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tv   [untitled]    September 20, 2011 11:30am-12:00pm EDT

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it's half past the hour here in moscow and this is italy's had its credit rating dropped i'm wrong not the standard and poor's agency which is also calls a negative outlook on growth and the move has pushed up at least a boring costs. get another heading for european. with the colors to me in the u.n. recognition of just a couple of days away to israel and it can call in the u.s. looking to show the opposition israeli military forces are arming of course on that border is even a question of feeling the palestinians choosing a director. and so he's president is in balance to discuss integration in germany
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is drawn out attempts to be a full member would allow freedom of movement germany's year to make ethnic groups are that come from the big tanks population but it's struggling with multiculturalism. ok kevin minutes with more on of those stories right now they max and stacey about looking into how. the bill for america's problems go away. i'm max kaiser this is a pass a report i'm stacy herbert cares to ask shoots raining cats yanni uro's it was running smack that actually baby face. because that's all he was asked dollars by printing only u.s. dollars the swiss national bank is printing dollars the european central bank is
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printing dollars the bank of japan is printing dollars and the whole world is happy europe's debt crisis problems central banks to provide dollar liquidity max everybody's happy why would they need dollars well if it was like two thousand and many they would need dollars to unwind all of those derivative contracts they've used to foist financial pressure on the world that's correct because the unit of fraud in the global financial system is conducted in which currency the u.s. dollar that's correct and that's why everybody needs u.s. dollars at the moment in order to sustain this global ponzi scheme right so they're crap because they can only wind their little credit freeze up without actually getting more dollar so it's this is the great game america has played for decades isn't it that it's a dollar based world and if you don't dance to our tune we cut off the supply of
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dollars and you're trapped that's correct max and the next headline now it's a global bailout markets surge after banks band together to shore up faltering euro zone so the deal announced means that banks will be able to borrow any amount of money in three separate auctions in october november and december and banks will have to put up collateral or her security to tap the emergency funds. well yes this is not a situation where they are borrowing money because that would imply that there is a bank somewhere with money to lend which is false there is the global lending facilities that are controlled by the banking oligarchs who issued debt based units of fraud and they do not require banks to have any of minimal asset or collateral value and the result is this global ponzi scheme where interest
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rates must be kept in zero so who's subsidizing this for real the savers the pensioners the workers that's who's paying for these bailouts that's who's paying in the end so it's a false hood what they say they speak with forked tongue but of course the fire outside is convinced much of the global population that it's been more all for the mortgage holder to default on their debts but in order to sustain this whole global . asset market we need to continue to print all of this money and everybody gets happy they need to continue to expand the pile of debt upon which the global economy rests because it's a ponzi scheme and this is happening in europe is that they're going to go for a euro tarc but it just means that all of europe zone will be having another new huge lending facility collateralized by nothing as long as interest rates remain at zero which means as long as debt slavery remains in place the wealth and income
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gaps widen and social unrest is also becoming more of a factor isn't it as the presence in america the presence in europe and around the world start to resolve this piece in the daily mail also points to where the moral hazard comes into the equation in this deal announced by the european and the american and japanese in the swiss national banks it means taxpayer money is once again on. lying to prop up the banking system taxpayers could be forced to pick up the bill if the economy plunges into another catastrophic recession so in the article they pointed out that the last time the banks allegedly made money so they're going to try it again even bigger because last time it didn't blow up let's see about this time public taxpayer is a euphemism for victim of state sanctioned wealth confiscation in america all the supposed reaction nine eleven to keep people safe is introduce an infrastructure to
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point a gun and people said and say give us your money to pay quote unquote taxes that's a leg state so of course this is a big announcement with these five central banks providing unlimited amounts of u.s. dollars to banks happened on the very same day that we had another rogue trader in the banking sector and that takes me to this headline max rogue trade suspects family heartbroken kweku adoboli i'm sure mispronouncing his name you know he's been charged with fraud his father a retired u.n. employee from guyana adoboli said quote the family is heartbroken because fraud is not our way of life i brought them up to be god fearing and to appreciate decency family doesn't understand but their son is a financial mercenary. right yeah well he knew his son was working at u.b.s. and apparently didn't realize that it is an operation of fraud that man was working
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on the delta one desk which is the basically the derivatives desk and these are play offs are mercenaries they wield weapons of mass financial destruction to cause chaos so the packers can profit from the volatility if in fact god forbid they get blown up do we care as we would if it were a civilian pick up blown up for example i would posit that sense we don't cry when mercenaries in iraq are killed because that's their job we should not cries of financial mercenaries get blown up in their line of work blowing up a global economy yeah. it would be really nice if they didn't take the whole world down with them the fact is you and i are subsidizing this financial mercenary action that you speak of but we are baeza be being acquiescence to the us and europeans putting a financial gun to our head and claiming that they need our revenues to somehow but for a system which is nothing more than
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a club property so it even sounds like some sort of special ops delta one this is the third biggest rogue trader in history after jerome kerviel who also worked on the delta one desk at society's general so they're trying to tell us that this is all just rogue traders and bad outpolls oh it is your own trivial of course it's the society in general you know he was caught piece of mercenary and they create one bad one caught he went down for that action the c.e.o. of the board of directors a society general are saying this is a bad apple as you say it's a rogue trader but what we know now sense jerome kerviel incident is that the entire board of directors and c.e.o. and management of the site in general but engaged in fraud telling training creating the trillions of dollars of the red if they have no way to collateralized the credit default swap market is a. fraud so they are out jerome kerviel jerome kerviel if anything that the room for real had to suffer as terms of a penalty the c.e.o.
