dirty corrupt bankers but dirty crow grading agencies dirty and corrupt economists who fail to see the big picture as we do on this show we give it to you wrong we give it to you straight we give it to you real let's go to state universities here and give us some of the real stuff max i have a lot of real stuff first a real beef with you but i deposit a fifty euro note that you gave me into my bank account yesterday yeah and the whole machine shut down guards came to me and said it was a counterfeit fifty euro note yet now that's the fifty euro note that you gave me ok you're hanging the money you're passing bad bills well speaking of bad bills this is indirectly in my first headline max china's gold demand surge is twenty six percent in q two w g c w g c is the world gold council and they report china's gold demand in the april june period reached one hundred eleven point seven tons making the nation the world's second largest consumer of the precious metal

after india max keiser you said this would happen. that's right of course they chinese people watch this show they know that the global food currency world is collapsing and they're buying gold to protect themselves of course also in china there's a history you know the first fortune you make in china you put away in gold then you worry about your second fortune that's the tradition is that what confucius in fact say this is the confucius max is put all of your money into gold bullion do you have in savings and then you go build your second your second fortune the first fortune always goes into gold bullion well forty eight percent of the total chinese demand is from the retail consumer they in total bought thirty six point three tons compared to americans who bought thirty point three tons so you see this rise of the chinese consumer fall of the american consumer you're going to burn. china you

can do better chinese consumers buy more gold you should be buying three to four times more gold than in the u.s. because the u.s. economy of course is shrinking what else what else tell us more well just to put this into context because this is gold you've been telling everybody is the way to protect from fake currency and fake currency is the total gold demand according to the world gold council last year was up thirty six percent to one thousand and fifty tons but in the u.s. as we were talking about it's also been a record year u.s. home sales and record july slump. this is existing home sales and it was a twenty seven percent slump in july home sales which has intensified fears of a u.s. double dip recession according to the article this notion that there's somehow a double dip that it wasn't a continuous collapse you know that that's false isn't it you see we hit peak credit in two thousand and seven we hit peak asset inflation in two thousand and

seven and it's been unwinding sense then when obama came into office he threw some money in there threw some more of currency into the bonfire and it created in two thousand and nine a bit of a uptick a bit of a blip but now that blip that sugar has worn off and the primary changes down housing prices are still going down wages are still going down unemployment is still going up and here's the thing banks in the u.s. principally still have on their books hundreds of billions and trillions of bad debts related to real estate ben bernanke you just said that he is unwilling to disclose exactly how much more bad real estate mortgage paper the fed own at this juncture because the implication is that the american people can't take the truth they're hiding the truth from the american people that's why no matter how much free our currency they throw at this thing it doesn't cause any inflation because the banks are say i want to. we got that many more bad debts on our books they

failed to disclose of the hertz tyranny my friend that is tyranny they're withholding from the american public vital information about their fiscal and monetary and national wealth and health that's unconscionable well there's further distress in the u.s. home market as well in the following headline new home sales plunge twelve point four percent so the previous number was existing home sales this one is a plunge in the new home sales so wherever you look in the u.s. economy is starting to really accelerate down again there's a boom in the sale of tense though as people start living more intense. well all of us may be living in tent soon if you look at the next headline record heat nine nations that topped their highest temperatures this summer they talk about two thousand and ten is the year of global weirding global weirding look at that that's not that's not right you know what the real problem is it's global warming

and climate change brought about by over industrialization and nobody has put the adequate cost of their carbon emissions on their balance sheet the big oil companies for example don't cost the expense of their detritus of their exhaust they don't pay for that exhaust they don't pay for the damage that they do no one of they make money they don't actually pay for the for the raw material that goes into their product and the and the waste that it creates now the result is the worst what is a decade or a year on record temperatures for ever for the existence of historical records of these nine nations oh thanks big corporations around the world thanks for causing premature human extinction thanks a lot well let's go through some of the photos and you mention the cost number one is pakistan and they set a record temperature for pakistan but all so all of asia at one hundred twenty eight point three degrees fahrenheit and right now of course. twenty percent of the

nation of pakistan is underwater well see the globe you could make it up in terms of the climate debts that were incurred by the developed countries like the u.s. and britain and their own to these countries like pakistan who had to bear the brunt of these climate deaths and the reason why that climate denial is such a huge industry in america is because people knew us don't want to play it pay their climate debts their deadbeats basically well let's go over the following eight well just look at the pictures russia colombia finland iraq sudan cyprus mine maher and the solomon islands they also set record temperatures this year but let's move on to the next headline because that's just for the summer the next headline heat record set in seventeen countries so far this is for the whole year so again we're talking about a record year for many things including these temperatures so jeff masters who is then a meteorologist this is the largest area of earth surface to experience all time

