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tv   [untitled]    February 25, 2014 2:30pm-3:01pm EST

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of course going down is not an exchange that's an index of different prices on different exchanges and the mt gox price is an indication of the faulty mechanism that they've used for price discovery that we've covered on the show many times we've talked about it not up to the task and so they finally were overwhelmed and they're probably going to go completely out of the picture and other exchanges will take their place and the bitcoin price is google recover because general technology of big coin the cryptology is not being questioned here of course it's not as strong as macs going cryptology which has a superior cryptology in a faster rate this is why a lot of people are now moving into macs coin because they realize it's a period to bitcoin in many ways big coin however does have a first mover advantage and it is widely adopted and there's a lot of services and goods plugged into it but i wouldn't be surprised to see max
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going to twenty thirty forty million dollar market cap in the in the short term so the price fell down to below one hundred dollars at mt gox went back up to three hundred dollars three hundred forty dollars then fell back to two hundred dollars now during that whole time mostly here a lot of shriekers and it's also good to remember that this is what regulators this is what central bankers this is what politicians are hearing they mostly hear the shriekers because they shriek louder than most than normal people who are understanding like jim rickards can look at it and say well the market is just pricing in a sixty five percent chance that mt gox will collapse just like argentina for example their bonds on the face of it will say one hundred us dollars but you can buy them for fifteen dollars that doesn't mean that the u.s. dollar went to fifteen dollars that means that people are thinking that argentina has an eighty five percent chance that they're going to go bankrupt well it's so elective reporting on financial news we see it in the gold market the physical gold prices. a lot higher than the paper price of very sixteen inches but the media will
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report of the paper price even though that's not the actual physical price of gold in china and india and around the world were chatting in five ten fifteen percent higher prices they also choose to pick the absolute least interesting price or representative price for a big coin by picking on the mt gox price which is not the price of bitcoin why because they say the agenda here is clear banks don't want the competition they don't want to point to succeed the central banks that deal of money don't want a competitor they don't want to cryptocurrency they are going to report the news in a way that reflects their interests unfortunately there is no pure objective news source anymore except aside from the show now over at mt gox back to there and at the time of this reporting they're still up and operating they have deleted their entire twitter stream we don't know him by the time this airs they could have gone bust them are compelled to jump from some building in japan but they're still
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active trading going on there there are people in the market who are gambling who are taking bets that take a high risk just like paul singer took a risk buying argentina bonds at fifteen dollars fifteen cents on the dollar he got courts in the us to recognise one hundred cents on the dollar for him but there are people like roger baer a huge bitcoin investor who has been buying up some of the big coin at mt gox taking the gamble the risk it's a huge risk for him that they might not actually allow withdrawals but many are calling this the death of mt gox but the extension is yet to throw in the towel changing on the site is still active and according to marcus centaury chairman of the big quinn foundation's very glittery affairs committee there's a lot of people who think that they are getting a deal if the exchange manages to remain in business through the ordeal of resume withdrawal functionality that those people are getting a good deal buying in a low of one hundred thirty five dollars only to turn around a week later and turn it into of six hundred dollars or more is exactly. that
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perhaps the possibility of a quick major again is what will ultimately save mt gox from insolvency there's what you would call an exchange arbitrage between the price on mt gox and other exchanges the paul singer comparison is a good one call singer will engage in vulture capitalism as it's called picking up sovereign debt pennies on the dollar and then sued the country for repayment and for all of that debt it's not a very. pleasant activity he's engaged with just read the reports of greg palast on this to get a fuller detail but roger varos one of the founding fathers really of the big coin movement is acting as an arbitrage or buying bitcoin cheap on mt gox and then just a patient of there being a closing of the price gap and then here we'll make some money and he's providing liquidity in this market which is very very vital also in europe comparing to another currency that people many people are screaming out of control of the euro
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is going to collapse jim rickards who we had on the show at this time said it's not going to collapse it's actually going to be stronger than the u.s. dollar that was back in two thousand and ten two thousand and eleven he was saying that right here but this is an article from december two thousand and twelve on bloomberg if you bought greek bonds in january you earned eighty percent your credit investors bold enough to buy junk rated greek bonds in january have earned twenty times more than owners of top rated german debt this year even after the biggest ever sovereign restructuring greek government bonds returned eighty percent this year compared with three point seven percent for german bunds and six point one percent for spanish security so back then when everybody was shrieking that because the greek situation the euro would collapse a lot of people made a lot of money and greek bonds a lot of people lost a lot of well as funds are now in the business of monetizing twitter activity twitter data and one of the. one of the data points they filter for is the