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of society general the board of directors should suffer ten to twenty times worse that's my solution let's move on to this next headline because this is again in this world of your scenario work going on in the markets silver core c.e.o. vallas fight to the death against short sellers so this is chief executive officer roy fang and he's the c.e.o. of silver core which is a company listed in vancouver but it has a silver mine operations in china now he alleges that he's been the victim of a shortage of store attack short sellers are attacking him with anonymous letters published online and then attacking his share price he says quote they picked the wrong company i don't know who my enemy is but we are a real company i'm going to fight to the death well he's also referring to naked short sellers these are people who sell stock in the market that doesn't exist taking advantage of some of the regulatory loopholes they just sell markets they
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sell stock into the market the market making mechanism can't differentiate between a counterfeit share and on counterfeit share the result is the price goes down and regard even though it's a counterfeit share now he's vowed to fight to the death to protect his stock price against financial terrorists so my question is why it was so difficult for people living in ireland for people living in greece or people living in spain or people living in portugal or people living in the united states for people living in the kingdom to understand that they need to also be in a fight to the death against pranksters who are selling government both short that don't exist naked short selling of sovereign debt naked short selling no credit default swaps they're trying to kill you and your. what could be their own arms who through all we do similar for you through the well basically they've got a financial weapon of mass destruction up to strange thing and they've pulled the
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pin what are you saying. take it you know you deserve what you get this is like early america by the way this is the way americans used to be rogue traders would be hung like they are in china this guy he's a real c.e.o. and he's going to fight to the death he's going to he's willing to die for his company this is how many bankers have jumped out windows since the disgrace they brought upon financial markets not known were they falling bankers the flyers of the great depression even after the other seven crash when i was working on wall street got a couple of guys going up in closets and here we got nothing not even in japan nothing i mean there's a culture that's based on sort. of the street you know or somebody you know commits loss of face you would think but jamie or lloyd would do something ceremonial simple car to you know save face but now they're all that sound good because they were the biggest financial rapist in the world according to the cocktail so bankers
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want to do the right thing but neither will the justice department let's look at what they go after and who they go after in the american system global banking crisis once again trillions of ben bernanke u.s. dollars being floating around the world. amish men jailed for not putting orange safety triangles on their buggies as you can see from this photo now one single one of these guys is lloyd blankfein or jamie diamond or any of the other shoe models on wall street but all the problems that american forces armed forces and the cia and these other idiots they've run out of people overseas to harass so they've got to harass people in the in the americas now in the united states in north america they got to be subjected to this type of harassment this is what the rest of the world is endured for decades and now people understand why there is a lot of tension help there yet one fact why they ended up in jail is because they refused to pay the fine for this ridiculous need of a safety triangle but finally these two little headlines here max to show you about
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this is. no the printing of dollars going on on one side of the world unlimited amounts of money for rogue traders around the world gold set to breach two thousand dollars an ounce by year and. this is gold fields mining service and they're saying that central bankers are seen lifting twenty eleven purchases to three hundred thirty six tons remember for the tech past ten years they haven't been buying at all but i want to compare this next to two years ago when you and i here in kaiser report were telling people that gold would be at two thousand dollars an ounce soon enough why because of these macs ben bernanke he's helicopter dollars babyface ben bernanke he's making the world happy well that's why we've said it would go to two thousand dollars an ounce well let's turn back to october twenty third two thousand and nine this is john nadler of kitco dot com writing he asked says high gold price at one thousand dollars not sustainable so john nadler wrote in case you have any
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doubts where this writer stands he says gold is not in a bull market the dollar is in a bear market yes well let's talk again about all the ten thousand dollars and cents in herbert thanks so much for being on the kaiser report thank you max don't go away a large more coming your way so stay right there. i
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welcome back on the guys report time now to go to washington d.c. and speak with bill still the former newspaper editor and publisher best selling author award winning documentary writer director is feature length documentary the money masters is the fifteenth the most viewed film on the internet in history he also wrote and directed the secret of a and twenty cent bill still welcome a big welcome to the kaiser report well thank you very much for having me all right bill still as a way into your films the money masters and the secret of i want to start by asking a question that will most interest our audience is there any gold in fort knox and if not who took it why and how no it was and incidentally i detail that in my new
