tv [untitled] July 5, 2011 8:30pm-9:00pm EDT
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stuff like the acropolis being sold it's about securitizing the acropolis so it can be traded. all the debt held by the bankers will be paid off from trading commissions but before you can do that and you have to turn everything into a security i will explain the whole thing anyway stacey or what's happening well max is so over the past week as greece has banned have austerity measures forced on the greeks we have also seen this headline max debt leading greece finds no buyers and fire sale of national assets so apparently representatives of the greek government while all this protests were going on in the streets of athens they were in london at claridge's hotel looking to sell off fifty billion euros worth of income producing assets up for sale were thirty nine airports eight
hundred fifty ports railways motorways sewage works a couple of energy companies banks defense groups thousands of acres of land for development casinos increases national lottery apparently they found no buyers no they want when anybody this is the experience of the american indian had with the u.s. army the u.s. army came crawling across the western plains of america and they gave the american indians exactly nothing for the land and the concept of actually owning the land was completely alien to the indians the idea of owning the grand canyon for example was a concept that was completely alien to their culture similarly in greece the idea of securitizing in trading the acropolis is an alien concept they don't understand it they're being slaughtered by this army of banks toure's who are going to securitize everything and all the commissions from trading all of this of course
will be done off balance sheet in the in the shadow banking system in the dark pools greeks will get nothing they'll get absolutely nothing. but the other thing about this is remember you're dealing with con men bank stress here so are these private equity alleged private equity dealers who met with greek government officials are they just straw man and some sort of con are they acting as like a market maker is you know how you often see this and in america is that the the market makers don't appear for especially in a commodities market in gold or silver and they let the price collapse in order to then scoop it up at a very good deal for them and then sell it back at a higher price i mean why indian metaphor there the sioux indian and other tribes are still waiting for the u.s. to make good on various treaties that were signed three hundred years ago two hundred years ago one hundred years ago that's not worth anything the paper that
these traders are written on if you think you're going to get anything in exchange for your assets from the banks that are rolling across the federal plantations of greece you've got another thought the fed achieves plantations i never seen one as a grown a politician right it's not a race better one of the things that was pointed out by one of these private equity bankers is he said there was a lack of transparency again this is caused by goldman sachs has hit in all of the everything assets debts everything off balance sheet nobody knows there is no price discovery possible anymore thanks to goldman sachs and j.p. morgan well there will be once they securitize everything right now the acropolis has a value on a greek books of zero now when goldman sachs comes in and they take control of the acropolis and they create a security based on the acropolis to acropolis back securitization program it'll have a value on the global markets but it'll be traded off balance sheet in the dark exchange
greece will have any access to it but the international bankers will be throwing it back and forth and they'll be borrowing against us the key thing all these so-called austerity measures are a way for go. and saxe to securitize greek assets to lay another two three four hundred billion in debt on top of the five hundred billion in bed so you've said many times that after greece and the rest of europe america would come become the next victim of the i.m.f. so now taunting the us the i.m.f. is following the same exact plan that they enacted against europe economic crisis in greece could reach the united states i.m.f. warns so first they're saying the money markets banks may spread the contagion according to officials so if something happens to greece they're saying that it could spread to the u.s. i u.s. taxpayer give us all your money for the i.m.f. to bail out the greek creditors oh yeah it definitely coming into the u.s. because some countries go was brazil kicked the i.m.f.
