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tv   [untitled]    December 14, 2012 9:30pm-10:00pm EST

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oh my skies are welcome to the kaiser report let me ask you something do you ever get the feeling that the central bankers in just plain out bank stores ruling our world are like to close meth heads ripping up copper wiring roofing and plumbing the very fabric of our society and economy around this just to get one more ahead in the low level broker dealer thieves or the drone strike going up the family supply of mouthwash enhanced dollars or. he do. so you see. yes max i thought a perfect analogy for what is happening a metaphor for what is happening in the global financial system banking system and economic systems around the world is a story that i've been tracking for the last year or two this problem of people
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drinking hand sanitizers move over boone's farm has set of ties is the new buzz in america has had its highs there's are like sixty percent alcohol in here in the u.k. they're up to seventy eight percent and people are getting drunk on these there because they're up to one hundred forty proof one hundred forty proof. that the people around the world i guess in america they're found this is capitalism working this is the austrian economics school which is just the values in the mind of the beholder you say they. were wrong would approve of drinking hand sanitizer this is a little paradise let's say. well. that's great stuff but i just use just this glue i don't know what those
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fancy this is all about if you get a tube with toasters glue you can they will medical experts warn against ingesting hand sanitizer as they can result in similar symptoms as excessive drinking loss of consciousness vomiting a lack of impulse control for they're going to extraordinary trouble to experiment with ingesting a non consumable cleansing agent in order to catch a buzz may be a sign of substance abuse issues similar to drinking it is drinking beer drinking basically would out all you know no one's going to tell next after those kinds of posts you know they're storing bass salt and injecting bounce balls people just chipping paint off the walls and you know like heroin and just to get eyeballs maybe a lot of us are going to me and one of these stories along with. i know who over a woman caught drinking this hand sanitizer drove after drinking a woman arrested for drink driving after chugging half a bottle of hands on it after chugging half a bottle of hand sanitizer that's equal to sixteen vodka shots max that's the
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equivalent of this a much bigger bottle she drank the whole thing and when asked by police she said i just saw there so i drank it and i'm home but that logic bankers will say i just saw the pension money so i stole it or remember jaimie don't need it almost and only he said i just saw a billion point two dollars stolen by jamie diamond so. it was very close to. jamie down in the depths of the depravity of sinking to the level where your drinking hand sanitizer is the equivalent of what we see in the global economy whether it's ben bernanke and mervyn king you know flooding the markets with quantitative easing or buying up their own debt or zero percent interest rates this is the same sort of and that addiction cycle the last of the let you know the how much further down when you start out drinking vodka or champagne and then the end of the day
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a few years down the line you're drinking hand sanitizer. ok rags so let's compare so let's compare this to the central bankers mark carney hit mark carney who mark carney hints at need for radical action to boost ailing economy mark carney the incoming governor of the bank of england has suggested abandoning inflation targeting to rescue alien economies and his speech there rewrote the central banking rule book again so he's just like this woman he said well i saw that there and i decided to drink it he's like well i came up with this crazy idea and i decided to tell people about it i know marconi to many parts of the brain damaged me go to the bank of england he wants to get rid of the whole idea of what little modicum of responsibility the bank of england has been bracing
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itself for gracefully not disciplining him at all and that's why gold and silver moving up again because this guy is a money printing fanatic well he said to achieve a better path for the economy over time a central bank may need to commit credibly to maintaining highly accommodative policy even after the economy and potentially inflation picks up if yet further stimulus were required the policy framework itself would likely have to be changed for example adopting a nominal g.d.p. level target could have many respects be more powerful than employing threshold under flexible inflation targeting so max nominal g.d.p. target can't they make that whatever they feel like it is oh yeah well this is the current britain's going to try to debase the currency to improve their g.d.p. to improve their exports and this is something that the global game of economies are participating in it's global currency debasement it's a suicide banker you know you see the suicide bombers blowing each other up around the world and they cause you know if you want to dance on
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a thousand deaths but these suicide bankers like marconi. they're really the genocidal maniacs and of course told us over trading higher on the speaking of suicide bankers especially ones that have had a little bit too much hand sanitizer live t.v. we don't i'm in the table set for booming four percent growth and two hundred thousand new jobs per month we were so he's projecting four percent growth just like mark carney said we're going to target nominal g.d.p. instead that's the number we're going to look whatever we can make it up and there's going to be booming growth he says the table is set the consumer is ready housing is turning for personal growth will be based on rising prices due to currency debasement housing is booming because hedge funds of made to trade do your best known the bubble stage and it'll pop up again business insider is a known charlatan shyster that pushes on tons of nonsense out there because there are typical reader is braindead like marconi so he's also asked about the perceptions of wall street how negative they are and the only thing he has to
