wealthy british style stock. markets why not. come to. find out what's really happening to the global economy with max cons or for a no holds barred look at the global financial headlines tune into kinds a report on r t hungry for the full story we've got it first hand the biggest issues get a human voice face to face with the news makers. the close up team has beams of. where russia's first free elections were held tough thousand years ago.

now party goes to the area that used to be a place of exile since the seventeenth century. where businesses take advantage of the wild growing products. more rich academic life gives birth to the innovative idea come to come screech crusher close up on our. the kaiser report is coming your way but first the top stories here on r.t.

chasing sex predators on the net a german t.v. show is in would be child abuse of journalists posing as minors the critics say the show is just off to move ratings. the democratic party narrowly retains a majority in the senate in the u.s. midterm elections for republicans take the house of representatives. the georgian government plans to offer a down to south african farmers in a bid to develop agriculture the locals say they have been pushed off their land complained they can't even afford to buy. the next as i say max kaiser and co-host stacy herbert to look at the case of a u.s. credit company accused of setting up a fake court and judge to force debtors to pay up. for the full story we've gone to. the biggest issues get the human voice ceased to face with the news makers.

and this is the kaiser report you know back in the one nine hundred sixty s. they used to say question. now nobody questions anybody's authority must talk to states in order to get more details days in every tax way you can see this in the first headline fake judges use fake deputies to collect fake debts and fake courts that's right the attorney general of pennsylvania is suing unicredit america incorporated for allegedly using civil subpoenas to summon consumers to a fake courtroom which allegedly contained furniture and decorations similar to those use an actual court offices including a raised bench area where

a fake judge would be seated two tables and chairs in front of the bench for attorneys and defendants a simulated witness stand and seating for spectators and legal books on the book shelves it was all fake in order to put the fear of god in the bad debtors who they were trying to collect debt from and these people were assuming these are real judges handed over basically keys to their houses and told this debt collection agency to go into their house and go take assets from them in a credit is just a fake company the part of the fake economy banks writing fake mortgages and then engaging in fake foreclosure notices securitizing fake securities and to think. our allies mortgage obligations sold to fake hedge funds who trade these things back and forth for huge bonuses that's where the money comes down they actually pay themselves huge bonuses until such time as they make

a mistake and then they get the federal government to swap and cash in the fake money for u.s. dollars which of course that's a fear of currency that's also fake money and the rich people in the world are not foolish of course they're using all this fake money to buy gold and silver running what's what's what's what tell us more tell us more well the interesting thing about this is if you could apply this little story to the entire global basically credit crunch and debt collapse the headline remains angela merkel confines ireland portugal and spain to their fate. so the article is talking about germany has had enough they don't want to bail out any more bad debtors in the future so they're changing the lisbon treaty to basically provide for a bailout fund but one which angela merkel says we must keep in mind the feelings of our people who have a justified desire to see that private investors are also on the hook and not just

taxpayers yeah she has a feeling she's saying that the the population have has feelings about this not a legitimate right that it shouldn't have happened in the first place and then you can see further in this the actual vendor from the banks says regarding this next time there is a problem bondholders should be part of the solution rather than the problem so far the only ones who have paid for the solution are the tax payers again this is like a fake court the reason why the taxpayers are guilty of the bad debts is because the bondholders went to these organizations like the european central bank or the i.m.f. and they forced these debts onto the citizens of these countries without any real trial so more and more politicians are designed to these. global institutions that don't really exist in of the charter the i.m.f. and the world bank don't don't have

a charter to collect debts from individuals in greece or in ireland or anywhere else but they're the people who own these countries are saying whoa they are going if tolls to collect a debt standard of the charge collect these debts yeah well they showed up like this first story from erie pennsylvania where you know credit showed up with a guy dressed as a sheriff brought them to a fake courtroom where a guy was dressed in robes but who gave them the authority nobody but who gave the i.m.f. and the european central bank and the new york fed to collect the debts basically from the populations of these nations around the world this is a reverse santa clause somebody dresses up like a guy who gives away gifts. but that's fake here so many dresses up like a court room to take away stuff but that's fake as well in this article talking about the european debt crisis they put into context they look at for example the greek rescue package which quote allows banks and funds to shift roughly one hundred fifty billion euros of liabilities onto e.u.