out the economy was booming yeah the same situation around age of they're saying no i.m.f. loans no world bank we don't want the terrorists we don't want the financial terrorists the market fundamentalists the banker jihadi he's on wall street we don't want them stink and suicide bankers like lloyd blankfein blow himself up here in egypt but in america sense they are basically idol worshippers of pop idol worshippers of blood blankfein is married band of derivatives fraudulent counterfeiters speaking of pop idol there is the pop idol is ation going on of j.p. morgan which is the biggest of the banks her occupiers and in the world and they have this former beauty queen who's now a j.p. morgan executive and i see all of the financial blogs posting photos of her and it's actually in the u.k. press as well this this hot babe who is this banker so that's the sort of thing they're trying to create the sort of war shipping of the like lindsay lohan sort of
things of the people of the world because look a lot of these celebrities who are worshiped via twitter and the rupert murdoch's tabloids. they get away with all sorts of stuff because people worship them so when if j.p. morgan can start creating some lindsay lohan type bankers who people will just forgive all how about lloyd blankfein the male unicorn with is probing antler alfie's and well you know the i.m.f. never has just a one pronged attack speaking of the unicorn they go multi-pronged i.m.f. urges us to raise is borrowing limit or risk defaulting on debt but warns that u.s. debt burden is unsustainable and long term so august fourth you know the u.s. needs to raise this debt ceiling or else it technically defaults and the i.m.f. is saying that you have to raise the debt ceiling quite your debt is unsustainable
. because the i.m.f. international monetary fund world bank united nations they're running the show barack obama is just basically dancing to the i.m.f. tune is a thing well as we see all governments have to remember pop into a zero in in greece he was elected on a very specific platform of tossing these guys out within days he was you know swapping that credit default swaps that were worth tens of billions of dollars he's giving them to buddies and people in secret bankers who know you know speaking of the swap that you just mentioned see his cronies rate the country for twenty billion based on that insider deal credit default swap with the coastal bank i got a contact from a journalist at harper's for their website in america i gave him the facts of the story and they didn't publish it harper's came back to the writer and said this story is too one sided against the u.s.
. and this is just a straight up and down depiction of the facts so america you need to open your mind a little bit in the us you want to be on the are you going on the reservation i said many times the i.m.f. is after the us next s. and p. will slash america from aaa to d. if the treasury misses a payment so this goes exactly within a few minutes of the i.m.f. saying the us better raise this debt ceiling or they're in trouble well the s. and p. one of the rating agencies who work hand in hand with these international banks thirst that managing director john chambers spoke to reuters and he said quote if the u.s. government misses a payment it goes to deed he says this is known as the selective default that paper that is maturing on august fourth will go to di di di di that's lower than triple c. and that's what they say greece is worth triple saying well why doesn't the greek government come out with a ratings report saying america's that's where the dig there for so your american debt you need
a place to put that cash but i greet that and will give you employ all the options all the appropriate sources we don't need to i you know if i'm going to play for the colinear and sell the acropolis we're getting worse some of the smaller clubs. also noted a default on u.s. treasuries a benchmark against which all other debt is measured would dwarf any worries about u.s. credit ratings as global markets would crumble they're pulling out this all the canard oh the markets will crumble the world as we know it will and oh it's all over again it's all your money yeah well of course as part of that to learn to put a gun to the head of. a hijacking like hank paulson i mean times can this work is like over and over and over they need to hire somebody from hollywood to get a different scriptwriter because this is boring oh look at every single poster for every single movie that comes out in every single state and every single country it's a guy holding a gun it never stops elling people see are always trumps faith that's. the
way of the world if you can scare somebody into giving you their money is a lot easier than convincing somebody to invest their money speaking of hollywood though america was americans were sold on these wars across the middle east as you know some big video game sort of film like shock and awe well cost of war iraq afghan wars and your four trillion dollars study so again the cost keep on going out americans don't apparently understand how much they're paying for it those same americans who are sitting there debating saying oh the i.m.f. is going to be bailing out these greeks who retire at fifty three years old well what about when we have to bail out the americans who can't stop wars and bombing people all over the world is that any better like i'd rather pay some guide or retire at fifty three than to go murder a million people somewhere else damage american business stands to reason the energy and food prices are going up so what do you do about these people other than put a lot of reservations and then finally tying this all back to bankers and the afghan
war american choice of plundering their future income afghan banker i have evidence of death plot this is abdul qadeer fit rat the former governor of the afghan central bank and he's fled. afghanistan is now in washington hiding out and he's saying that there's a death plot against him and that's why he had to flee but listen to this rats comments come just hours after afghanistan's deputy attorney general said that state rat and other officials at the central bank faced prosecution for not acting on warnings about widespread corruption at kabul bank so the corrupt central banker is safe haven in washington d.c. under bernanke is umbrella. banking criminal protection program. and meanwhile back in kabul the american people are killing folks willing elite well yes you could say that ben bernanke in the u.s. is too financial terrorists what the taliban was to islamic terrorists well said
