ability to move joint people to the home of the greeks we go to the grand imperial truly the torch was pushed coromandel you can go with maternal closeness which i see don't need to go and. read this and the colonel was her child as a retreat. this is all to a developing news story this hour in our headline update you leaders agree on a package to stricken greece in a crunch somebody brussels but they failed to dispel fears the global economic woes of deepening the debt and epidemic spreading to italy and spain. meanwhile the east troubles are tearing aspiring states from wanting to join serbia propose to extradite its war crime fugitive to the hague arresting her and how that was the condition serbia is now filled hoping to move closer to becoming

a member of the clock. and investigations of the u.k. phone hacking scandal intensify with even more political figures coming under scrutiny and public betting on who the case might bring them next the experts say it's threatens the careers of not only media executives including group of not of himself but also the political future may be u.k. prime minister david cameron. next as promised let's titian of the kaiser a poll where max explains the consequences of deadlock over the u.s. that. week. by american cars or stacy herbert this is the kaiser report you know ideas are the currency of any revolution those who are max ideas are in our headlines today the first one could this cindy sherman of monkeys accidently revolutionize

copyright law for artists so cindy sherman is the famous artist who takes self portraits and if you look at this image that's not cindy sherman that is from indonesia and he took her camera from a nature photographer visiting indonesia and took south portraits of himself now this has become a big copyright issue because copyright in for target free always belongs to quit ever took the photo who actually snapped the button not to the person who owns the camera or whatever so the man who took this photo david slater was working for caters news agency and now caters news agency is sending out cease and desist orders to people like tech dirt out com who posted the photo and techer to saying well you don't own the copyright. agency wrote back to them and they will neither do you so you can't post it all copyright law even in its current absurd iteration

and we've talked about it before it's effectively a global lobotomy this perpetual copyright as lawrence lessig calls it there's an extended to the animal kingdom now the monkey took a photo of himself and if anyone of the copyright it would be the monkey. for this monkey. using his psychic abilities. to contact an attorney immediately and to sue caters perhaps monkey wants people to know about his ideas and his plight in indonesia as the reinforcer being shot down well that's right the the wilds of the ideas are what engender creativity. creativity and evolution for millennia and the fact that copyright law and intellectual property laws are chopping down the end of the landscape for ideas

just like there are clear cutting forests where this monkey poor monkeys living their clear cutting ideas using copyright law from ugly monopolists and moguls like the roof the former head of news corps rupert murdoch now this agency caters news agency isn't claiming to own the copyright that idea has infected their mind that we can shut down ideas and we can keep people from communicating ideas they're trying to keep tech dirt from communicating ideas but let's look at where so far an idea has not been copyrighted and it's allowed to spread and that's from tahrir square hash tag occupy wall street a shift in revolutionary tactic so this is from adbusters in on september seventeenth two thousand and eleven there encouraging at least twenty thousand people to show up the last three occupy wall street and don't leave just like that the people in tahrir square didn't leave until their demand that mubarak stepped

down with matt the americans are saying don't leave until obama forms a presidential commission to investigate whether or not there spend financial fraud right what we've been talking about the global insurrection against banker occupation for months and months on this show and we've been trying to encourage as much of this pushback against banker occupation whether it's in cairo or tuna but it's sort of wisconsin now. it's coming to new york and they're starting to grace this idea of a tent city in the public to push back against gangsters but as you're pointing out there their demands are quite they and obtuse exactly but they're also focusing just on the tactic but tahrir square was not about these people meeting and demanding that mubarak leave it was more than that was the idea that they no longer needed to live in fear of mubarak's secret police of which were five

hundred thousand torturers it was the idea of the fear they got over there's no sense here that this is an idea you know martin luther king jr mort's with a million people in washington d.c. with a dream not with a demand that people know that congress needs and determine whether or not there was a racism in society it was a bigger idea where they had overcome their. acceptance that they were second class citizens now you don't see anything like this here well first of all they have to recognize that there's a war going on but the war of bank stores against the people so they need to start the war and need a new start the war campaign and number two they need to target the right institution the institution the target in new york city would be the new york federal reserve bank and they should seek and also they need objective the objective would be regime change so occupy tent city in front of the new york federal reserve bank into all the current administration leaves. to get somebody in