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book which is untitled no more national debt as far as we know there's no gold left in fort knox there was one peak into fort knox in the nine hundred seventy z. of the it was either nine hundred seventy three or seventy four which was instigated by an older friend of mine by the name of ed to reality spent eleven million of his dollars he was a very wealthy ohio industrialist trying to buy answer just this question so they finally open the doors they were forced open the doors and seventy three or seventy four there were a couple a.p. reporters a couple of congressmen and the there's a famous picture of the director of the mint mary brooks standing in front of this wall of gold saying look it's all here. but the problem was they only showed gold vault number thirteen which is the smallest of all the gold balls and they denied the existence of the central core of all the a.p. reporter and photographer on the scene at the time reported that the gold which they showed had a strange orange ish he you and so therefore that means that it had
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a high copper content so probably what this was back in the seventy's was the remnants of f.d.r.'s column and of gold coins it was called klein melt if they had any good deposit gold which is point nine five gold the only form of gold that's good for international trade they certainly would have showed a roomful of that my theory is that despite the fact that the u.s. government carries the largest amount of gold on its books some two hundred forty eight million ounces that they probably have zero except for some of this remnant coin melt it was it was well well known at the time local newspaper coverage for knox kentucky where the gold was shipped out by rail and truck to the federal reserve bank in new york we don't know what percentage of it but at least a large percentage was sent over to london to try to keep down the price of gold during something called the london gold pool and probably once all the gold was
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cleaned out of fort knox that's when nixon closed the gold window and that's what happened actually saying that we're talking about gold but you are against a gold standard and instead proposed the monetary reform act so walk us through that yeah well the first thing i want to i want to get into is although i love ron paul of the statement that he is making on the campaign trail right now is just absolutely ludicrous and he claims that this is a almost a direct quote that according to the u.s. constitution old and only gold and silver. can be money and that's just. not the case ron i don't mind people investing in gold and silver that's great i don't mind having gold coins or silver coins as a complimentary currency but what we need is debt free government issued money and on top of that you need two basic reforms number one you need to eliminate
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government borrowing number two you need to eliminate the ability of banks to lend money they don't have this is called fractional reserve lending this monetary reform alternative or solution has been known for many generations and i didn't invent it it's nothing new i just rediscovered it and i'm trying to popularize it will sell so what the others i'll might suggest in this debate is that by having the fractional reserve banking system you bring in something called the money multiplier effect this creates some volokh city in the economy and people are borrowing and the g.d.p. is growing so what what do they have wrong the problem with the money system is that right now banks can land ten to twelve times of the money they actually have and that's if they follow the rules we found out and as
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a result of the two thousand and eight o'clock during congressional hearings here that in fact the big u.s. banks morgan and citibank were leveraged fifty two to one fannie and freddie were leveraged seventy two to one and goldman sachs was leveraged three hundred thirty three to one and about a year ago president obama got on t.v. and said oh you know what we just need to eliminate that nasty old reserve requirement altogether in other words three hundred thirty three to one is not sufficient for these banks only infinity will do now the problem is when you're leveraging money to that extent a once the bubble pops then you're also leveraging on the way down in other words every one every dollars dollar that comes out of the economy is multiplied. side then by that multiplication factor whether it's ten twelve fifty two seventy two or three hundred thirty three so we're going through a major deal leveraging of this huge bubble and if the economy absolutely will not come back that's why you see the specter for the first time of all this money being
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pumped in by the fed and not having the desired result on the economy we've reached the point for the first time in history called debt saturation the only way to get out is this monetary reform solution right you mentioned ron paul and he calls gold and silver the only constitutional recognized form of money you're saying that's not really necessarily true and it brings up these ideas and questions about how money is created in the economy the relationship in particular between the treasury and the federal reserve bank this seems to be the most pernicious and weakest point in the u.s. economy for certain could you walk us through how that works in terms of the difference between let's say the treasury just issuing its own money first let's back up a little bit you said it's not necessarily true it absolutely is not true and that's according to no less than three supreme court decisions the problem with the federal reserve is it merely because it operates under this name the federal