governments or the european central bank or the i.m.f. greek citizens are being subjected to the full pain of us stared under false pretenses without being offered the cure of debt relief and that's the thing that's important thing here is that the greek citizens in this case their highlighting was not offered the cure of debt relief just like these people in pennsylvania they do have the cure of debt relief but because these guys are dressing up as fake authority in law enforcement they're able to force these people to give them debts that they don't have to pay right and as you pointed out earlier as far as the bond market goes and the bond holders they're training these bonds back and forth claiming they're worth one hundred cents on the dollar like the fed when they are going to go down this path of what they call quantitative easing they're going to take another one or two trillion dollars worth more of mortgage backed securities that are collateralized by ghosts who live in haunted houses in trailer parks

somewhere in towns that don't exist with nonexistent judges and trade those for one hundred cents on the dollar and of course pay themselves bonuses based on training center securities with each other so the bondholders of course are playing an economics arena which is completely nonexistent but they're paying themselves huge days at the end of the year they've they're the real santa clause they get fees based on training phantom securities but everyone else gets a big lump of coal but not coley more coal is more of value now with the commodity prices skyrocketing they get virtual coal they get virtual coal. the burning their virtual farm bills in the virtual online environment well to go further on these european austerity measures the debt crisis and the bondholders who refuse to go away ireland greece debt woes refers sovereign debt swaps rally so swaps on arlen soared to four hundred seventy four basis points from four hundred twenty

eight as recently as october twenty second as the government became locked in a standoff with anglo irish bank note holders over who should bear the cost of rescuing the nationalized lender now remember this isn't a lender that was lending to the citizens of ireland it was a lender who is lending to these big corporations bondholders include goldman sachs whose chairman and europe is peter sagal and the former attorney general of ireland who has been visiting brian lenihan the finance minister of ireland so these bond holders are able to go directly to the government and say you know basically we don't know what they're saying behind closed doors really not only bobby sands and opened a bank. of the iraq war but a lot more successful like anglo irish bank they would have been more successful shaking down these governments and they opened a bank so there's irish banking terrorists there is a pot of gold at the end of their rainbow but everyone else now is getting beat up side the head of the shalal the stick of debt one of these programs they're

imposing on these poor irish people for what so who is a guy rosebank good to be out of names or who is john fitzpatrick i know he's involved in one of these one of these financial irish terrorist schemes how can we solve the maze right next to the seller bob the sense that how can these bankers tomorrow in the in the. suffering through untoward punishment from the state for big financial terrorism only stick wielding nightmarish little green goblins why well the article goes on and says that alan dukes the chairman of the bank said he wouldn't negotiate with creditors who. pledged to block a proposed debt exchange that will impose almost two billion of what is lumbered what he won't want to go she let me i'll let it go should on the ball because. that's a good these suicide banker uncle and i'm jealous of the not being in that they're not. well the reality is max as we've been talking about for the previous few minutes is that this guy's leverage is he has a fake judge and

a fake sheriff who has held up the population who has convinced the population of ireland that they're the ones that have to hand over their assets to pay off these other guys debts he has a fake sheriff right there on his side that's right they have no authority and sheriff has no authority whatsoever to impose these austerity measures that are largely irish people submitting to a fake authority question authority to any question authority for the cute quantitative easing think about q. and a question authority they got no authority to impose austerity measures on you irish people don't you understand the respects of potatoes through my friends one of course the difference between. this national situation for ireland and what happened in erie pennsylvania is midterm elections in the us so the attorney general of pennsylvania is now running for governor so he's he's obviously up for election and is thus pursuing the fake sheriff in the fake judge but with the case

of ireland there is an elected officials and nobody alexy i.m.f. they are not subject to these votes most of the protests going on i believe in the summer or early part of the summer and there's a big march on the call to do it all the doyle or the doorbell or element or some of the dole that's mostly on purpose well and then the final headline goes to the heart of this whole fabric to the heart of the corruption goes to all of that story see bank of england head mervyn king proposes eliminating fractional reserve banking. what so this exact what this is that the buttonwood conference in new york just recently and mervyn king said eliminating fractional reserve banking explicitly only recognizes that the pretense that risk free deposits can be supported by risk assets is alchemy if there is a need for genuinely safe deposits the only way they can be provided while ensuring

costs and benefits are fully aligned is to insist such deposits do not co-exist with risky assets and it's clear out to me the whole the whole phantasmagorical nonsense called the fractional reserve banking model support of the currency and phantom judges adds up to one big goose egg and that's lorded over by phantom judges with no authority anyone is being victimized by these austerity measures has the option at this moment to opt out don't pay the credit card debt don't pay the mortgage debt don't pay any of these debts because they were fraudulent and no one of the thirty is trying to impose them upon you and the only reason you would pay in these debts is because you're a glutton for punishment well and of course finally on that all say max that we've been talking about fake judges and you could say the head of the central banks have been fake judges because they've been operating since the one nine hundred seventy s. under this pretense that they provide a gold standard and now we've found out that actually there are fake gold standard

they are not a real gold standard as we see with this ever increasing amounts of quantitative easing and money being printed into the economy learning king the ghost of christmas future rattling around central banks since december thanks so much for bring on the cause a report thank you max don't go away when we come back we're going to ireland to speak with david mcwilliams. hungry for the full story we've gone to. the biggest issues get a human voice face to face with the news makers.