there who's not let's say like a guy remember jim geiger put was it eight billion dollars of new york fed cast american dollars onto a plane air lifted to iraq and it promptly disappeared oh and by the way erik ainge of where erik prince of blackwater just happens to be now living the the big life there in the middle east i wonder where that money went well you're more likely to get the same exact sort of paradigm that played out in tire square which is remember what mubarak said at first first he met the people in a televised address saying oh make a few little changes that was basically our have a commission to investigate whether or not there's been any fraud or torture and then he said there will be chaos if i step down this is a classic technique that the new york fed the us bed and they start occupiers always claim there will be chaos if we leave the scene they did in two thousand and eight famously with hank paulson in front of congress and they've done it every few

months since the debt ceiling is another example in the middle of one right now yeah you know there will be chaos they'll be careful if you give us more of your money and let us run roughshod over the political system and steal everything there's going to be chaos let's look at how an idea can actually genuinely create revolution where you can change the system and not return to business as usual five hundred dollars. or silver if you want it now many look at that and they think oh it's about the price it's about making money off of silver making feel at currency dollars issued by the new york fed and it's more than that it's a revolutionary idea because many people instinctively also say why would max want five hundred dollars silver because he know what the world would look like in five hundred dollars silver world yeah there's a number of really good points there in other words first of all the five hundred dollars still repente obtained if people want it because the civil market is so tiny that if millions of people around the world are getting victimized by banks

for corruption they simply bought one or two ounces of silver there's very little of it around the price will go to five hundred dollars your silver will be worth a lot more but more importantly the bankers would be put out of business first of coin number one point number two what would a world of five hundred dollars over mean it would mean that the peasants in america and around the world were being. and haven't seen wage growth in decades and are being treated like by obama would suddenly a lot of money in which to restart the country and seek regime change and start a new republic you know but then france they're on their fifth republic america they need to get on to their second republic they need to rewrite the constitution iron out some of the flaws in loopholes returns to some of the ideas that were there originally go back to gold and silver as it says in the constitution yet but the other important ingredient to the sea of other important idea to this five

hundred dollars silver is crash j.p. morgan by silver by silver crash j.p. morgan j.p. morgan is the single most powerful element of the u.s. federal reserve system it is the new york fed and jim rogers has pointed this out several times indirectly over the last few weeks he is asked over and over are you shorting french banks are you shorting german banks are you shorting banks. he says no there is one bank alone one major bank i am shorting while call it buying silver by the way i'm shorting one bank and the reason he's shorting out banks is it alone of all of the major banks in the world is still at its all time high that tells you where the power is still standing j.p. morgan they just recorded their quarterly numbers they came in with their earnings i think they were a little above expectations here we were way above expectation because all of their liabilities sit on the balance sheet of the federal reserve bank of washington j.p.

morgan doesn't any of its own liabilities it runs up liabilities and the. people of america the citizens to deal with they keep the profits this said all of the liabilities oh does this sound like enron with their special purpose and to you count seven hundred of them they just part of their liabilities off the radar of any regulators and they claim oh earnings are going up every quarter yes it is is j.p. morgan the new enron yes it is will lose one hundred fifty six billion and capitalization yes it will is that a good thing of course it is you don't want financial terrorists in the system terrorism is better so again this idea of career square how the arab spring has spread around the world and in each place it spreads and this is the thing about free culture and free copyright is ideas are allowed to germinate and take their own form wherever it goes television tent city erected in protest against high house prices so israelis are taking to the streets their kids setting up tent

cities and they don't want to back down into high prices decrease now of course netanyahu came out with all the paradigm and essentially it's all about war in land grabs because he's saying health of the problem is not about inflation it's not about money printing white house prices are so high or around the world it's about the fact that there are too many regulations against building houses which is not something you really think of when you think of a. well you know my reading of the old testament is that you become what you fear so here you have netanyahu who is running a ghetto and palestine all simultaneously opened the doors for ghettos to appear inside tell of even inside israel it's the supreme form of hubris well aside from religion this is the very basic fact is this an idea that you do not need to be fearful you do not need to fear your government you are your government and we are the people and these people in israel despite all that religious do that goes on in

the end you know religious hatred that the warmongers try to spread these people and they are inspired by what happened in tahrir that you can't we can take back control ideas are the ultimate weapon of choice the revolutionaries and i guess what you're saying here on the take away from the states to herbert is a five hundred dollars bill review want to be whether it's mubarak or murdoch if you take away the facade of their power which is based on fear and the people win and the dictator goes away exactly max well thank you so much stacey herbert for being on the kaiser report thank you and thank you don't go away much more coming your way right there.

