000And then you've got two big branches that have grown together and are basically like the Rothschilds.
00:13:12.000I see them as almost inseparable from, you know, the crazy leadership that's Germanic in Britain.
00:13:19.000And then so to me, it's like a sub-Predator group above another Predator group.
00:13:24.000I mean, what's the real hierarchy, according to Michael Hoffman?
00:13:28.000Well, first of all, I want to define our terms.
00:13:30.000We want to go to first principles, because when you talk about a cult, you start to turn off one section of the audience who thinks that you're mystifying political science and current events.
00:13:40.000And I don't think either one of us is doing that, because a cult, when I'm talking about it, is the science of mind control.
00:13:48.000And Arthur C. Clarke, who just recently passed away in Sri Lanka, defined any sufficiently advanced technology as having the appearance of magic.
00:13:57.000And so, for various reasons, the elites have both wanted to manipulate religions and mystify issues, as well as keep alive the mind control system which goes into the eternal pagan psychodrama, and from that, exploit nations and people.
00:14:14.000But you have given us a cornucopia of conspiracies and actors in the conspiracy, but I would say we can reduce it to the way Christ reduced it.
00:14:25.000You're either Christ or you're Antichrist.
00:14:30.000And I don't believe in existential shades of grey in this.
00:14:33.000So, we can talk about a whole plethora of people, nations, and individuals who are involved, but we can also track this in a system How it originated, where it came from, and I would say that the cradle of it is Egypt.
00:14:48.000The Talmud says nine-tenths of the sorcery that the evil one had, he gave to Egypt, one-tenth went to the other nation.
00:14:59.000And actually, that was a left-handed compliment on the part of the Talmudic rabbis, because they're into sorcery, and it was an indicator, one of many, that they wanted to study and master what Egypt had.
00:15:11.000And from Egypt to Babylon, from Babylon to the Talmud.
00:15:15.000Let's be clear, this isn't just ooga booga.
00:15:17.000This is how to know with mathematics when the next eclipse is coming to freak out everybody because the high priest can tell you a year before when it's going to happen.
00:15:30.000It's a whole system of shocking and making the people feel small and the government and those that run the seats of power as being gods.
00:15:39.000Well, Egyptian archaeoastronomy, which you're referring to, and mystical toponomy in terms of the buildings and how they're situated is well known, but it seems to me that the manipulation of words and the notion that words had power and how they were to be utilized is lesser known in our circles, and certainly the Egyptians were masters of word manipulation and keywords.
00:16:05.000Uh, which, uh, Dr. Carl Gustav Jung later on in the 20th century would talk about in terms of archetypes.
00:16:11.000Which can trigger reactions in people.
00:16:15.000So like the atheist world, which the globalists have made people atheists to blind them to the real sciences, that this is really a science, even if you don't believe there's a spirit behind it.
00:16:26.000The elites, the ancient elites of 5,000 years ago, they figured out how to literally program people, and that's why they're occult practitioners, because that's really what it is.
00:16:36.000And that programming and that pyramidal structure continues in our society today, yes.
00:16:43.000I've got to have you up for two, three, four hours if you'll do it with us, but please continue.
00:16:48.000And so, when we get into the Western secret societies, we see an anomaly, because it emerges in the Renaissance, where you have a group of avant-garde thinkers who were beginning to believe that they needed to study the Kabbalah, they needed to study Judaism, in order to advance the concept of human brotherhood.
00:17:09.000And yet, the anomaly and the high irony here is that this is when they began to pick up the idea that black people were genetically predisposed to enslavement.
00:17:19.000Because as they studied the Kabbalah and the Talmud, and they had been led to believe by various occult Pied Pipers that they were going to find a Let me stop you.
00:17:32.000We now move forward to the Talmud and the Zohar, because the Jews had been in Egypt, they'd also been in Babylon, so they had been in all the different schools as wanderers, picking it all up.
00:17:43.000Yes, the Mishnah, the first part of the Talmud, which existed in oral form in Jesus' time, And then, after Israel rejected its Messiah and became much more corrupt as a result, it was finally committed to writing.
