H/t reader M.G.:
“The best description of the start (with Nixon) of this economic nightmare for most workers around the world……to NAFTA and now Obama’s debacle.
This will take less than 30 minutes…..well worth the time.”
In this episode of the Keiser Report, Max Keiser and Stacy Herbert with a double header discuss the economics of low wages as productivity gains go to owners of capital rather than providers of labour to create that wealth. They look at declining union membership and the rise of temp work, such as “mini-jobs” in Germany and zero hour contracts in the United Kingdom, as a means of removing collective bargaining power from workers while owners of capital and corporations gain power through collective bargaining agreements known as international ‘free trade’ deals negotiated by their union rep – the US State Department.