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respond is well two former governors of illinois are in jail so we could be worse. plus two down another two thousand tory to get i say bring in the people drone people should be able to operate drones from their own computers and target stars in real time well speaking of targeting things for your home computer there are the high frequency traders these are the guys targeting whatever wealth whatever real equity remains in the global equity markets and there's not much of a high frequency traders use fifty year old wireless tech high frequency traders are turning to legacy microwave technologies for faster communications and the world of high frequency trading where being ahead of the competition by a few milliseconds can mean profits worth millions of dollars finance firms are increasingly looking to decades old microwave technologies for a competitive edge because right now max you know the trading goes through the
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fiber cables and that only goes at two hundred thousand kilometers. per second and goes through microwave goes at three hundred thousand kilometers per second well pretty soon they're going to be able to travel backwards in time and still money from you from two weeks ago a quote from somebody in the article says if you want to transport a little bit of data very fast physics tells you that you have to go through air fiber is just not a good idea it will slow you down again relating this to these end of an addiction these are like the guys arguing over how to get the best high out of a bong do you smoke a wet dry many bugs how many you know what's the best sort of way to get high you know those make no mistake about it are for concentrating stealing and they're just arguing about how to do it more rapidly to undermine the economy to require more money printing more currency debasement more austerity measures more pilfering more exaggerated bonuses and more risk of social most for those in the banking community addicted to cheap credit day in free money to be stolen from pensioners around the
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world that of course whenever you're in an addictive situation you end up relying on some pretty dodgy characters and it's kind of like a mafia has america got it in for british banks and this telegraph article noted that you know standard chartered and h.s.b.c. in the last two weeks have been targeted by u.s. regulators as a turbulent two thousand and twelve draws to a close it is not surprising that some of the city believe america has turned british banks into the equivalent of an a.t.m. machine it is a feeling sharpened by the explosive language that u.s. authorities use in the battle for the next day's headline so accusing h.s.b.c. of laundering money for drug kingpins and rogue nations and standard chartered as a staggering cover up involving two hundred fifty billion in the illicit transactions of the british banking system is opinio for american bankers let's be clear about this as i've been discussing on these various films and t.v. shows for years now the road banks on wall street the city of london who are
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participating in all. they first they want to after athens and greece and ireland because they were relatively small then they used the profits from raping and destroying those countries to build their work chest to go after countries that are bigger some other going after spain italy and the u.k. and the u.k. is a country that's you know here to cover the destruction of the u.k. being destroyed by other bankers and they can do so of that there discouraging huge multi hundred billion pound fines from these bankers are going into the u.s. banking system purges on prozac for the reasons we've been talking about now for a number of years there's nobody here to defend the city there's nobody here to defend the people austerity measures are being imposed in more of a dry county and fashion social unrest is about to explode on a massive scale can hardly wait and this whole thing is ready to blow it's also part of a racket you know here that is britain who is played poodle to like the al capone of the global financial and military industrial complex system and now al capone's
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turning on them when they're all sots but al capone in this case the u.s. regulators they won you know the u.k. to basically hire their cousin vinny because the article notes that the u.k. banks have since learned from their american counterparts that in fact the best idea is to hire a former government official h.s.b.c. for example has hired two former senior u.s. treasury officials to run is legal in compliance department this like this you know joe pesci goes and he thinks he's going into a meeting to get made but actually gets whacked so these you can't bankers are going to find a wake up with a bowl of their skull hanging from friers bridge like roberta tally from the eighty's holo british banker hanging from friars branch from the fact you deserved blackfriars bridge max you've had too much. and then finally along this line of having to hire your cousin vinnie. from the new york times journalist in
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london she tweeted barclays hires x. fine. national services authority c.e.o. hector says to keep an eye on them turner and tucker could use a new job r.b.s. he b.s. together we have also the endo our ice ages show you know turn him into handbags are our station ever thanks so much for being on the carson report thank you stay tuned for the second half i'll be speaking to peter antonioni. more news today violence is once again flared up. these are the images the world has been seeing from the streets of canada. trying to corporations rule the day.
