What’s the biggest impediment to Western economies, is it debt? Growth? Political leadership? We see the leaders of Germany, France and Italy pushing for a fiscal crackdown to solve the Eurozone crisis. As they push for fiscal union, is more Europe the problem or the solution? And in the US we see GOP hopefuls taking the stage in debate after debate to vie for the top spot in this country against current President Barack Obama. Could any of them steer the US economy in right the direction? Former Reagan assistant secretary of the Treasury, Paul Craig Roberts, says not a chance.

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Watch the full Keiser Report E215 on Saturday. This week Max Keiser and co-host, Stacy Herbert, discuss unemployed Wall Streeters looking for financial firms that practice ‘integrity and honesty’ and hedge fund managers crying ‘boohoo’ that JP Morgan has seized their MF Global funds. In the second half of the show, Max talks to Danny Schechter about plunder, the crime of our time, inspiring an economic justice movement.

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This week Max Keiser and co-host, Stacy Herbert, discuss taxpayers in the West being pepper-sprayed with toxic debts while in China fraudsters receive five fingers of death. In the second half of the show, Max talks to Gregor Macdonald about Warren Buffett’s investment in Japan and the cost benefit analysis of the energy policy of invading resource rich nations in order to liberate their oil.

European Commission president Jose Manuel Barroso and German Chancellor Angela Merkel look set for a bust up. The unelected Brussels bureaucrat wants to issue bonds to pull his single currency project out of the debt hole it’s in. Barroso has also warned the euro could collapse unless governments are more economically integrated. But Merkel absolutely opposes the proposal of collective borrowing – saying Eurobonds are the last thing anyone needs right now. Patrick Young, Executive Director of the investment advisory firm DV Advisors says that Germany is just fed up of paying for other countries mistakes.

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Today’s word of the day is “Turkey.” The turkey’s experience during thanksgiving is a metaphor for the unsuspecting investor who bases his speculative decisions on the false assumption that the future will look pretty much like the past. This is one of the criticisms of
Portfolio Theory, which is widely taught in business schools, and which assumes a Gaussian or Normal Distribution for events in financial markets. Unfortunately, this model does not accurately reflect reality, as we have seen time and time again where unforeseen, high-impact events – considered by followers of portfolio theory as too low in probability to be properly accounted for – can wipe out 10 straight years of gains in the mater of a few hours. A famous example of the failures of portfolio theory is the failure, and subsequent bailout of the billion dollar hedge fund Long Term Capital Management in 1998. You don’t want to be a turkey on thanksgiving is our point!

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Alarms over the Euro’s future are sounding in the heart of Europe. European Commission President Jose Manuel Barroso warned the single currency could collapse unless governments are more economically integrated. Eurocrats are currently pitted against Germany, as Chancellor Angela Merkel has once again rejected the idea of collective borrowing for the region.

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• Eurozone doomed without central fiscal control, says Barroso (guardian.co.uk)
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• Germany, Commission clash over eurobonds (seattlepi.com)
• European Union unveils euro bond proposals (marketwatch.com)

Watch the full Keiser Report E214 on Thursday. This week Max Keiser and co-host, Stacy Herbert, discuss taxpayers in the West being pepper-sprayed with toxic debts while in China fraudsters receive five fingers of death. In the second half of the show, Max talks to Gregor Macdonald about Warren Buffett’s investment in Japan and the cost benefit analysis of the energy policy of invading resource rich nations in order to liberate their oil.

M2 includes a broader set of financial assets held principally by households. M2 consists of M1 plus: (1) savings deposits (which include money market deposit accounts, or MMDAs); (2) small-denomination time deposits (time deposits in amounts of less than $100,000); and (3) balances in retail money market mutual funds (MMMFs). Seasonally adjusted M2 is computed by summing savings deposits, small-denomination time deposits, and retail MMMFs, each seasonally adjusted separately, and adding this result to seasonally adjusted M1.

 

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Multinational Corporation – A corporation that has its facilities and other assets in at least one country other than its home country. Such companies have offices and/or factories in different countries and usually have a centralized head office where they co-ordinate global management. Very large multinationals have budgets that exceed those of many small countries.

The Dutch East India Company was the second multinational corporation in the world (the first, the British East India Company, was founded two years earlier) and the first company to issue stock and it was the largest of the early multinational companies. It was also arguably the world’s first megacorporation, possessing quasi-governmental powers, including the ability to wage war, negotiate treaties, coin money, and establish colonies.

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