00:17:56.000That was done in Babylon in the 2nd, 3rd, and 4th centuries AD, and as a result of that, they did pick up, by a process of osmosis, a great deal of the paganism that was around them, so that the Talmud and the Kabbalah, the Mishnah, the Gemara, the Zohar, the Sefer Yetzirah, and these other texts,
00:18:15.000...are brimming with occult concepts and themes, and this is what I bring out in my book, that basically Judaism, far from being an Old Testament religion that clings to the Old Covenant and rejects Christ, is actually an ossified form of Babylonian paganism.
00:18:32.000And this is what infiltrated the West, particularly in the Renaissance.
00:18:35.000It had always been gestating there, but it only came into full bloom in the Renaissance, and then of course in early modern Europe, It came to fruition in the various Rosicrucian and Freemasonic cults.
00:18:47.000Which aren't just about having sex orgies and pentagrams.
00:18:50.000It's the whole science of wordsmithing, manipulation, brainwashing, mass programming, how to control societies.
00:18:58.000And that's why, when you get to the top level, it doesn't matter whether, in my research, whether it's the SS or the Zionists, it's all the exact same people at the top, worshipping the same thing.
00:19:09.000Well, you especially see this level of sophistication in a mathematician who was astrologer royal to Queen Elizabeth, Dr. John Dee, the author of many important mathematical texts which to this day are referred to, and yet he was the developer of this scrying concept, this concept of a secret alphabet.
00:19:29.000He actually claimed to have contacted extra-human deities with whom he was in contact with His allies there in the Royal Court of England... Stop!
00:20:11.000Could their objective be world domination?
00:20:14.000For thousands of years, their dark order grew.
00:20:17.000Now, as they hail the birth of the New World Order, their great dream of exterminating the world, the civilization you live in, and they believe that their great day of mass extermination is coming for you and your family.
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00:23:56.000Taken daily, it removes these stealth pathogens, clearing our bodies of disease activators Look, I'm going to have Michael Hoffman on for two hours next Friday.
00:24:09.000Look, I'm going to have Michael Hoffman on for two hours next Friday, the second half of the show, to really slowly go through the second half of the show, to really slowly go through all this
00:24:29.000But I guess in the last five minutes we've got with him, I'll just let him talk about whatever he likes, other than I want him to give me his take on this.
00:24:41.000I don't know what his take is, but I would imagine it's probably similar to mine because everything else seems to be similar.
00:24:46.000The globalists, the controllers, the architects, They understand human activities, human interactions, how waves in a pond work.
00:24:55.000And so they've designed it where if you fight one of their mechanisms, it's built to actually empower them and make them stronger, unless you strike at the root of it.
00:25:04.000Like if, say, you attack Zionism, well, their own documents say it only makes their people support them more, thinking that they're being abused from outside.
00:25:12.000Kind of like if you attack corrupt police in a wrong way, which I do all the time, out of primitiveness, that actually compacts them more into their gang mentality.
00:25:20.000But then if you give people a wide spectrum that know, at the highest level, it isn't even one group, it's a mindset, a belief, then people can suddenly unlock that.
00:25:30.000Kind of like he was saying about slavery.
00:25:32.000It's important to understand that whites were slaves too, because then it ends this enmity, but that lie was put there so that we would have enmity and fight with each other.
00:25:42.000And so this is all, I don't want to use the term delicate, it's just so sophisticated that I can see it, but it's hard to even articulate.
00:25:50.000I guess that's why he writes 900 page books.
00:25:52.000Do you agree with the statement I just made?
00:25:55.000I would articulate it as not fighting with carnal weapons.
00:26:00.000We know from Oklahoma City that the system loves violence.
00:26:03.000They love that McVeigh and the conspiracy behind him attacked that building.
00:26:07.000Bill Clinton was able to add a number of Orwellian police state laws.
00:26:12.000And, of course, we know what happened with the 9-11 conspiracy.
00:26:15.000But I don't believe there's any quick fix to this, Alex.
00:26:19.000I believe that we need to organize, we need to build our communities, the reform starts with ourselves and our own lives with deep study and reflection, and then having organized be more a part of our own local communities, then together we can build on something which offers a pro-life alternative to this death system that they're imposing on us.
00:26:43.000And if I may, I wanted to give my website one more time, if that's alright.
00:26:59.000It's just, take the example of Zionism.
00:27:01.000You know, you talk about how that's a core global system right now.
00:27:04.000Key to all of it, going right back to the roots of Egypt and Babylon.
