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I had to do a double-take when I read this one:
Minimum wage laws are the inverse of Fed policy. Each new Fed easing move should, by law, accompany a rise in minimum wage.
— Max Keiser (@maxkeiser) November 25, 2012
First, you have the Federal Reserve.
This institution is extremely detached from the reality of the average American. They're under the impression that they can forever debase the value of the dollar. And if Americans start to bark at higher prices, just tell them it's an illusion. Prices are only going up by 2%.
After all, John Maynard Keynes assured them that the dupes would never put 2 and 2 together:
"The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose."Americans may not know the cause, but despite the 2% mantra, they can see with their own eyes the higher bills that keep hitting their mailboxes, and the higher prices that greet them at the supermarkets.
Evidently, that's not enough for Max Keiser.
The poor & low-skilled should not only have their money debased, it should also be harder (or even impossible) for them to get a job!
The minimum wage outlaws jobs.
If the minimum wage is $10 per hr., then anyone whose productivity is worth less to an employer is in deep trouble.
But what if a prospective employee is ready and willing to work for $8 per hr....or $7...6...5? What if they just want a job? !!
Tough luck...The government forbids it, and has better plans for them. Head on over to the unemployment office.
Rising prices, coupled with a rising minimum wage, is a perfect one-two punch to the poor and low-skilled.
Max Keiser gives the idea a thumbs up.
UPDATE: Robert Wenzel's response to Max Keiser's comment about this post is here.