tv [untitled] December 15, 2012 7:30am-8:00am EST
just to get one more ahead and the low level broker dealer thieves are the drove striking up the family supply mouth washing hands of dollars are here 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 drinking hand sanitizers move over boone's farm has set of ties there is the new buzz in america these have set of ties 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 because they're up to one hundred forty proof one hundred forty proof. that the people around the world i guess in america their founders knew this is capitalism working
this is the austrian economics school which is just the values in the mind of the beholder you think they like murray ross barr would approve of drinking hand sanitizer this is a little paradise mostly. but. it's great stuff you know but i just used to just sniff glue i don't know what those are all those fancy hints about if you get a tube of toasters glued you can all day will medical experts warn against ingesting hand sanitizer as it 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 very caring basically would out all you know no one's going to tell next to have those kinds of posts you know they're storing bass salt and injecting about cells i spoke to
people just chipping paint off the walls and you know like heroin and generally going to the 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 at will and 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 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 at home but that logic you know bankers will say i just saw the pension money so i stole it or mental jamie don't need it almost and only he said i just sold billing point two dollars for stolen. jamie diamond home. very close to the front. 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. 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 a few years down the line you're drinking hand sanitizer. ok rags so is going 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 ways 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 don't know marconi too many parts of the head brain that i'm just going to 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 itself for you know 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 a highly accommodative policy even after the economy is potentially inflation picks up if you have 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 thresholds 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 currency wars britain is 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 a thousand deaths but these suicide bankers like more coming. 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 keenly done 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 clergy debasement housing is booming because hedge funds of made to trade do your best known the global stage and it'll pop up again business insider is a known charlatan shyster that pushes on tons of nonsense out there because they're so critical 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 respond is well two former governors are 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 fiber cables and that only goes at two hundred thousand kilometers. per second and go through microwave goes at three hundred thousand kilometers per second per so they're going to be able to travel backwards in time and still money from you from two weeks ago who have 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 the 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 dose made 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 and for those in the banking community addicted to cheap credit in free money to be stolen from pensioners around the 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 h.s.b.c. in the last two weeks have been targeted by u.s. regulators as a turbulent two thousand and twelve toss 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 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 participating in all. those 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 own work chest to go after countries that are bigger so now they're 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 for exactly 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 and more of draco nian 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 turning on them when they're all sought but al capone in this case the u.s. regulators they won you know the u.k. to be simply 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. from the eighty's holo british banker hanging from friars branch from the next you deserve to 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 london she tweeted barclays hires x. y. . national services authority c.e.o. hector says to keep an eye on them turner and tucker could use the new job r.b.s. p.b.s. together of all the windows are ice age issue do you know turn him into handbags early states 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.
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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 is currently a lecturer in management a university college london is research interests are diverse and include long range scenario planning peter welcome to the kaiser report thank you very much max antonini we met up in kill going to the mix where i could say that 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 stop starts confronting its problems and starts doing something about it that would at least allow a fight based recovery in the sense the we would start having a little bit more fight in the white 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 the one for essential difference between islands in the u.k. is that ireland has a far higher level of social capital meaning meaning you don't quite have the degree of disunity the quite the degree all blaming downwards the things actually quite deliberately cultivated to supposed to cool strategy now let's talk about ireland versus some of these other countries because people are saying you've got
ireland and of course. gray. base kind of in the same boat in terms that they get when it is a crisis roughly the same time and then now this crisis has spread to spain and italy and now it's spread to the u.k. but the u.k. as 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 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 doing something that's tantamount to monetizing that that you know it's a by hand you mean dodgy all very good by dodgy you mean underhanded in scoundrel like i think hard to ask you know could i you know i'm going to be a little that's a little by 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 so you don't you move to up the