00:27:08.000But then I find hundreds of times where Adam Gadon poses as Al-Qaeda, the ideal, you know, head's grandson of Adam Perlman.
00:27:16.000I see where they catch rabbis running white supremacist groups, British intelligence, German intelligence.
00:27:21.000And then I see all these groups who think they're fighting this, and when they fight it only on that front, They don't see the big picture of it.
00:28:25.000Monkeys in one research lab, five miles from another, if they can teach these monkeys, suddenly the other monkeys learn it.
00:28:32.000It's like a radio waves being broadcast.
00:28:34.000So much is undiscovered about the way that we are used, and more and more we're discovering how what was called magic in the past is actually science today.
00:28:45.000But I do want to advise people to stay away from targeting any population, whether it's the Khazars, the Judaics, the Israelis, the Palestinians, or the Arabs.
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00:33:22.000We also interviewed him here in Austin for the TV show.
00:33:24.000And he said that within two and a half years, If the global financial order did not make some serious reforms, we would have the hyperinflation that could lead to a worldwide depression.
00:33:37.000And you can go to the websites, InfoWars.com, if you want to read that article from last year.
00:33:41.000He is a Nobel Prize winner in economics.
00:33:45.000He is a former World Bank Chief Economist.
00:33:48.000If I tried to go over his entire bio, it would take hours, but you can just Google Joseph Stiklitz.
00:33:54.000He's written quite a few best-selling books as well.
00:33:56.000The new one, The Three Trillion Dollar War, and that's just how much it costs now, not to mention our good name worldwide.
00:34:05.000And so I really appreciate Joseph Stiglitz joining us.
00:34:11.000You were here about a year and four months ago, and you laid out in 20 minutes a forecast of what indeed happened, but we've gone about 90% near forecast.
00:34:23.000I'm hoping the rest of the 10% isn't correct and we don't have a depression in another two years.
00:34:31.000Well, actually, the prospects of our economy right now are not very good.
00:34:37.000To some extent what happens depends on what the American government and other governments do.
00:34:43.000But right now, even the IMF, and I've often disagreed with the IMF, but right now I think they're on target.
00:34:51.000They are saying that the American economy is going to be very weak, not only this year but next year, and it won't be until 2010 before the economy really starts to show a recovery.
00:35:04.000Part of the problem is that the current administration has been doing too little too late.
00:35:11.000What they've been doing is not well designed, and the fundamentals of economic policy are that it takes a while Before any action that you take has full effect.
00:35:22.000So if this administration isn't going to do anything, it's going to be until the next administration comes into office.
00:35:31.000And that means that we won't begin to get the right medicine until the beginning of 2009.
00:35:38.000of 2009, and that means we're talking about late 2009, 2010, before we start seeing really a solid recovery.
00:35:48.000Now, a lot of people are throwing around the term depressional.
00:35:56.000A depression, I guess, would be... I would be a little bit cautious about using that term.
00:36:03.000I think that we tend to reserve that for the Great Depression, or for the kind of situation that was in the island of Java in 1997.
00:36:17.000A breakdown, a collapse, starving, but I mean, a recession, you're the Nobel Prize winning economist, but tell me if I'm wrong, a recession is two continual quarters of zero growth, and then a depression would be how many quarters?
00:36:32.000Well, we usually think of a depression as really very strong negative growth for an extended period of time.
00:36:44.000The fundamental question is whether the U.S.
00:36:46.000economy is going to be performing below its potential for an extended period of time.
00:36:52.000On that, I think there is almost unanimity now among economists.
00:36:58.000That we're looking towards an extended period of the economy operating below its potential.
00:37:07.000And there's a very simple reason, and part of the reason why there's a little bit of discussion, depression, is that the fundamental reason for this downturn is very similar to that of the Great Depression.
00:37:38.000And the IMF estimates the total amount to be nearly a trillion dollars.
00:37:45.000And then there's that cascading effect as you have the bubble popping, everybody leveraged out in the western world, more and more housing crises with subprimes, more and more of all these instruments that are AAA rated.
00:38:02.000It's all leading towards, I mean you said here a year ago that, I mean you talked about the term depression, now you, I guess things are so serious you don't want to use that term.
00:38:15.000What I'm trying to understand here is how we could get out of this, where you see this, hey where do you see it going with the current management and the different The basic thing is that what happens to the financial sector is not unconnected.
