tv [untitled] August 19, 2011 5:00pm-5:30pm EDT
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well as the bell tolls so does the death of the global economy while stocks slide and gold gets up all time high is the volatile market saying we're headed towards a recession we'll speak with renowned investor and financial expert peter schiff in search of answers. and one man's trash is another man's a lifeline with things this bad americans are going to extremes to beg first krauts we'll take you to detroit for precious metals are a precious lifeline. too soon to be acquitted of killing her two year old daughter robyn gardner went missing in aruba two weeks ago and shocking news that mainstream media misses yet again this time for getting
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a little three year old while looking for hot in the laws for big headlines. good evening it's friday august nineteenth i'm lauren lyster here in washington d.c. and you're watching our t.v. well more stock market turmoil today and what has been needless to say a volatile week meanwhile gold keeps soaring to new highs reaching almost nineteen hundred dollars an ounce today remember once upon a time gold was thirty five dollars an ounce also u.s. treasury yields have collapsed to seventy year lows this week two and a venezuela's hugo chavez has his solution he says he wants his gold out of the u.s. and the u.k. for good so what does all of this really say about the u.s. and the global economy also countries debts and the banking system well here's
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a little trivia we like that gives you some perspective maybe recall that just before the debt ceiling deal was reached by u.s. lawmakers it came to a point where the company out will as in the maker of. phones i pods it had more cash on hand to pay its bills then the u.s. government ok well now apple's market cap just hit seventy five percent of get this the market cap of the entire european banking stock index and all around the subject of banks just how much power do they have these dates after remember washington passed bonanza regulations to rein them in after the collapse of two thousand and eight well how about this we need a picture or in this case a video speaks a thousand words watch this exchange caught on tape involving texas governor rick perry who remember is running for the g.o.p. presidential nomination. that's
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it we're bank of america will help you out i guess that's all you need to hear if you're a politician well earlier i spoke with peter schiff to talk about all of this he told me he thinks the u.s. is already in a recession here is president of euro pacific capital and he's been saying for a long time that he's expected gold prices to go much higher so as we continue to see it hit record highs i asked him is this means it is now a safe haven officially next to u.s. treasuries. well it is a safe haven i mean treasuries are not i think that people who are buying treasuries think it's a safe haven they're mistaken and when they figure it out they will go to gold but people have to understand what it's a safe haven from as i keep hearing people on television saying well people aren't buying gold because of inflation because there's no inflation they're buying it as a safe haven gold is a safe haven from inflation that's what you're getting safety from it's an alternative to owning currencies like the dollar or the euro or the enter any other currency were central banks are creating too many so if the central banks are going
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to base their currency if you want to store value that will protect you from inflation the safe haven is goal treasuries are not a safe haven at all i mean they are abundant the treasury is printing them like they're going out of style that's a bubble you know people say it was a bubble in cold i'll give you an interesting statistic in mid two thousand and eight before the financial crisis gold was a thousand dollars that was the peak and it fell about thirty percent but it's now eighty percent higher than it was at its peak in two thousand and eight get gold stocks are only ten percent higher than they were back then if this was a bubble or mania you expect gold stocks to be outperforming the metal because that's where all the speculative money flows but the fact that nobody has confidence in gold enough to buy these stocks shows that there's so much fear in the gold market it's not great and that's the antithesis of a bubble so why do you think the price is standing and they they're going higher
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and you know there's no i said there's no floor to d.c.i. currencies if they keep printing a particular dollar so there's no ceiling to the price of gold but really you know if you look at gold gold is like a thermometer on the economy it's like a doctor takes your temperature and you got one hundred five you can't you can't just send you on your way i mean obviously there's some wrong with you where you would have one hundred five temperature the gold going at eight hundred dollars an ounce going up every day is saying that the economy is. sick is really really sick yet our leaders are ignoring gold and just keep on doing the same thing as if gold is telling them nothing and i want to ask what you think if you think u.s. bonds are not a safe haven and they're telling investors the wrong things right now raw do you explain then that yields on ten year treasuries have collapsed to seventy year low in a low key place then they've collapsed because people are buying them because they think they're safe haven but they're wrong and of course central banks are buying them but how does your statement that ten years from as root is yielding two
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percent the government's own inflation numbers we got c.p.i. this week they show year over year prices increased by three point six percent so the yield on treasuries is negative how do you get safety with a negative yield in fact the yield is pretty biggest you have to pay taxes on that interest and of course the government is lying about inflation inflation is much worse than the three point six percent it's a c.p. i shows i think it's closer to ten percent and you know what's interesting is if people remember back to the one nine hundred seventy s. when richard nixon imposed wage and price controls it was because inflation got to four percent so we were so worried about inflation of or percent that we did something as crazy as wage and price controls now that was the wrong thing to do but that shows you how concerned we were about inflation were percent it's three point six the way the government reports it yet we don't even care so then are you saying that the whole us bond market is wrong if actually and you're right