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you know sometimes you see a story and it seems so you think you understand it and then you glimpse something else you hear or see some other part of it and realize everything you thought you knew you don't know i'm tom harpur welcome to the big picture. download the official publication to choose your language stream quality and enjoy your favorite. t.v. is not required to watch on t.v.
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all you need. any time to. do the. audience technology innovation is developments from around russia we've gone to the future. welcome back to the kaiser report i'm max kaiser time now to go to peter antonioni is the co-author of economics for dummies he is currently a lecturer in management at university college london his research interests are diverse and include long range scenario planning you know welcome to the kaiser report thank you very much max all repeat antonini we met up in. i could say that
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you were the resident optimist you were on the panel for example small change big difference ten practical ideas that can help give us hope so walk us through the hopeful scenario hopeful scenario number one is that we get to some kind of balanced economic structure sooner rather than later so for example the euro zone white sub starts confronting its problems and starts doing something about it that would at least allow a fight based recovery in the sense that we would start having a little bit more faith in the why the economy might turn out and that could potentially change decisions but really of course it's a hell of a lot more hopeful about online than i am about these islands here nikkei yup here in the u.k. why is that one for essential difference between islands in the u.k. is that island has a far higher level of social capital meaning meaning you don't quite have the degree of disunity the quite the degree all of blaming downwards the things
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actually quite deliberately cultivated as a political strategy now let's talk about ireland versus some of these other countries because people are saying you've got ireland and of course. greece kind of in the same boat in terms that they get when it is a crisis roughly the same time and then now with this crisis has spread to spain and italy and now it's spread to the u.k. but the u.k. you're saying is not a position has a much what's the debt to g.d.p. ratio in the u.k. it's as bad as ireland right it's not quite as bad as island yet but it's within that i've got to say that we're doing something that i think is quite hankie which is by transferring the quantitative easing balance to the treasury account we are all doing something that's tantamount to monetizing that that you know is live by hand you mean dodgy already and by dodgy you mean underhanded and scoundrel like i think i had to ask you know could i you know i'm going to be
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a little. little bit less diplomatically than i would usually put it but. it's a no no that i think we've course the line on going for you what you wrote done is economics for dummies so to explain walk through what was what i was born as done over there the bank of england with the taking of the interest to tell the people what's going on ok so what we've done is we've created a lot of money we've used that to buy up long term government debt and the idea is by doing that we drive down the price of long term debts which enables credit markets to function at a lower price so all of our worries about lending start to melt away and our economy returns to a normal path to problems problem number one is that it might it might be the case that i recapitalize my banks like that it doesn't necessarily mean that banks will act on that to lend more money because they could be using the money to buy other assets to recapitalize their they get didn't get raised all the interest are yeah
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that's the first problem yes you know that nagas again we want to talk about more stall it what max you've got to go first before that because what i'm really going to do is to say that the policy of quantitative easing is economic homeopathy in two senses firstly it only works on the grounds that you believe it works like thing might work through the placebo effect and secondly because it drives out bad policies in exactly the same way as homeopathy drives out sensible medicine all right so you've got to begin where you get to make it but then you've got the third aspect to it which is the this is a monetarily neutral transaction as long as you then do not transfer the balance from q.e. to being paying off debts now transferring the balance to the treasury as far as i can see it is maybe it's around about accounting way of doing it but it is monetizing debt and monetizing debt is basically you get into the realm of hyperinflation at that point you do. now i think what keeps us from going into