00:38:31.000It's very closely connected with the real sector.
00:38:33.000Yeah, the basic thing is that what happens to the financial sector is not unconnected, it's very closely connected with the real sector.
00:38:43.000Wall Street and Main Street are very closely linked.
00:38:47.000If, as is what's happening, the financial sector is having serious economic problems, It has no choice but to start raining in credit.
00:38:57.000If it's not making loans, individuals, households, firms can't do the investment that they would otherwise have done.
00:39:06.000As they cut back their economic activity, the whole economy slows down.
00:39:12.000And the whole thing just sort of unravels.
00:39:17.000And that's what we're beginning to see go through our economy going through.
00:39:22.000Now, you are absolutely right, and I've been talking about this actually now for several years.
00:39:27.000It was so clear that we faced a housing bubble, and that housing bubble was sustaining a consumption boom.
00:39:35.000Savings in the United States plummeted to zero, some quarters negative.
00:39:41.000It was clear that that was not sustainable.
00:39:45.000Well, it's pretty simple and it's actually related to my book, The $3 Trillion War, where I argue that, in fact, there's not two issues in this campaign, but one, the war and the economy are very closely connected.
00:39:58.000The war was having a very negative effect on the economy for a variety of reasons that I spelled out.
00:40:10.000And they did it in a very short-sighted way.
00:40:13.000They let loose a flood of liquidity and loose regulations.
00:40:17.000And what happened was it did cover up the negative effects of the war.
00:40:24.000But we were living on borrowed money and borrowed time, and a day of reckoning had to come.
00:40:30.000We couldn't predict when it was going to come, but we knew that it was going to come.
00:40:33.000So in layman's terms, how bad is it going to get?
00:40:36.000Because I've had the head of the New York Business School on, I've had all these other former Treasury policy heads, I've had the Shadow Stats people on about what real inflation is, like 15% now.
00:40:50.000Look at the food, look at the oil, look at the dollar plunging.
00:40:53.000And then Bush is out giving speeches saying we're not even in a recession.
00:40:56.000He said that two days ago at the SPP meeting, you know, on the North American integration.
00:41:04.000And, you know, the old cliche of, it's a recession if your neighbor's out of work, it's a depression if you're out of work.
00:41:10.000I mean, if half the Social Security check value has been cut in the last five years, compounded, and believe me, I know, I've got families on Social Security, if people are out of work, if I'm seeing more homeless people, if there's houses going, you know, all over the place going under, I mean, hell, this is just the beginning, Mr. Stiklitz!
00:41:29.000I mean, we expect now, at least in the next year, about 2.2 million Americans will lose their homes, and with that, much of their life savings, many of these will lose their entire life savings.
00:41:43.000The forecast is that housing prices, already going down 10%, are probably going to go down another 10 to 20%.
00:41:52.000When that happens, we're not sure how many houses will be underwater, but numbers, 14-15 million households will have mortgages exceeding the value of their house.
00:42:06.000We're in for, very unlikely, a very bad time.
00:42:11.000Now, the President is trying to push the problems of the economy onto the next administration, just like he pushed the problem of the war onto the next administration.
00:42:20.000I think he'd hoped that the whole bubble wouldn't break until after November 2008, but it began to unravel in August 2007.
00:42:30.000Like so many other things in the last few years, they haven't gone quite according to plan.
00:42:37.000The big uncertainty, as I say, is what will be done.
00:42:46.000Let me tell you some of the things that need to be done.
00:43:46.000Uh, and labor force participation, which is the labor side, is weaker than it was in the 90s, so it hasn't worked.
00:43:53.000Now, on the demand side, it did help a little bit, but much, much less than would have been the case had we given a tax cut to lower middle-income Americans.
00:44:04.000We gave tax cuts to the very rich Americans.
00:44:18.000And I want to get into your book in the time we've got, in the 15 minutes we've got left before we end this at 58 after with you, sir, because it's a very powerful book.
00:44:28.000I saw the Financial Times of London about eight months ago say the headline that bigger institutional banks could stand to gain from all this, and that they all played the game of issuing liquidity.
00:44:40.000They bought real assets, they grabbed infrastructure, they grabbed different commodities, and then now governments are coming in, bailing that out, they're gobbling up more banks.