dummy's economics for dummies so to explain walk through what's what the osborne has done over there the bank of england would be just taking on the interest to tell the people what's going on ok so what we've done is we've created a lot of money if you start 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 all worries about lending start to melt away the 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 to the bit where you stole the interest oh yeah that's the first problem people that know rosabel you want to talk about was going to stall it well 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 into. senses firstly it only works on the grounds that you believe it works like the 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 with it 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 do not transfer the balance from q.e. to being paying off the 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 montages and debt is basically you get into the realm of hyper inflation at the point you do now i think what keeps us from going into hyperinflation 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 with 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 a wife 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 again inflation yeah quite probably i am i make no comment evolution is the that's what i meant to say salaciousness the point about peter is a as we get into this you're talking about the rebalancing of the economy in 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 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. person is not britain is not and effectively the announcement that 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 or 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 for the shape credit they are you know these are taking i don't we are doing in britain not right that's what we're doing in britain the idea of doing it originally was that you would circumvent a bad banking banking system by placing it with an infected institutions which would allow you to slowly wind down the zombies before they make the whole system
contagious and stop all economic i think this is this is a you know known and i promise you we can win so you know then sweden they did this they created the bad banks they nationalized everything they worked through the destitute a 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 scandals 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 don't create any new banks you have to know 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 long as opposed to twenty three it's lost 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 gays and money laundering for drug
cartels i mean should they be penalized other than a slap on the wrist oh yes i'm. i definitely agree there should have been prosecutions of people where economics for dummies did they cover drug laundering for mexican drug cartels or search after an economics for dummies on this topic there isn't directly but i but when the book was written it was a little before it emerged the a great interview attendant to the fact how do i know a lot of drug money by a just b.c. information drug cartels over and can't get a free dead mexican and i don't know if 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 us federal authority said in the us it would jeopardize the global financial system so you're too big to detail too big to fail yeah i don't know that i can entirely buy the too big to fail side of it 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 fined in the admission on the on the record and avoid going through a whole trial but i was not aware they date data days but it depends on your incentive if you're incentive is the point here is not to go after counterfeiters the money launderers if you if you give a fine then you get a counterfeit more money and a lot of money to stop lomax i'm not going to argue with you that 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 an admission of guilt is it wasn't churchill who said the definition of appeasement is feeding the crocodiles 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 the whole but it certainly is a good idea from an individual prosecutor of mine sent of his 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 quality. down in the wide hall and they're involved in a criminal racket a racket. 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 prosecuted as a racket that's a very good question why do i find the optimism in it 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 houlton white to do want you all the g. again seriously now that my really big point is why did this condition fessed up because when the soviet union fell apart there was nothing to keep capitalism of honest anymore as a result all of the debates post washington consensus of being about. the details
the operational matters here there they haven't been about the broad sweeps and the strategic functions that governments are meant to have as government tends to get us operational rather than strategic it will develop a tendency to meddle in all kinds of unimportant things or actually in things which are quite harmful 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 jobs we've created are being lost in the non tradeable sectors. there are entire towns in britain where there is very little private industry because private industry called possibly pay as much as the public sector that we've actually. we've allowed to grow in a mock you're 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 leg. were this is what you're pinning your narrative on that moment i'm so i'm absolutely sighing once communism fell there was nothing keeping us almost anymore if you look out of all the regulations that were in place before the repeal of glass steagall before the introduction of the commodity futures modernization act they made during this trading illegal and all the other deregulatory like alan greenspan saying banks go from a twelve to one ratio to twenty thirty fifty one and i you know of that regulation they had again banking specifically outside of the would we all dimensions of the cold war which was to do it spending has only increased so we called or didn't go down no more defense spending and our yeah was that is how is that is your links to the proliferation of weapons of mass might as well destruction would we have gone through any if i was things if we still had that noise if there were you know threatening also a crucial threatening to bury us we wouldn't we would have had to i found a capitalist system that not only had to be more productive than our rifle but had
to demonstrate itself to be nearly world war no one wins the war no state wins the cold war people profit from it on i the fall i eat i say whoever's got the best t.v. shows they're the what are the we can see the face. of you created the why we didn't. i was referring to the global news organizations that bring the real.
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