welcome back to the kaiser report time now to go out to dublin to talk with author blogger economist david mcwilliams david will soon be hosting kill canonic so ireland's first ever economics festival in my for announcing that correctly david you are absolutely nuts it's in the medieval town of kilkenny which used to be the capital of art and many many years ago and what we're doing is something quite different bikes were actually britney columnists both from international law go through the list in a minute out of local economists were bringing started up comedians in to discuss so it's a kind of a milton friedman meets kind of lenny bruce combination for the weekend of the eleventh twelfth thirteenth and fourteenth november all right well some would argue of course that ben bernanke and his presence or alan greenspan who are basically comedians dressed up as economists are these are economists now coming forward with some straight out comedy now i david of money to talk about the economy for

a second you're right on your block who will invest in a country that being ireland with an obvious death wish how and why is ireland committing nation aside what we have at the moment max said this morning large bond yields were almost one hundred basis points they're talking close to eight percent so in effect the getting is over for the present strategy of the government for store the. the government was to. try to convince the markets that a small economy like our biking system is bust consumers vary from job to savings rate still has risen dramatically will be able to carry enormous and very immediate front loaded cuts in our budget deficit the government tries to convince the markets that we could do all of this by front loading fifteen billion of cuts and starting very very quickly to the markets clearly believe max that it's not possible to do that and rather than by the government's announcement last week they sowed the government's announcement and this again is being compounded by events

last friday where the european leaders came up with a sort of a stop gap which is the american realizes that the european stability pact the disability fund which is up next year that will have to be reinstituted again simply because there's many of us here in europe who believe that it simply amounts to a bailout for german and french banks that lent hastily and i would say recklessly to a greek irish spanish and portuguese consumers but in that case basically it's the loan to the greek government so what you have is a sort of a tug of war at the center of europe where the going to merkel needs to protect a banking system or biking systems exposed to us we in the other hand are in a situation where a country like ours and probably needs to go for a very rough debt renegotiation simply because of the present levels of debt particular private sector people will not be able to pay and the economy will be

dragged downwards consumption will fall and demand will fall unemployment will rise and we will get a nine hundred eighty s. style failed fiscal adjustment the sort of thing you saw in a lot of american countries in the 1980's where the governments came in they talked a great game but they couldn't deliver because the economy contract it and the middle class took their money out of the economy and you got. capital flight of the time when the economy was very very weak so you have two or three forces max going on the upshot of course is that ourselves of portugal this morning look as if we are moving very swiftly towards the greek position which is moving directly into the european stability fund you know that greece has adopted to do on the side of the market for three years the irish government decided not to go back into the bond market until next march claiming that we had enough money but in many ways that's like a drunken guy leaving the pub late at night and say don't worry the party is not over because a fire six bottles of vodka stashed behind the kitchen in the kitchen sink the

problem is of those bottles of her drunk you've got to go back to the market so we seem to have hit a brick wall where the. force of the irish public's inability to stomach these new cuts and the markets scepticism about what the economy will look like after the coats is forcing people to drop irish bones now down at lyons well the key component here is a bunch of irish real estate developers made a multi-billion dollar gamble that failed blew up in their face and they got the government to impose austerity measures on the population to clean up their mess so the irish public is not responsible for these debts for this austerity as being forced down their throat the average public has no responsibility for debts that were frauds only induced why should the irish public pay

a penny of this debt this is what i've been arguing for quite a long time is that we excuse to gary t. two years ago which i think was the right thing to do in order to find out just how bought certain banks were and then you as the clock that was ticking at the guarantee you got to a note to call the creditors into a room with a very nasty liquidator take away the key and say don't come out of this room until you do a deal and the liquidator should have said exactly to these creditors who lead to the irish property speculators there is no money and even if there was money we wouldn't get much to give it to you because it's not our problem it's your problem you look to the banks they go to the developers it's your average irish person although many many hundreds or thousands got involved in this case your average irish person was small fry and is already suffering negative equity from their rather rushed decisions in the last five years so the big money is the developers

as you point out the big lie a bit and the big concern is the foreign creditors who led to the bites not ultimately i believe that capitalism should see its course and simply. if you look to the irish banks where there is a boatload or are as a stockholder you pay and then your crisis is over max now isn't a dublin a few months ago in a lot of the business publications in in ireland they're trying to make the case that the irish public is to blame for taking on these debts and yet we know from studying the way that the real estate markets were financed and engineered around the world particularly in the us or in this foreclosure crisis which is part and parcel of the global foreclosure crisis and the global misrepresentation in terms of packaging mortgage backed securities into fraudulent securities the public is been victimized here and what recourse does the public