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shrinking factor so when you have a crowd of shriekers let's say a big coin currently or greek bonds greek stock market as a contrarian and you can make money because the crowd is a variable wrong you know that book that came out a while ago the wisdom of crowds you have to compare that with another book called the popular delusions and the madness of crowds that came out one hundred years earlier the fact is that people who have made a tremendous amount of money in these markets like george soros for example or a warren buffett will do exactly the opposite to what the the shrieking crowd is doing so you see the shrinkers that they have a use if you're in the business of making money because they tend to sell the bottom and buy at the top so in the case of bitcoin the shrink's are quite well which is bought a contrarian point of view the absolute best time to get into a big coin are brought my price target is still in the short term fourteen hundred
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dollars and in the medium term more like ten thousand dollars per bitcoin as the adoption rate skyrockets and you have all these other businesses that are plugging into bitcoin all the venture capital is plugging into the big coin block chain so two years from now ten thousand dollars per bitcoin i think is in the bag now speaking of shriekers one of the most famous streakers of all time jim cramer remember during the early days of the financial crisis he went on to see him b.c. had a total meltdown shrieked about this is no time to be an academic you've got to bail out bear stearns my friends are suffering you've got to save the financial system well we now have those minutes released from the fed for five years ago during the financial crisis two thousand and eight what the hell were they thinking fed two thousand and eight edition this is a quote from fed chairman ben bernanke at the time september sixteenth two thousand and eight two days before the collapse of lehman he said. i think that our policy
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is looking actually pretty good our quick move early this year which was obviously very controversial and uncertain was appropriate he's of course referring to the seventy five basis point slashing interest rates on a sunday night to rescue bear stearns and j.p. morgan but here he is before the collapse of lehman brothers where he's like it's all that getting really good we also know looking back five years that ninety percent of the game post collapse was grabbed by less than five percent of the investors not less than five percent of households in america and around the world grab ninety percent of the gains in stock markets have doubled some banking stocks have quadrupled in quintupled ninety percent of those gains were grabbed by insiders friends of hank paulson remember hank paulson told his investors friends that they were going to bail out goldman sachs and although at the public domain he was saying he wasn't sure or they might have to fail but privately he engaged in
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a massive insider trading scheme and told people directly that the government was going to line their pockets with several hundred billion dollars well that's good to compare it to the situation at mt gox now what hank paulson did is he told some goldman sachs investors that he would be bailing out fannie mae and freddie mac. though in front of congress to the american people he said that would never happen but indeed he did so only goldman sachs knew that he would bail out fannie mae and freddie mac. so this is one of the speculations about mt gox is that of course they know whether or not they have only mark karr peleus knows if he has been going to give to his clients so he could if if he does have he could of course buy it one hundred dollars and then sell them at six hundred dollars later right well goldman sachs for more you know was actually taking a close look at they call him now and then been doing some internal research and circulating it internally so obviously they're quite envious of. mt gox and big
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point at this stage and grabbing market grabbing attention it's obviously the growth industry to be and i think goldman sachs will participate like some of these other new starts well but they will try and they of course will do whatever they need to do to try to grab as much in this business as possible then become goldman sachs by sitting on the sidelines and then finally a quick little headline about the biggest participant in the money laundering operations of not big but the u.s. dollar mexico's top judge lord joaquin shorty guzman arrested so one of the world's most wanted drug barons joaquin guzman known as el chapo or shorty has been arrested in mexico he was the leader of the sim aloa cartel which smuggles huge amounts of illegal drugs into the u.s. and so we must see how this will impact h.s.b.c. because of course the stand alone a cartel was h.s.b.c.'s biggest single client accounting for billions in revenues over the years so we'll see i suppose they'll either get an overt bailout from the
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government or a stealth bailout from the government that's the way it goes days you've got to go thank you it could cause a whirlpool of dollar debt. all right stay tuned for the second half oh love more. trim zero to vnukovo report your best way to the house of mosco.
