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tv   [untitled]    December 4, 2012 9:30pm-10:00pm EST

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keyser welcome to the kaiser report i warned you about the black hole of debt three years ago here on the kaiser report i warned you that with every new quarter for every new year from here to eternity the too big to fail too big to jail banks will discover yet another pile of toxic bogus and bad debts to transfer to the public balance again there is no alternative there is no plan b. they claim for no wealth can escape the black hole that banker gets over the event horizon we go tell the. max yes it's tina's big black hole at my add there is no alternative remember it all started here in the city of london back in the eighty's margaret thatcher said there is no alternative to this black hole of debt essentially we must turn over everything to
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the financial sector remember that tina think she used to say you know they george osborne doesn't want to say tina does it there is no alternative so there is no plan b. we don't know if you really mean that you're doing you're channeling fats you're you know we know that's all about. exactly when they say there is no plan b. what they mean is do you not do you now there's no alternative because that's all we know this is how we've been indoctrinated so there's no going back they say yeah it is black all that bro west wing i meant. this is what's happening to this is where i was two years ago and now this is the this year and you see it's growing like this this is once in devouring the global economy this is what's killing a global economy as we know it is that this black hole of debt flowing through the financial year just their opposition is getting bigger every year you say the list of problems. well it is true because the more mass that is sucked into
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a black hole the bigger it gets and the more dangerous it gets so u.k. banks face sixty billion pound black hole britain's banks face a financial black hole of up to sixty billion pounds from regulatory demands hidden losses and potential misselling costs that threaten to jeopardize future growth the bank of england has warned in their financial stability report well they have a sixty billion pound black hole what is a black hole of debt it's a slush fund and during the crisis to resolve the accounting fraud the central bank has been compliant in allowing for an enormous slush fund to be created with the city of london and global bankers to hide toxic debts the theory being that well someday when the economy starts to grow again will mean this debt back into the economy and nobody will notice but the economy's not growing so the black hole of debt is getting bigger and there's and here's here's the rub stacey is that the low interest rates that the central bankers claim they are forced to implement due to
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what they call deflation is causing deflation ok quantitative easing and zero interest rate policies do not fight deflation they cause deflation ok that's what these. bankers don't understand they only have these they have the sound of one hand clapping they don't understand the economy they don't understand that they are causing deflation and simultaneously causing the biggest bond bubble in three hundred years in the country of britain now turning a three hundred year high they are therefore the black call is only going to get going going to get bigger and the article goes on to point out the markets have lost confidence in the banks due to their complex and opaque numbers this is what the financial stability report says that it's because of the complex and opaque numbers not the the fact that markets know it's all fraud well it's a rear guard action ok there's central banks learning king in this new mark carney
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the guy who got hit man with so many hockey pucks like every goalie i've played hockey for many years goalies usually i'm a little brain damage that's what they're famous for mark carney incoming banking chairman he looks like you suffer from a little brain damage to too many hockey pucks to the head that's a normal goalie thing they don't understand that they're causing deflation with their rampant low interest rate policy and only making the situation worse so in order to recover investors' trusts they say lenders need to set aside capital for expected losses and for potential compensation and fines over customer misselling and libel or rigging again it's all become fraud this is there is no alternative to this fraud and they just keep on saying no matter if it's in the u.s. where they're you know printing money and having stimulus packages they claim or here they austerity and just go into the event horizon go into the black hole just keep on heading for it maybe we'll hit some sort of singularity and come out the other side into some utopia even though frick and tories at the telegraph are
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beginning to realise that the only way out of britain's conundrum is forest a debasement of wages by thirty to forty percent that is going to cause social unrest that's what they're afraid of and rightfully so well we've seen that in athens and in greece so now this financial stability report ribbon can just say oh don't worry we're not going to use any more taxpayer money to bail out these banks they say. autumn statement george osborne says plan b. would be a complete disaster for britain so george osborne has admitted that tackling britain's debt mountain will take longer than hoped but warned that changing course would be a complete disaster no this ladies and for turning yes the country takes a swan dive into george osborne's play. hole.