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absolutely and that's not going to the first time we're almost everybody has been wrong and i've been right you know i'll say the seven versus the prior u.s. bond market you heard a hair the market got the tech technology stocks wrong the nasdaq was up at the five thousand the market was valley internet stocks sky high and then they found out they were wrong then the market made the same mistake with real state and with mortgages or with bonds securitized by mortgages markets often get it wrong. in the short run and yet they figured out and get it right and you get the the bursting of the bubble and i think people were going to lose the most money are the people who are in bonds those are going to people lose more money in bonds then in stocks by far so when is this collapse. well by you that you know i wouldn't be sharing it with anybody i'd be i got to caribbean place in my trade i don't know exactly when it's going to happen but i know it's going to happen i've got a pretty good track record at detecting bubbles and it's interesting that the people that missed the stock market bubble and missed the real estate bubble think
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that they see a bubble and that's the one place to risen above all because gold is reflecting the loss of purchasing power of the currencies all this simply calling you how much money how much value rather dollars are losing your ozer losing yen or losing r. and b. is losing so if it's not a bubble it is goals are going up is paper currencies are losing value gold is simply letting you know that that's occurring you think you say that that gold prices should show policy later that the economy is back but then all of the run into the bond markets into us treasuries along with gold show that people want to have cash because the sound of the day can you can you pay your bills with all but sure i mean you can pay the bills any day not everybody is smart enough to understand what gold value is but you know most people would accept gold in exchange for goods or maybe you need silver but if the person who has a good that you want doesn't have the gold you can always sell the gold to somebody
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else and get the cash because gold is money minutes recognized around the world everything else is just a substitute for money you and ron paul say that ben bernanke the federal reserve chairman seems to disagree they got in that fight but i want to put that you never get anything right so i would be surprised that you got that wrong do you think you know what happens venezuela leader hugo chavez is taking his gold out of the u.s. and you kerry wants to he wants to repatriate a do you think that's making people worry that there may not be enough physical that might be the case they might be worried that some of these depositories at least that gold out and that maybe they don't actually have it or they'll have difficulty getting it back is maybe the people they leased it to has sold. and maybe they don't have the ability to buy it back it could be a lot of counterparty risk so that's you know people just want to have the golden mean that's what our clients to our clients at your pacific precious metals and your recent calbert we still physical gold most of our clients don't want to own the e.t.s. for that reason they don't want any counter party risk they don't want to be
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uncertain they want gold they know that they are there just saying they want physical not a paper promise for gold later that was fair to president of euro pacific capital now precious metals as we've just seen are in demand with investors as gold has clearly illustrated that metals are also about the only thing in demand in the decaying city of detroit michigan and i found that out firsthand take a look. this was once a city that symbolized america's innovation and manufacturing might. but today detroit is the third most violent city in the u.s. with unemployment estimated at up to fifty percent according to officials a once clamorous motor city now has more people living in poverty than cars on the streets home foreclosures continue flight to the suburbs which takes the tax base
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away from the city. and there's more and more of that the decline in the school system. is making people leave the city and so there's no money there really isn't in the there are no jobs here and as the u.s. census points out a quarter of a million people have left detroit in the past ten years the economic scars of this once vibrant city are impossible to escape roughly sixty thousand vacant buildings and thirty five thousand abandoned homes lined the streets of detroit hollow shells of america's former middle class which have ignited an industry of scrappers people who these properties of copper wire and steel pipes as a means of income. scrappers ruins for profit yards like this just five miles out of detroit scrap yard owner albert talas says he sees new faces
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every day to liberate money they get the kaiser by peterborough agree to make everything going to hell even more hellish is the sight of a city looting itself landmark buildings and foreclosed homes are gutted for survival go around and we're going to move through bringing this word over in addition to scrappers an increasing number of cash stops working americans. are treated in goods. greenbacks the guy in the lexus and we're going to try a little brass lamp where you know he's not into the. recycling. brew short of money the u.s. president promised things would be better for america's heart making capital after the two thousand and nine fifty billion dollar bailout general motors and chrysler automakers are in the midst of their strongest period of job growth in more than a decade since g.m. and chrysler emerged from bankruptcy the industry has created more than seventy
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five thousand new jobs for the first time in six years ford g.m. and chrysler are all operating at a profit g.m. has reported sixty three we're really proud chrysler's revenue is said to be up by thirty percent nearly fourteen billion dollars from last year what about building the people out bell about the corporations who bailed out the banks and doesn't mean a whole lot because the people who are in the city still don't get those jobs those jobs are still being outsourced so that nobody in the community they're not getting the news that they're not benefiting from them so you still have a large percentage of people who are jobless in this once great industrial beacon of american ideals were henry ford pioneered the famous model t. production school police and fire stations now stand a bandage as many americans are reduced to healing and scraps so you can take part just to make ends meet very important party detroit. as detroit clearly shows the