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interview. do we speak your language or not advance. news programs and documentaries in spanish more matters to you breaking news a little tonnage of angles the stories. you hear.
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it all teach spanish find out more visit. i know c.n.n. the m s n b c news have taken some slightly but the fact is i admire their commitment to cover all sides of the story just in case one of them happens to be accurate. that was funny but it's close in for the truth and might think. it's because when full attention and the mainstream media works side by side the joke is actually on here. coming up. at our team news we have to print press the good because the news of the world just is not this funny i'm not laughing dammit i'm not i. but. i think. you guys stick to the jokes well handled it makes sense
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that i'm. welcome back to the kaiser report imax keyser time now to turn to jan schools of the real dot co dot u.k. jenna looking back at the kaiser reporting very much sun shining oh my god it was fantastic finally now i've been reading with great interest on your blog you're talking about the latest and the greatest of five greatest gold robberies tells briefly about these heists and what lessons can we draw from them while i think
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number one is they work out very well i think about why do i say that i started moving around well and ninety's i had to move around but it's been felt and it's very difficult to know and gold. my faith the top five go over where you thought i enjoyed knees or just kind of criminal high snow you know one of the government ones which most people commented on same but the best one with i think it's one thousand and three i wrote we from a brink of all guys break into their warehouse he thought they were going to get about three million in cash i think and instead we're faced with just tons and tons of gold that was actually destined for the our east and then they say they were trying to go to our house the veyron is scraping the floors they drive off under the weight of all of the code starting to refine and they would say proud of the thing that they pulled off that one of them even named his gold dog in the years afterwards brinks math i mean just the kind of it is very entertaining story from from the late nineteenth century but basically if you can buy gold store in a vote. the less it has to think of moving the italian job with michael
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caine. gold robberies and the little minis are scraping along yeah and it helps try to make off with all that gold so speaking of gold heists germany has not gotten all their gold back from new york apparently there's a heist going on and. would you add this to your list and what does fit into the heist in terms of the sheer quantity it all dad. and i think i'd be in a different place because i was saying to you before we do kind of a bit of fun but i've courses that you can do to hold up a list of at least five if not more of these kind of government or central bank robberies of gold. when you go to be talking about you can look back at the nazis and you can look back at the new theft. in japan as they go late and we i cover that a lot but of course i mean to me when it's just the volume is unbelievable and i said you haven't covered it you know these heist i was talking about i mean they didn't have the similar volumes this is completely different and of course in this
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case unlike in the cases i've been talking about. we possibly know you might take the gold you know. wasn't quite as they were based in the criminal code talking about they said there's not a whole other level of maybe we should write another list and a lot of people even a lot of gold i mean according to ben bernanke the outgoing fed german it's just a collectible a trinket people might want or addition tradition yet it came to a thing called the barbarous relic so apparently people actually want gold well apparently. but of course i won't go to my thinking a year in your view is one gold and then well go council figures that came out last year for last year they were released last week show that no matter what governments say or no matter what restrictions put on people still want to hold gold and particularly in china last year but look in india where restrictions put on what was really interesting by the local council figures was for the first time in twelve years i think u.k. and u.s. demond go to go demand climbs particularly in the area of jewelry so people do you
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still want to hold gold and we can't say there isn't a parallel with gold demand on what's happening in the economy whether lately or in fashion right now you're associate janson as a piece about china's gold what's happening in china right now is. going up. there it is really saying it would indicate it's going higher oh go down it is just climbing he really think it's for. dimanche the hotel month and i think i think it was two hundred forty six times it was a record amount and this is when we will go count so i really think it's going over very me just save take in india's go to moan which is absolutely not the case if you look at the way the keys analyzes go to month in china and he does it in a much more methodical and he investigates much more deliveries on the shanghai gold exchange and actually trying to just go back in two thousand and eleven and i mean you really should be talking about gold demand in china but we should be looking at how they're developing the gold market as a whole from the supply on the demand side facilitating sales what's happening with
