story economy government well in the private sector well we can't do that but longer we wait i mean more we're going to have to sort that's sometimes i doing what's best for us is a little bit painful you're right about that carl that enter on the market tech or i'm not going to do it for now for more on the stories we covered go to our team dot com slash usa or you tube dot com slash r t america i'm christine frizz out thanks so much for watching. wealthy british science. markets why not. find out what's really happening to the global economy with mike stronger the no holds barred look at the global financial headlines tune

in to cause report on r.g.p. . if you. really take three. four three. three. three. three. three blow video for your media project a free media party dot com. max

ties or stacy herbert this is the kaiser report you know i did are the currency of any revolution they say are max ideas are in our headlines today but 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 a monkey from indonesia and he. took the camera from a nature photographer visiting indonesia and took self portraits of himself now this has become a big copyright issue because copyright in for toggery free always belongs to whoever took the photo who actually snapped the button not to the person who owns the camera or whatever so the 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 dot com who posted the photo and tech there to saying well you don't own the copyright and 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 law bottom e.

this perpetual copyright as lawrence lessig calls it doesn't extend 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 chopped down all that's right the the wilds of the ideas are what engender creativity and i've driven here in 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 forest where this one people are monkeys living their clear cutting ideas using copyright law from ugly

monopolists and moguls like the root 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 that we can keep people from communicating ideas they're trying to keep tech dirt from communicating ideas well let's look at where our so far in the 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 an on september seventeenth two thousand and eleven there are encouraging at least twenty thousand people to show up on wall street occupy wall street and don't leave just like the people in tahrir square didn't leave until their demand that mubarak step down with matt the americans are saying don't leave until obama forms

a presidential commission to investigate whether or not there's friend 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 to nurse or radisson wisconsin now. it's coming to new york and they're starting to embrace the idea of intensity in the public to push back against bank stories but as you're pointing out there their demands are quite vague and obtuse thing exactly but they're also focusing just on the tactic terror square was not about these people meeting and demanding that new park 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

march with a million people in washington d.c. with a dream not with a demand that people that congress meet 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 is a war going on that the war of banks there is against the people so they need to stop the war they need a new stop the war campaign and number two they need to target the right institution institution the target in new york city would be the new york federal reserve bank and they should seek it also they need objective the objective would be regime change so occupy tent city in front of the new york federal reserve bank so the current administration believes in you get somebody in there who's not let's say like a guy remember tim geithner put was an eight billion dollars of new york fed cast

american dollars onto a plane airlifted to iraq and it promptly disappeared oh and by the way eric king of erik prince of blackwater just happens to be now living the dove 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 tahrir square which is remember what mubarak said at first first he met the people in a televised address saying oh i'll make a few little changes that was basically i'll have a commission to investigate whether or not there's been any fraud or corruption 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 u.s. spend the banks for 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 as another example in the middle of one right now you know there'll be chaos they'll be cast

of us to 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. 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 fiacha 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 dollar silver does he know what the world would look like in five hundred dollars silver world so there's a number of really good points there in other words first of all the five hundred dollars silver can be obtained if people want it because the silver market is so tiny that if millions of people around the world that are getting victimized by banks for corruption they simply got one or two ounces of silver there's very little of it around the price would go to five hundred dollars your silver would be

worth a lot more but more importantly the banks are would be put out of business that's the point 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 disenfranchised 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 see regime change and start a new republic you know that in 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 and loopholes return to some of the ideas that were there originally go back to gold and silver as it says in the constitution you put the other important ingredient to the c.e.o. other important idea to this five hundred dollars silver is crash j.p. morgan buy 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 pilot buying silver by the way i'm shorting one bank and the reason he's shorting out banks is it alone all of the major banks in the world is still at its all time high that tells you where the power is who is still standing well j.p. morgan they just reported their quarterly numbers they came in with their earnings i think they were a little bit of expectations here we were way above expectation because all of their liabilities on the balance sheet of the federal reserve bank of washington if you morgan doesn't any of its own liabilities or runs up liabilities and then gives them to the people of america the citizens to deal with they keep the profits the

said owns the liabilities oh does this sound like enron with their special purpose and to do you count seven hundred of them they just brought 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 bad so again this idea of turkey or 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 and house prices decrease now of course netanyahu came out with all the paradigm and essentially it's all about war and

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 if you become what you fear so here you have netanyahu 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 a 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 really just voodoo that goes on in that and you know religious hatred that the warmongers trying to spread these people are saying they are inspired by what happened in tahrir that you can't we can take back

control ideas are the ultimate weapon of choice for revolutionaries and i guess what you're saying here in the take away from the stacy herbert is a five hundred dollars bill review want to be whether it's barack or murdoch if you take away the facade of their power which is based on fear then the people win and the dictator goes away exactly max well thank you so much stacy herbert for being on the kaiser report thank you and thank you don't go away much more coming your way right there. discovery.