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u.s. economy not doing so well and part of the cost of those bailouts you heard about was the death of the government is saddled with now close to fifteen trillion dollars worth some of it going to g.m. folks like that not folks that you know like you and me now as the u.s. has seen its credit rating take a blow this is brought many questions about how to solve the u.s. debt problems earlier my colleague christine president spoke to g.o.p. presidential hopeful and former governor of new mexico gary johnson to get his solutions to start off he explained what he sees as the fix for the u.s. budget deficit and the tax system here's what he said. what i'm talking about is balancing the federal budget what i'm talking about is throwing out the existing u.s. tax structure and replacing it with the with the fair tax and for those that are watching get online fair tax that or this is been around a long time but it is what it says it is it's
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a fair tax it replaces all other taxes does away with the i.r.s. does away with income tax does away with corporate tax really establishes this country is the only country to do business and yet with the fair tax you'd still be able to cover the cost of a lot of these programs that so many people depend on in this country while it's revenue neutral so spending still needs to be reduced by forty three percent so i am also across the board across the board i am promising to submit a balanced budget to congress with my first budget and that would involve cutting government spending by forty three percent i mean that's nearly half of government spending and alone of course that's what we're currently borrowing and printing for every dollar that we're spending and that is not sustainable. and i maintain that if we don't do it if we don't fix this which i think is actually doable but if we don't fix it we're going to find ourselves without a country we're going to find ourselves in the midst of a monetary collapse were all the money that we've saved isn't worth
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a thing i mean it seems like a great idea on paper but i live here in washington i just witnessed this debate over the debt ceiling that seemed to last you know weeks or longer over cutting a percentage of the by the exactly and here pigs are clearly three percent of how would anyone ever sign up to that well and so now we're back to this is what i'm saying there is nothing in my resume to suggest that i'm not going to pursue what it is that i say i'm going to pursue i just suggest to you that if this country alexa president promising to do what i'm saying that that is a real statement to legislators that we want the budget balanced as opposed to electing a president that's promising to do that over a fifteen or twenty year period because that's the only reasonable way that's the only way we're going to really get it done well guess what we're never going to get it done that's what i've lived my life listening to and it doesn't work let's stick with these domestic issues you your proposal to cut the budget has the real
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repercussions for people who rely on things everything from you know food stamps to medicaid to social security to the military what happens to those people will forget about the forget about let's let's talk for a second about our country the viability of our country when it comes to medicaid and medicare i think the federal government could cut medicaid and medicare by forty three percent block grant the states a fixed amount of money and leave the delivery of health care to the poor and those over sixty five to the states let's miscarries to the u.s. role abroad i'm curious you know let's just take an issue that's going on right now and that is what's happening in syria we just heard president obama secretary of state clinton say you know president president bashar. should step down they want him to step down however they're not going to meddle in that country's affairs on the other hand you have this country meddling in the affairs of at least three other countries iraq afghanistan and libya talk about obama's middle east policy
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well i think that we should get out of iraq afghanistan and libya tomorrow i would never have gone into iraq from the start believing that we have the military surveillance capability to see iraq rule out any weapons of mass destruction that we could have gone in and dealt with that if it were to have happened it didn't happen i thought if we went into iraq we'd find ourselves in an endless civil war in afghanistan i thought initially that was totally warranted we were attacked we attacked back but after being in afghanistan for six months i think we effectively wiped out that was ten years ago syria sunni libya i'm completely opposed to libya where was the military threat where was the congressional authorization were in the constitution does it say that because we don't like a foreign leader we should go in and topple that foreign leader and don't five other countries qualify for that same intervention syria being one of those countries let's let's stop diplomat diplomacy one thing
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a suggestion one thing but intervention a whole nother thing and i haven't seen a military intervention in my life in a country that has threatened us militarily if he doesn't call g.o.p. presidential hopeful and former governor of new mexico gary johnson and so had right here on our getting feria about theory a you know the saying don't believe everything you see on t.v. well here we need of in the u.s. mainstream media we have a reporter on the ground in damascus he tells it like it really is. korean. girl. boy.
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welcome back so the united states has imposed economic sanctions on syria and president obama has called for president bashar al assad of syria to step down so those are some of the facts but experts that know the region such as former ambassador to saudi arabia chaz freeman who we interviewed yesterday on our t.v. he told us that the story you're seeing on the u.s. mainstream media is far too simplified lucky for us r t how the reporter on the ground to tell us what is really going on and my colleague alex had interviewed her first asking why russia is betting on syria to solve this problem independently.