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exchanges here they're allowed to trade dominates exchanges and of course you know there's lots of discussions about what's happening with the reserves and that's just a whole other. story and so i think of china there's a lot of talk now telling us that they're going to announce that they've got not a thousand or two thousand but a number considerably higher than that yeah i think you know i think if you look at what. academics have written on this we could be looking at. five thousand tonnes but say many people have of course traced on what it could be we don't know because we don't know about that mining figures that are happening and we can look at the hong kong imports exports to china and we can look at ways we can calculate that but actually there as he lays about the ports in which gold's been imported chinese are buying up mines all over the world say we don't really know how much the p.b.s. they have what we what we do. we believe is that they have a lot more than the one thousand and forty nine times they reportedly have it made
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right now gold is up ten percent. thirteen percent so is this the result of the secular bull market going back ten years or are we out of the woods only out of the bull market is this a good year. out of a with the top i think in terms of price i had someone described it was a really good way of describing the gold you look. it's not me to hold too cold we're going to take a step back a breath and just go right last year a bit tough and kind of. go through arco might divide it became polarized i think with the phrase that the world gold council series so huge e.t.f. demand out consumer demand if you really managed to kind of stop that being quite as horrific you know on the prices as it could have been and i think we've kind of shaken out those people that we've had to speculate think now we've got the consumers in their queen demand looking amazing chinese demand so if they can keep going as it is demand the west is getting more interest in gold so in terms of
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price i think i might be back on if human thing from going out but at the moment i think it's going to be it's going to be a gentle climb up with that in terms of the bull market i think we're going to back on that scale but i think the faith in the market is returning now one of the problems gold has of course is that mainstream media tends to look down on gold prices down of course you'll see c n b c they'll have blaring headlines gold is down when the price of gold is up they'll be the right sort of bubble it's a little but it's all part of the model so there's a huge asymmetry in the way media reports gold now into this asymmetry you janice stacey herbert are jumping in with a crowd funding a t.v. show called get real really talked about last time you're here. crowdfunding platform start join this is the newest and greatest thing right if it's kickstarter
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indie go go twenty thirteen gone there yesterday has this you have a this is u.k. based proper crowdfunding yet you have to drink while you're actually crowds with your pinky up. so the project is called get real crowds on future episodes of people who already done a couple of episodes we have that we did i want on go and so we've been davies and we didn't find my new testament christmas from the point of death and right and the popular. it is quite high so this is the tell us about what people can expect on this a little bit i don't know if it's rio we'll be talking about say i was looking at we've had some great phone calls and some great tweets suggesting things from chinese porcelaine to. farmland well my personal favorite which we discussed before you know that we can was that this guy that had. sex i mean really when. you marry an oil and all these things but actually you know all this
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a really different real asset that people want to get their hands on and again when we're talking about gautham on climbing if we look at for instance chinese porcelain or jade i mean the demand for that in the last three years old. it's just it's just been unbelievable this is where people want to put their money and i think i don't think people realize how to go about starting or they don't know anything about these markets. that let me kind of different if you have no you know we're all a good friends of jim rickards who wrote currency war and he's got a new book coming out the death of money and he points to the art market and saying look people say that quantitative easing is causing inflation and other people say it's not causing any inflation but in the in an area like arc where you don't have futures contracts giving you the ability to suppress the prices like you do in gold and silver and in other areas the reflection of all that money is being captured by those prices of fine art that's absolutely skyrocketing through the roof yeah i mean every week it seems that there's another headline on record breaker kristie