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so as we said in the first story there's a black hole of debt in the banking sector around the world there's a black hole of debt taking over the world and because of this we keep on like some sort of magical sort of ancient ritualistic people were throwing all of our wealth into this black hole. you know if they've got the heads of you know those ancient. incas. down there throw money you know to the book truth into the ok dough so into this black hole like spaghetti you know that's what they say what happens if we if you get too near a black hole you just basically turn into speed getty so our global economies and our jobs and our wealth are like spaghetti going into this black hole and so g.d.p. numbers are always again this goes part you know part of parcel with the oh the continuous revelations of yet more bad debts well there's a continuous downgrade of our economies over and over so this is happened in the
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u.k. philip investec steve economists warn that reduced growth could lead to an eighty one billion pound black hole in britain's public finances by two thousand and fifteen sixteen meaning the government would need to borrow more to plug their revenue shortfall right so this is becoming a much bigger problem and once again the policies that are in place are creating deflation and expanding the black hole so they're doing the exact opposite but it's not just because here in britain they've got guys like michael spencer c.e.o. of i kept who's parasitically taking advantage of the black call by making a market and black call thanks michael spencer oh and by the way he's quoted in the weekend saying that governments after all spend money they do not make money now what they print money and you make money by making the market and the money is there printing to go to the black hole that your. gosh darn no get next. so you know ok we have a sixty billion pound this week anyway
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a sixty billion pound black hole in the banking sector we have an eighty one billion pound black hole in the government sector and george osborne appeared on one of the b.b.c. programs this weekend andrew marr show and he said it's clearly taking longer to deal with britain's that it's clearly taking longer to recover from the financial crisis than anyone would have hoped but we've made real progress to go back to the borrowing and the debt and the spending that shadow chancellor ed balls represents will be a complete disaster i mean they're like. mirror black holes there he's thinking i'm black holes better than his black hole well he does say there is one way out of this one of the few ways out of this and he says that you know we just have to go to college or university education education this because we have no alternative we might as well go to school but it's another black hole because i'm saying to the top of faith you know then the people don't go to bed they've got a debt they've got a debt black hole for education that's wrong george. well let's look at the event
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horizon in the student debt market if you go to college you must see this chart of tuition growth versus wages growth so that black line you see is a seventy two percent growth in student debt that's five point six percent annually max the red line going down down down down that's fourteen point seven percent decline away just since two thousand or one point six percent annually as i was saying before wages in this country have to go down another thirty percent to to square the books on the bailouts for the banks that's it that's the same across europe that's what they're doing stereo u.k.'s not even begun yet yeah and the line going up the student debt is like the swan dive the spaghetti as i said into the black hole this is the no alternative this is off bailing out the banks dive into the black hole go past event horizon yes more like a reservoir dogs when they got to assume the pointing guns at each other said mr pink and mr blue these are competing black holes of debt trying to kill each other
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in george osborne is that sacked pokey kid chris penn is in the movie he's organizing the reservoir dogs to go blow each other's heads off chris penn and george osborne as chris ten in reservoir dogs to block all version now i did bring out the chaos of athens as relevant to this black hole of debt i see you have a headline over there max about about greece oh yeah talk about grace you know when when they remember when. former leader of greece cancelled a referendum. we said this was after he made a deal with john paulson the hedge fund manager and lloyd blankfein they had a meeting with jails in greece right before the collapse and before he really did allow them to have the referendum to vote against the troika coming in to stay in their country we said that there was a huge payoff for this turns out say five hundred fifty million euros now discovered in public jails moms' account and get in here you have a black hole of debt in the government finances of athens of greece and that was
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caused by the black hole of debt in goldman sachs's bank account in their accounts so that was go. greece's black hole of debt because of goldman sachs's black hole of debt and here i was saying there is no alternative the population of greeks all you greek people you have to give us your money you have to have austerity we have to take all your wealth put it into this black hole of death in the meantime his money his wealth was safe in these mountains of switzerland his mother's wealth and you know you've seen journalists there in athens in greece trying to reveal the truth they wanted to release this little guard list christine lagarde of the i.m.f. from the troika has had this list of tax evaders from switzerland from greece for years and finally or a journalist released it and the government of greece arrested this man but now it's turned out that allegedly his mother is on this list right so we're saying
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when the john paulson made billions attacking grace and pop in jail the payoff allegedly was half a billion euros to allow paulson and lloyd blankfein to destroy greece that was his payoff as he said at the time what's going on now it's come out that exactly that's what happened so the people of greece they should be rightfully upset because their former leader sold them out for half a billion euros and they're wrong by the way there is an alternative like global insurrection against banker occupation and buying sell for which by the way is set to quite. all the next twenty four months all right stacy ever thanks must be on the cars reports thank you. say jeff a second to be talking to ned naylor leyland. you know how sometimes you see a story and it seems so for lengthly you think you understand it and then you
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glimpse something else and you hear or see some other part of it and realize everything you thought you knew you don't know i'm tom harvey welcome to the big picture.