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russia's position has always been clear syria's definitely needs reforms these changes are definitely needed are required in this country but president assad needs time to do that and he has to be provided with this time russia at least one or two months more scope signs that president bashar. has earned trust with what he's already done his release political prisoners he's repealed emergency law that was in force for nearly five decades since nine hundred sixty three he expressed his readiness to allow all political parties and elections in this country and russia believes that external pressure on president bashar assad could only deteriorate things here on the ground and could hamper our transition to democratic states so russia's position is to give assad chance to prove itself at
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the same time russia has all the time to reach rating that eve present our side doesn't keep his promises in that case the international community should react let's not let's not listen to what the officials are saying and that the. syrian leadership needs time to implement its reform program put significant steps towards the already been taken to the state of emergency has been lifted off the higher courts of state security was abolished the decree allowing citizens from peaceful demonstrations was accepted syrians should negotiate not fight and the opposition as well as the regime is responsible for making that happen if you. i have to say that russia's delegation is due in damascus very soon on saturday we expect them here tomorrow to try to find out exactly what is going on here on the ground and to see how assad is fulfilling his promises and it seems
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the west is really losing patience down with syria but held grave is the situation on the ground you've been in syria for quite some time now what's the mood that you gauging. well the situation on the ground here is here it is very complicated and i have to emphasize that the call from the u.s. and e.u. for the syrian president to step down comes just day actually even less than a day just hours after president bashar assad had announced that the military operation here in syria is over and had promised more reforms just a few words about what's this military operation since the beginning of the conflict here in syria this march syrian soldiers and tanks have been sent to many major syrian citizen across the country as the regime opponents have been saying to a silent peaceful protests in macusi anti-government demonstrators and as the syrian government has been saying to fight against armed groups operating across
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syria trying to just to block is the situation here on the ground terrorizing. people and on tuesday the last troops will get thrown from the west in the coastal city of latakia and from the sword in the east of the country near the iraqi border actually we have been through this last one as or and been witnessed the army with throw we've seen at least thirty tanks live in the city and inside the city we haven't seen and in military last police has returned to duty meanwhile we are receiving reports and the run media reports. based on information received from protesters and local residents that's the army is still. on the ground in latakia and even the reports that. the soldiers are firing from type to time to peaceful demonstrators but i have to emphasize and this is very important
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to these reports are very hard to very far because of international journalists are not allowed to move freely here in the country as the syrian government because it's dangerous. these reports are very. very odd also i have to side we have to go to speak to you want to know the opposition leaders here in damascus and he has sad situation is very hard very difficult but not hopeless because people covering the protests say people needs reform big reforms they want three forms but they have patience and they are ready to wait because they've been waiting national for more than two decades now and they're ready to wait a little bit more and of course not too much. and still ahead right here on our t.v. you may have heard the saying if it bleeds it leads it certainly is the case for the mainstream media plus she's still missing in paradise but there is
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ok well what can i say it's friday even though every day is a good day to you know call the mainstream media and what they are and aren't doing friday is really an opportunity to do that at every level because you can recap on the week and this week you know death is always sad it's horrible that's not up for debate but the mainstream media choice of the death that matter are just becoming politicians are still. police in missouri have found the body of a missing three year old brianne retrieve as was discovered in a floodway drainage that a mother's worst nightmare the tragic story of a little girl found murdered by her neighbor who confessed to suffocating brianne for patient disappeared if it doesn't ring a bell maybe that's because on the day the news broke mainstream networks gave it maybe thirty seconds of air time plus she's still missing in paradise but there is a new clue before moving on to live coverage of something bigger you may have heard
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about this story robyn gardner went missing in aruba two weeks ago her disappearance and possible murder may have been linked to an elaborate plot and her life insurance money well apparently kentucky there were two insurance policies even mainstream media hosts realize what makes this story so newsworthy every time we have these stories a good looking blonde woman who disappears meaning the little briana's of the world take a backseat she says the little hispanic girl this is why blonde possibly you know glamour model and create in a room that engages more people raising bigger issues about mainstream news and national priorities i think we do value the life of a white sexy blonde woman more than a hispanic child subconsciously i think people do and raising other obvious questions i'm just curious if this was somebody for example who have black and was missing would we do a story about this after the gardener story it's a two for one we're news crews can fly over to get
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a shot of this bugaboo natalie holloway and now robyn gardner witnessing. so bizarre coincidence that two blondes disappeared there over a span of several years and sad though it may be twenty four people were shot during a particularly bloody forty eight hours in detroit and we don't see the national m.s.m. sending out the news choppers and. in the us every day seven women and children die just from abuse and it's just like deja vu earlier this summer we were doing the same kinds of stories about casey anthony another pretty white woman whose murder trial captivated the mainstream media it expense of so much else and i venture to say it won't be long before we're doing another as the mainstream media continues to ditch hard hitting stories that affect so many more people in favor of sad though.
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