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tv   [untitled]    December 15, 2012 6:30pm-7:00pm EST

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caught drinking this hand sanitizer then 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 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 bankers would say i just saw the pension money so i stole it or jamie don't need it almost and only he said i just sold billion point two dollars stolen by jamie diamond to whom. it was very 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.
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all 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 let's get 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
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of the brain damaged me go to the bank of england he wants to get rid of the whole idea 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 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 of 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
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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 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 lives we 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 bubble stage and it'll pop up again business insider is
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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 three spahn do 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 from 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 it high frequency traders use fifty year old wireless tech high frequency traders are turning to legacy microwave technologies for faster communications and the
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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 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 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 how 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
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more money printing more currency debasement more austerity measures more pilfering more exaggerated bonuses and more risk of social unrest and for those in the banking community addicted to credit to day 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 mongering money for drop ins and rogue nations and standard chartered has a staggering cover up involving two hundred fifty billion in illicit transactions
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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 the. 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 their their disgorging 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 in 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
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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 want 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. from the eighty's polo british bank or hanging from friars branch from the fact you deserved blackfriars
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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. fine. full services authority c.e.o. hector says to keep an eye on them turner and tucker could use a new job r.b.s. t.v.'s together revolt lindo our ice age a shuttle you know turn him into handbags are our station ever thanks so much for being on the kaiser report thank you stay tuned for the second half i'll be speaking to peter tony iommi. to let. old.
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live. that speak. to. her. mum will. ultimately. be a. good little. luck. to. her. son i mean very he little. he
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. which brightened. from.
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top teeth dot com. so.
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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 he is currently a lecturer in management at university college london his research interests are diverse and include long range scenario planning peter welcome to the kaiser report thank you very much much i mean we met up in cocoa nomics 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 for norio number one is that we get to some kind of balanced economic structure sooner rather than later so for example the euro zone white phelps thoughts confronting its problems and starts doing something about it
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that would at least. based recovery in the we would start having a little bit more. i think 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 meanings that you don't quite have the degree of disunity the quite the degree all of blaming downwards the i think 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.
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you're saying is not a position has a much what's the debt to g.d.p. ratio in 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 doing something that's tantamount to monetizing that that you know is a by hand you mean dodgy all very dodgy you mean underhanded in scoundrel like i think hard to ask you know quite now you know i'm going to be a little that's a little bit little bit less diplomatically than i would usually put it. 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 at 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 if you start to buy up long term government debt and the idea is by
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doing that we drive down the price of long term debts which enables credit markets to function at a lower price so all of. 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 interests that are yeah that's the first problem is you know that not because of that we want to talk about forestall 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 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
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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 the point you do now i think what keeps us from going into 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 trouble triple quadruple quintuple dip with yo-yo growth over the next three or 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 away from being a finance and services based economy as simply as that i think is just
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a fallacious 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 on camera and i was born engaged 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 as we get into this you're talking about the rebalancing of the economy in saying oh yes it 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 is person is not britain is not effective fully 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
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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 bank condition that that is a zombie banks are creating zombie banks with 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 always will be so taking also we are doing in britain and that's right that's what we're doing in britain the idea of doing it originally was that you would circumvent a bad banking can banking system by placing it with an infected institutions which would allow you to slowly wind down the zombies before they might the whole system contagious and stop all economic and i think this is this is a you know no no no i promise you we didn't win so you know then 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
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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. it caused 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 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 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 you can almost for dummies today cover drug laundering for mexican drug cartels or search after an economic for dummies on this topic there isn't directly but i but when the book was written it was
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a little before it emerged the it created as you have done to the book how do i know a lot of drug money by a just peace information drug cartels opening can you 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 us federal authorities said in the u.s. it would jeopardize the global financial system so you're too big to jail 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 in just trying to get the fine and the admission on the on the record and avoid going through a whole trial the house on a whim they say is what it depends on your incentive if you're incentive is the point here is just to go after counterfeiters and money launderers if you if you give a fine there's going to counterfeit more money and
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a lot of money to stop well max i'm not going to argue with you that incentives within the system could be completely out of whack what i'm going to cite. 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 do you even last i mean you're just appeasing the terrorists how is that a good idea it is a prophecy of composition it's probably not a good idea for the whole system of as a whole but it certainly is a good idea from an individual prosecutor mind since it 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 to hedge fund industry the politicians are down in the white 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
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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 hole to white to do want to hold the g eight and seriously now that my really big point is want to this condition fast stuff because when the soviet union fell apart there was nothing to keep capitalism up 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 a tendency to meddle in all kinds of unimportant things or actually in things which
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are quite home full but not deal with a framework that allows you to really consider the very big picture the most hope. i can think of is people starting to think beyond old left and beyond old right again and start thinking about how we make can you talk of system work the fact of the matter is that a lot of the job so we've lost over the last thirty years are not coming back the jokes we've created have been launched in the norm tradeable sector has. their entire towns in britain where there is very little private industry because private industry can't possibly pay as much as the public sector that we've actually. allowed to grow in a mall you're saying that into 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 anymore if you look at about the regulations that were in place before the repeal of glass
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steagall before the introduction of the commodity futures modernization act they made during his 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 wheel 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 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 nice mr brush and if there are you know threatening also a crucial threatening to bury us we wouldn't we would have had to have had a prompt capitalist system that not only had to be more productive than our rival but had to demonstrate itself to be really cold war no one wins a war no state wins the cold war people profit from it on i the saw eat i say whoever's got the best t.v. shows there the letter. going around that you created the why
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we didn't say ok i was referring to the global news organizations that bring the real news to people around the world that's all we are bitter. thanks so much to run it's time to have you back again said thanks very much indeed all right now going to do it for this edition of the kaiser report with me max kaiser and stacy herbert i want to thank my guest peter antonioni author of economics for dummies that runs time an email please do so at kaiser reported r t t v dot ru until next time as guys are saying.
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brighton. from feinstein pressure. from stunts on t.v. don't. the a little. luck.
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plug. plug. thanks. liz lug the a. live . live live.
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live .


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