and become. welcome back to the cause 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. all right sandeep cayley 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 a lot of weight on this a little bit with 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 employees that you're sort of making up everything in your mind well this isn't this is a war call me actually meant what he meant was that sort of the object's utility is up to you and it's subjective you know. that's what he meant 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 the time i guess you could call the neoclassical school so how does the out how do you break from the school so what were the main tenants that said this is in fact a new school or how does it how does it achieve that break you must remember that they were they were near classical at the time i think they were sort of before from economics at the time. consequently in classical models just to see you that there is something inherent about the object itself rather than rather than the sort of the quality was being ascribed to it by the human in question and the collection of humans in question now. we get that as a principle sort of or you don't you know let me come in there for a second so in other words the organizing principle around which economics as

a base you can take two approaches one is to believe that objects have an inherent value and that you're going to constrain the economy around that inherent value or be 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 based somewhat in mathematics as you were just referring to so the rules of the subjectivity can came subjectivity be critic and they could be codified now i know as. car makers day you also have the emergence of for oid who tried to codified the un car just on a sub conscious are these two things related in any way first of all yeah well you

can codify it max 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 neoclassical 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 code for 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 discrete you know there's only an ordinal nature 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 in the whole of uses in between so that automatically restricts the kind of months that you can use.

but it's still math that can be used nevertheless so so in many years economics you could you'd 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 closed 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 that were all trading against each other in a way that you could describe as purely subjective there e r. 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 all there is some relation to an

agreed upon intrinsic value how do we get all the way back to out of the subject of all the fianna currencies i would have thought that could have worked if everything is subjective why is it felt larrie back to gold is gold the proper live other of 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 doesn't have any intrinsic value per se. so what you have to do is you have to look at how have people organized this this substance throughout the millennia you know they've known this substance and they've accumulated so mark to go relative to how much is produced daniel e the people who 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 the use

that it can c'mon 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 the ready 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 going on that you know i'm not there to question why that is about something that. humanity has decided obviously on the poles of humanity as well. and i'm not going to go against it you know so that's the only way you can look at it already signed a paper this of course is on everyone's mind because recently in congress ron paul

asked brand bernanke if people leave gold is money going to make you responded no gold is not money so this opens up obviously a lot of different points you what are your thoughts but at this point dr bernanke is just plain wrong you know the people decide to go blue and silver with money many many thousands of years ago and no government can use. that viewpoint ok let me cut in for a second 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 becoming the object of reality and ben bernanke he has created a charade for many decades inventing people but fear out money is real and that fear money needs trust and he's in a wall unable to understand that if the market that is the say the people decide

that now gold is money and free our paper is worthless but that's going to be the new reality so it's easy because how is he constructed is he constructed philosophically is he constructed it's a lecture really is it constructed 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 had to come up with an arrangement to lend money to the government in order to do the bread and butter business of discounting bills of exchange you know. so the notes that the bank of england created was sort of halt compass allies boy good bills of pre and they were part of the law is the boy government that. now. sort of fast forward three hundred years you can go around and say the. only gold

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 against that principle which is a wrong principle you know no one should establish their 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 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 when you sort of we do use 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 this in front of the creditor so i imagine something along similar lines will be pursued in europe you know you 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 our debt on the open market. we will 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 all forms of question marks and so when so you are rolling so that when it comes time to roll old bones in this new bones you can come up with some kind of levy for this form for all countries the sort of have the bones purchased oh it's a laser let me cut in there so in other words you're up bringing in let's say a euro bond which covers all european countries we don't really have that now and it gives the european central bank the ability to monetize as you say or quantitative easing as we know that for a term in the the u.k. or the u.s. and to destroy purchasing power by creating more fee out money and i guess we're told in the first telling us is that nobody or any 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 seem to understand that the dollar is on this last legs of about the collapse but that bubble inside america that five percent of the world's population seems like completely and pervious to the yes they are and you know before the media generally is quite america centric you know if you think the dollar is going to be bad you ain't seen nothing to the euro is going to do you know. that's where i sort of that's my view on the euro and it's going to take a lot to against the dollar and that's where we have a slight difference of opinion here 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 but it's max all right that's going to do it for this edition of the kaiser report with me max kaiser and stacey here and we thank my guests sandy jaitley if you want to

send me an e-mail please do so. at kaiser report r t t v dot r us on our side this is a nice guy to say by our. mission . critical free free.