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welcome back to the kaiser report imax keyser time now to turn to annette naylor leyland cv at asset management back in the house with a major story l b m a smoke signals smell fishy ned tell us about first what is the l b m a morning max well they'll be amaze the london market association which how does it differ from the comics but we come to the futures
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market where the london market is the over the counter spot market which is much bigger and that's probably where the greater part of price discovery takes place and it's very opaque relatively little information is abating slightly more information is available on access to what goes on there what our size was. compare that to size was what i think probably ten times bigger than london market is called loco london it's not really about london per se that's just where the. big billion banks come together and create this affiliation i think it took place region in the one nine hundred eighty s. now gold money dot com this weekend wrote at the moment every dollar move upwards in the price of silver a cost the shorts nearly half a billion dollars there's no way it can be covered because the cash silver simply does not exist so is this why the b.m.a. is getting the fishy signal first of all talk a little bit about what that means to be exposed on the short side with the
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movement and so overpriced and then how they're released l b m a well the stories about the fact that for some time no signs that the london market is struggling to deliver silver verses delivery requests because of course although there's a huge for your business done not necessarily that much of it is actually off for delivery but what appears to be happening is the deliverability of the. b m a market is coming under question i wonder whether perhaps what happened recently may have had something specifically to do is sprawl and his silver fund he's been acquiring large amounts of physical and i think that probably played into what took place but just to clarify what my what my article is about is about the fact that the beginning of november the b.m.a. without any sort of fanfare beforehand pulled the production of the silver forward rate schools. they still produced go fo which is the gold food race
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and it's just interesting that that took place as there was a watershed low in silver i mean i. think maybe i was in the market buying at that point and then further to that. sandy jaitley his basis which is very interesting because it provides both sides of the of the market as opposed to just a mid price which is what's offered by cipher and go for suggested that there was actually a lot going on at that time and there were real pressures and the market instances fairly severe backwardation the exact same moment that that particular measure sipho was removed by the opium a members and that seems to be a little bit too much of a coincidence and even more like you know when i did b.b.c. two years ago on their world service i did an interview with rob young and i explicitly told him what was going on in the server market and then they explicitly did that and that interview because b.b.c. world service of the mainstream media is protective of this racket of the
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manipulation racket that goes on at the el b.m.a. and other libel or went on for years people is an open secret there was nobody it was an open secret a library was being manipulated for years it's an open secret that al b.m.a. manipulates these markets and access to hide the identity of manipulators who are trying to squeeze out profits by manipulating these markets to open secret but the mainstream media won't go there why is there well i think it's the question specifically about the b.b.c. i wonder whether the b.b.c. did an investigation into law. bore and then pulled back to i mean i know you had that experience and i have to i was also approached by panorama talk about. story a couple years ago when some detail as did angie mcgraw the whistleblower they spent a whole lot of money to do. that. the story got to hope for them but i don't know whether they were going to say you are doing an interview for panorama which is a big big. magazine style tabloid show for b.b.c. well it's an investigative journalist and yet this is never
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a scene well and they day to i suppose their argument would be that they don't think the evidence is there despite the fact the people who spoke to me said they think it's pretty obvious it is happening so you just want to bring into question whether or not these investigative journalists are actually there to either confirm . that there's nothing going on or to have a look and then try and sort of disrupt the angles that you and i might be interested in i mean it's seems so obvious that time and again when subjects which subsequently come out they've been investigated but those shows never go to air and it's all. a bit fishy i think i think what happens in the case of b.b.c. world service or panorama show what happens is they they start an investigation then they go through a period of back you know fact checking so they have a hon underlying fact checker who then is not very experienced but is confronted with a concept like a futures contract and then because they can't they can't for the life of them wrap
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their mind around what if you just contract is they go it goes back up to the editor saying we just can't make sense of a futures contract so they go well you know what i guess we can air that air that peace even though it clearly indicates how the u.k. economy is being stripped of wealth and why the austerity is bogus and why the fact cats are taking the cream up at top in a manipulative environment sponsored by the zero percent interest rates and the criminal racket of cameron was born and the rest of the city they don't want to expose it they can't understand it they're worthless as. journalist and your experience is mirroring my experience and let's talk about this another canard out there inflation versus deflation versus hyper inflation is that really inflation versus deflation because i would assume a functioning system doesn't it it's something it were done by systemic collapse so if the titanic is sinking you don't talk about whether we should go you know this way or that way you have to face the fact that you're sinking so inflation deflation that that we're beyond that there's something else going on that yes i completely agree with you i think it's always amuses me to see this battle going on
