tv [untitled] February 25, 2014 5:30pm-6:01pm EST
these horrible people. to an end at nine pm tonight here on our team america that's going to wrap it up for now thanks for watching i'm liz wall. i got a quote for you. it's pretty tough. stay with sob story. because this guy like a smear that does stead of working for the people most issues the mainstream media are pretty much on the bridegroom speech and. they did rather well.
welcome to the kaiser report i'm max kaiser you know it's a little pool of money. people are falling into the world really the world poll so the headline reads bitcoin exchange mt gox faces whirlpool of death as prices drop to lowest point in six months and the latest chapter in the continuing story of mt cox the troubled bit quinn exchanges further spiral down the plughole as it released another statement today citing security issues at its tokyo office as the reason withdrawal capability hasn't been returned so you know when they announced us this headline is
a few days old the price at mt gox went to below one hundred dollars now many people on you tube are surely king. as well of course on the other exchanges it was always above six hundred around six hundred dollars so you can either look at it as a shriek that big queen itself is crashing or as this tweet from jim rickards who is an expert in markets and finance and debt and debt restructuring and bankruptcies if big coin two hundred dollars at mt gox and five hundred eighty dollars that coin desk it's not too different prices market saying sixty five percent chance gox fails well 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 fire. they 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 recovered because general technology of bitcoin the cryptology is not being questioned here of course it's not as strong as macs going cryptology which has a superior cryptology and a faster hash 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 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 you see 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 could 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 metal say one hundred u.s. 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 is has an eighty five percent chance that they're going to go bankrupt well it's so locked of reporting on financial news we see it in the gold market the physical gold price is a lot higher than the paper price of a very sixteen inches but the media will report on the paper price even though that's not the actual physical price of gold in china and india and around the
world was changing in five ten fifteen percent higher prices they also choose to pick the absolute least interesting price or run. percent of price for a big coin by picking on the mt gox price which is not the price of bitcoin why because a the agenda here is clear banks don't want the competition they don't want good coin to succeed the central banks that deal of money don't want a competitor they don't want to crypto currency 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 this 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 it's errors they could have gone bust them are compelled to jump from some building in japan but there's still active trading going on there and 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 recognize one hundred cents on the dollar for him but there are people like roger baer a huge point investor who has been buying up some of the bitcoin at mt gox taking the gamble the risk is 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 a six hundred dollars or more is exactly that perhaps the possibility of a quick a major again is what will ultimately save mt gox from insolvency but there is what you would call an exchange arbitrage between the price on mt gox and other
exchanges the paul singer comparison is a good one paul 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 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 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 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 the wrong you know that book that came out a while ago the whiz. jim of crowds you have to compare that with another book called the popular delusions of 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 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 shrinks are quite loud which is 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 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 not
plugging into bitcoin all the venture capital is plugging into the big 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 m.p.c. had a total meltdown shrieked about this is no time to be an academic you've got a bail out bear stearns my friends are suffering you've got to say 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 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 in 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 said. it's all that getting really good when 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 the households in america and around the world grabbed ninety percent of the gains in stock markets and 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 investor 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 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 them 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 coined to give to his clients so he could if if he does have he could of course buy a 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 that coin now and then been doing some internal research and circulating it internally so obviously they're quite envious of mt gox and big 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 up starts well but they will try and they of course will do whatever they need to do to try to grab as much of this business as possible. they 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 bit coy but the u.s. dollar mexico's top drug lord joaquin shorty goes men 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 cinema loa 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. 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 government or a stealth bailout from the government that's the way it got to stay so you've got to go thank you it could cause a whirlpool of dollars. all right stay tuned for the second half oh
cool silos talk a. little. bit of a. little. pain for the young girls cam all for of a future hunter. 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 they law or you know i mean this teaches them a lot of for a responsibility and simply come to pay through the eyes of children if we can't do
it for our children for future what paul tilsley tundra will save. welcome back to the kaiser report imax keyser time now to turn to jan squirrel's of the real dot co dot u.k. channel to magnetize 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. i think number one is they work out very well i think about what i said 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 overpraise that i enjoyed in these are just kind of
criminal heights not you know one of the government ones which most people commented on cents but the best one with i think it's one thousand and three i wrote me from the brink of all guys break and see their warehouse that 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 this 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 many years afterwards brinks math i mean just the kind of it's very entertaining story from from my late nineteenth century but basically if you can buy gold store in a. solicitor's think i'm over the italian job with michael caine speech or a gold robberies day basis and a little mini's were scraping along yeah and it helps 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 down. city well i think i would be in a different place because i was saying to you before i wish a new kind of a bit of fun but i've courses that you can get a hold of the list at least five if not more of these kind of government or central bank robberies of gold. gemini's gold to be talking about you could 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 one is 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 case unlike in the cases i've been talking about. we possibly know you might take the gold you know. wasn't quite so based in the criminal code talking about say that
these are going to hold at the level of maybe we should write another list of 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 that people might want or addition tradition yet it came to a thing called the barbarous relic so apparently people actually want gold well partly. but of course i want gold and i think you know you in your view is one gold and then we'll go council figures that came out last year for last year they were released last week say 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 an india where restrictions put on what was really interesting by the local council figures was the first time in twelve years i think u.k. and u.s. demand gold go demand climbs particularly in the area of jewelry so people do you still want to hold gold and we can say there isn't a parallel way of gold to monitor what's happening in the economy whether lately or internationally. you're. jenson has a piece about china's gold what's happening in china right now is going up.