00:44:50.000The Federal Reserve is talking about taking over three federal Federal regulatory agencies, the private Fed, you know, more foxes watching the hen house.
00:44:59.000And so I also see a predatory capitalism, and I'm for capitalism but not the predatory crony type, here where it's not just a bunch of people screwing up, it's a bunch of reckless people that knew they could create a money bubble that they could use to literally buy the planet up with, and then we the people get left holding the bag with hyperinflation and with taxes to pay it back.
00:45:20.000Well, you know, you've identified one of the big problems.
00:45:22.000What we've been doing is we've been socializing risk and privatizing wealth.
00:45:55.000It was done in so non-transparent way.
00:45:57.000We don't know fully how much we are totally at risk for it.
00:46:03.000meanwhile Bear Stearns shareholders walked off with over a billion dollars of money totally without paying a cent of insurance premium for the risk that taxpayers have picked up.
00:46:17.000I mean notice Bear Stearns got their bonuses right before all this happened.
00:46:23.000Was that used as a cover for JP Morgan Chase being in trouble that they grabbed Bear Stearns because there's talk that they were in trouble as well, and there are a lot of other brokerage houses that were in worse trouble than Bear Stearns, but I mean, that was very strange what happened there.
00:46:41.000All I can say is that there's a lot of lack of transparency in the financial markets, and to be honest, we don't really know what is going on.
00:46:54.000Well, as you know, sir, in the last month, three big central bankers in Europe have said that in mid-March we narrowly avoided total financial collapse.
00:47:02.000Now, I know you're a very important person, Nobel Prize winner, former Chief Economist, World Bank.
00:47:06.000You don't want to freak people out or anything, but, I mean, on the good side, What, two or three years of recession, tell me if I'm wrong, and then we come out of it with some new bubble, and then we just kind of have some inflation.
00:47:19.000On the bad side, just war in the streets, starving people, running around with machine guns.
00:47:24.000I mean, the government's building FEMA camps, it's in the news.
00:47:27.000Bush has said he's gotten ready for martial law.
00:47:30.000I mean, I'm sure you're an educated guy, you've seen that in the news.
00:47:33.000The government's acting really weird right now.
00:47:35.000What are the chances of the good side, bad recession, bad side, depression, really bad side?
00:47:40.000Right now, the world is in a rather unusual situation.
00:47:42.000And now, most people can't even have their own food, you know, don't live on farms.
00:47:46.000Well, right now, the world is in a rather unusual situation that at the same time we're facing one of the most troubling periods in terms of economic downturns with this almost trillion-dollar losses on the financial system.
00:48:03.000We are also facing high levels of inflation that you referred to earlier.
00:49:15.000And if we expend that on helping people in the developing countries, helping America!
00:49:26.000I was just in Gary, Indiana, the city I was born in, and talking to the mayor, and he said, you know, three trillion dollars, we can't get three cents out of the federal government.
00:49:37.000Our city is decaying, schools need help, our road infrastructure filled with potholes, and we just can't get the money that we need to help revive our economy.
00:49:58.000There are actually only two winners in this war.
00:50:01.000The oil companies have made out fantastically with the soaring oil prices, but the real winners are the defense contractors, and number one on that is Halberton.
00:51:40.000I mean, if they continue the war, continue all the spending and it doesn't stop, doesn't that assure a depression?
00:51:46.000I mean, if they don't make the reforms now, then it seems like they're not going to make any of the reforms.
00:51:51.000Well, I think the good news is that we have democracy and I think there's enough anger about what is going on.
00:52:03.000The fact is that money that, you know, they've defended what they've done on the basis of a need for security, but actually our security is less.
00:52:28.000Well, what about the asinine statement that, and we'll talk about this scenario when we get back, the asinine statement that Iran is Al-Qaeda, and then McCain just said to Petraeus last week in the testimony, isn't Iran Al-Qaeda?
00:52:45.000In fact, their perspectives on even Islam are totally different.
00:52:51.000Okay, well, let's just come back, talk about the book, you know, ending the war, what some of the steps are to reverse this, and then what will happen if we don't do something about the spending and all the insanity?
00:53:02.000Oh, and we only have five minutes when we get back.
00:53:06.000Can you tell folks how low you think the dollar will go?
00:53:10.000How low do you think the dollar is going to go, sir?