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when meanwhile the purchasing power of money is collapsing of course that's what matters what matters isn't whether or not we want to call it inflation or deflation the reality is that the pound in the dollar worth let's say it's because number is a two three cents of their original purchasing power they've gone from a dollar or food pound to three three cents or three p. but we've been saying that they're going to bounce go back to five or ten or they're going to go to zero where you know we could make the argument we're probably it looks most like stank in terms of you know stagnant growth and inflation in terms of people's real goods and services but of course the last time we did through that the person in power money was much more solid we were fifty p. back then whereas for me what's happening now it's all about the the final denouement of paper currencies and what will happen on the back of the right purpose with the idea of inflation usually you have wage inflation but for thirty years wages have been kept stagnant and in fact there's been an all out assault on
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labor in this country and around the world as part of the now they're saying in the financial times that because the bailouts cannot possibly be overcome with growth in the economy that they're going to have to go back in the u.k. and slash wages by thirty to forty percent to make that all work out so the austerity that people are complaining about today really hasn't even started yet well i suppose that's that's true i mean. of course there are lots of different ways this can rollout the other one is a big debasement of thing in this country would be you know another way in which we can see this this rollout unsure i think you'll get not getting a bit of everything it will just the status quo where we are at the moment seems difficult for me to be stopped we're just going to continue to debase until it gets to ultimate tipping point which is where this issue of hyperinflation comes in and people start to panic but of course hyperinflation only relevant to the point at
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which people lose total confidence and faith in the government hyperinflation it should be noted is that more inflation so much as currency collapse that's right which is a little bit different than just having a lot of and i think it's very difficult to predict the exact moment that might take place ok let's let's let's talk about the prediction because clearly you mentioned the sterling as being now in the crosshairs of being devalued in some way or losing purchasing power. of course it's all reflected in the u.k. gilt market the u.k. bond market which is trading at a three hundred year high the u.k. bond market like the u.s. treasury bond market also trading at two hundred forty year high you also trade bonds what what are you telling clients about the bond market if in fact what we're saying is correct aren't bonds in a bubble. yes i think we are in a bubble i think it depends on what kind of bombs we're talking about i think we've discussed before there is some government bombs that are better than others and i wouldn't put necessarily put guild's in the better than others pop i think that
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what's interesting is the foreign exchange market has taken sterling's ability to print and sterling's. the fact that it's our own sovereign currency is being a benefit and one might imagine that printing enormous amounts of money would in quantity be easing on a huge scale i think we're in forty percent of the market through the bank of england some might consider that to be a bearish sign for sterling but actually of the last two years sterling sell a very well in foreign exchange market so i think i put in a leper colony a paper currency sterling might have more fingers than let's say some other currencies well this would be you i would i would take two i think it's ultimately about a lot about ratings agencies of stern it does get downgraded and that's the word on the street is that may be coming soon then i think for a change as we look at it differently but hyperinflation but burst is going to crash the bond market. well it clearly would do as and when that happens they would do yeah but you're saying the timing is is is hard to predict clearly people been
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calling for this for several years ago and those people have been wrong bonds have been relatively good performers not performed precious metals but what i want to be wrong max of the it depends on how they've been positioned while that's been taking place i think yes if you've been sure the last two years you've done very badly but i think it's more about how you want to position yourself to be defensive and be in the right place for what's going on in real terms when we see a big ratings gold silver higher and that will come at some point then those people who've done that will look cleverer than they do now but if you don't you still going very well for those people who put themselves in cash proxy such as precious metals folks out there particularly us will say well the us is a reserve currency that the central bank will never default on bonds because they can just print money and buy more bonds this all the time folks like paul krugman who for example a this all the time now isn't it true however that in this global financial lives world war wages and labor been taken out of the equation and it's just bankers
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versus hedge funds versus money markets versus sovereign wealth funds that if the chase for precious metals gets to a certain critical mass and people begin to start dumping bonds to buy precious metals the doesn't matter how many dollars and pounds these cultural governments are going to print or yen. precious metals are going to skyrocket and both are going to get hammered of course is is there's a natural tipping point somewhere in that exactly where we are we don't know but what's interesting is bill gross. you know the head of pimco the world's biggest bond fund manager little eyes bought gold several times in the last twelve months as being something one or two and so i think we were gently moving that tipping point is being to delay due to the two things market manipulation in alabama and the failure by mainstream media particularly b.b.c. to report on the facts i think i think that the failure to report on the facts is probably the most. i think it will because people are very mediated and they rely on information to be given to them so i think the pushing back against that which is
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a job that you do is impose on this show last month demand for gold around the world it's new highs that's cause a report in action around the world people are buying gold and silver to take action against a banking terrorists. like you will kill you last. no comment all right well natheless all the time we have thanks for being on the kaiser report my pleasure and that's going to do it for this edition of the kaiser report with me max kaiser and stacy herbert my guest ned naylor leyland asset management if want to say i mean email please do so at kaiser reporting r t t v dot ru until next time nice guys are saying. their show. was about.
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the residue never. coming. you look up and there's one captain on you he alpha beta gamma he was all the fun out. there know what's going on so you can pinpoint you. right now. become income mortal danger. art. comes from pretty. well. technology innovation. developments around. the future are covered.
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