record high temperatures and any single year in the historical record. ok well i mean how many people are going to be homeless as a result of this the number of climate refugees is growing by hundreds of thousands now per year max here like at dr evil there's about twenty million homeless and in pakistan that's the moment ok so you've got millions tens of millions of homeless climate change and global warming a few nations that are under water again becoming even more underwater more underwater than the u.s. housing market speaking of global weirding though max is it's also been a record year for payouts to zombies the next headline minneapolis will pay one hundred sixty five thousand dollars to zombies so this is minneapolis city attorney's office has decided to pay seven and their attorney one hundred sixty five thousand dollars the payout settles a federal lawsuit the seven filed after they were arrested and jailed for two days

for dressing up like zombies and allentown minneapolis in july two thousand and six to protest mindless consumerism there's a bull market in zombies this is a notion that you've brought out many times before on this show is that the economy the zombie consumer these people are just zombies look the economy is dead so they're getting a blood transfusion of worthless credit which causes some little ripples in the flesh of the economy but it's still dead so you've got zombies now being attacked by other zombies in our attempt to create some kind of zombie fest when i was a kid we had no woodstock you know now it's going to be zombies stock global celebration of zombies and rome pliers and wonders of so many vampire movies out there people are just forgetting getting real jobs and they're just learning how to suck the blood out of their fellow zombie but on the positive side of this is to you know as the american economy the banking system the political system and

society and the environment become more and more is on the fied. hopefully you know there seems to be a way to make some money as a zombie by suing suing the police well i mean the police however as we covered during the republican national convention on the democratic national convention during the big presidential election in two thousand and eight the police were able to buy insurance protecting them against breaking the law that was in minneapolis so the apple is perhaps they could be buying insurance to protect them from arresting the wrong zombies that's where you need zombie insurance now in case you arrest the wrong zombie as a police you'll be indemnified against any wrongful arrest of a zombie if you buy zombie insurance this could be another billion dollar dot com business zombie insurance dot com going public now with a valuation on some private market exchange of excess of facebook which now has a valuation of thirty billion dollars. but so far only max speaking of zombies the

two biggest zombie economy stocking the globe of course is japan which has been a zombie for twenty years in the u.s. . u.s. d j p why in freefall this is look at this chart this is the dollar crashing against the yen last week but it just shows you the volatility of the zombie economies and there's on beefy out currencies which relates to our first headline that we opened with the chinese consumers diving into gold finding something that has a real you know that's not going to be so volatile like these zombie currencies and economies around the world like the japanese yen is the prettiest horse in the currency glue factory at the moment ok people are long winding their bad derivative bets and they're trying to drive a silver spike through the heart of various vampires and zombies whether it's geithner summers or bernanke the i see the huffington post got a big headline this week get rid of summers and bernanke and geithner you can't get rid of a vampire and zombie just by wishing them away you need to drive this over spike

through their hearts carry on offering to come on the show explain that to you darling. but. where was i think you were going to say fight now and stay tuned for our second half of the show sounds good to me i'm still thinking about that paper hanging scandal stacy ever thanks so much for bringing this part of the show but thank you max go away much more coming your way stay right there. with the second world been avoided what role did opposing ideologies play or individuals in states to blame.

welcome back to the kaiser report time now to go to washington d.c. and talk with kate sheppard environmental reporter for mother jones magazine kate shepard welcome the kaiser report. thanks for having me let's talk b.p. oil spill the government and b.p. say the oil in the gulf of mexico has almost entirely disappeared scientists say it's mostly still there tell us what each side claims and who's lying well this all started on august fourth when the government released this oil budget report that many interpreted as saying that you know three quarters of the oil is gone in the golf i mean we had the white house time and energy adviser going on t.v. saying exactly that that three quarters was gone but in actuality when you looked at the report it wasn't that it was magically gone it was either dispersed

throughout the water you know twenty five percent of what was still at or near the surface and then you know another another twenty five percent had had either been removed or evaporated in some way or another last week we had a congressional hearing about this issue and the head of this report no i said you know actually three quarters of this is still me environment that interpretation that three quarters of it is gone it's just wrong and we've had a number of independent studies come out in last few weeks that said you know a lot of this oil is still below the surface it suspended in the water column it's out there in these plumes you know it's not gone even if it's dispersed all right now you're talking about dispersement and of course that brings up corrects it what is correct and what what is it doing out there well correct this chemical dispersant of choice that b.p. is using throughout the spill these are chemicals that are designed to break down and sink or oil so that it doesn't hit land that it doesn't end up on beaches that