thank you. welcome back to the kaiser report time now to go to lovely beaches outside of athens greece to talk with economists a professor yes vera fake as janice welcome to the kaiser report thank you for having me. more austerity measures for greece from the news but is it appears the population doesn't like the plan but what about economists like yourself do you like the plan i think this is one of those occasions where the crowds collecting shows more. than the good of the european union are producing meters and all the analysts who are supporting what in my estimation highly
irrational policy for dealing with this is since you've got two basic approaches to the various crises around the world there's the austerity and tax approach and then there's the let's print money company by bailouts and work programs that we've seen in the u.s. . neither approach seems to work does it well if we're not better in the united states and it works in europe. even though the united states is so if you know the article roods imagine what the situation because being with. quantitative easing up and thank you today you know falls somewhere in between the two alternatives that forwards and the reason is that the use of has a particularly nasty problem with the very design of things i can picture neither britain noons of the united states. teacher right exactly there's an
interesting. historical precedent here with the introduction of the year out which is that the greece can't devalue against other currencies because lot end of the year out and it's basically going head to head economically speaking with germany i see germany as just announced fantastic results with their economy in part because they benefit from the lower a euro b. because they're tied to greece term many is getting a benefit from their troubles and grace in ways that a lot of people are talking about why why not why shouldn't germany just leave the euro so that they then are competing with china and america on a bottom or paraphrase super basis instead of dragging greece into the gutter as germany is doing because of germany leads the year with a little miracle that you described is going to go up in a puff of smoke within twenty four hours if they were to be considered birch market . which monetary value by fifty sixty one hundred percent and then it would lose
neutral he's not kids and the only thing that keeps germany going alone screaming you get a moment is the chinese market i want to just take the so i level for a second here and pick your brain as an economist because you mentioned comparing the u.s. and europe and why quantitative easing. perhaps was a better way to approach the crisis however in the u.s. it seems like all they did was buy some time they bought maybe two or two and a half years worth of time and now s. and p. talking about downgrading u.s. debt to d. which would make it even less attractive then the current rating on greek debt of triple c. it doesn't seem as either approach really makes any sense because what we're talking about here is more of a systemic problem the banks have systemically corrupted the system in ways where they make all the money and everyone else suffers all the losses is that a fair characterization absolutely. i have. enough of
a few photos basing that just like in one thousand nine hundred one socialism. just two thousand and eight and we saw the end of capitalism it seems to be sixteen with good to see you see believe that this is weeks anyone haven't we don't we when that happens now and we wondered try going bankrupt or krissy and something was done chrissy is not ruled by banks through by bankrupt banks the greater the failure of the grand in two thousand and eight and in europe today. its power to set the agenda it's a very strange regime under which defies the position of the left versus right arguments of free markets versus. collective action or simple granting now we have a situation where the more you have failed to do most of your inability to generate profits and more power you have over those who do all right well it's based on that
scenario the profits that were being made by the so-called too big to fail banks for years to deregulate or to dismantle free market capitalism and they instituted a command to control financial autocracy in its place so it's a failure once again. command and control that we saw in one nine hundred ninety one he described it as a repeat of ninety nine he want to say it's a failure of the polar bear of the federal reserve bank and other central bankers but looking at greece for a second they of course through a seven year period of history experienced military dictatorship under the hundred . can is a really much difference between a hunter and the troika. it's funny you should ask me this yesterday i was talking to an old man who had fought as a partisan during good existence against the nazis in the 1940's and he stunned me
with a question and said grow imagine the germans had one and then why would it be because from now the juxtaposition that peep through was not the was with the period of completion under the nazis he says and then and iris i asked him to continue along that line of thinking and he said look if we're going through the right. we would have a commissioner for whom berlin running things in greece i don't want to go as far as he was going but this came from the cars and i have to say that i was stuck with words for at least ten seconds before i could conjure up enough strength to suggest that perhaps life would have been worse had it not. already mentioned nazi occupation during all the arts part of that story of course was the nazis taking much of greece's goal gold in greece now amounts to one hundred eleven tons of golf and i've asked this question if you paid all of us you know the history and the
economics of greece well what i do have an estimate about how much call germany from grace during that occupation freight of world war two it's more than just a question of gold you have to remember that during the occupation the german authorities extract a massive law. new birth it comes from the coffers of the greek banking system i was there with my banking system and if you combine the gold. you will come to a figure which you today's prices is more than five hundred sixty billion years. of course the question is whether it's gold me can use these legally enforceable well ok well let me let me just interject there for a second because you're saying ok the agreements between that were made have been abrogated they don't exist anymore but here you have a george pappa dress government signing off on the memorandum what the i.m.f.