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hyper inflation is that we just have very depressed economic activity at the moment and as the scenario you know we went through the double dip and i believe we'll probably go through a truck but triple quadruple quintuple dip with yo-yo growth over the next three four years building up from the micro economy which is really where i come in with this i don't really see industrial activity picking up the idea that we can just change why from being a finance and services based economy as simply as that i think is just a fight shifts i mean the adjustment process once you take into account all of the lags you're looking at at least a five year adjustment process so by fallacious you mean tamarind i was born in gage inflation yeah yeah quite probably i am i make no comment evolution is this and that's what i meant to say salaciousness the point about peter is a is getting this you're talking about the rebalancing of the economy in you're saying oh yes there could be some rebalancing and you're hopeful about that but you just described a situation where the bank of england as our central banks around the world engage
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in quantitative easing where there are storing on their balance sheet trillions tens of trillions of debt yeah but how they're going to put that back into the economy in some balanced way how are they going to unwind in some balanced way with i'm sure they answer is person is not britain is not and effectively the announcement this was going to be transferred to the treasury balance is. an admission that this is not being constructed enormous why the japanese will not because the original idea of quantitative easing was that you would create new institutions create creative destruction place things put in place a system that is not infected by you know the zombie bank condition that that is a zombie banks are creating zombie banks or quantitative easing or not let you know they don't want to take place and letting the bad banks go bankrupt you're keeping them afloat one of the shape credit the ais will be taking also we are doing in britain and that's right that's what we're doing in britain the idea of. it's
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originally was that you would circumvent a bad banking banking system by placing it with infected institutions which would allow you to slowly wind down the zombies before they might the whole system contagious and stop all economical and services so this is a no no no no and i promise you we can win for those in sweden they did this they created the bad banks they nationalized everything they worked through the debts through the bad bank scenario and they restarted some new banks but here they didn't do that they bailed out the corrupt they bail out h.s.b.c. barclays lloyd royal bank of scotland no scoundrels they just gave them money and they said well we don't want to cause too much of a disruption here so we're going to give you lots of money and we hope that you take care of yourself they didn't create any new banks to tell you no banks doing being created does wrong no that's absolutely my position that's exactly what we did and that's what should have been done and that was what was in visit for the original q.e. programs in japan when they were first proposed as an academic exercise in the mid ninety's which was when the japanese last decade had only been five or six years
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long as opposed to the twenty three it's loss what about the fact now you've got big banks like h.s.b.c. who took all that money free from the people and they engaged in money laundering for drug cartels i mean should they be penalize other than a slap on the wrist oh yes i mean i definitely agree that should have been prosecutions of people where you know economics for dummies do they cover drug laundering for mexican drug cartels i search after an economic for dummies on this topic there isn't directly but i but when the book was written it was a little before so much the it created as you are tending to the fact how do i know a lot of drug money by a just peace information drug cartels over and can't get a free dead mexican and i don't know that's the first chapter of money laundering for dummies. all right actually so let's talk about the fact that there was no there's been no prosecutions no politician will dare press current criminal charges against the bankers because as federal authority said in the u.s. it would jeopardize the global financial system so you're too big to fail too big to fail you know i don't know there are. and tali by the too big to fail side of it
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it sounds to me like people trying to justify a plea bargain that seems legally acceptable but politically unpalatable so wrecked my guess at the moment is that the prosecutors just went for the quick way and just try to get the fine and the admission on the on the record and avoid going through a whole trial but how is not a win they say is what it depends on your incentive if you're incentive is appropriate here is to go after counterfeiters and money launderers if you if you give a fine there's got to counterfeit more money and lot of money to stop lomax i'm not going to argue with you the incentives within the system could be completely out of whack what i'm going to say is that if i had that incentive the deal that i would want to do is the one that gets it off my books as quickly as possible and schools one for my reputation at getting admission of guilt is it wasn't churchill who said the definition of appeasement is feeding the crocodile hoping that they won't eat you or hope to you even last i mean you're just appeasing the terrorists well how is that a good idea it is a privacy of composition it's probably not a good idea for the whole system of as a whole but it certainly is