i think they're saying it would indicate it's going higher well go down and it's climbing he really think it. for january to march the hold the month and i think i think it was two hundred forty six times it was a record amount and this is when the world gold council are releasing figures going over very me just say you take an interest 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 and looks deliveries on the shanghai gold exchange and actually trying to create a gold mine 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 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 in itself i think of china there's
a lot of talk telling us that they're going to announce that they've not. been 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 so many people have done 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 import export. we can calculate that but actually there was the lady pool 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 we 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 maimane right now gold is up ten percent. thirteen percent so is this the resumption of the secular bull market going back ten years or are we out of the woods only out of
the bull market pause is this a good year tell us i'm actually really excited about. this 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 goldilocks if 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 she really managed to kind of stop that being quite as horrific when 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 that queen demand looking amazing chinese demand so they can keep going as it is demand the west is getting more interest in gold so in terms of price i think i might be back on a few months thing from going out but at the moment i think it's going to be so if it's going to be a gentle climb up with that instead 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 called is down when the price of gold is up to a bit of a sign of trouble it's over but it's all part of the battle so there's a asymmetry in the way media reports call now into this asymmetry you janice. herbert are. jumping in with a crowd funding a t.v. show called get real we talked about it last time you're here. crowdfunding platform start join this is the newest and greatest thing right if it's kickstarter indie go go twenty thirteen gone there yesterday has just you ok this is u.k. based proper crowdfunding yet you have to drink while you're actually crowds will be in pink yeah. so the project is called get real crowds on future
episodes people who already done a couple of episodes we have that we did i want to go and so we've been davies and we didn't find my new testament with christmas from the point of us right and the end of popularity is quite high so this is 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 that say i was looking at we've had some great franco's and some great suggestions things from chinese porcelain to the lie that. well my personal favorite which we discussed before you know that we can was that this guy that had. set i mean really when it was. about i go through a very narrow in oil and all these things but actually you know all this a really different real asset for people 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 tell you differently 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 an area like art where you don't have futures contracts giving you the a big. to suppress the price 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 break kristie that you know in our cars collectible cars so it does show get real things that are real in a sense that 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'd have to admit that there is really inflation and then they they would have to recalculate their indexes and 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 to do to lie. about the real inflation numbers so that your show get real but your crowdfunding is actually a way to kind of let people know what the real inflation numbers are they're not crazy they're real is really inflation have is really happening you know maybe if 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 figures you know there's nothing fee have faith there's no inflation it's a worry but meanwhile we just talk about they see me i don't think. it's climbed in price the price of bacon is normally not i feel like i'm going to suddenly prices
are going to be very this incident from canada the entire country lives on big and hockey pucks this is you know this is bank of england now it's mark carney he's out there every morning at six thirty am with a plan to bake and canadian bacon a good chuckle horse. we're going to let him know that so let's talk about the course being 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. reward of some type of great reward by. any handbags or shoes not yet i'm happy about my reward. fair enough. they are also suggesting topics they want to cover so tell us what the public with their with their hankering for free to cover on your new show get real. ones i just meant we had no suggestions about trying to of course then find classical cuz another. thing that
i mean i think i may be doing if you let me drive when you cross it cause i think that would be a perfect start to show i think driving cross tire bridge there's a show that jerry seinfeld comedians in cars going to have coffee this could be part of the rewards could be you're in a car with squirrels driving across tower of bread 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 so maybe . say 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 and generally to. get real project the site is start showing dot com a crowdfunding platform i started just 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 we'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 i'd
man vinnie does toto's i'm not a martin and this is breaking the set you know sometimes there's a story that just defines hypocrisy one is how facebook c.e.o. mark zuckerberg bought out his neighbor in mansions so he could have some privacy nevermind the millions of facebook users whose personal data is sold off to vulture businesses another is a story that broke just a few days ago the exxon is the largest natural gas producer in the u.s. and if you've been following the downward spiral of u.s. energy consumption you know that the government and big energy are pushing hard for fracking all across the country but don't you dare fracking exxon c.e.o.'s rex tillerson is yard.
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