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the scene of our cars collectible cars so just show get real things that are real in a sense whether it's fine art collectibles and bags etc they're really reflecting all this money printing but again the media doesn't want to cover because then they have to admit that there is really inflation and then they they would have to recalculate their indexes in the case of the u.k. government they would have to start paying out. pensions that they don't want to pay out same thing in the u.s. there's a real incentive do to lie to them. about the real inflation numbers so your show get real but your crowd funding is actually a way to kind of let people know what the real inflation numbers are they're not crazy they're really really inflamed yeah this is really happening you know maybe the numbers are climbing and i'm actually a very good point and this is a true reflection of what's happening in the money she faced them then you're being offered whether it can react to you by the official government think is the way
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there's nothing thie have faith there's no inflation it's a worry but meanwhile we just talk about it they see me i did a. piece of this is climbed in price the price of bacon to scare me off i feel like i'm going to suddenly make it prices are going to be very substance in canada that's what the entire country lives on big and hockey pucks this is me what do you think of anyone else mark carney he's out there every morning at six thirty am with a plan to bake and canadian bacon a good chuckle horse. with me i didn't know that so let's talk about the course being a crowd funded you're going right to the audience not only are they giving up five pounds or ten pounds for participate in funding this and maybe getting a premium or a reward of some time great reward. any handbags or shoes not yet i'm hoping that my reward. fair enough. they are also suggesting topics
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they want to cover so tell us what the public what their what their hankering for free to cover on your new show get real. ones i just mention we have no suggestions about chinese porcelain but i have find i find kind of classical because another. thing that i mean i think i may be doing if you let me drive when you cross because i think that would be a perfect stuff to show i think driving across tower bridge there's a show that jerry seinfeld comedians in cars going to have coffee this could be part of their rewards to. you're in a car with oils driving cross tower bridge yeah drinking tea yet for twenty pounds would you drink tea in a convertible and go across tower bridge but you shouldn't drink and drive they may think well that's a good cabbie outside make here in this country is that where it seems like the national pastime is in fact drinking. generally to. get real project the site is start join dot com a crowdfunding platform i started just
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a few days ago to fill this critical need for honest media i think is a great idea and i'm really excited to get really it's one of the first projects i've got to go thanks for your time this is. all right that's going to do it for this is an episode of the kaiser report with me max kaiser and stacy herbert like to thank our guests chance coils of the real asset dot co dot k. and coming soon the smash t.v. show get real if you'd like to get in touch tweet us a kaiser report the next time bio. winter is when the sun comes to life. away says palm trees are being harvested and . people are waiting for the biggest event of the year. the desert festival. this is true it is very hot it is.
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leading camel races have spent the last year preparing for the grueling marathon. the day before the race there's a heavy sound still overcoming the power of nature is a never ending challenge. a desert winter a lot see. a little. the lives. of the young girls can hold for the future harder. between two and three hundred million guns united states so you can act like they're not here and keep kids away from them. the plaza sound is a large you know i mean this teaches them a lot of for
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a responsibility to simply come to pay through the eyes of children if we can't do it for our children love for our future what the country will smooth. over my language as well but i will only react to situations i have read the reports so i'm likely to push the know i will leave them to the state department to comment on your latter point of the month to say to mr kerry you have a car is on the docket. there joe no more weasel words. when you made a direct question be prepared for a change when you approach punch be ready for a. pretty speech and a little bit on the freedom to question. crowds
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rally in the ukrainian city of sevastopol and a show of defiance against the self declared government in kiev and to voice support for a newly appointed for a russian mayor. the real path into the e.u. it's not going to be the german path it'll be the greek path some analysts warn financial aid from brussels and the i.m.f. may prove a slippery slope for ukraine. presence of u.s. troops in afghanistan causing a rift in washington while president obama says he may follow through with his zero option lawmakers continue to push to keep up to ten thousand soldiers there. british muslims cry foul over the government campaign against radicalism and say they're being singled out as scapegoats.


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