00:53:14.000It's very hard to predict that, and the reason why it's very hard to predict that is that it depends more than almost anything else on what governments do.
00:53:24.000One of the problems is a lot of discussion about whether the European Central Bank is going to increase interest rates, lower interest rates, The new high in the dollar that just happened this week was a result in part because the rumors that the European Central Bank was going to raise their interest rate.
00:53:51.000Stay there, several are online right now.
00:54:20.000In five minutes at Infowars.com if you missed any of it.
00:54:23.000I mean, we came in directly with guests today for the four hours.
00:54:26.000Joseph Stiklitz, former Chief Economist, World Bank, Nobel Prize winner.
00:54:30.000He left in 2002, exposed a lot of the internal corruption, the IMF riot, how they go in and want economies to crater so they can buy it up, the 100-point plan, all of that.
00:54:41.000I've got to get him back up, and I hate even talking over him.
00:54:45.000Your new book, The $3 trillion war, breaking this down, if we don't end the war, and it costs another $3 trillion in five years, will that ensure a deeper financial crisis, or is this good for us?
00:55:11.000But we know at least since the time of King that you can stimulate the economy without going to war.
00:55:17.000And these other ways, investments in education, health, roads, infrastructure, We have long-term productivity effects.
00:55:26.000Nobody ever said that wars have good long-term productivity effects, increase your living standards.
00:55:31.000This particular war has been very bad for our economy, and the easy way to see that is spending money on a Naples contractor working in Iraq just doesn't provide much stimulus to the economy anywhere near as much as spending the same amount of money building a road in the U.S.
00:55:50.000And this war has also been bad because it set forth the rise in oil prices.
00:55:56.000Don't you also have the fraud associated?
00:55:58.000You know, 15 million dollar Halliburton blue tarps?
00:56:02.000Yeah, I mean, that's an example of, you know, that kind of spending doesn't help the American economy.
00:56:11.000And to make it even worse, Halliburton operates offshore.
00:56:18.000So, it doesn't have to avoid taxes, that it doesn't pay Medicare and Social Security taxes.
00:56:26.000Normally, we would be coming down hard on anybody.
00:56:30.000Why are we seeing this level of arrogance?
00:56:33.000Even Lee Iacocca has come out and said we have a criminal corporate elite running the White House, running the government, destroying the nation.
00:57:18.000Uh, I think they won't change course unless the American voters come out and give a very strong message.
00:57:25.000You know, we're spending $12 billion up front every month that we're in Iraq, but actually the total cost, which includes the disabilities, about 40% of the people coming back from Iraq are disabled, some with absolutely horrible disabilities.
00:57:39.000When you start including all the other costs, it's about twice that.
00:57:43.000Anybody who says, stay the course, has to say how we're going to be able to afford $25 billion a month.
00:57:48.000But even that doesn't take into account the full cost, because at the beginning of the war, we were spending $4 billion a month.
00:58:37.000Going back to you, Mr. Stiglitz, just here at the end, I mean, your real take on all this, it doesn't look like to me that they're going to change course or stop, and that this is really just a giant looting enterprise that's going on, and that everything's gone completely criminal.
00:58:52.000Well, I think, I mean, what you're saying is, you know, we're a rich country, we can afford it.
00:59:02.000Uh, in the sense that we aren't going to go bankrupt overnight, but it's very corrosive and our living standards will be going down.
00:59:11.000And what's particularly hard is the impact on the average American, the median American, the person in the middle.
00:59:19.000Income today is lower than it was in 1999.
00:59:23.000And the fact that the more and more we spend on the waste in this war, the lower and lower their income is going to be.
00:59:29.000And we don't have the money to invest it.
00:59:32.000Well, I mean, you didn't feel good a year ago about what they were doing to stop this.
00:59:41.000I feel more and more depressed, but I do, quite frankly, I am optimistic that if Obama gets elected, he knows that he has to change things.
00:59:54.000But you're not confident about Hillary and McCain?
01:00:06.000So I think that one can anticipate that if he gets involved, things could get much worse.
01:00:14.000Well, Mr. Stiglitz, I don't want to abuse your time.
01:00:17.000I want to thank you for the time you've spent with us, and maybe I can have you back up a little bit sooner than a year, so we can really flesh it.
01:00:39.000And we're bringing you the best guests, the best info, all of it right here.
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