we'll. bring you the latest science. from. the future of. welcome back to the cows report imax keyser time now to go to london and speak with sandeep jaitley an expert on the austrian school of economics and a fund manager at first international group sandeep welcome back to the kaiser report but it's mike's all right sandeep jaitley when we had you on the show a few months ago you described the austrian school of economics as being based on coral mongers idea that quote value does not exist outside of human consciousness

so elaborate on this some examples that we see around us today a lot of people think that this means that somehow austrian economics isn't grounded in grounded in reality you know that if you say a statement like value doesn't exist outside of your own consciousness that implies that you're sort of making up everything in your mind well this isn't this isn't what khomeini actually meant what he meant was that sort of the utility is up to you and it's subjective you know. that's what he meant boy by that statement. every human being is put on planet earth their restrictions or their surroundings. so obviously it was meant in that context ok now when the mayor was putting forth his ideas he was breaking from a dominant school at

a time i guess you could call it the neoclassical school or so how does the out how do you break from the school so what were the main tenets that said this is in fact a new school and how does it how does it achieve that break you must remember that they were they weren't neoclassical at the time i think they were thought of before from economics. classical near classical models just to see you that there is something inherent about the object itself rather than rather than the sort of the qualities being ascribed to it by the human in question of the collection of humans in question and now. you either get that as a principle sort of or you don't you know but we can infer second sun other words the organizing principle economics as a basis you can take two approaches one is to believe that objects have an inherent value and that you're going to construct an economy around that inherent value or

b. you're going to construct a school of economics that says that all value is subjective and that you're going to organize your principles around the rather subjective qualities of the perception of these objects and so therefore of course economics is known for having a hard rules and based somewhat in mathematics as you were just referring to so the rules of the subjectivity can then subjectivity be critic and they could be codified now i know as. carmaker's there you also have the emergence of freud who tried to codified the unconscious of the sub conscious are these two things related in any way first of all yeah well you can codify it mag's i mean i i wouldn't want to deny that math is very useful in economics you know but the way that math is used in near classical economics it would be like using you know vedic

sanskrit to translate train timetables you know i mean people are more impressed with the math in neoclassical economics than the actual underlying thing of what it's saying you can codify a subject of economics but you have to realise the limitations of the math that you can use you know so for example very simply you can't use. continuous methods in mathematics you know the thought process in economics is is is. you know there is only an ordinal major to the way you can describe things you know there is one use for water and then there is another yes there isn't one and a half uses in between so that automatically restricts the kind of mass that you can use. but it's still math that can be used nevertheless so so in many others economics you could you be using things more like discrete mathematics

topology set theory that kind of thing rather than sort of statistical mathematics which assumes that sort of interaction is in a certain linear way you know which it isn't let me ask about the year nine hundred seventy one and that year of course nixon cause the gold went out and the world embarked on an experiment of getting completely away from any relation to a gold standard and one embarked on a power of money currencies they were all trading against each other in a way that you could describe is purely subjective but here we are. forty years later and that experiment has clearly failed and people are once again talking about going back to the gold standard presumably because with gold there is some relation to an agreed upon intrinsic value added we get all the way back to out of the subjective world of currencies i would have thought that could have worked if

everything is subjective why is it felt very back to gold is gold the property ever live under the austrian school gold is favored as a measure of currency yes yes that is true no it's very true you know i mean what is important sort of with the gold standard is that. you know gold as well of any intrinsic value per se. so what you have to do is you have to look at how have people organized this substance throughout the millennia you know they've known this substance and they've accumulated so much go relative to how much is produced only the people still want it for some reason now normally if you produce a substance you don't keep on producing it well in excess of the sort of any use that it can come on you know you don't go around building up huge stockpiles of copper you know copper is only produced on