doesn't end up covering birds and creating all of those ugly images that we that we have all we've all seen in prior oil spills. you know the. you know b.p. decided to dump you know one point eight million gallons of the stuff on the oil spill both below the surface and at the surface basically for this reason to keep the oil below the water and you know if anything these reports about how much oil is below the surface really validate the fact that these dispersants work quite effective at keeping it below the surface that said there are still a lot of concerns about what it means to have dumped nearly two million gallons of these chemicals into the ocean. and scientists have acknowledged that we don't really understand what that means in terms of long term consequences for the gulf of mexico we dumped a lot more chemicals in there and then we really knew what that meant ok so two

million gallons of correct that how many millions of gallons of oil is the estimate that has been dumped into the gulf. the estimate was about four point one million barrels of oil were dumped into the gulf another. a hundred thousand were removed either by saipan ng or skimming it up the surface ok so now you add the correct and the net effect is is it more toxicity or less toxicity well after the spill began and after that b.p. had already dumped quite a bit of this chemical into the gulf we undertook their own investigation of this they've been releasing this data over the last few months now basically determined that the chemicals didn't make any more toxic than the oil alone but obviously didn't help the situation ok so it seems. irresponsible to

say the least for a company to simply sail into the gulf of mexico and dump two million gallons of carex it into the water for basically a photo op you've got the president i stays down there i guess posing in front of some shrimp and claiming that everything it's ok it's ok to go in the water reminds me of the movie jaws where the other meryl was forced to stand in for the water and say it's ok to go in here but of course the water was toxic and it was not safe to go and well absolutely i mean this is part of a larger problem here basically the way our oil spill pollution laws are written you know b.p. was given it was you know was granted the you know the ability to dump these chemicals in there. would have to know what was in the chemicals it took us weeks to even just get a sense of what the chemical components were. there protected by business privacy laws and they don't even have to let us know what they're dumping in the

water this is just part of a huge bigger problem with our chemical policy here in the u.s. right and of course reports are circulating that quote black water like mercenaries were dumping the corrects it in the middle of the night so presumably. if the carex it was safe and they would not need to traipse about middle of the night was some kind of undercover operation to dump the corrected into the water i don't know about the undercover operations i mean they were dumping plenty of it in the light of day with the airplanes and spraying at the surface and injecting it below the surface they didn't really have to do it secretly they were they were you know not only allowed to but it was condoned by the e.p.a. so. the fact that you know i made a point in time if we dump this out of chemicals in the go off we think it would be a crime but here it was condoned right that's i think probably an interesting point had there not been an oil spill to begin with just dumping two million gallons of

a chemical into the gulf cripple what would have been an outrage the fact that there was an atrocity already committed and that doubles atrocity somehow those two cancel each other out instead of course the reality is it's a double atrocity they didn't simply cancel want to be out now the government has said that the seafood is safe to eat your thoughts. while the government says the seafood is safe to eat i think a lot of people are concerned about exactly what safe means you know the standard they're using is one hundred seventy six pound male which you know there's a lot of children and women and elderly and women who are pregnant who don't obviously fit that bill of a perfectly healthy hundred thirty six pound male and the standards are also based on only eating i think it's about four shrimp a week which lay people eat much more than that in one sitting that's not even a cocktail basically so there's concern that the standards are using to evaluate safety r r r r not really adequate and there's also concern that they're not actually testing for dispersants we have to acknowledge that in

a hearing last week they said you know they don't actually even have the methodology in place to test for dispersants and the seafood so well i might be testing for oil we don't really actually have a great sense of whether or not there's dispersants that are getting into the seafood as well then human life is cheap with america whether it's the nine eleven cleanup crew or the aftermath of katrina or the gulf of mexico oil spill cleanup crew it seems like the government has the value on human life is near zero what about the other it economic impact this is having in the in the gulf region forget about lives of course the government doesn't place on the value of human life but what about the corporate life what's happening the corporate values in the area well this is one of the interesting things here we look at the economy in the area it's oil and gas drilling it's tourism and it's it's the seafood industry. obviously that we know what this is doing to the oil and gas industry but we also have people out there who are fishermen who are really concerned especially about