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a good idea from an individual prosecutor mind sense of is to get the deal off the books as quickly as possible talk about the banks the rating agencies the accountants the big four accountants the as i said moody's s. and p. and fish the rating agencies the hedge fund industry the politicians are down in the white hall and they're involved in a criminal racket a racket tony now where is the optimism and then i don't see how you're going to get around the fact that this needs to be a prosecutor and a racket that's a very good question why do i find the optimism and the answer is that's one area where i really do not find any optimism where i find optimism is in the potential for things like bottom up organization for the potential for people to actually start connecting again and start you know finding new ways to do business and the really really huge piece of optimism i had is that we're actually starting in a whole to whites do want a eulogy again seriously now my really big point is want to this condition fessed
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up because. when the soviet union fell apart there was nothing to keep capitalism honest anymore as a result all of the debates post washington consensus of being about. that the titles the operational matters here there they haven't been about the broad sweep from the strategic functions that governments are meant to have as government tends to get us operational rather than strategic it will develop the tendency to meddle in all kinds of unimportant things or actually in things which are quite home full but not deal with a framework that allows you to really consider the very big picture the most hopeful sign that i can think of is people starting to think beyond old left and beyond old right again and start thinking about how do we make can you talk of system work the fact of the matter is that a lot of the jobs that we've lost over the last thirty years are not coming back the jokes we've created have been lost in the non tradeable sectors. there are entire towns in britain where there is very little private industry because private
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industry comp possibly pay as much as the public sector that we've actually. allowed to grow when i'm up there saying the end of the vacuum that ensued at the end of the cold war was the beginning of the current crisis i was a lakers were this is what you're pinning your narrative on that moment so i'm absolutely saying once communism fell there was nothing keeping us almost any more if you look at about the regulations that were in place before the repeal of glass steagall before the introduction of the commodity futures modernization act they made during his training illegal and all the other deregulatory like alan greenspan saying banks go from a twelve to one ratio to twenty thirty fifty or an hour you know with any regulation they had again banking is most difficult outside of the wheel dimensions of the cold war which was to do it spending has only increased so we called for it in go to know more defense spending and our yeah i was that was your link to the proliferation of weapons of mass might as well destruction which we have gone through any of those things if we still had that not. mr if there are you know
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threatening also a crucial frightening to bury us we wouldn't we would have had to have had a compound capitalist system that not only had to be more productive than all rifle but had to demonstrate itself to be near love the cold war no one wins a war no state wins the cult war people profit from it on i the forêt i say whoever got the best t.v. shows there the letter. you can see the faith. that you created the why we didn't say ok i was referring to global news organizations i bring the real. you know sometimes you see a story and it seems so you think you understand it and then you glimpse something else you hear or see some other part of it and realize everything you thought you knew you don't know i'm tom hardy welcome to the big picture.
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wealthy british science. market why not. find out what's really happening to the global economy with mike's cancer for a no holds barred look at the global financial headlines tune into cons a report on our. mission and free cretaceous three times for charges free. range humans free. three stooges free. download free broadcast quality video for your media projects free media and on to our t.v. dot com.
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