a on an as needed basis but gold is different for some reason observing it from outer space human beings like gold you know they've accumulated so much of it that you know there's one hundred years plus worth of production just sitting around already yet still they want more of it you know so it's like it's almost been de grace in the mind the human mind psychologically you know there is so much of it you know yet still the ones that you know are not there to question why that is that something that. humanity has decided obviously on the poles of humanity as well. i'm not going to go against it you know so that's the only way you can look at it all right sanjay this of course is on everyone's mind because recently in congress ron paul. ran bernanke if you believe gold is money bernanke you responded no gold is not money so this opens up obviously a lot of different points you what what are your thoughts about this point that dr

bernanke is just plain wrong you know the people who saw the gold and silver with money many many years ago and no government can use that viewpoint ok let me cut in course i'm going because in other words you're saying that the collective consciousness or the collective unconsciousness can dictate the perception to the degree of validating what the subjective reality to be becoming the object of reality and ben bernanke he has created a charade for many decades convincing people that fear out money is real and that fear money needs trust and he's in a wall or unable to understand that if the market that is to say the people decide that now gold is money and free our paper is worthless that that's going to be the new reality so we see how as you can strip it is you can strip of philosophically

is a constructive it's a lot surely is a concerted politically what is ben bernanke these problems. are imagine that there's a lot of them and of sort of politics involved in this max you know i mean. if you look at the way for example the bank of england was founded you know. they they hard to come up with an arrangement to lend money to the government in order to do their bread and butter business of discounting bills of exchange you know. so the notes that the bank of england created was sort of halt capitalized boy good bills of trade and they were paul's company laws boy government that. now. sort of forward three hundred years you can't go around and say the. only goal is money or or something else. something else apart from what you're using for money is

money you know because you're sort of going in principle which is a wrong principle you know no one should stop just a business to get into cahoots with the government in order to do something else but you have to look at it from that perspective ok what about greece portugal ireland what are they doing these crises well sort of i think that everybody is starting to realize that there might be a problem in the euro zone. and this is true but there is no sort of recognition about what the. what the solution or the form of the solutions will be so you have to look back in history and see what kind of monetary shenanigans going on in europe sort of over the centuries and effectively it comes down to disenfranchising the creditor you know. every form of monetary the basement where you sort of reduce the amount of precious metal in the corner or you increase the amount of units that a piece of metal will get you it's

a form of disenfranchisement of the creditor so i imagine something along similar lines will be pursued in europe you know you haven't how to monetize ations scheme in a similar vein to the british and the the americans so what's likely to happen is you're probably going to have a secondary euro zone fund created which will have three trillion euros worth of unfunded capacity to start buying up debt on the open market. you'll probably extinguish all of these issues to do with the quiddity insolvency at the same time. and then you know you will achieve two things you. will reduce the purchasing power of the euro dramatically which i think a lot of a lot of countries in the euro zone ones. and you eliminate two forms of question more than so you are rolling so when it comes time to roll old bones

into newborns you know you can come up with some kind of levy for this phone for all the countries that sort of have the bones purchased boyett i let me let me put it in some other words europe bringing in let's say a euro bond which covers all european countries we don't really have that now and it gives the pm central bank the ability to monetize as you say or quantitative easing as we know that for term in the u.k. or the u.s. and to destroy purchasing power by creating more fee out money and i guess this is what all of the verse telling us is that nobody or any of these countries is wanting to impose any kind of strict regulations that would keep the up terrorist bankers at bay they simply want to throw them the keys to the castle and let them print as much money as they possibly can finally on the u.s. dollar it's funny because it seems that you've got a very interesting arbitrage here because the ninety five percent of the world's population that are not american and seem to understand that the dollar is on the

last legs and about to collapse but that bubble inside america that five percent of the world's population seems like completely impervious to this yes they are and you know before media generally is quite america's century if you think the dollar is going to be bad you ain't seen nothing till you see what the euro is going to do you know and that's where i sort of about my view on the euro and it's going to take a look at the engine against the dollar and that's where we have a slight difference of opinion because of course within here there's something called germany which you don't have anything like that in the in the dollar all right well send did cayley thanks so much for being again on the kaiser report thanks max all right that's going to do it for this edition of the kaiser report with me max kaiser and stacy herbert i will thank my guests sandy jailing if you want to send me an e-mail please do so at kaiser report r t t v dot ru until next time this is max keiser say by.

and. people.