The US Federal Reserve and Wall Street cartels manipulate the US economy to control it based on their own interests, a financial analyst says.
“Anytime [US President Barack] Obama tries to put forward a policy to reform the [economic] system or to do something for increasing wages, Wall Street crashes the system,” Max Keiser told Press TV.
He pointed to last year's Flash Crash as an example of Wall Street cartels' "act of sabotage" that “was engineered to get Congress to defer any reform of Wall Street.”
On May 6, 2010, the Dow Jones Industrial Average plunged about nine percent and recovered its losses within minutes.
Keiser also warned that US Federal Reserve Chairman Ben Bernanke is holding Obama “captive,” by sticking to his policy of keeping the interest rate “as cheap as possible to make the cost for borrowing and speculating as cheap as possible,” without considering high unemployment and low payment levels.
The Federal Reserve and Wall Street cartels go ahead with their policy by “creating a false reality and data” and spreading it via “state-owned media outlets like Fox news,” the analyst pointed out.
In March, 13.5 million of the Americans were unemployed, with 6.1 million of them considered long-term unemployed, reports say.
This is while the outlook for the near-term job growth still remains gloomy.
Economists believe the housing downturn, high prices of oil and commodities, austerity measures and limited consumer spending will prevent US from having a robust gross domestic product growth.
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