the seafood issue they don't want to sell things to the public that they don't know are safe so this is creating you know huge problem for them as well let's talk about some companies here b.p. halliburton trans ocean they're alleging largely they're behind a front group called quote america's wetlands foundation which. was created to encourage celebrities and women to press the government to pay for cleaning up the golf sounds like a lot of corporate manipulation of the media and government eggs they want to do is it legal are they still operating this is a group america's wetlands foundation i think are still operating and we don't really have any laws against front groups here in the us which they know they're basically allowed to promote this idea if they want they had a little dustup a few weeks ago and tender bullock was in one of their ads and someone called it to her attention that she was actually you know inadvertently shilling for an industry friend group which they had then asked them to pull the ads so i don't know of

businesses quite as good for them now as it was after that but you know we don't really have any laws that are preventing them from from from from running ads or staging grassroots quote press or its. astroturfing basically yeah just search sandra bullock is actually being recruited by the cern particle physics laboratory to run their scientific program next year so she's got a dual role as a scientist an actress a lot of people don't understand that let's move on to climate change we were just talking about from groups who are koch industries what do do they. koch industries has basically their finger in everything they're you know a huge oil and gas conglomerate they've been spending really big over the years on climate change denial funding scientists funding front groups who are who are actively undermining you know consensus on climate change. they've also been spending big on just general conservative groups like americans for prosperity and

you know all of the so-called you know grassroots groups that are out there leading the effort against the broader progressive agenda not just climate and energy issues but. basically the entire obama agenda at this point in time you know these are people we all kind of conceive of of other corporate evil groups like exxon we have iris identify that brand name but no one really knows who the koch brothers are they don't know what koch industries is and they have no idea how much money they've spent on you know basically breeding doubt on this on this issue so shepard if you could just mention who are the companies out there with the most number of front groups i mean the biggest ones we have out here we have there is their concern prosperity which was leading a lot of this you know tax related revolt you know we have. other big one out there right now is the american petroleum institute is again running is so-called energy so this is rallies which are basically sponsored by the petroleum industry but they

want us to believe that their grassroots citizen action you know one fact it's actually just organized by by the industry itself all right now this is an interesting situation with the u.s. chamber of commerce because presumably they're for business and yet their activities to support from groups to support climate change denial of course in the medium term is going to kill business the u.s. chamber of commerce. the cost to the economy of cutting carbon use tell us what the costs are. and one of the costs of in action well you know it's often hard to quantify the dollar figure in action we know that it's causing you know all kinds of weather destruction that's going to cause you know public health issues you know it cousins droughts and famines and these are these are you know huge concerns about you know often are hard to put dollar figures on but we know that

you know over the you know the next coming decades that these losses are going to cost us trillions of dollars. and the same time. you know you have a number of businesses who are out there saying look we want a price on carbon now it's going to give us predictability and stability and help us you know determine what our path forward is so you've had a number of progressive businesses have come forward and said yes we want to act on climate change now we want to predictable path forward you know this is because it create a problem within the chamber of commerce between these progressive businesses who acknowledge this reality and you know the people who are still stonewalling action you know a lot of them big polluters or you know businesses who who really haven't come around the fact this is you know going to be a reality very soon then we saw that in the u.k. the carbon credits that were an attempt to price carbon emissions there was an allotment that the u.k. government had and then tony blair was giving them under the table to his friends to just make the problem worse unfortunately can't you at the you have to solve the

corruption in government before you try to create an economy that is functioning finally kate jeopardy bankers have destroyed the global financial system with what william k. black calls control fraud isn't it a big problem that these same banker fraudsters are so front and center in the so-called climate change solutions well i think there are a lot of really real concerns about how you structure a carbon market so that we don't have the same kind of problems we've had with our other financial markets i don't think those problems are on unsolvable i think a lot of people use that. as you know excuse not to do any action on climate change you can you can actually that creating a kind of vast complex market that is easily game a ball you know it's not necessarily mandatory that we have this have to have a you know really crap market and you can act in ways that are that avoid that there's a lot of talk about how you can do that in debate of climate change legislation here in the u.s. but they still haven't actually gotten around to you passing anything so we haven't even really got to the point where we can figure i had

a head over with that problem all right kate sheppard from mother jones magazine thanks so much for being on the kaiser report thanks already and that's going to do it for this edition of the kaiser report with me max kaiser and stacy herbert or thank my guest kate sheppard if you want to send me an e-mail please do so as a report on r t t v dot ru until next time this is max kaiser saying.

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