of foreign banking institution giving them rights above and beyond the greek constitution they are going to take critics call the creases golf as part of the debts that they have imposed on grace it's the same deal as you just described to me that the nazis did they think they loaded greece of the budget debt then they think they raped greece now the i.m.f. is loaded with adult a lot of debt and they're going to economically rape christer go take the gold they're going to securitize a lot of ties and trade all the security so how is this different and why should they were why why not why respect this memorandum this memorandum is was cooked up by perpetrators and under the we could only describe it as treasonous i do you know i would never expect and i'm going to be fine i had the choice of not respecting and it is quite one thing to say i did not respect i do not accept that you imposed on me it's quite another to go to germany and to go to stay here in london for this for that you need right my beyond. good reason since in having this conversation on
this on this matter but let me let me let me try to influence my view regarding the i am its position and the european union's position recently critics i wish that i could agree with you that this is a conspiracy to loot greece it is not and i said. because ago where conspiracy can mean that it will be some ryan and some reasons and some logic behind whether you be in the i am never doing ingres b. c i don't believe there is an ego trip and i don't believe there is a plan and i don't think there is any over arching object and i think what is happening is this the use system was hit particularly hard by a financial crisis of a credit crunch of two thousand and eight and it started under our giving our european leaders are at a loss to know what to what to do with it so they they do the only although you think they know and that is to apply sticky tape in order to keep together. and industries in architecture which is disintegrating this ticket is very expensive it
comes in the form of huge loans the loans come from greece they have to to throw some bones to their own parliaments in berlin for instance and explain why these loans are going to greece and these are brooms come in the form of public as a sales and driver base ation then they're doing it because they want to get something out of greece and they're doing it in a state of panic and in a way that ensures minimum resistance to these huge loans to greece in the berlin parliament and why these huge loans to gaze simply because they very much fear lehman moment in the french banks which we need to be explosion of the spanish that situation and then do a complete collapse of the euro and then that it was a fusion of the dutch market will introduce a huge new recession in germany now are great politicians run london recently trying to sell great assets far knock down prices how does selling off income producing assets or start
a large army cannot buy ability of grace it doesn't at all i mean don't you just give you a very great example take the state lottery international lot of greece it produces four hundred million euros of evidence a year for the greek state and they're now going to try to sell for nine hundred million now this is on the screen another nigga. since but so why are they doing it well firstly because they're being told to do it and then it was of course because why are they being total total there because mrs merkel wants to throw some bones to her members of saying look the greeks are reading shooting themselves in themselves in the foot they can be killing them let's extend those loans but in reality it was when mrs merkel is doing she's misleading her parliament in precisely the same way that mrs got on that it was misleading these problems because this money is not the case this money for the french and german banks and of for saving the banking system not saving but preventing another collapse of the banking system all right well finally of course we're talking here you're actually
sitting on a greek island how much do you want for it how much do you want for your children. yes well that sounds very impassioned but as we know it is more all sad no place than today's global economy morals don't trade out any exchange there for morals down excessed so it's just a start everyone's got their price and today's globalized economy so out there is it that when when you're a little less passionate maybe next week but let me answer this question in a dispassionate way i was talking to investors from switzerland and germany who really wanted to get their hands on very gas and they said to me off today goings on the last few days that they will withdraw from the for from the competition to get these assets and they withdraw because they can sense the passion that you mentioned and they did not want to be involved in assets whose legitimacy the property rights and the cost of all of them would be questioned by a portion of people who would not allow islands and profit and coastlines to be
traded in exchange of lumps you know change of bones that would be forming a default anyway the other possibility is that they're seeking a cheaper price all right that's going to do it yes vera fake yes thanks so much for being on the kaiser report. thank you and that's going to do it for this edition of the kaiser report with me max geyser and stacy herbert i want to thank my guest yanis vera fake and if you want to send me an email. the report at r t t v are you going to like this next guys are saying right. here broadcasting live from washington d.c. coming up today on the big picture.