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reserve system it's a very thin veneer of a law and that's all it is that the fed is actually part of the government and it's disguised designed to make people think that the government is actually controlling are watching over the big banks when in fact you and i know that there is a revolving revolving backdoor between the fed on the big banks the fed is a captive of the big banks the fed does not create any money with the exception of q.e. one into all of our money is created as an interest bearing debt we are literally and this is worldwide we are literally renting every dollar we have in circulation with the exception of coin money now this is a great deal if you can get it for the bad. but it's a horrible deal money should serve the public interest i'm not interested in nationalizing banking but i am interested in nationalizing money we need a healthy competitive commercial banking establishment that does landed interest
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because if you don't charge interest because of the time value of money you know there will never be any lending but banks cannot control the quantity of money which they absolutely do today ok over in the u.k. right now they're having a big debate whether they should split the banks up between the a speculative bank and the utility bank or the deposit bank in the relationship the u.k. banking industry is lobbying hard to know ring fencing as they call it they don't want any ring fencing is going to destroy their economy and it sounds like what you're talking about is that there should be a split up of this function in the banking and when there should be a return to some form of banking which is strictly as a utility yeah absolutely that function should banks should merely be deposit banks and intermediaries between borrowers and lending where you really get into trouble is the fact that they can speculate on the market that's that only magnifies the problem a fractional reserve lending but i mean even splitting up that function is not
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going to do it because you still have banks creating one hundred percent of the money and that's what the problem is it's not what backs the money that's important it's who controls the quantity and the gold bugs in correctly believe that gold will control the quantity but on top of that even if gold would control the quality gold certainly won't control the quantity of money under the current system that's lent out by the big banks using fractional reserve lending ok so because presumably the thought here being that gold could simply be used as a fractional reserve as well there's nothing to stop a fractional reserve banking standard to emerge. repeating the exact same mistakes that we have currently correct yeah that's absolutely correct and even if even if they fall of the rules there are still at minimum leveraging the money ten to twelve times it's not what backs the money it's who controls the quantity and if
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you're of the in sitting in the banks driver's seat and you are controlling the quantity of a national money then by de facto you control the political situation as well because if the government needs the loans and you aren't willing to a lot of lend money then you know you're an absolute control of the government and that's the situation we find ourselves in today is a great job if you're if you're sitting in the bank see but it's not it's not a good deal for the average person money must serve the public interest for our twitter audience who twitter of these questions to max kaiser's twitter account a couple of questions one from the i am trading the question is say ireland implemented a debt free money supply how would bill still propose it should be protected from banks ters and speculators well i mean this is the basic function of government you either you either believe that we the people are capable of self governance or you don't and i believe that the the problem the reason governments worldwide are
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seemingly no longer response of the voting electorate is because they no longer own the money power the banks own the money power so step one is to take back the money power and then that will further that will allow government freedom from the spanker class or to assert a much greater degree in any case and i think that's the first step another question from the twitter as fair that was popped up on the next kaiser twitter account from see thaxter to bill still how can people best put through legislation for their own state banks legislation for washington failed but it's up again in twenty twelve. what an excellent question because right now today there's the state bank of california a study bill actually made it through both the upper and lower house of the california assembly and now sits on governor jerry brown's desk for signing. i
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believe but it happened about seven days ago and he has twelve days to sign it so there's only about five days left to get this signed now it will not implement the state bank it will implement the very first study commission giving some money to study the state bank of north dakota so everybody in california needs to be seizure governor brown's office at this point so yes this can happen in the first step is to draft legislation so that your state legislatures can apply money to study the bank of north dakota model and they're perfectly willing to help in any state all right bill so that's all the time we have thanks for being on the kaiser report thank you all right that's going to do it for this edition of the kaiser report with me max kaiser and stacy herbert our thank my guest bill still the director of the secret of oz if you'd like to send me an e-mail please do kaiser report at r t t v are you and so next time this is max kaiser saying.
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