have now you're putting on the fast of all in that beautiful town of kilkenny i believe to try to gather attention to this but the irish press by and large is obviously siding with the developers and the people who fraudulently paddled fraudulent mortgages and are dealing in fraudulent securities why is the irish press is it just too cozy with the establishment well address suppose if you look you go look at the big picture here the irish press in the may cheer led to the boom those of us who were earth very skeptical about the boom were warning about the boom were largely dismissed as cranks. people who didn't really understand the new dynamic i mean it's if you look back to my control you know you the same sort of carry on again what you have this if you look back just before the crash you go all sorts of journalists and columnists and leading academics saying there's a new era and productivity has changed in this new technology and this time it's

different i know timidly prices are a sustainable level not all those scots who came up with the flow during the irish who are the very same guys who are to do a telling the irish people that we have to pay for the mistakes of the developers but those cheerleaders. in both and in the first place so what you have is a simply a very cosy cartel in a very small country we have really is that our homes looks more like a rapidly developing country like one of the asian tigers that we saw in the in the one nine hundred ninety s. and what we saw in the asian tigers you take a position similar times you get a small oligarchy which is very close to the political class they get laws changed for them to enable their own speculation to be incredibly profitable to borrow a huge amount from banks that they can count on the invest enormously in local in the case of thailand was actually local property as well and then when things go

belly up they expect the people to bail them out so i mean the story of that of the of the wall street crash the story of the asian crush euro broadly similar and what makes art and more unique is the sense of the country is small so the power of a. tiny minority to really affect what i would regard as a lesson many years ago a financial clue dicta is actually rather rather real david mcwilliams i understand the comparison to the an asian country and some of the on the financial crisis around the world but in ireland they just banned decades of fighting in irish independent movement only to be now colonised by angle irish bank words on fire about where's all the revolutionary where's the you know where's the bobby sands of this movement but what is interesting max is that the greeks of the portuguese in particular the french you've been writing in the last couple of months are looking at the arch and saying why the how do you guys taking what is

a much deeper adjustment much deeper cuts why are you taking this on line down it strikes me that we've only seen the tip of the iceberg and i believe politically it's very very difficult for this government to stay in power they're very very unpopular they're here eighteen percent of the popular vote that's the main political party fener for. i think most people believe there will be a and election in the next twelve months and preceeding that election i suspect what we will see is much more active protests from the irish people the sort of thing we haven't seen for the last two years let's talk about the other festival nature putting together account county it's called pelican omics it's it's an economics massively got some pretty high profile gas coming to the festival you've got comediennes and i and i guess as you mentioned before to try to educate the public if you can use popular comics an entertainment theater at least to get people up to speed on why they should be angry forget about the fact that they're

not angry yet but at least trying to get them to understand why they should pay back the issues very simple economics is far too important to be left to academics and public servants it's economics is us it's our lives it's our money it's our careers it's everybody's family and ultimately i think if you take brilliant international columnists like peter schiff is one of our keynote speakers and peter's arrived for the whole weekend and he known very well to watchers of the kaiser report and investors in america and peter rather than having peter discuss with other economists talk about peter discuss what one of our best out of comedians that i call dess bishop was originally an american nourish american from brooklyn i would deserts going to be doing is he kind of gives the rest of the audience the permission to ask peter question and that might not necessarily be so easy if you've never gone to an economics festival before would you go to stand up before so in a way what the stunt ups are doing is they're asking the questions that the average guy in the street wants to know so we have by peter schiff we have bill black who's

nov you know very well in the united states bill back with a fantastic book the easiest way to rob a bank is to own one and i think that's a simply describes what has happened here in this country we also have from iceland we have the most famous icelandic come come and take reason to come over here and it is going to explain. well up in iceland we have commentators from israel we also the last finance minister of argentina marching marking the stove and i think for a lot of people and in our been too long in our with the rest of peripheral europe the experience of argentina uruguay or brazil is very very instructive so marching is going to come over and explain without new york and jena in the last ten years particularly because they felt face the same deaths of dynamics as we did together it's going to be good for a good economics of comedy and it's a great city to spend a weekend in so it's coach economics from first of the eleventh of november to some to fourteenth that's so the website is w w w kill comix dot com we hope to see you

there then task david mcwilliams thanks again for a van on the kaiser report here's my take care and that's going to do it for this edition of the kaiser report with may max as are and stacy herbert i want to thank my guest david mcwilliams if you want to send me an e-mail please do so at kaiser report at r t t v are you until next time this is max kaiser saying bio.